ACCREDITED INVESTOR: To be an accredited investor, a person must have an annual income exceeding $200,000 as an individual, or $300,000 filing jointly, for each of the last two years.  You can also qualify as accredited if you have a net worth exceeding $1 million, excluding your personal residence. 

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SOPHISTICATED / NON-ACCREDITED INVESTOR:  A individual with enough experience and knowledge to assess the risks and merits of an investment opportunity for themselves.   The investor should have  sufficient income and capital to engage in more advanced types of investment opportunities.