How much money does someone have before you consider them "rich"?

Water Cooler Careers
#21

I agree with the $5M mark thrown about here from a traditional view point. But I think its a matter of perspective. Someone with that much capital and expensive tastes could feel pretty poor. While I’m thrilled to be living on my non-BSD salary. Country matters too.

#22

Mark Faber style.

#23

I don’t think of wealth in terms of absolute dollar values for income or even assets.

I think of it as how long you can maintain a desired lifestyle.

I would be content with lifestyle costs $60k cash (after tax) and I plan on dying in less than 56 years. That’s 3.36M USD

So if someone drops $3.4 in my lap right now, then I’m gonna call myself rich. I want more, but I sure as hell don’t need more.

#24

I’ll be rich at 59.5.

#25

10% returns is prolly 50k. and 30k is about what i spend now in los angeles. so i’d be netting 20k for reinvestment doing nothing.

here are target goals. still havent hit the top 20%.

http://www.ritholtz.com/blog/2012/12/what-is-rich-in-america/

#26

15512650.00 Pesos

#27

5M net worth is in the mass-affluent range to me. Where I live, a “nice” house is over $1.5M, so only having 3.5M leftover for the rest of my life doesn’t seem like much.

When I think of “rich” I think 10M+ net worth.

#28

$5M is mass affluent? Ha. Get your head out of your ass.

#29

People don’t pay for thos e $1.5M houses in cash.

#30

So you dont pay any taxes? Please refer me to your accountant.

#31

^ Someone at $30k a year probably pays near zero tax.

#32

Except he said he’s targeting 50k. Reading comprehension.

#33

prolly 5% in taxes at most. and heres how, juss to clarify, its 50k broken down with 30k for spending, 20k to be reinvested. So really its 30k das taxable at capital gains. ur really juss taxed on 20k. at 15%. which is roughly 3k.

#34

$5m you’re upper class.

Rich is 100m. Enough to throw it around at several different ventures and have the ability lose it all but still be ball’n.

For me I would settle with $1m, not enough to make me ditch my career but enough for me to completly remove the stress element over promotions, raises and bonsues.

#35

^^^ I agree with this. $5m is not rich because you’re one bad venture away from having to work again and you have to live pretty conservatively to live off your wealth. $100m+ is rich because you are truly balling out of control and get start to get into the range of jets, sports teams, and true major business ventures

#36

^^^ Sports teams w/ $100m??? Are you going to buy your local women’s amateur roller-derby team?

#37

^^ that’s why I said “start”. You could buy minor league baseball teams, MLS teams, etc. clearly you can’t get a major MLB/NFL/nba team for that price but I was trying to be modest

#38

MLB/NFL/NBA or hacksaw

#39

Sometimes I think this place is getting to WSO levels of ridiculous.