Timeline for What does the phrase "To make your first million" mean?
Current License: CC BY-SA 2.5
4 events
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| Nov 29, 2010 at 2:22 | comment | added | Vitalik | Selling anything (business, goods, real estate) for $1M is not "making a million". It's silly, i can probably buy 950K worth of goods and sell it for a million. I will not make my first million this way. As for the salary - you might be right, people may count pre-tax salary but let's be honest: who has 1M in salary? They probably have a pretty high net worth already. | |
| Nov 28, 2010 at 15:31 | comment | added | Ryan Doom | So if they had a sole proprietorship and had revenue of 1,000,000 but they had to pay out 500,000 to sub-contractors, suppliers etc. Think they would still claim they 'made their first million?' They would (roughly) pay taxes on the other 500,000 which is what I think of as 'made' because you have it in hand, cash at the end of the day. | |
| Nov 28, 2010 at 15:19 | comment | added | Dheer | Agree. I see it more like $1M of income[be it salary, business sale, tangible/intangible] without actually counting expenses or liability. | |
| Nov 28, 2010 at 15:16 | history | answered | duffbeer703 | CC BY-SA 2.5 |