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. #21
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    When you judge what you can afford by looking at the calorie count, rather than the price, of the entree, then you're rich.

    Perhaps too rich.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

  2. #22
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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?
    This is so subjective, that the only possible answer could be, a person who's net worth is greater than 0.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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

    Quote Originally Posted by Goshin View Post
    See, for 5 mil net worth, you could generate around $350,000 to half a mil in income annually, without working other than managing your investments. You have to pay taxes on that of course.... right now, 15% cap-gains probably, which means probably $300-425k after tax. That's a nice income. You could hire four or five houshold servants and still live quite comfortably on the rest: property, nice house, cars, boat, vacations, no real worries about medical care or unexpected expenses, Suzie's braces or Jimmy's college.
    If you think you can reliably earn a 7% return on your entire net worth in the long term, please enlighten the rest of us -- for most, such a yield is very unrealistic. The problem is compounded when you take inflation into account.

    You also need to account for a house in there somewhere.

    If you allow $2M (40% of net worth) for a house and a more realistic 2% yield on the remaining $3M, that's $60K/yr income (less taxes), or about what someone earning $30/hr would make -- certainly not enough to hire staff unless you're talking part-time or illegals.

  4. #24
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by cpwill View Post
    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.
    I meant after taxes but those numbers would make me feel good too 60K is above what I make now. lol Of course 60K would not make feel rich but it would make my life hella easier.
    ~Following My Own Flow~

  5. #25
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by SpeakUp View Post
    If you think you can reliably earn a 7% return on your entire net worth in the long term, please enlighten the rest of us -- for most, such a yield is very unrealistic. The problem is compounded when you take inflation into account.
    Combined Annualized Growth Rate of the S&P 500 (counting for inflation) since 1980 has been 7.68%. He's pretty much on the right track.

    If you allow $2M (40% of net worth) for a house and a more realistic 2% yield on the remaining $3M
    without even knowing you I already know: you need to fire your financial adviser.

    Quote Originally Posted by Kali View Post
    I meant after taxes but those numbers would make me feel good too 60K is above what I make now. lol Of course 60K would not make feel rich but it would make my life hella easier.
    well, our hope is to get to making 100K post-tax. that way we can live on 50, save 25, and give 25.

  6. #26
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    I chose all except for 100,000 liquid regardless of net worth. I almost chose that one as well, but was conflicted. A one time payment of $100,000 to someone with a net worth of 0 doesn't necessarily render them "rich" in my opinion, however depending on where this person lives, a $100,000 yearly salary could definitely be considered rich. In small town Michigan where I grew up, $100,000 yearly is more than enough to live a very decent lifestyle. In San Fransisco, $100,000 won't go as far.

    As for the rest, I consider them all rich.
    "It has been said that man is a rational animal. All my life I have been searching for evidence which could support this." Bertrand Russell

  7. #27
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by Goshin View Post
    This is actually something I thought through, very carefully, a few months ago.


    Five million in net worth, minimum, to be considered actually rich. Below that, you're really just "middle class".

    See, for 5 mil net worth, you could generate around $350,000 to half a mil in income annually, without working other than managing your investments. You have to pay taxes on that of course.... right now, 15% cap-gains probably, which means probably $300-425k after tax. That's a nice income. You could hire four or five houshold servants and still live quite comfortably on the rest: property, nice house, cars, boat, vacations, no real worries about medical care or unexpected expenses, Suzie's braces or Jimmy's college.
    Do you realize that the mean net worth of people in the 90th-100th percentile is 4 million? The median is just under 2 million. Is theaverage person in those percentiles not rich? Do you really think to be rich you have to have so much money that you don't have to work AND can afford to hire a servant?

    It's useful to define what is rich by defining what is NOT rich. The supposedly "middle" class person who owns a $1,000,000 property, two or three nice cars, and is able to put two kids through college, probably has a net worth of around 1-1.5 million (maybe higher, college isn't cheap). That puts them in about the 90th percentile in this country. I'd say that pretty much disqualifies them from being middle class.

    For this reason, I would define "wealthy" of having a net worth of around 1 million. Remember also that many people own $1,000,000+ properties and nice things yet don't have a net worth of 1 million, because they don't own their assets outright (yet). Those are probably the groups of people I would consider upper-middle class.
    Last edited by Cameron; 10-10-11 at 09:51 AM.
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  8. #28
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Having lived lifestyles from very rich to very poor (right now I am right on the bottom end of upper middle class @ 120k/yr). I see rich starting at about 150k to 200k per year. At that point, people have substantial budgets for luxury items or experiences. One goes from buying necessities to buying nice stuff. Also one has substantial money to invest for future earnings.

  9. #29
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by megaprogman View Post
    Having lived lifestyles from very rich to very poor (right now I am right on the bottom end of upper middle class @ 120k/yr).
    just to point out - as I respect you, and don't want to see you violate your ideals - you are making too much, and should redistribute about 30-40K of that to me

    I see rich starting at about 150k to 200k per year. At that point, people have substantial budgets for luxury items or experiences. One goes from buying necessities to buying nice stuff. Also one has substantial money to invest for future earnings.
    color me confused. at 120K you're not buying nice stuff? or are you distinguishing here between nice necessities (a house with pool in a good school district) and nice toys (motor boat with accompanying jet skis)?

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

    Quote Originally Posted by cpwill View Post
    just to point out - as I respect you, and don't want to see you violate your ideals - you are making too much, and should redistribute about 30-40K of that to me
    Then you do not understand my economic position. (and I suspect that you have no desire to do so as you tend to want to cast me as a socialist and not a mixed economyist (whatever the word for it is), nor do you take into account my motivations even though they are in threads all over this forum).

    Quote Originally Posted by cpwill View Post
    color me confused. at 120K you're not buying nice stuff? or are you distinguishing here between nice necessities (a house with pool in a good school district) and nice toys (motor boat with accompanying jet skis)?
    I am buying nice stuff, meaning that I am going past bare necessities to luxuries, heck, I dropped $1000 bucks on some furniture saturday with no real impact to my monthly budget.
    Last edited by tacomancer; 10-10-11 at 10:34 AM.

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