Cannot remember the link but. The regognised definition of Millionaire is. One million $US in assets not including your principle property. Your home is classified as a liabilty not an asset. All those dreamers sitting in Mc Mansions are not millionaires. In actual fact if you only have one house and it goes up in value such as WA boom of 2007 then what have you got. Every other house has gone up so if you sell and buy somewhere else you are just giving your profit to somebody else. Rates, insurance and costs go up but you are not generating any income, you need to spend more to maintain the same property. If you do as a lot of people did, borrow against the equity to buy lifestyle goods etc, then you now have a loan that has no tax benefits. It is nice to think you are richer when houses prices go up but mostly it is an illusion.
