How much $ (net worth) is considered rich?

Discussion in 'Off-Topic' started by ameshammer, Mar 14, 2011.

  1. ameshammer

    ameshammer Member

    Dec 31, 2008
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    Watched a show over the weekend about the uber-rich in the United States ($50 million + net worth).

    This got me thinking, what do most people consider "rich" to be??? I would think around the $5 million net worth would do it for me.

    As an aside, the show was filmed in 2007-08, I wonder how many of those featured took a bath during the recession.
     
  2. herbicide

    herbicide Well-Known Member

    Mar 23, 2006
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    I think it is a sliding scale, I know a few that have net-worths more than a couple million, and they don't consider themselves rich, and by the way they live you wouldn't think they were "rich."

    All I really know is I don't qualify...
     
  3. CySmitty

    CySmitty Member

    Jan 3, 2008
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    When I can comfortable quit work. For me that probably between 500k to 1mil. Rich is more of a state of mind than a financial position. In my opinion so is poor.
     
  4. Tank

    Tank Well-Known Member

    Sep 13, 2008
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    Depends on where you live and work.

    Rich in Des Moines could be considered middle-class or at least upper middle-class in places like L.A. or New York City.
     
  5. isuno1fan

    isuno1fan Well-Known Member

    Mar 30, 2006
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    $2,579,333.67

    Next question :p
     
  6. RING4CY

    RING4CY Well-Known Member
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    Mar 20, 2010
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    If I have $100 in my bank account, I feel rich.
     
  7. everyyard

    everyyard Well-Known Member

    Nov 24, 2006
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    rich = ability to support yourself purely on your investments returns and interest.
     
  8. Broodwich

    Broodwich Well-Known Member

    Nov 22, 2006
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    Free time to enjoy the company of family and friends. Good health. Indoor plumbing & climate control, potable water and not having to gut animals to eat.

    I feel very blessed.
     
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  9. jsmith86

    jsmith86 Well-Known Member

    Dec 5, 2006
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    $5 million. Although you'd have to add 3 or 4 more zeroes to convince me to quit working.
     
  10. cloneluke80

    cloneluke80 Well-Known Member

    Apr 11, 2006
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    5 mil at 5% is 250k per year interest income, halve that for taxes/market risk/inflation risk, 125k per year free and clear without touching prinicple... yeah, I could do that.

    5 mil is settled as "rich" in Iowa.
     
  11. Wesley

    Wesley Well-Known Member

    Apr 12, 2006
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    John McCain said $5M. I agree.
     
  12. cyeah

    cyeah Well-Known Member

    May 23, 2006
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    Smitty, $500k to $million can be gone in twenty seconds. You are a lot braver than I if you were to walk away at that level.


    Honestly, $50 million is nice, but not all that "rich". I think of rich as the guys who have a G550 or two at their disposal. Guys who can have a crib like this - Mobile | Telluride Vacations and only use it a few weeks of the year. Burning $10K of fuel an hour to drop by your $20 million house, that is rich.
     
  13. thatguy

    thatguy Well-Known Member

    May 29, 2009
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    if you have to ask, your not.
     
  14. cstrunk

    cstrunk Well-Known Member

    Mar 21, 2006
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    I would say $3 million is rich. Just because I'm not used to anything close to that. $5 million is probably a good answer though.
     
  15. cyclonedave25

    cyclonedave25 Well-Known Member

    Jul 10, 2007
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    :eek:
     
  16. CySmitty

    CySmitty Member

    Jan 3, 2008
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    I am not even a little brave I'm just choosy. I choose my family and my time over stuff. In my opinion Americans tend to choose stuff over time.

    I also think once I have a net worth of 500k to 1mil I will most likely own some income producing assets. This is a pretty important part of pie for me. I am buying a small house right now. In 4-5 I will have it paid off. I will then move and rent. If I buy another small house I can pay that one of quicker with the income from the first. So on and so forth.
     
  17. Cyclonepride

    Cyclonepride Thought Police
    Staff Member

    To me, "rich" is a state of mind, and is very subjective.

    If you asked how much I felt I needed to comfortably retire, I would say that I need enough in the bank to live modestly on the interest, with that yearly interest being similar to my current salary.
     
  18. 247cy

    247cy Well-Known Member

    Nov 14, 2006
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    When I can pay straight cash for enough cigarettes to last me and my family the rest of our lives.

    [ame="http://www.youtube.com/watch?v=98958txVSrE"]YouTube - I'm rich biatch! Dave Chapelle[/ame]
     
  19. Hugs4ISU

    Hugs4ISU Guest

    Whoever makes more than you do. :smile:
     
  20. Dormeezy

    Dormeezy Well-Known Member

    Nov 2, 2006
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