I'm curious how you would define those terms.
From what I have heard from norms, it seems most think that a millionaire is someone with more than $1,000,000 in the bank. They don't have too much concept that most of millionaires'/billionaires' wealth is held in assets, and it is generally unwise to hold more cash then you need for emergencies.
Net worth - the fiat value of your all your assets. I make a distinction between liquid and illiquid. Since the actual value of illiquid assets is harder to know and will have higher overheads and burden to sell. And if you have your own private business it is very hard to put a price on it.
Millionaire - someone with a net worth over $1M.
I'd guess that you were born into a family with money(not an insult), so you didn't need jobs growing up, and were able to milk investments. But wouldn't you still have to pay income taxes on dividends, sale of assets, etc? Or were you(or someone) able to simply leverage enough against them that cash reserves were larger than any of your everyday needs?
I'm not an American, so I don't have the burden of the long-arm of The IRS.
My parents had average to below average jobs, but my mother seems to have been quite a good financial manager, and I think she may have amassed about $200,000 in stocks, which is a lot for such people in my home country.
I didn't do much with normal investments as my mind was poisoned by Peter Schiff. But I never listened to the norms who spent a lot of their lives telling me what to do, that I am idiot and laughing at me. But much that is beyond salary is going to be something new. I chose not to tell these people about any of this. When I became liable to pay tax I left the country and now I live under The Shariah. The crypto scene is getting very hot under it. Looks like Binance could be moving to Dubai.
My reception is the powers that be are pivoting to China and crypto in an attempt to get away from The World Bank, IMF, OECD, WEF. Crypto is of no threat to them as these countries have few taxes that not everyone pays. They don't care about regulation. People are still buying 7-figure apartments with a mix of fiat, gold, stocks, crypto, even though The OECD is telling them it has to stop. Regulation and stopping terrorists is just an excuse to control the flow of money. When was a terrorist ring ever taken down by money flows? In their model, their wealth is derived from not controlling the flow of money.
I would be very against raising children on trust funds etc. I know a couple of these types - not trust funds, but always had ample money available for whatever they need. One is like a cat that you have to feed. Children need to experience a good amount of hardship, boys at least.
