> You aren't "rich" if you have $1M and you owe $4M. You're a con-man living a lie that will crush you eventually.

I'm not sure the simile lands. If that $1M is financing a lavish lifestyle, then you are for all intents and purposes rich. As for the crushing down part, the modern economy shows us one can stay solvent longer than the market is irrational (especially true the more zeros are added to the numbers above).