POLL: At what net-worth does an individual become wealthy?

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.

At what networth does an individual become wealthy?

>$500 thousand
9
3%
>$1 million
54
16%
>$1.5 million
11
3%
>$2 million
55
17%
>$3 million
43
13%
>$4 million
41
12%
>More $ than listed above
120
36%
 
Total votes: 333

User avatar
Topic Author
investor.saver1
Posts: 367
Joined: Sun Jan 02, 2011 8:43 pm

POLL: At what net-worth does an individual become wealthy?

Post by investor.saver1 »

The recent net-worth survey still collecting data on this board shows that participants here have a median NW of about $1,000,000. That just seems incredibly high to me. In your opinion, what net-worth value constitutes a wealthy individual. I recognize that wealth is certainly about more than money...but for purposes of this survey could we limit discussion to just the money aspect please. Net-worth should be defined as in the previous net-worth survey.

I suspect that most of us do not consider ourselves to be wealthy and I'm guessing that we will see a very high number here.
Investor.Saver1 | | Experience is something you don't get until just after you need it.
User avatar
bertilak
Posts: 10725
Joined: Tue Aug 02, 2011 5:23 pm
Location: East of the Pecos, West of the Mississippi

Re: POLL: At what net-worth does an individual become wealth

Post by bertilak »

I voted $1,000,000 since I didn't interpret "wealthy" to mean "filthy rich", but to enjoy a comfortable, money-worry-free, lifestyle. It also depends on age and current earning power and my vote assumed middle-aged (i.e. not yet retired) and with an income allowing for continued savings. So I see $1,000,000 is sort of bare minimum to be "wealthy".
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker (aka S.O.B.), the Cowboy Poet
sscritic
Posts: 21853
Joined: Thu Sep 06, 2007 8:36 am

Re: POLL: At what net-worth does an individual become wealth

Post by sscritic »

According to surveys, most people respond the way I will: a wealthy person is someone with three times as much as I have. (This ratio should be good for almost anyone with $100k plus; it may not work for someone with only $20k.)

It's all relative.
User avatar
JupiterJones
Posts: 3623
Joined: Tue Aug 24, 2010 3:25 pm
Location: Nashville, TN

Re: POLL: At what net-worth does an individual become wealth

Post by JupiterJones »

I guess is also depends on the stage of life you're in.

A net worth of $500,000 at 65 years old is one thing. The same net worth at 28 is another.

JJ
"Stay on target! Stay on target!"
Brody
Posts: 983
Joined: Wed Oct 19, 2011 8:21 am

Re: POLL: At what net-worth does an individual become wealth

Post by Brody »

My definition of financially wealthy has nothing to do with the amount of money one has. One is financially wealthy when they can maintain the standard of living that they would like for the rest of their life without having to work.
I am the poster formerly known as Oneanddone.
User avatar
serbeer
Posts: 1304
Joined: Fri Dec 28, 2007 1:09 pm

Re: POLL: At what net-worth does an individual become wealth

Post by serbeer »

Brody wrote:My definition of financially wealthy has nothing to do with the amount of money one has. One is financially wealthy when they can maintain the standard of living that they would like for the rest of their life without having to work.
Ditto
azanon
Posts: 3142
Joined: Mon Nov 07, 2011 9:34 am

Re: POLL: At what net-worth does an individual become wealth

Post by azanon »

sscritic wrote:According to surveys, most people respond the way I will: a wealthy person is someone with three times as much as I have. (This ratio should be good for almost anyone with $100k plus; it may not work for someone with only $20k.)

It's all relative.
Speak for yourself. Once I hit a certain number, if you could get me to not be modest, I'd tell you I'm wealthy, and not give a rat's a$$ how much "you" have.

It might be relative, but I could still be wealthy if you were "more" wealthy.
User avatar
HomerJ
Posts: 21281
Joined: Fri Jun 06, 2008 12:50 pm

Re: POLL: At what net-worth does an individual become wealth

Post by HomerJ »

I'm assuming wealthy means financially independent, and not super-own-a-private-jet-rich.

It all depends on age and lifestyle...

A 60 year old with $2 million, and a $300k lifestyle is not wealthy

A 60 year old with $2 million, and a $80k lifestyle is wealthy.

A 60 year old with $500k is not wealthy.

A 30 year old with $500k is wealthy.

etc.
RadAudit
Posts: 4386
Joined: Mon May 26, 2008 10:20 am
Location: Second star on the right and straight on 'til morning

Re: POLL: At what net-worth does an individual become wealth

Post by RadAudit »

bertilak wrote:I voted $1,000,000 since I didn't interpret "wealthy" to mean "filthy rich", but to enjoy a comfortable, money-worry-free, lifestyle.
And then you start to remember that $1 million throws off about $40k / per year for about 30 years at a SWR of 4%. And $40k / year doesn't sound like much today in some parts of the country.
sscritic wrote:According to surveys, most people respond the way I will: a wealthy person is someone with three times as much as I have. (This ratio should be good for almost anyone with $100k
I sort of go along with that concept of more than I have (or more than 3x or 4x or ... pick a number) but even that number looks a little too low.

Some 30 years ago my classmate suggedted a bench mark for being rich was to have more money than his wife could spend. That's beginning to look like a good definition.
Last edited by RadAudit on Fri Jan 20, 2012 3:23 pm, edited 1 time in total.
FI is the best revenge. LBYM. Invest the rest. Stay the course. Die anyway. - PS: The cavalry isn't coming, kids. You are on your own.
Grt2bOutdoors
Posts: 25625
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: POLL: At what net-worth does an individual become wealth

Post by Grt2bOutdoors »

A friend of mine puts it this way - when you have the freedom to tell your employer to go to hell and then exit the workforce without a care in the world.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
User avatar
mlebuf
Posts: 1916
Joined: Tue Feb 20, 2007 7:27 pm
Location: Paradise Valley, Arizona

Re: POLL: At what net-worth does an individual become wealth

Post by mlebuf »

I believe it's important to make the distinction between being rich and being wealthy. Rich people have a lot of money. Wealthy people have money and the time to enjoy it. A lot of rich people work long hours and live high stress lives in order to support a very expensive lifestyle.
Best wishes, | Michael | | Invest your time actively and your money passively.
ZZ
Posts: 383
Joined: Mon Nov 12, 2007 3:42 pm

Re: POLL: At what net-worth does an individual become wealth

Post by ZZ »

You are wealthy when more money won't change where you live, what you eat, what you wear, what you drive or who you sleep with.
Unknown
User avatar
Clearly_Irrational
Posts: 3087
Joined: Thu Oct 13, 2011 3:43 pm

Re: POLL: At what net-worth does an individual become wealth

Post by Clearly_Irrational »

GRT2BOUTDOORS wrote:A friend of mine puts it this way - when you have the freedom to tell your employer to go to hell and then exit the workforce without a care in the world.
This.

However if you must have a number I'd say median household income (living on less than that will be non-fun) divided by 2.5% (a reasonable non-depleting lifetime withdrawal rate) so we're looking at:

$49,445 / .025 = $1,977,800

So basically if you have at least two million net worth you probably don't have to work unless you feel like it, I'd call that the minimum standard for wealthy.
Mitchell777
Posts: 1278
Joined: Mon May 21, 2007 6:32 am

Re: POLL: At what net-worth does an individual become wealth

Post by Mitchell777 »

Brody wrote:My definition of financially wealthy has nothing to do with the amount of money one has. One is financially wealthy when they can maintain the standard of living that they would like for the rest of their life without having to work.
This fits my definition. I believe this issue has been discussed in the past. I went to high school and college with friends who are today retired. They worked as police, teachers, manufacturing workers with old line companies with great benefits. Most retired in their 50's and a couple their 40's. Most retired with pensions in the $35K to $60K range. Although I believe I am probably worth several times what many of them are, they can maintain their standard of living in retirement without worry. They have defined benefit pension plans and retirment health care. The without worry part is key to me. I am still working, reading about safe withdrawal rates, wondering if I will be able to buy health insurance in retirement, and hoping I can retire without financial worry. I hope I can join them in a couple years so we can hang out more and do old guy stuff. I guess I'm still struggling what wealthy means to me
david9117
Posts: 151
Joined: Tue Dec 25, 2007 7:00 pm
Location: San Diego, Ca

Re: POLL: At what net-worth does an individual become wealth

Post by david9117 »

You are wealthy as long as you have more than your brother in law :-)
User avatar
Midpack
Posts: 778
Joined: Fri Mar 14, 2008 9:34 am
Location: NC

Re: POLL: At what net-worth does an individual become wealth

Post by Midpack »

Clearly it's all relative. None of us will probably ever be wealthy in our own eyes, though we may be to others...

This guy was wealthy, before he got busted.
Image
You only live once...
TheGuru1
Posts: 68
Joined: Sat Dec 05, 2009 10:18 am

Re: POLL: At what net-worth does an individual become wealth

Post by TheGuru1 »

$250,000.01
sscritic
Posts: 21853
Joined: Thu Sep 06, 2007 8:36 am

Re: POLL: At what net-worth does an individual become wealth

Post by sscritic »

Wealthy is not having to think before you spend money. I can't do that yet, so I am not wealthy.
User avatar
NightOwl
Posts: 664
Joined: Fri Feb 06, 2009 1:08 am
Location: New York, NY

Re: POLL: At what net-worth does an individual become wealth

Post by NightOwl »

I suppose that one can always have a lifestyle that's above one's means, and high inflation can really crush wealth, so there's no amount of money that can guarantee that one stays wealthy, but I think there are numbers out there that we would all agree make one wealthy at that moment. So I don't think it's entirely relative, and I like that OP left us to decide what "wealthy" means for ourselves.

Of course, none of the numbers in the poll represent poverty, and in my way of thinking there's a huge amount of room in the comparatively-rich-when-compared-to-the-vast-majority-of-other-people-in-this-country-and-world category that makes one fortunate and blessed without making one "wealthy" as I understand that term. So when I give a number for "wealthy," I don't mean that people who fall short of that level are "poor" or that I will feel sorry for people (like me) who won't reach that level. I will settle for financially secure and consider myself lucky to attain that status.

But to be wealthy I think you have to have a sum of money that places you beyond a lot of the objections that others have raised -- age, job status, retirement status, geographic location, etc. I started with extremes. $500k for a recent retiree who has no pension and doesn't own a home doesn't seem wealthy to me, though many people would lead very comfortable lives at that level. If you have $100 million, you're wealthy, no matter where you live, how old you are, your income, etc. So I just went up/down from there, and I settled somewhere in the $8+ million range, so I voted at the high end of the poll's range.

NightOwl
"Volatility provokes the constant dread that some investors know more than we do, making us fearful of ignoring such powerful price movements." | Peter Bernstein, "The 60/40 Solution."
Rick_J-
Posts: 52
Joined: Wed Feb 16, 2011 12:47 pm
Location: Canada

Re: POLL: At what net-worth does an individual become wealth

Post by Rick_J- »

I think the more relevant question is whether a person is a positive accumulator of wealth as defined in the millionaire next door which proposes the a household networth of TWICE the following formula (your age x 0.1 x gross household income).
User avatar
HomerJ
Posts: 21281
Joined: Fri Jun 06, 2008 12:50 pm

Re: POLL: At what net-worth does an individual become wealth

Post by HomerJ »

david9117 wrote:You are wealthy as long as you have more than your brother in law :-)
Heh, I'm screwed then.
User avatar
GregLee
Posts: 1748
Joined: Wed Oct 27, 2010 3:54 pm
Location: Waimanalo, HI

Re: POLL: At what net-worth does an individual become wealth

Post by GregLee »

Wealthy is having servants and an estate roomy enough to house them and require their services. I'm not sure NW is an appropriate measure, but if so, probably wealthy goes off the top end of the scale given.
Last edited by GregLee on Fri Jan 20, 2012 3:01 pm, edited 1 time in total.
Greg, retired 8/10.
KyleAAA
Posts: 9498
Joined: Wed Jul 01, 2009 5:35 pm
Contact:

Re: POLL: At what net-worth does an individual become wealth

Post by KyleAAA »

When your portfolio can sustainably generate at least twice your annual expenses
User avatar
Bulldawg
Posts: 536
Joined: Mon Jan 05, 2009 7:30 am
Location: Hotlanta

Re: POLL: At what net-worth does an individual become wealth

Post by Bulldawg »

Rick_J- wrote:I think the more relevant question is whether a person is a positive accumulator of wealth as defined in the millionaire next door which proposes the a household networth of TWICE the following formula (your age x 0.1 x gross household income).

Yes, I like Tom Stanley's PAW ( prodigious accumulator of wealth), a rough rule -of -thumb; I also recall Dave Ramsey's background as a young millionaire before going bankrupt in his late 20s: he had something like $2m in real estate and $1m in mortgages, but banks were merged and loans called in and it got really ugly for him. So, I think a $1m net worth is still a great wealth threshold, especially with zero/low debt combined with a frugal lifestyle( in other words, a Bogleheadish profile which matches a recent NW poll on this forum !)
Last edited by Bulldawg on Fri Jan 20, 2012 3:08 pm, edited 1 time in total.
" IN GOD WE TRUST " ( official motto of the United States )
User avatar
ruralavalon
Posts: 26351
Joined: Sat Feb 02, 2008 9:29 am
Location: Illinois

Re: POLL: At what net-worth does an individual become wealth

Post by ruralavalon »

rrosenkoetter wrote:I'm assuming wealthy means financially independent, and not super-own-a-private-jet-rich.

It all depends on age and lifestyle...

A 60 year old with $2 million, and a $300k lifestyle is not wealthy

A 60 year old with $2 million, and a $80k lifestyle is wealthy.

A 60 year old with $500k is not wealthy.

A 30 year old with $500k is wealthy.

etc.
Basically agreed, but would expand to say: It all depends on age, lifestyle and cost of living at your location.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link: Bogleheads® investment philosophy
User avatar
Higman
Posts: 229
Joined: Wed Aug 20, 2008 7:51 pm

Re: POLL: At what net-worth does an individual become wealth

Post by Higman »

As a young boy I watched the TV show “The Millionaire” which debuted in 1955. John Beresford Tipton Jr. would hand out $1M tax free to a lucky recipient each week. To my mind back then a millionaire was rich. However the equivalent $1M in 1955 dollars is now $8.3M according to the CPI Inflation Calculator. So my vote is “more than listed above”.
User avatar
Sheepdog
Posts: 5783
Joined: Tue Feb 27, 2007 2:05 pm
Location: Indiana, retired 1998 at age 65

Re: POLL: At what net-worth does an individual become wealth

Post by Sheepdog »

I said $500,000. I do not consider that wealthy, but I believe that the vast majority of Americans believes it is.
Unless you try to do something beyond what you have already mastered you will never grow. (Ralph Waldo Emerson)
User avatar
BlueEars
Posts: 3968
Joined: Fri Mar 09, 2007 11:15 pm
Location: West Coast

Re: POLL: At what net-worth does an individual become wealth

Post by BlueEars »

Inequality:

filthy rich > rich > wealthy > well off > average working stiff > working poor > on welfare > skid row

I voted $4M for wealthy because that would throw off about $160k/year in retirement. But this is not "mansion and yacht" territory. A bit of word play here.
FafnerMorell
Posts: 686
Joined: Mon Sep 15, 2008 10:27 am

Re: POLL: At what net-worth does an individual become wealth

Post by FafnerMorell »

As folks are saying, it really depends. I like "A friend of mine puts it this way - when you have the freedom to tell your employer to go to hell and then exit the workforce without a care in the world."

But I view stages of wealth as:

Extremely wealthy: >$100 million (any age).

Wealthy: >$10 million (any age)

Well-off: >$3 million at retirement, or, if you're younger, you're approaching this amount provided the market doesn't collapse or the government doesn't default on SS/bonds, you do (or should) have enough money/investments to retire comfortably but not lavishly (you can vacation at DisneyWorld with the grandkids, but you're not staying in the Grand Mickey Suite or whatever). You need to watch what you spend, but as long as it's reasonable, you'll be OK.

Above average: >$1 million at retirement, or, if you're younger, you're approaching this amount. No short-term debt (i.e. credit cards), and long-term debts (mortgage, student loans) are manageable with current income, and you're able to save 10-20% and you've got enough cash set aside to handle emergencies.

Average: You're scared to death, or should be, whenever someone asks you about retirement. You're kind of, sort of, barely making ends meet.

Below average: You really wish you had the problems that the average people do, but you're too busy digging a shallow grave to hide the body of repo man you killed this morning to give it much thought.
User avatar
Dale_G
Posts: 3466
Joined: Tue Feb 20, 2007 4:43 pm
Location: Central Florida - on the grown up side of 85

Re: POLL: At what net-worth does an individual become wealth

Post by Dale_G »

I'll be wealthy when I buy a business class/first class ticket on an international flight (on my own dime) without giving it a second thought.

Dale
Volatility is my friend
sommerfeld
Posts: 1159
Joined: Fri Dec 12, 2008 7:02 pm

Re: POLL: At what net-worth does an individual become wealth

Post by sommerfeld »

sscritic wrote:Wealthy is not having to think before you spend money. I can't do that yet, so I am not wealthy.
By that standard, I might never be wealthy.
User avatar
Sheepdog
Posts: 5783
Joined: Tue Feb 27, 2007 2:05 pm
Location: Indiana, retired 1998 at age 65

Re: POLL: At what net-worth does an individual become wealth

Post by Sheepdog »

Dale_G wrote:I'll be wealthy when I buy a business class/first class ticket on an international flight (on my own dime) without giving it a second thought.

Dale
Agree with that 8-)
Unless you try to do something beyond what you have already mastered you will never grow. (Ralph Waldo Emerson)
manuvns
Posts: 1465
Joined: Wed Jan 02, 2008 1:30 pm

Re: POLL: At what net-worth does an individual become wealth

Post by manuvns »

most people say $2 mil is when you are above middle class . i think $3 million is when you can move away from working class .
Thanks!
K'zoo
Posts: 79
Joined: Tue Sep 07, 2010 2:47 pm

Re: POLL: At what net-worth does an individual become wealth

Post by K'zoo »

When I was 20 years old "a millionaire" was, wow, wealthy.

Now, forty years later, that million does not buy nearly as much. Maybe people here do, but a lot of people don't think about "a lot of money" in real dollars. Their mental image of a lot of money gets set a some point in the past and they keep that image regardless. (And before anybody says it, yes, a million is still a lot of money.)
scrabbler1
Posts: 2798
Joined: Fri Nov 20, 2009 1:39 pm

Re: POLL: At what net-worth does an individual become wealth

Post by scrabbler1 »

KyleAAA wrote:When your portfolio can sustainably generate at least twice your annual expenses
I like ths one. I am an early retiree whose income from non-retirement investments more than covers my expenses but not in the 2X neighborhood (not that far from 2X, though). If it were 2X I would consider myself wealthy although to most everyone else I know, I am wealthy because I don't have to work any more and can sustain my current lifestyle (as some others here have posted).

BTW great thread and a great variety of interesting and funny replies! :)
SGM
Posts: 3341
Joined: Wed Mar 23, 2011 4:46 am

Re: POLL: At what net-worth does an individual become wealth

Post by SGM »

I think wealth ought to be thought of as the British do, i.e., how much income one has per annum.

My buddy who has a $120,000 pension with a cola and annual health care benefits worth another $10,000 and say 500,000 in investment and a 500,000 paid off house is wealthier than a second buddy with 4 million in investments and only social security and medicare.

$4 million in investments can throw off say $120,000 in dividendsand muni interest . If one feels comfortable with a withdrawal rate of 4% it is worth 160,000 per year.

I think the first buddy is wealthier.
"Let us endeavor, so to live, that when we die, even the undertaker will be sorry." Mark Twain
ocdokie
Posts: 26
Joined: Thu Oct 27, 2011 11:24 am

Re: POLL: At what net-worth does an individual become wealth

Post by ocdokie »

ZZ wrote:You are wealthy when more money won't change where you live, what you eat, what you wear, what you drive or who you sleep with.
Unknown
Am I semi-wealthy if I can say that four out of these five are true for me?
DoWahDaddy
Posts: 319
Joined: Sat Jul 02, 2011 9:32 am

Re: POLL: At what net-worth does an individual become wealth

Post by DoWahDaddy »

RadAudit wrote:
bertilak wrote:I voted $1,000,000 since I didn't interpret "wealthy" to mean "filthy rich", but to enjoy a comfortable, money-worry-free, lifestyle.
And then you start to remember that $1 million throws off about $40k / per year for about 30 years at a SWR of 4%. And $40k / year doesn't sound like much today in some parts of the country.
Well, I voted over 5 mil for the opposite reason our mysteriously domiciled bertilak voted 1 mil.

If you can live a worry free lifestyle, that's comfortable.

If you can sit in the front row at the Academy Awards while being served dinner in your seat by Chef Daniel Boulud, that's rich.

If you can do the above in your skivvies, that's wealthy.
"I've worked in the private sector. They expect results." - Dr. Raymond Stantz
User avatar
GregLee
Posts: 1748
Joined: Wed Oct 27, 2010 3:54 pm
Location: Waimanalo, HI

Re: POLL: At what net-worth does an individual become wealth

Post by GregLee »

But that poll is about rich, not wealthy. It's not the same: http://www.youtube.com/watch?v=4m37JkkGjAY.
Last edited by GregLee on Fri Jan 20, 2012 5:58 pm, edited 1 time in total.
Greg, retired 8/10.
User avatar
Mrs.Feeley
Posts: 830
Joined: Sat Nov 12, 2011 1:52 am

Re: POLL: At what net-worth does an individual become wealth

Post by Mrs.Feeley »

I suspect the financial industry's definition of what makes a wealthy household is far different from ours. From a recent New York Times article (http://www.nytimes.com/2012/01/14/your- ... nch&st=cse):

"When Merrill Lynch recently discouraged its thundering herd of brokers from taking on new clients with under $250,000 in assets available for investing, it wasn’t a big surprise. Brokerage firms have been making these sorts of moves for years, and Merrill is notorious for a leaked memo in the late 1990s that discouraged “charity work” for clients with less than $100,000 in assets — “poor people,” as the memo put it."
User avatar
nisiprius
Advisory Board
Posts: 52211
Joined: Thu Jul 26, 2007 9:33 am
Location: The terrestrial, globular, planetary hunk of matter, flattened at the poles, is my abode.--O. Henry

Re: POLL: At what net-worth does an individual become wealth

Post by nisiprius »

http://en.wikipedia.org/wiki/High-net-worth_individual :
The Merrill Lynch - Capgemini World’s Wealth Report 2009[3] defines HNWIs as those who hold at least US$1 million in financial assets and ultra-HNWIs as those who hold at least US$30 million in financial assets, with both excluding collectibles, consumables, consumer durables and primary residences.
The reference cited in support is Cap Gemini 2009 World Wealth Report
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
User avatar
Liquid
Posts: 301
Joined: Sat Aug 06, 2011 10:17 am

Re: POLL: At what net-worth does an individual become wealth

Post by Liquid »

GregLee wrote:
But that poll is about rich, not wealthy. It's not the same: http://www.youtube.com/watch?v=4m37JkkGjAY.
The poll is about both --> 150K/yr was "rich," 1mil was "wealthy." Before you say anything, yes, those figures do not make sense when taken together... that is why the wealth distribution is the way it is. Nevertheless, I took 150k/yr at 4% to arrive at our current definition of wealth.

Btw I enjoyed the video :sharebeer
User avatar
renditt
Posts: 608
Joined: Fri Apr 25, 2008 2:05 pm

Re: POLL: At what net-worth does an individual become wealth

Post by renditt »

10 million plus
User avatar
VictoriaF
Posts: 20122
Joined: Tue Feb 27, 2007 6:27 am
Location: Black Swan Lake

Re: POLL: At what net-worth does an individual become wealth

Post by VictoriaF »

I will be very wealthy right before I die, because I will have much more money than I will be able to spend.

Victoria
Inventor of the Bogleheads Secret Handshake | Winner of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)
TheEternalVortex
Posts: 2576
Joined: Tue Feb 27, 2007 8:17 pm
Location: San Jose, CA

Re: POLL: At what net-worth does an individual become wealth

Post by TheEternalVortex »

It really depends on the person. I think wealthy means that you have enough money that you don't worry about having enough for what you want to do.
User avatar
Liquid
Posts: 301
Joined: Sat Aug 06, 2011 10:17 am

Re: POLL: At what net-worth does an individual become wealth

Post by Liquid »

Wake up, will ya, pal? If you're not inside, you're outside, okay? And I'm not talking a $400,000 a year working Wall Street stiff flying first class and being comfortable, I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player, or nothing. :dollar
umfundi
Posts: 3361
Joined: Tue Jun 07, 2011 5:26 pm

Re: POLL: At what net-worth does an individual become wealth

Post by umfundi »

GRT2BOUTDOORS wrote:A friend of mine puts it this way - when you have the freedom to tell your employer to go to hell and then exit the workforce without a care in the world.
http://www.youtube.com/watch?v=TOIdsM8FrIk&feature=fvst

Let me just suggest you are wealthy when you live below your means, and have a plan to do so for the rest of your life.

Keith
Déjà Vu is not a prediction
User avatar
ofcmetz
Posts: 2465
Joined: Tue Feb 08, 2011 7:09 pm
Location: Louisiana

Re: POLL: At what net-worth does an individual become wealth

Post by ofcmetz »

Dang it, my brother in law has more than me, but his wife is a pharmacist so its not really fair right. :D

I voted $1,000,000, because unless you count pension plan values, no one in my circle has that.

I never ever considered wealthy and rich to be two different things. They were always interchangeable in my vocabulary. Of course we sometimes refer to someone as "stupid rich". Basically this is someone who can't spend all of their money even if they tried.

And now I post a mostly unrelated video from one of my favorite shows. I like to think of the first class thing as something that rich people might do for fun. ;)

http://www.youtube.com/watch?v=BcnpAqQK774
Never underestimate the power of the force of low cost index funds.
friar1610
Posts: 2331
Joined: Sat Nov 29, 2008 8:52 pm
Location: MA South Shore

Re: POLL: At what net-worth does an individual become wealth

Post by friar1610 »

ZZ wrote:You are wealthy when more money won't change where you live, what you eat, what you wear, what you drive or who you sleep with.
Unknown
That's a great quote! By that measure, I am wealthy many times over.
Friar1610 | 50-ish/50-ish - a satisficer, not a maximizer
Post Reply