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re: At what amount of savings or net worth do you consider someone to be rich?
Posted on 7/4/22 at 8:07 pm to tigersfan1989
Posted on 7/4/22 at 8:07 pm to tigersfan1989
quote:
Rich is being able to buy a average priced house in the area and afford the monthly payment while also having 2 vehicles either with monthly payments or paid off. It’s taking a vacation at least once a year.
Using your own words, this is not rich. This is an average financial existence.
0
Posted on 7/4/22 at 8:29 pm to deltaland
quote:
Man A: makes 100k a year and has saved enough for retirement. Owns his home. Has a loving wife and 2 great kids and a close relationship with God. Loves his job. Gets plenty of time off to do what he loves like hunt, fish, golf. Takes 2-3 family vacations a year. He is happy and has what he needs
I don't believe all that happens annually on $100k.
Posted on 7/4/22 at 9:27 pm to tirebiter
Yeah, that’s a $200K+ lifestyle or more unless “hunt, fish, and golf” is like 1-2x a year versus 20+ times a year.
Posted on 7/4/22 at 10:00 pm to Sput
quote:quote:Damn my wife has been rich ever since I’ve known her then
When they no longer look at the price of an item before buying
Posted on 7/5/22 at 7:31 am to NC_Tigah
quote:
what amount of savings or net worth do you consider someone to be rich?
To me, Wealth = Financial Independence
FI = current investments generate enough passive income to sustain chosen lifestyle in perpetuity.
Ex: @ 4% annual draw a $5M portfolio yields $200K gross income forever
This post was edited on 7/5/22 at 7:58 am
Posted on 7/5/22 at 8:53 am to Grinder
I've always seen it as rich is more of a state of mind, and wealth is FU money. Either way, it would be different for every person depending on what they enjoy doing.
Rich is living a comfortable lifestyle and not really having to make sacrifices. You can go out and buy the things you want, without really needing to plan for it in the budget. On track to retire early and live the retirement lifestyle you want.
Wealthy is just saying F it, and multiple generations are able to live that rich lifestyle without ever working again.
Rich is living a comfortable lifestyle and not really having to make sacrifices. You can go out and buy the things you want, without really needing to plan for it in the budget. On track to retire early and live the retirement lifestyle you want.
Wealthy is just saying F it, and multiple generations are able to live that rich lifestyle without ever working again.
Posted on 7/5/22 at 9:00 am to SwampCollie
quote:That is how a view it as well. And 5M at 40 is totally different than 5M at 55 in my opinion.
To me, Wealth = Financial Independence
FI = current investments generate enough passive income to sustain chosen lifestyle in perpetuity.
Ex: @ 4% annual draw a $5M portfolio yields $200K gross income forever
Posted on 7/5/22 at 9:26 am to deltaland
(no message)
This post was edited on 8/29/22 at 10:43 am
Posted on 7/5/22 at 12:16 pm to Grinder
Here’s a survey that speaks to your question. And by the way, whether using the term “rich” or “wealthy”, neither has to do with income. Income doesn’t truly relate to net worth, which is typically how wealth is thought of or calculated. One could have a negative net worth and still make millions per year. Or one could make $100K per year and have a multi million $ net worth.
quote:
Depending on where you live, a net worth totaling millions of dollars may still be considered merely "comfortable," a new survey finds.
In the U.S. overall, it takes a net worth of $2.2 million to be considered "wealthy" by other Americans — up from $1.9 million last year, according to financial services company Charles Schwab's annual Modern Wealth Survey.
Here's a look at what it takes to be considered wealthy by city in 2022, as ranked by net worth thresholds:
San Francisco: $5.1 million
Southern California (includes Los Angeles and San Diego): $3.9 million
New York City: $3.4 million
Washington, D.C.: $3.3 million
Seattle: $3.2 million
Phoenix: $2.7 million
Boston: $2.7 million
Dallas: $2.6 million
Houston: $2.6 million
Atlanta: $2.5 million
Chicago: $2.5 million
Denver: $2.3 million
The online survey was conducted in early February, with a sample of 500 to 750 local residents for each metropolitan area, between the ages of 21 and 75.
Posted on 7/5/22 at 3:13 pm to TigerIron
Yeah
I seen some dirt poor people who are happy. Like real happy
I seen some rich people who are miserable
To be rich and happy has more to do with the mental outlook than what’s in the bank.
But to answer the question of what do you consider to be rich, the answer is relative to where you are living and the age.
In south East Louisiana, having a net worth of $5,000,000 is rich. No question. I don’t care what the age. That is rich by technical definition. You can’t go buy a big yacht, or a jet but you can live in a nice home with nice material things and little debt.
Once you get to 10mm net, you can have a couple of homes and nice material stuff.
And it scales from there.
Now if you get to 20mm then we’re talking much nicer stuff
People talk about burn rates and that’s important. What typically happens is that the burn rate increases as the net worth increases. The trick is to keep that in check unless you hit that magic spot where you could never spend it all.
I think that’s a number much much higher.
I seen some dirt poor people who are happy. Like real happy
I seen some rich people who are miserable
To be rich and happy has more to do with the mental outlook than what’s in the bank.
But to answer the question of what do you consider to be rich, the answer is relative to where you are living and the age.
In south East Louisiana, having a net worth of $5,000,000 is rich. No question. I don’t care what the age. That is rich by technical definition. You can’t go buy a big yacht, or a jet but you can live in a nice home with nice material things and little debt.
Once you get to 10mm net, you can have a couple of homes and nice material stuff.
And it scales from there.
Now if you get to 20mm then we’re talking much nicer stuff
People talk about burn rates and that’s important. What typically happens is that the burn rate increases as the net worth increases. The trick is to keep that in check unless you hit that magic spot where you could never spend it all.
I think that’s a number much much higher.
This post was edited on 7/5/22 at 3:41 pm
Posted on 7/5/22 at 3:23 pm to Jag_Warrior
quote:
Here's a look at what it takes to be considered wealthy by city in 2022, as ranked by net worth thresholds:
I don’t see how 2.5- 3 million net worth would be considered wealthy anywhere in America,
Posted on 7/5/22 at 3:27 pm to Grinder
If you have at least 1 million left after all your debts are paid.
Posted on 7/5/22 at 5:05 pm to Grinder
quote:
I’m starting to think “rich” starts at more than $5M but probably less than $10M invested assets.
So, you think rich is only the top 1.5% of Americans? I don’t agree. I don’t think you realize how few people in this country are worth 5-10 million dollars either. It’s a very small percentage of the population. I think at least the top 20% of the richest country in the world should be considered rich on a global scale, probably way higher.
This post was edited on 7/5/22 at 5:48 pm
Posted on 7/5/22 at 5:08 pm to tduecen
quote:
When they no longer look at the price of an item before buying
My wife has been rich for a long time...
Posted on 7/5/22 at 7:23 pm to Grinder
Rich is when you have the ability to say frick you. Wealthy is when you have the ability to say frick you then destroy them.
Posted on 7/5/22 at 7:55 pm to go ta hell ole miss
quote:
So, you think rich is only the top 1.5% of Americans? I
Obviously it all depends on the criteria, but I could definitely argue that's not an unreasonable position, even if it's such a minority.
Posted on 7/5/22 at 8:09 pm to Teddy Ruxpin
quote:
LINK
Posted on 7/5/22 at 9:30 pm to NC_Tigah
Yup, and I could see why someone might say that's their definition of rich.
And interestingly enough, someone who disagrees with that is doing the same thing making a lower cutoff. As someone mention earlier, if we compared US incomes and wealth to the world, the vast majority of Americans would be rich.
Therefore, if someone wants to argue the top 1% of the US is rich because they almost will never have to think about money (almost impossible to spend it fast enough) then that's as reasonable as any other position.
And interestingly enough, someone who disagrees with that is doing the same thing making a lower cutoff. As someone mention earlier, if we compared US incomes and wealth to the world, the vast majority of Americans would be rich.
Therefore, if someone wants to argue the top 1% of the US is rich because they almost will never have to think about money (almost impossible to spend it fast enough) then that's as reasonable as any other position.
This post was edited on 7/5/22 at 9:32 pm
Posted on 7/6/22 at 8:15 am to Teddy Ruxpin
quote:
Obviously it all depends on the criteria, but I could definitely argue that's not an unreasonable position, even if it's such a minority.
There are three universally recognized classes, poor, middle class and rich. So the 97 percentile in the US is middle class? Maybe you are meaning what I describe as wealthy, but if you think only 1.5 percent of Americans are wealthy I think you are way out of touch with reality of how bad some people have it and how good some people that are not anywhere close to being worth $5 million have it.
Posted on 7/6/22 at 8:16 am to go ta hell ole miss
Not out of touch at all. In fact I'm arguing your point in some respects.
This post was edited on 7/6/22 at 8:20 am
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