does $3 million net worth mean you are rich?
got a friend in the states and his family are worth $3 million. Does that mean he is wealthy/rich/well off or what? not quite sure what it means in the states to have $3 million net worth.
They dont even have any stocks! So its like just a house n their cars.
What does $3 million mean in the states? where would that put you?
no no he told me they own them all cash outright. house + 2 cars
- bluebellLv 71 decade agoFavourite answer
It only means they have a house and cars worth $3m, and they have no worries about being evicted. It doesn't mean they are well off enough to splash the cash willy nilly. My house is paid off too, so in theory I am "rich" - but in reality I can't afford to waste money. My income is small, but the roof over my head is secure. And it is only worth money if I sell it - the valuation is just a paper valuation, just a notional thing. It doesn't translate into cash in my pocket unless I get rid of it.
- KarenLv 51 decade ago
If they own the house and cars outright they probably don't have any credit card debt or other loans. The house could be worth $2,000,000 but it is only worth that on paper because with the economy they might only get half that much. But back to your question, no they are not Rich but yes to the wealthy compared to most American and well off for sure.
- Anonymous1 decade ago
It depends,you can put the house into consideration but cars usually lose their value after a short period of time ,today there a lot of people who have real estate worth millions but don't have any cash on them and yes 3 millions is a lot ,but i am not from the states so i don't know how things are there.
- Anonymous1 decade ago
It depends on where they live and how many of them there are.
I also suggest that you not believe him until you see the financial statements for yourself. Cars tend to be depreciating assets and that house will have to be replaced by some other place to live should they sell it.
In my corner of the country you can be happy and comfortable with three million dollars but you wont be rich.
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- liveLv 44 years ago
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- Go with the flowLv 71 decade ago
How smart is your friend?
He might not know that his parents have loans on all the items they have.