View Poll Results: What do you consider wealthy (money, not life experience or love etc.)?

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  • $100,000 liquid regardless of net worth

    4 11.11%
  • $50,000 liquid and $500,000 net worth

    3 8.33%
  • $500,000 net worth regardless of liquidity

    3 8.33%
  • $100,000 in liquidity and $1,000,000 net worth

    7 19.44%
  • $1,000,000 net worth regardless of liquidity

    8 22.22%
  • $200,000 in liquidity and $4 million net worth

    17 47.22%
  • $4 million net worth regardless of liquidity

    11 30.56%
  • $5 million or over net worth regardless of liquidity

    11 30.56%
  • $10 million or over net worth regardless of liquidity

    12 33.33%
  • It takes much more to impress me, and it needs to be liquid.

    1 2.78%
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Thread: What do you consider wealthy (money, not life experience or love etc)?

  1. #11
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by GreenvilleGrows View Post
    Ok, so who's rich?
    It's not so much "how much you have" as it is how much you earn, in my opinion. If one has a $5 million lifestyle with $5 million in the bank and the checks stop coming that got you there, you'll be going through that $5 million pretty quick unless you're smart enough to make immediate and drastic lifestyle adjustments.

    With my own particular lifestyle, $5 million would make me rich. If all Bill Gates had to live on was $5 million, he'd feel a pauper.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by Kali View Post
    I would feel rich if I was any of those things. lol

    Honestly if I ever snagged a job making over like 75- $90 thousand a year? I totally would feel rich
    worth noting, after federal taxes alone, that 75K is about 60K, and 90K becomes 71K. you would have to make $96,000 to bring home your bottom figure of 75K, assuming you live in a state with no income tax, such as Florida.

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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Just to clarify what OP is saying about wealth includes all assets. That would include house, cars, personal belongings, i.e. furniture, jewelry, etc., savings, investments, etc.

    Also, a lot depends on where you are in life. If you are just beginning and have a great income, your wealth may not be that much yet. If you 60 and have a very good income and nice home in suburbia, nice cars, and funds in 401k or other investments, you could be wealthy. The second you retire, you wealth has to stand on its own, and in a bear stock market (as we are in today), it can erode your wealth. A booming economy is good for everyone.

    The good news for young people of today is that if you invest every pay period, you will do well on your investments over time. The market is still quite low and when the economy starts to churn again, and it will, the market will turn bullish and your wealth will increase very nicely. The best time for investing is when the market is low. Now is not the time to be sitting out. Just an opinion, but it has worked for me.

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    Re: What do you consider wealthy (money, not life experience or love etc)?

    that's what we're hoping, but when you don't have much, it is depressing to watch it shrink .

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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Wealthy = anyone not living paycheck to paycheck

    I'll throw out the number $75k/year (income), just because of the study showing that's when you stop being unhappy because of lack of money.
    Last edited by Befuddled_Stoner; 10-09-11 at 02:28 AM.

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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by cpwill View Post
    In what state and locality. 1.5 million in Arkansas is very different from 1.5 million in New York.
    Yeah. And 1.5 in net worth ain't nothing. That's a gas station. A small gas station.

  7. #17
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by Befuddled_Stoner View Post
    Wealthy = anyone not living paycheck to paycheck
    by which you mean someone who lives above their income?

    I've always been confused by people using this line - I budget so I live "paycheck to paycheck", but if I miss a paycheck (or three), I don't have to miss any payments or anything - my savings covers it.

    I'll throw out the number $75k/year (income), just because of the study showing that's when you stop being unhappy because of lack of money.
    pre or post tax?

  8. #18
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    I think figures like 75k or "not living paycheck to paycheck" are poor ways to define "rich". I get the impression that some people think there are "rich" and "poor" and that's all. Never heard of the middle class??

    A guy with a small business might own 5 mil worth of property and equipment, owe 4 mil to the bank, have half a mil in his personal home and vehicles; giving him a net-worth over 1 million, and an annual income (after business expenses and repaying his biz loan) of $300k, then pay $150k in taxes of various sorts... giving him a take-home of $150k... then his house mortgage costs him 50k, leaving him 100k to support his lifestyle and 2.5 kids... is he rich? I don't think so. He's middle class. If his business declines a little bit he's in trouble... if his business declines a LOT he could quickly find himself BANKRUPT. He still has to work hard to keep the biz going, and he has to sweat whether a bad economy will make him lose his biz, his house, and everything.

    The VERY rich get richer even in bad times, apparently.


    I always figured RICH was the point where you could kick back and not really worry about earning a living anymore, and when you had enough cushion that going bust wasn't much of a worry. That's one of the reasons I figure 5 mil in assets is the minimum to be rich.

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  9. #19
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Over most of my working life, I thought of myself as upper middle class, but many here think I am rich. And, my income is Social Security and a small pension. However, my trophy wife continues to work so that I can continue to live in the manner to which I have been accustomed.

  10. #20
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    It's not money that makes me feel wealthy and gives me comfort. It's a higher power than cash and liquidity.

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