Ok, so who's rich?
$100,000 liquid regardless of net worth
$50,000 liquid and $500,000 net worth
$500,000 net worth regardless of liquidity
$100,000 in liquidity and $1,000,000 net worth
$1,000,000 net worth regardless of liquidity
$200,000 in liquidity and $4 million net worth
$4 million net worth regardless of liquidity
$5 million or over net worth regardless of liquidity
$10 million or over net worth regardless of liquidity
It takes much more to impress me, and it needs to be liquid.
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.
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.
From my POV anyone that makes $30k+ could be considered rich.
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My mind and my heart are saying I'm in my twenties. My body is pointing at my mind and heart and laughing its ass off. ~ Kal'Stang
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.
Fiddling While Rome Burns
Carthago Delenda Est
"I used to roll the dice; see the fear in my enemies' eyes... listen as the crowd would sing, 'now the old king is dead, Long Live the King.'.."
Last edited by jamesrage; 10-08-11 at 02:34 PM.
"A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"
Cicero Marcus Tullius
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 08:59 PM.
~Following My Own Flow~
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).
Is this individual or per family/household numbers? Anyone know what the median wealth per individual or per family is in the U.S.?
“If we must have an enemy at the head of Government, let it be one whom we can oppose, and for whom we are not responsible, who will not involve our party in the disgrace of his foolish and bad measures.”
- Alexander Hamilton. Spiritual father of #NeverTrump