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Posted by
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At what amount of savings or net worth do you consider someone to be rich?
Posted by Grinder
on 7/3/22 at 9:42 am
6
23Curious 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.
Posted by I Love Bama 
on 7/3/22 at 9:50 am to Grinder
on 7/3/22 at 9:50 am to GrinderIt'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 by glorymanutdtiger 
on 7/3/22 at 10:07 am to I Love Bama
on 7/3/22 at 10:07 am to I Love BamaCurrently 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 by HailToTheChiz 
on 7/3/22 at 10:15 am to Grinder
on 7/3/22 at 10:15 am to GrinderThis 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 by tigerbacon on 7/3/22 at 10:19 am to HailToTheChiz
on 7/3/22 at 10:19 am to HailToTheChizTo me, Rich is net worth over 100 million. To me well off is network 10M-100M.
Posted by Billy Blanks 
on 7/3/22 at 10:32 am to tigerbacon
on 7/3/22 at 10:32 am to tigerbaconquote:
To me well off is network 10M-100M.
To me, that is very very rich. We all have different economic thermostats though.
Posted by Billy Blanks on 7/3/22 at 10:36 am to Grinder
on 7/3/22 at 10:36 am to GrinderRich 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 at 10:37 am
Posted by Turf Taint on 7/3/22 at 10:45 am to I Love Bama
on 7/3/22 at 10:45 am to I Love BamaWhen 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.
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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.
Roughly 3X of what I have. This ratio doesn't seem to change that much, even as my own value for X goes up. I guess when I was really young and had very little money it would have been more like 10X, but as an adult with a significant income it generally feels like "rich" is relative.
Posted by Shepherd88 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 by makersmark1 on 7/3/22 at 12:23 pm to Grinder
on 7/3/22 at 12:23 pm to GrinderEnough to generate $100,000 of income per year without withdrawals
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 by FinleyStreet 
on 7/3/22 at 1:23 pm to Grinder
on 7/3/22 at 1:23 pm to Grinderquote:
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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