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. #1
    Advisor GreenvilleGrows's Avatar
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    What do you consider wealthy (money, not life experience or love etc)?

    Ok, so who's rich?
    The US is an odd ship. The captain yells out when he sees obtacles , but 535 individual propellers do the steering.

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

    Six digits liquid. At that point a person can afford to purchase anything reasonable and withstand any financial emergency short of the destruction of their house.

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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 one of those types of questions which is purely subjective. A person that has $1 million could see themselves as relatively poor compared to those that have $10 million. A person that only has $20k would see those that have $40k+ as being rich.

    From my POV anyone that makes $30k+ could be considered rich.
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    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.

    In the Victorian era, you weren't a "gentleman" unless you had at least one servant. I think you're not "wealthy" until you can afford to live comfy without working and hire several ordinary folks to do your bidding as well. Typical household income in America is about 50k right? Eight or ten times that without labor is reasonably the lower limit of "rich".

    That's in general.... now in Los Angeles or New York City, you might need more like 10 or 15 million to actually be considered wealthy, due to cost of living being so high.

    Now, a million dollars ain't what it used to be. My tiny little hometown recently spent almost a million bucks refurbishing 100 yards of frigging SIDEWALK in the minescule "downtown"... yeah it is nice, brick and lamposts and stuff, but we're talking maybe eight small stores and a total of 100y of sidewalk! You can blow half a million on a house these days pretty easily.

    The REALLY rich start in the tens of millions these days, and they're not in the same class as the VERY wealthy with net-worths of 200 million and up. THEN you have the George Soros', Bill Gates' and others in the Billion-plus club, with wealth almost beyond Joe Blow's ability to comprehend. People who could buy an Ocean Liner out of petty cash just for giggles.

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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?
    No one in my family has a 100,000 grand so I pick that. IN my city that would get a pretty good modern home in a decent neighborhood. Now I suppose in places like New York city where the cost of living and property is absurdly high a $100,000 probably couldn't even get you a condo.
    Last edited by jamesrage; 10-08-11 at 04:34 PM.
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    According to benjamin franklin: "Who is rich? he who is satisfied with his portion".

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

    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
    Last edited by Kali; 10-08-11 at 10:59 PM.
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  8. #8
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Real wealth, to me, is anyone who can afford to live simply off of interest income, investments, et al. If you technically do not have to work, and especially if your immediate family do not either... that's wealth (and I am not talking about some sort of retirement account either).

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

    Is this individual or per family/household numbers? Anyone know what the median wealth per individual or per family is in the U.S.?

  10. #10
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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?
    In what state and locality. 1.5 million in Arkansas is very different from 1.5 million in New York.

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