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Started By
Message
At what amount of savings or net worth do you consider someone to be rich?
Posted on 7/3/22 at 9:42 am
Posted on 7/3/22 at 9:42 am
Curious of people’s personal opinions.
Either rich or wealthy, since the 2 are probably different.
It could either include the equity in the house (net worth) or just invested assets.
I’m starting to think “rich” starts at more than $5M but probably less than $10M invested assets.
Either rich or wealthy, since the 2 are probably different.
It could either include the equity in the house (net worth) or just invested assets.
I’m starting to think “rich” starts at more than $5M but probably less than $10M invested assets.
25
Posted on 7/3/22 at 9:49 am to Grinder
When they no longer look at the price of an item before buying
Posted on 7/3/22 at 9:50 am to Grinder
It's more about time and burn rate to me.
Can that person stop working for the next 30 years and keep is current lifestyle?
He is much richer than someone making $500,000 per year and spending $500,000 per year.
One is a free man, the other is a high paid slave.
Can that person stop working for the next 30 years and keep is current lifestyle?
He is much richer than someone making $500,000 per year and spending $500,000 per year.
One is a free man, the other is a high paid slave.
Posted on 7/3/22 at 10:07 am to I Love Bama
Currently I'm a high paid slave and feel like that every weekday.
I need to figure out to be the other person.
It is all about pursuit of happiness. So easy to say
I need to figure out to be the other person.
It is all about pursuit of happiness. So easy to say
Posted on 7/3/22 at 10:15 am to Grinder
This sounds ridiculous but I have taken the mindset that "rich" depends on the person and location.
One can be rich by living each day without care of how much money is spent.
One can be rich by living frugal but knowing that they are about to retire with means to live for 30 years.
It's more about the person and what they want. Someone may want to travel the world. Someone else may be content at the house or playing golf.
One can be rich by living each day without care of how much money is spent.
One can be rich by living frugal but knowing that they are about to retire with means to live for 30 years.
It's more about the person and what they want. Someone may want to travel the world. Someone else may be content at the house or playing golf.
Posted on 7/3/22 at 10:19 am to HailToTheChiz
To me, Rich is net worth over 100 million. To me well off is network 10M-100M.
Posted on 7/3/22 at 10:32 am to tigerbacon
quote:
To me well off is network 10M-100M.
To me, that is very very rich. We all have different economic thermostats though.
Posted on 7/3/22 at 10:36 am to Grinder
Rich to me:
100k liquid. Have some sort of cashing flowing investment (Commercial, residential, own a business etc)
Make north of 400k a year.
100k liquid. Have some sort of cashing flowing investment (Commercial, residential, own a business etc)
Make north of 400k a year.
This post was edited on 7/3/22 at 10:37 am
Posted on 7/3/22 at 10:45 am to I Love Bama
When I can do what I want, when I want, with whom I want, for as long as I want.
Pretty close to this...
Basically, "enough", although that might really be way more than enough.
Pretty close to this...
quote:
Can that person stop working for the next 30 years and keep is current lifestyle?
Basically, "enough", although that might really be way more than enough.
Posted on 7/3/22 at 11:32 am to Grinder
6 downvotes and 1 upvote.
Gotta love MT peeps to not disappoint.
Gotta love MT peeps to not disappoint.
Posted on 7/3/22 at 11:43 am to tduecen
quote:
When they no longer look at the price of an item before buying
Damn my wife has been rich even since I’ve known her then
Posted on 7/3/22 at 11:47 am to Sput
Damn my wife has been rich even since I’ve known her then
--
^^^Now thats some funny shite there ^^^
--
^^^Now thats some funny shite there ^^^
Posted on 7/3/22 at 11:53 am to Grinder
I don't know about RICH, but I believe when you don't have to think about what it is your spending money on I think you are well on your way.
I think the number I'd be comfortable with is a combination of:
Over 3M in low risk dividend earning stocks/bonds or a fixed retirement (6k) @ month.
Over 1M in investments with higher risk tolerance.
Over 500k in liquid cash.
Paper millionaire in assets.
I'm thinking over 6M total.
I think the number I'd be comfortable with is a combination of:
Over 3M in low risk dividend earning stocks/bonds or a fixed retirement (6k) @ month.
Over 1M in investments with higher risk tolerance.
Over 500k in liquid cash.
Paper millionaire in assets.
I'm thinking over 6M total.
Posted on 7/3/22 at 11:59 am to oneg8rh8r
(no message)
This post was edited on 8/29/22 at 10:40 am
Posted on 7/3/22 at 12:06 pm to Grinder
I separate the two.
Rich is defined in $ and it’s different for everyone.
Wealth is defined in freedom of time and is also different for everyone.
Rich is defined in $ and it’s different for everyone.
Wealth is defined in freedom of time and is also different for everyone.
Posted on 7/3/22 at 12:23 pm to Grinder
Enough to generate $100,000 of income per year without withdrawals
Posted on 7/3/22 at 12:27 pm to Shepherd88
It’s all so relative
Posted on 7/3/22 at 12:48 pm to Grinder
quote:
Curious of people’s personal opinions.
Either rich or wealthy, since the 2 are probably different.
It could either include the equity in the house (net worth) or just invested assets.
I’m starting to think “rich” starts at more than $5M but probably less than $10M invested assets.
Rich to me is more related to income. Let's say >500k/year.
Wealth to me is more related to time. Can I do whatever I want whenever I want.
I know a lot of rich people who will never be wealthy.
Posted on 7/3/22 at 12:54 pm to Grinder
Posted on 7/3/22 at 1:23 pm to Grinder
quote:
I’m starting to think “rich” starts at more than $5M but probably less than $10M invested assets.
So if I have 10M in assets but 25M in liabilities I am rich?
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