PANDA_IHB
New member
I found this stat from the book ?Automatic Wealth? 2005 from Michael Masterson to be very suprising that Millionaires in America live in very modest homes. I was wondering if this same theory holds true for Millionaire Households living in Orange County?
Page 79: Step 3: Develop Wealthy Habits : Table 3.1
Networth (in millions) Average networth Average house value
$1 to under 2.5 $1,470,553 $220,796
2.5 to under 5 $3,392,416 $354,043
5 to under 10 $6,809,409 $545,499
10 to under 20 $14,045,501 $779,444
20 and more $58,229,024 $1,073,980
Let?s assume for argument sake that we double the Average house value for a millionaire living in orange county (since it is an expensive place to live compared to rest of America). That would put a millionaire who?s networth is between $1 to under $2.5 million without the equity of their primary home to be living in a average home value of $441,592 which is still very impressive? IPO, did you happen to see any of your detached condo neighbors in West Irvine with a networth of $2M - $10M range?
I am really curious about the lifestyles of the millionaires of Orange County compared to Cook County. The stats shown above is very realistic for millionaires I have known and ran into in Chicagoland area. Their home values are practically 10% - 12% of their entire networth? Is this the case for an Orange County Millionaire? Have any of you seen millionaires who have a networth between $5 - under $10 million live in a 1600 square feet detached condo in Irvine? or are they living in a 4000 square feet mansion in Shady Canyon? This is a very interesting topic for me and I was wondering if any of you can give me some input and opinions?
I could be completely off on my assessment, but the vast majorities of millionaires i have encountered in my life in Cook County, IL live the "Millionaire Next Door Lifestyle" modest cars, modest homes, and a frugal lifestyle. Perhaps Orange County millionaires are different in that they are indeed wealthy, but they are also show that they are wealthy in their lifestyle?
Agree or Disagree?
Thanks
Panda
Page 79: Step 3: Develop Wealthy Habits : Table 3.1
Networth (in millions) Average networth Average house value
$1 to under 2.5 $1,470,553 $220,796
2.5 to under 5 $3,392,416 $354,043
5 to under 10 $6,809,409 $545,499
10 to under 20 $14,045,501 $779,444
20 and more $58,229,024 $1,073,980
Let?s assume for argument sake that we double the Average house value for a millionaire living in orange county (since it is an expensive place to live compared to rest of America). That would put a millionaire who?s networth is between $1 to under $2.5 million without the equity of their primary home to be living in a average home value of $441,592 which is still very impressive? IPO, did you happen to see any of your detached condo neighbors in West Irvine with a networth of $2M - $10M range?
I am really curious about the lifestyles of the millionaires of Orange County compared to Cook County. The stats shown above is very realistic for millionaires I have known and ran into in Chicagoland area. Their home values are practically 10% - 12% of their entire networth? Is this the case for an Orange County Millionaire? Have any of you seen millionaires who have a networth between $5 - under $10 million live in a 1600 square feet detached condo in Irvine? or are they living in a 4000 square feet mansion in Shady Canyon? This is a very interesting topic for me and I was wondering if any of you can give me some input and opinions?
I could be completely off on my assessment, but the vast majorities of millionaires i have encountered in my life in Cook County, IL live the "Millionaire Next Door Lifestyle" modest cars, modest homes, and a frugal lifestyle. Perhaps Orange County millionaires are different in that they are indeed wealthy, but they are also show that they are wealthy in their lifestyle?
Agree or Disagree?
Thanks
Panda