How much $ (net worth) is considered rich?

[ameshammer]

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.

 

[herbicide]

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...

 

[CySmitty]

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.

 

[Tank]

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.

 

[isuno1fan]

$2,579,333.67

Next question

 

[RING4CY]

If I have $100 in my bank account, I feel rich.

 

[everyyard]

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.

rich = ability to support yourself purely on your investments returns and interest.

 

[Broodwich]

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.

 

[jsmith86]

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

 

[cloneluke80]

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.

 

[Wesley]

John McCain said $5M. I agree.

 

[cyeah]

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.

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.

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.

 

[thatguy]

if you have to ask, your not.

 

[cstrunk]

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.

 

[cyclonedave25]

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.

 

[CySmitty]

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.

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.

 

[Cyclonepride]

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.

 

[247cy]

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]

 

[Hugs4ISU]

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???

Whoever makes more than you do. :smile:

 

[Dormeezy]

Whoever makes more than you do. :smile: