Saw this article a while back and it got me to thinking… i’m off the charts on this thing. I don’t consider someone rich unless they can afford a private jet. or buy a pro sports team. Seems like what everyone else thinks is so low. What about you?
I have a distorted view of reality but personally I would say $10 million or more is rich to me. $1 million doesn’t really do much for you in most cities these days so that’s clearly out. $100 million is clearly well beyond rich. $10 seems about right to me.
Not related but just got reminded that at the peak of financial crisis, you could buy citizenship of a european country with a million dollars in bank a/c - some probably still have it.
Net worth of $10 million or $10 million per year in earnings?
over $5 million liquid assets sounds rich to me. you are basically set for life in a comfortable setting.
Net 10 after tax.
To me:
Rich = $5 mill
Hood Rich = $1000 and a pair of j’s
Rich is when your money is capable of providing an income that is sufficient to replace your earned income. Agree that $5 million is about that level.
Rich is when I eat well, sleep well, and have ample time to enjoy my own interests.
“A wealthy man is one who earns $100 a year more than his wife’s sister’s husband.” ― H. L. Mencken
in order to do that, though, you can only spend about $200-$300k a year, which is certainly nice and good, but is that really the rich lifestyle? Kind of only means you have a top 1% salary without needing to work
$10 million
Agree with the $5 million number. If you have a good head on your shoulders, you should be able to live comfortable the rest of your life.
Why set a limit? Rich is being able to live any life you want at whatever level you feel appropriate without questioning if you have enough money to do an activity or buy a product.
I need $10 mil to feel comfortable. However I dont really consider someone rich until theyre north of 20 mil. I interact with people with 8 figure net worths all day every day, so that kind of wealth is common place in these parts.
to me its whats the number i’d quit my job and not work again. 500k id quit but no mos (in phil). 1 mil and im comfy (stay in US).
if you had $1 million US and are willing to live in Thailand you can be set for life
^that’s hood rich
youd retire with only $500k? Seems too low. You’d have to live like someone making $30k a year to make that work
$500K isn’t even enough when you’re 65 in retirement.