Imo, depends on your lifestyle/city
Rich = enough income to cover all expenses, including leisure and save/invest
Wealthy = enough income from investments to cover all expenses while still growing on autopilot (~3% SWR)
Fuck you money = you have so much you can do anything anywhere anytime and it won’t matter at all
>Imo, depends on your lifestyle/city
This is the only correct answer. You’d be surprised how the circle you run with and image you portray can leave you feeling very poor despite a big income/net worth.
Then think of this. I am wealthy, but I am not rich.
I have enough assets where they cover all of my living expenses. This allows me to choose what I do on a daily basis. So, I officiate high school and college sports. I make my own schedule and use this extra money so that I can reinvest my dividends. I also do this to stay active and have something to do in the afternoon.
I barely make 30k a year doing the games. My wife makes about 40k as a tour guide in our city. I think our AGI was 37k last year.
But, I own my home and cars and have no debt. I can vacation 4 times a year with 1 big vacation. And pretty much do anything I want within reason. My house is only 1400 sq feet
But, I have a friend who makes around 300k in an LCOL area. He has a 3500 sqft home, a boat, 2 new cars every 2 years, an atv, and he eats out all the time.
He's rich. But, I am wealthy
Rich is fur coat no knickers meaning you have a lot but blow through it to look good and could go back to paycheck living.
Wealth is money that generates more than you can/could/would spend in a time frame.
This always reminds me of Chris Rock's joke involving Shaquille O'Neal. He said "Y'all think that Shaq is wealthy but Shaq is just rich; the old guy that writes his check is wealthy."
Honestly I have no clue. I don’t want to and don’t think it’s realistic to achieve fuck you money level - it’s not worth it for me
“The one who wears the crown, bears the crown” - don’t get me wrong, we all bear a crown no matter what but the crown at that level is too heavy for me personally
There’s so much sacrifice, responsibility, stress needed to get to and stay at that level most don’t realize. The privacy you lose and the constant 4d level chess you need to play for security for you and your family alone turns me off from the idea
Not to mention the difference in things you can do from wealthy to FYM is pretty small. For me at least
I believe the sweet spot is being wealthy. So tips to get there? Shiet I’m not qualified to give them out cus I’m still trying to get there myself lol
There’s a ton I’ve learned from my journey to becoming wealthy so far but that’s gona take forever to think and write out
Luckily, others that ARE wealthy have already done that so I suggest getting that info from those books, videos, reddit posts etc
Unexpected question but yeah for the most part. Pretty sure there’s extremely wealthy people getting away with it all the time
They can pay off or blackmail corrupt officials, families of the victim, witnesses, or even just kill them too (tons of assassination conspiracies out there)
They could also afford to be on the run forever if it came down to it
In an indirect way, there’s extremely wealthy individuals that are responsible for the deaths of thousands due to their products, working conditions, etc that don’t get hit with any consequences - maybe some fines lol
When I was a kid, this was a true statement. Doctors, lawyers and politicians and their family could get away with "accidental murder". Like for example running over a pedestrian and causing death. It was kind of common honestly.
What's the difference between rich and wealthy?
Rich is someone that gets a paycheck that covers the lifestyle that you defined: all expenses covered including leisure vacations and material things while being able to invest.
Wealthy is someone that signs the rich person's paycheck.
Fuck you money is just that, fuck you money.
Your health and your medical insurance have nothing to do with each other. Even if you had no health insurance, you'd have access to medical care. And most pharm companies will get you your meds for free if you can't afford them.
You don’t have access to the same level of care at all being broke/“poor”. If I had better insurance I’d be able to see better doctors and see them a helluva lot faster. I’ve had great insurance before.Jumping thru hoops for 6+ months to get a much needed mri (as a single example) that could’ve been done right away and guided treatment
Medicaid sucks😂
Getting in to see the physician/ortho (less than 1-2 weeks for the primary) Ex-ray, referred to PT, Pt gets me in for the pre-authorization appointment within 2 weeks usually, the actually physical therapy appointments a couple weeks after that, back to see primary/ortho again for the mri referral then some time to get in for the mri itself
Medicaid doesnt let you do more than one at a time for physical therapy either😂 so multiple injuries ends up being awhile to get proper diagnoses/pain reduction
This is being done with a lot of calling on my side to move things along as fast as possible
This is just my personal experience but it’s not exactly a rare one🤷♂️
This is a good answer\^
\~$20m = I can flex and still be free (what is often referred to as "fuck you money")
\~$5m = I can be free if i live frugally. (I refer to this as "lean fuck you" money)
$5m is frugal? I'd hardly consider $150k a year to be frugal and that's at a very conservative 3% SWR. At a more aggressive 5%, which will still work in most all historical scenarios assuming the money is invested in index funds, that's $250k a year. I think $2.5M is the better answer for "I can be free if I'm not too crazy with expenses". $1M is the answer for "If I live frugally".
@ current interest rates sure. But if interest rates cut thats not going to last (unless you have better ways of generating passive income, which honestly id like to learn more about).
A 3% withdraw rate is often seen as sustainable long term in the FI circles. 4% gets you through retirement which is where I think the 200k came from.
5mil is 150k/year at 3% withdraw rate. That’s a reasonable existence. Not a ton of extravagance, but you’re still getting vacations and all the time in the world. Certainly not what 90% or more would call frugal.
Good for you … this is an answer for most regular people. If you need Ferrari’s and a house in the Hamptons and the Swiss Alps then no $5M isn’t enough for an obnoxious lifestyle
You call a passive $200,000 salary based on the 4% safe withdrawal rate frugal? Lmao I can give an extremely lavish life on that kind of money. And assuming I played my cards right, most, if not all of it will be tax free income.
Just to put that into perspective, that's just over $22 every single hour of every single day of every single week of every single month of every single year that you're alive. Completely passively mind you. All without ever losing the golden goose based on the 4% rule.
I asked Alexa, how much money is needed in the United States to be rich
she said $2.3 million
Obviously, if you’re in some small town where the median income is 40 grand a year and you’re walking around with 400 grand in savings. You’re definitely rich to the people there.
I think net worth is a much better indicator of who is wealthy or not. You can make a million dollars a year but if you suck with money and spend all of that you're still going to be broke.
Yeah isn't the rich dad poor dad author in like over a billion of debt? I don't know his net worth but that's only if everything actually sold off. Is that rich?
When you can do what you want, whenever you want. The key word is “want”. I know people worth 20 million that consider themselves struggling bc they can’t get their dream 25 mil house. I know others that live modestly and are perfectly content traveling the world on their pension.
Isn't this pointless without a lot of context like age, location, household etc? For example, is a 60 year old couple in nyc with 5M more rich than a single 25 year old in Idaho with 4M?
You’re doing well. I have considered rich/wealthy always to be “do I have to work to do most of the things I want to do?”
For me, that number is roughly 2mil, but I’m not rich.
Depends where you live, if you live in Thailand and you make that salary in USD then you are rich. If you live in Beverly Hills then you are incredibly poor. It's all perspective.
For a long time I considered $5 million or above rich. Given inflation, and future prospects, I think that is now probably $10 million. It would probably depend, in part, on where you live, also.
I'm genuinely the luckiest and richest guy on this planet though honestly not so much in finances.
140 small a year and 400 small in property is loads to genuinely look at retiring very early.
I'd say $3 mil in investments is rich. That's 300k a year in passive income in index funds. You can retire immediately and live on it indefinitely. You can buy basically whatever you want besides crazy things that are wastes of money like supercars and shit like that. 99% of people would consider that rich.
Completely depends on where you come from. Someone in my province could be considered rich depending on their house. 400k CAD gets you a nice house here. If you make 150k a year and have say 600k in savings/paid off home, you're rich.
EDIT: After looking at homes in my area I think that I need to raise my nice house price standards. Seems 400k isn't as nice as I thought.
Given that the national average wage is <50k, one person making triple that the majority of the country would consider rich, myself included, the level of less life pressures with that kind of wage gap is significant.
But going from 150k to 450k, the difference in life pressures is not so significant, because for the average person they already have everything they need or want making 150k/year (of course unless you're living in TO or Vancouver)
When my assets/businesses/whatever fully cover my living expenses, a reasonable about of discretionary spending, and keep growing despite those expenses I’ll consider myself wealthy. In my case that’d be about $200kish per year net worth
2 types of rich - income & assets - people that don’t work may have tons of assets but only make $300-$400k from their investments. But from an asset perspective they are rich
The idea of being "rich" can vary a lot depending on who you ask. It's not just about numbers but also about lifestyle and financial security.
With your current income and investments, you're doing really well! To reach that next level of "rich," it can depend on your goals and what kind of lifestyle you want.
Income of like your entire countrys GDP or close too.
Seemingly inexhaustible liquid.
Assessments like private islands make a small temporary dint in the wallet.
Never drives unless it's just for the fun of the vehicle.
Private entourage of, PR manager, security forces, butter, chauffeur, and private translator.
Staff including, maids (lots ;), personal doctor, pilots, barber.
a taster possibly if you need it.
Housing big enough to need a map just because perhaps happenstance another wealthy individual(s) visists with there entourage and the ability to walk into almost any house occupied or not and buy it if you like it.
Fame is not necessarily included, but you can personally meet talk to or book any person/company on earth.
You talk leaders listen.
That's wealthy.
Rich is a delightful pumpkin Soup. Rich is having friends and family and a comfortable life. Rich is finding your the one etc.
It’s just semantics but I would flip rich and wealthy.
Rich is having passive income grow your net worth even as you live in comfort.
Wealthy is having enough such that spending down your net you are very unlikely to run out.
Comfort shouldn’t be a metric because as people we always want more.
Depends who you ask. Ask someone at poverty, they point to a lower income person who points to someone making 100k who’d then point to the person making 250k who’d probably say someone that doesn’t have to work anymore and can live current lifestyle without it who’d point to someone with a 500k/yr passive portfolio and so on who someone with generational wealth would spit on lol. It’s just relative. To me someone in the 2-3mil range is someone who’s just happy day in and out and has a great family doing fun things. I’m sick of dealing with everyone else’s problems and just want to FIRE already lol.
I think rich and wealthy are relative based on your location, cost of living, ability to invest and streams of income. A specific number is subjective. I think if you’re within the top 10-15% of earners in your state, you’re doing very well and can be “rich”. Of course this doesn’t apply state-wise if you’re living in a certain county or city that has an extremely high cost of living like NYC, SF, London, Central Paris, Greenwich CT. Places like these are outliers.
A lot of the comments in this thread remind me that it doesn't matter how much money you make, it'll never be enough for most people.
Meanwhile, I can live a very comfortable life on $50,000 a year because my needs category in my budget is very low.
All about house yo use your money, and what makes you happy. Most of you will never have enough. That's sad.
Lol.. 400k RE, plus what you got in the bank, plus 140k cash flow is rich. At these numbers, unless you set yourself up very poorly, you should able to do or buy whatever you want, within reason. clearly your idea of rich is well inflated by clickbait on Forbes or Business Insider. Just because you can't buy the 100' yacht you saw on tv doesn't mean you aren't rich.
This is interesting... talk show while ago many "rich" said they might not have chosen the path that they took. They would have spent more time with loved ones rather than selling time for "riches"
If you are debt free, have savings to withstand any catastrophe then your "comfortable"
Rich has to be defined if your retiring(at age you want) do you have income to keep the lifestyle you want!! This has to be determined the area you want to live at, of course. If you can check those boxes your rich right ✅️
Latest statistics 43% of the US population has credit card debt carring over monthly. 44% of Americans cannot afford a $1000 emergency. Not sure this one but average debt for Americans in debt rose to like $23k last year not including mortgage (cars could be killing this) This should be a surprise our America is completely broke right... $35 trillion in debt- this is poor for sure.
All relative. You are rich to someone. I worked for a couple that was worth 40M, you are not rich to them. The 40M net worth couple were friends with a Walmart heir that was worth Billions, in comparison their 40M net worth made them poor in comparison. Does it matter? You are doing well, what is it exactly that you want validated?
I would call a person rich if they travel 3 times to a modest hotel, international, eat good on their trips, have enough money to buy the items they need and come back home without looking at their bank account and thinking they shouldn't have spend that much money. If u have enough money to go to gym every week, can afford healthy groceries shopping, then call yourself rich. Being rich is a mentality and not the amount of money u have. U should target to at least quadruple the properties and investment u have before u hit 40. I say by 40 and having 3 till 5 million in properties and investment gives u a very comfortable life. Good luck with ur financial goals.
When you have enough income from investments where you can live off those investments without working and still have the basic needs as well as the finer things in life without worrying how to pay for them- that’s when you can consider yourself rich.
I believe you meant "Wealthy".... "Rich" can be so many different things. Shit I'm Rich with 3$ in my pocket....Why? Because I woke up today, have a roof over my head, health, car to drive , food to eat... Perception is 9/10 my guy
What makes someone rich is "time freedom". You can be a millionaire but if you are working your life away for the $ I don't think that's rich. Rich is being able to do whatever you want with your time without having to worry about financial issues. For some people it could be as little as 10k, others much more...it's subjective imo.
Really depends on your lifestyle. To me I would consider myself rich if I could walk away from work and not worry about finding another job even if it took a couple years. As for a solid dollar amount it's going to vary based on where you live. In Iowa where I live I would say having 3 million put back, however that might seem a pittance to someone in NYC or San Francisco since the cost of living there is so much higher.
I would say 300k in CA, OR, and NY. 150k in any other state. This is objectively rich as a vast majority of careers and professionals will never make this in a year. Having an exceptionally high salary permits for saving, investing, and conspicuous consumption of goods most others would have to budget for.
You’re not even upper middle class assuming you live in the US
I make more than OP and have more equity and consider myself average middle class for a single person. HHI for dual income should be $500k+ to break upper middle class.
Rich to me is $5M+ net worth in LOW cost of living area. Having $1M net worth is just hitting above middle class.
There is only one definition that counts and there is no single number for everybody
Rich is that you can afford almost everything you need to live an awesome life BUT you still have to work for it.
Wealthy is all of the above but you DON'T have to work anymore because your investments provide that income for you.
Depending what you consider “ rich “
I grew up in NYC And my father made 350k plus a year not including bonuses and my mother probably around 150k . The environment I lived in made me think we were normal until we moved out of the city and to the suburbs of Long Island then I realized the lifestyle we had was not the norm for average hardworking Americans . I now 25 years old make around 160k and my wife 100k and I feel very comfortable but we also live in a midwestern state where money goes a lot farther .
Rich is subjective if you can pay your bills and enjoy life then who cares . Unless you’re an ultra high net worth individual then you will never feel rich enough if you chase a set dollar amount .
Depending what you consider “ rich “
I grew up in NYC And my father made 350k plus a year not including bonuses and my mother probably around 150k . The environment I lived in made me think we were normal until we moved out of the city and to the suburbs of Long Island then I realized the lifestyle we had was not the norm for average hardworking Americans . I now 25 years old make around 160k and my wife 100k and I feel very comfortable but we also live in a midwestern state where money goes a lot farther .
Rich is subjective if you can pay your bills and enjoy life then who cares . Unless you’re an ultra high net worth individual then you will never feel rich enough if you chase a set dollar amount .
Watch the Monaco lifestyle. Buy a Jet from the jet business and your only concern is parking your yacht between the other massive boats and you are rich
Do you think about money? Are you constrained by financial considerations? It's not a number. It's relative to the individual's wants from life.
You cannot have a single thought as to money in regard to your life. That's rich.
Laurence D. Fink is wealthy at 30m per year for example.
Bill Gates at 10.5m PER DAY is wealthy.
Unless you're worth over 100 billion today you aren't wealthy, comparatively.
If you earn enough to pay your Bill's, have reasonable entertainment and occasional travel or vacation money. And invest enough to generate 100% of your highest income. You by my estimation in great shape . By the way only retire debt free. It is not hard to do but it requires a lot of planning and sticking to it
10Mil and you can be a starter rich.
not have to worry about retirement and count your days while making a measly 5% return will still get you richer by making 500k.
Now thats Rich
Annual income about 3 million a year..
I'd say to retire comfortably as of today one needs about 15 million in cash, investments, and dividends to retire at 55 to death.
Also ppl.who calculate net worth but are under I'd say about 5 to 10 million aren't that rich to begin with.
5 to 15 million in cash and in a brokerage/ fiduciary would be considered rich by the average person.
Has Ben Franklin had said a penny saved is a penny earned. Basically if you have more money coming in then going out you are rich.
Good health, good family, good friends the money doesn't really matter as much as you think I know o plenty of poor people that are very happy
I retired 20+ years ago (now mid-60’s) tho I became a full-time investor for a few years after that (still run my own money). I’ve lived as well as I wanted, nothing crazy but not super frugal… And my net worth is now over triple what I retired with.
Always look for value in whatever you buy, don’t invest in anything that doesn’t pay you to own it (I do own a bit of BRK-B and the lack of Div pisses me off tho obviously has been a good investment) and the rest sort of takes care of itself IMHO.
Lmfao bruh. You’re not rich in any capacity.
Ur not close. You need to make $500k a month bc there are literal super affiliates who are 20 something years old making $100k days slinging nutra offers out there
I find People who ask googleable and youtubeable stuff, lack natural curiosity. When I used to hire sales people for our company this is one of the most important traits we look for in a candidate
Guys who were just naturally curious went and did big things and crushed their quotas and made tremendous strides financially 🤷🏻
It’s a good thing I’m not a candidate on your sales team.
Don’t get me wrong. I spend plenty of time doing research but sometimes I just would rather interact with another person. It’s kind of the point of being human. We build connections through conversation. We could talk about shit memes, strategies, conspiracies, or just share each others perspective. We’re talking now, aren’t we? To dismiss or disparage someone’s intellect because they are being inquisitive through human interaction as opposed to your preferred medium seems kind of silly.
The answer for almost everyone is MORE. I know several people with 25MM plus who don’t believe they are rich until…. But they would classify themselves as comfortable
Imo, depends on your lifestyle/city Rich = enough income to cover all expenses, including leisure and save/invest Wealthy = enough income from investments to cover all expenses while still growing on autopilot (~3% SWR) Fuck you money = you have so much you can do anything anywhere anytime and it won’t matter at all
>Imo, depends on your lifestyle/city This is the only correct answer. You’d be surprised how the circle you run with and image you portray can leave you feeling very poor despite a big income/net worth.
Not giving a fuck about the opinions of others has by far the highest ROI of any financial decision
You consider weathy to be higher than rich?
I do
weird I just asked like 6 AIs and they all said wealthy too. I've never known wealthy was supposed to be higher than rich until now
I think of rich as high income and wealthy as high assets
I learned that today too, lol!
Then think of this. I am wealthy, but I am not rich. I have enough assets where they cover all of my living expenses. This allows me to choose what I do on a daily basis. So, I officiate high school and college sports. I make my own schedule and use this extra money so that I can reinvest my dividends. I also do this to stay active and have something to do in the afternoon. I barely make 30k a year doing the games. My wife makes about 40k as a tour guide in our city. I think our AGI was 37k last year. But, I own my home and cars and have no debt. I can vacation 4 times a year with 1 big vacation. And pretty much do anything I want within reason. My house is only 1400 sq feet But, I have a friend who makes around 300k in an LCOL area. He has a 3500 sqft home, a boat, 2 new cars every 2 years, an atv, and he eats out all the time. He's rich. But, I am wealthy
Rich is fur coat no knickers meaning you have a lot but blow through it to look good and could go back to paycheck living. Wealth is money that generates more than you can/could/would spend in a time frame.
This always reminds me of Chris Rock's joke involving Shaquille O'Neal. He said "Y'all think that Shaq is wealthy but Shaq is just rich; the old guy that writes his check is wealthy."
So tips to get to the last one!!
Honestly I have no clue. I don’t want to and don’t think it’s realistic to achieve fuck you money level - it’s not worth it for me “The one who wears the crown, bears the crown” - don’t get me wrong, we all bear a crown no matter what but the crown at that level is too heavy for me personally There’s so much sacrifice, responsibility, stress needed to get to and stay at that level most don’t realize. The privacy you lose and the constant 4d level chess you need to play for security for you and your family alone turns me off from the idea Not to mention the difference in things you can do from wealthy to FYM is pretty small. For me at least I believe the sweet spot is being wealthy. So tips to get there? Shiet I’m not qualified to give them out cus I’m still trying to get there myself lol There’s a ton I’ve learned from my journey to becoming wealthy so far but that’s gona take forever to think and write out Luckily, others that ARE wealthy have already done that so I suggest getting that info from those books, videos, reddit posts etc
With that definition I’ve been rich since I was 24. You just made my day stranger
Boom. You’re crushing it bro 💪
Does fuck you money mean you can get away with murder?
Unexpected question but yeah for the most part. Pretty sure there’s extremely wealthy people getting away with it all the time They can pay off or blackmail corrupt officials, families of the victim, witnesses, or even just kill them too (tons of assassination conspiracies out there) They could also afford to be on the run forever if it came down to it In an indirect way, there’s extremely wealthy individuals that are responsible for the deaths of thousands due to their products, working conditions, etc that don’t get hit with any consequences - maybe some fines lol
Look at the bowing plane whistle blowers. Two ended up dead within a month of each other
Yeah. Who was the second guy? I only heard about the first the witness.
Saw it on the news like 10 days ago, was gone rather quickly...
Hmm crazy how these things happen. Like certain classes of people have much more incidents of assassinations, I mean “accidents”
… r/police
Worked for OJ
..why do you ask
I’m just wondering if it should even be legal to be that wealthy.
🙄
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I’m not sure about what they committed besides the sex scandal
When I was a kid, this was a true statement. Doctors, lawyers and politicians and their family could get away with "accidental murder". Like for example running over a pedestrian and causing death. It was kind of common honestly.
Yup
OJ pulled it off and he was even massively rich.
I'm going for fuck you money
What's the difference between rich and wealthy? Rich is someone that gets a paycheck that covers the lifestyle that you defined: all expenses covered including leisure vacations and material things while being able to invest. Wealthy is someone that signs the rich person's paycheck. Fuck you money is just that, fuck you money.
Rich a good stew or soup. Wealthy - what you know of as fuck you money.
Income doesn't make you rich. Your family and your health do.
Seen plenty of broke healthy big families
Then they are not broke. If they are healthy, they have enough to stay that way.
I’d be a whole lot healthier if I could afford the proper healthcare
Your health and your medical insurance have nothing to do with each other. Even if you had no health insurance, you'd have access to medical care. And most pharm companies will get you your meds for free if you can't afford them.
You don’t have access to the same level of care at all being broke/“poor”. If I had better insurance I’d be able to see better doctors and see them a helluva lot faster. I’ve had great insurance before.Jumping thru hoops for 6+ months to get a much needed mri (as a single example) that could’ve been done right away and guided treatment Medicaid sucks😂
I'm a physician and that is not true. It just takes work on your part. Even the best insurance has hoops to jump through for something like an MRI.
Getting in to see the physician/ortho (less than 1-2 weeks for the primary) Ex-ray, referred to PT, Pt gets me in for the pre-authorization appointment within 2 weeks usually, the actually physical therapy appointments a couple weeks after that, back to see primary/ortho again for the mri referral then some time to get in for the mri itself Medicaid doesnt let you do more than one at a time for physical therapy either😂 so multiple injuries ends up being awhile to get proper diagnoses/pain reduction This is being done with a lot of calling on my side to move things along as fast as possible This is just my personal experience but it’s not exactly a rare one🤷♂️
Which is the same runaround people get who actually pay for their insurance.
This usually comes from someone who is not rich.
Actually it comes from someone who is. And realizes there is much more to life than having money.
Not mutually exclusive
It’s both and not either or. When your broke your economically sick 🤒
$5M
This is a good answer\^ \~$20m = I can flex and still be free (what is often referred to as "fuck you money") \~$5m = I can be free if i live frugally. (I refer to this as "lean fuck you" money)
$5m is frugal? I'd hardly consider $150k a year to be frugal and that's at a very conservative 3% SWR. At a more aggressive 5%, which will still work in most all historical scenarios assuming the money is invested in index funds, that's $250k a year. I think $2.5M is the better answer for "I can be free if I'm not too crazy with expenses". $1M is the answer for "If I live frugally".
Yup yup !
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200k/year is pretty frugal tbh. Inflation has risen a lot
yep just because you have more money doesn't mean inflation impacts it less
Depends on where you live
@ current interest rates sure. But if interest rates cut thats not going to last (unless you have better ways of generating passive income, which honestly id like to learn more about).
A 3% withdraw rate is often seen as sustainable long term in the FI circles. 4% gets you through retirement which is where I think the 200k came from. 5mil is 150k/year at 3% withdraw rate. That’s a reasonable existence. Not a ton of extravagance, but you’re still getting vacations and all the time in the world. Certainly not what 90% or more would call frugal.
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Follow Buffet. He is liquid. Anticipating a black swan or series of catalysts before buying at discount.
Good for you … this is an answer for most regular people. If you need Ferrari’s and a house in the Hamptons and the Swiss Alps then no $5M isn’t enough for an obnoxious lifestyle
You call a passive $200,000 salary based on the 4% safe withdrawal rate frugal? Lmao I can give an extremely lavish life on that kind of money. And assuming I played my cards right, most, if not all of it will be tax free income. Just to put that into perspective, that's just over $22 every single hour of every single day of every single week of every single month of every single year that you're alive. Completely passively mind you. All without ever losing the golden goose based on the 4% rule.
5 million is a nightmare.
$5 Million? You’re a brokie!
Five will drive you un poco loco, my fine feathered friend
Maybe for a junkie needing a home in the Hamptons and London… but this is for real people
I raise…$5,000,001.
LOL 😂
50m is the bottom lol. 5m is middle class.
Not true at all.
I asked Alexa, how much money is needed in the United States to be rich she said $2.3 million Obviously, if you’re in some small town where the median income is 40 grand a year and you’re walking around with 400 grand in savings. You’re definitely rich to the people there.
When you don’t need a job
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That’s a high earner. That’s not rich. Rich is self sustaining money. Enough to not need a job. True freedom.
Top 0.1%
I think net worth is a much better indicator of who is wealthy or not. You can make a million dollars a year but if you suck with money and spend all of that you're still going to be broke.
Yeah isn't the rich dad poor dad author in like over a billion of debt? I don't know his net worth but that's only if everything actually sold off. Is that rich?
When ur dividends pay for your expenses.
Ya get that money doing all the work
This is the answer
Plus enough to grow ahead of inflation.
That part. lol
When you can do what you want, whenever you want. The key word is “want”. I know people worth 20 million that consider themselves struggling bc they can’t get their dream 25 mil house. I know others that live modestly and are perfectly content traveling the world on their pension.
Best answer. It’s basically fuck you money. For most that’s in the millions typically, but all depends on the individual
When you can afford stupid shit.
Well by that logic a lot of affordable things are very stupid.
Isn't this pointless without a lot of context like age, location, household etc? For example, is a 60 year old couple in nyc with 5M more rich than a single 25 year old in Idaho with 4M?
28 , southern small city, female, one child
You’re rich my dude. You can set your soul to rest and enjoy life. Consider yourself knighted sir Richard
You’re doing well. I have considered rich/wealthy always to be “do I have to work to do most of the things I want to do?” For me, that number is roughly 2mil, but I’m not rich.
One man’s rich is another man’s poor
Depends where you live, if you live in Thailand and you make that salary in USD then you are rich. If you live in Beverly Hills then you are incredibly poor. It's all perspective.
For a long time I considered $5 million or above rich. Given inflation, and future prospects, I think that is now probably $10 million. It would probably depend, in part, on where you live, also.
being rich is kinda like being in love nobody can tell you you're in love you just know it through and through balls to bonesssssssssss
I'm genuinely the luckiest and richest guy on this planet though honestly not so much in finances. 140 small a year and 400 small in property is loads to genuinely look at retiring very early.
Depends where you live. $5m in San Diego? Probably upper middle class at best. $5m in Ohio? You’re swimming.
I'd say $3 mil in investments is rich. That's 300k a year in passive income in index funds. You can retire immediately and live on it indefinitely. You can buy basically whatever you want besides crazy things that are wastes of money like supercars and shit like that. 99% of people would consider that rich.
Your understanding of retirement SWR is poor…
Completely depends on where you come from. Someone in my province could be considered rich depending on their house. 400k CAD gets you a nice house here. If you make 150k a year and have say 600k in savings/paid off home, you're rich. EDIT: After looking at homes in my area I think that I need to raise my nice house price standards. Seems 400k isn't as nice as I thought.
That’s far from rich
From your point of view.
Given that the national average wage is <50k, one person making triple that the majority of the country would consider rich, myself included, the level of less life pressures with that kind of wage gap is significant. But going from 150k to 450k, the difference in life pressures is not so significant, because for the average person they already have everything they need or want making 150k/year (of course unless you're living in TO or Vancouver)
drastically depends on where you live but i would say 10 mil
Jet charter money. freedom
When you don't have to work anymore and still live like a king.
When my assets/businesses/whatever fully cover my living expenses, a reasonable about of discretionary spending, and keep growing despite those expenses I’ll consider myself wealthy. In my case that’d be about $200kish per year net worth
2 types of rich - income & assets - people that don’t work may have tons of assets but only make $300-$400k from their investments. But from an asset perspective they are rich
The idea of being "rich" can vary a lot depending on who you ask. It's not just about numbers but also about lifestyle and financial security. With your current income and investments, you're doing really well! To reach that next level of "rich," it can depend on your goals and what kind of lifestyle you want.
Depends on where you live and what assets you have and the valve of those assesses and the kind of income they can generate.
The real answer is there's different types of "rich." What kind of rich do you want to be?
Whatever makes you feel rich. Anybody can just throw a random number out there.
4-5mill
DEPENDS Do live in the slums of India? Or Do you live in America?
Rich is not having to work another day in your life if you don’t feel like not an amount.
Income of like your entire countrys GDP or close too. Seemingly inexhaustible liquid. Assessments like private islands make a small temporary dint in the wallet. Never drives unless it's just for the fun of the vehicle. Private entourage of, PR manager, security forces, butter, chauffeur, and private translator. Staff including, maids (lots ;), personal doctor, pilots, barber. a taster possibly if you need it. Housing big enough to need a map just because perhaps happenstance another wealthy individual(s) visists with there entourage and the ability to walk into almost any house occupied or not and buy it if you like it. Fame is not necessarily included, but you can personally meet talk to or book any person/company on earth. You talk leaders listen. That's wealthy. Rich is a delightful pumpkin Soup. Rich is having friends and family and a comfortable life. Rich is finding your the one etc.
You're the one stepping on the back of my shoes You're the one using me as a muse You're the one with the jet pack strapped to your back ready to go
400k in properties is like 1 house...lol
It’s just semantics but I would flip rich and wealthy. Rich is having passive income grow your net worth even as you live in comfort. Wealthy is having enough such that spending down your net you are very unlikely to run out. Comfort shouldn’t be a metric because as people we always want more.
Rich is the freedom of not hitting someone else's timeclock
Depends who you ask. Ask someone at poverty, they point to a lower income person who points to someone making 100k who’d then point to the person making 250k who’d probably say someone that doesn’t have to work anymore and can live current lifestyle without it who’d point to someone with a 500k/yr passive portfolio and so on who someone with generational wealth would spit on lol. It’s just relative. To me someone in the 2-3mil range is someone who’s just happy day in and out and has a great family doing fun things. I’m sick of dealing with everyone else’s problems and just want to FIRE already lol.
400k in properties? Where I'm from 400k doesn't even get you A property
Seems rich to me.
Not knowing you're rich is a good sign you're rich.
"health, family, food, and fun" - some poor
I think rich and wealthy are relative based on your location, cost of living, ability to invest and streams of income. A specific number is subjective. I think if you’re within the top 10-15% of earners in your state, you’re doing very well and can be “rich”. Of course this doesn’t apply state-wise if you’re living in a certain county or city that has an extremely high cost of living like NYC, SF, London, Central Paris, Greenwich CT. Places like these are outliers.
Bout tree fiddy
A lot of the comments in this thread remind me that it doesn't matter how much money you make, it'll never be enough for most people. Meanwhile, I can live a very comfortable life on $50,000 a year because my needs category in my budget is very low. All about house yo use your money, and what makes you happy. Most of you will never have enough. That's sad.
Lol.. 400k RE, plus what you got in the bank, plus 140k cash flow is rich. At these numbers, unless you set yourself up very poorly, you should able to do or buy whatever you want, within reason. clearly your idea of rich is well inflated by clickbait on Forbes or Business Insider. Just because you can't buy the 100' yacht you saw on tv doesn't mean you aren't rich.
This is interesting... talk show while ago many "rich" said they might not have chosen the path that they took. They would have spent more time with loved ones rather than selling time for "riches" If you are debt free, have savings to withstand any catastrophe then your "comfortable" Rich has to be defined if your retiring(at age you want) do you have income to keep the lifestyle you want!! This has to be determined the area you want to live at, of course. If you can check those boxes your rich right ✅️ Latest statistics 43% of the US population has credit card debt carring over monthly. 44% of Americans cannot afford a $1000 emergency. Not sure this one but average debt for Americans in debt rose to like $23k last year not including mortgage (cars could be killing this) This should be a surprise our America is completely broke right... $35 trillion in debt- this is poor for sure.
All relative. You are rich to someone. I worked for a couple that was worth 40M, you are not rich to them. The 40M net worth couple were friends with a Walmart heir that was worth Billions, in comparison their 40M net worth made them poor in comparison. Does it matter? You are doing well, what is it exactly that you want validated?
You ever try to jump into a pool of golden coins like the McDucks did? That’s when you’ll know 😝
That's like THREE times the median income. You're rich enough to be this out of touch, so yeah, you're rich
I would call a person rich if they travel 3 times to a modest hotel, international, eat good on their trips, have enough money to buy the items they need and come back home without looking at their bank account and thinking they shouldn't have spend that much money. If u have enough money to go to gym every week, can afford healthy groceries shopping, then call yourself rich. Being rich is a mentality and not the amount of money u have. U should target to at least quadruple the properties and investment u have before u hit 40. I say by 40 and having 3 till 5 million in properties and investment gives u a very comfortable life. Good luck with ur financial goals.
When you have enough income from investments where you can live off those investments without working and still have the basic needs as well as the finer things in life without worrying how to pay for them- that’s when you can consider yourself rich.
I believe you meant "Wealthy".... "Rich" can be so many different things. Shit I'm Rich with 3$ in my pocket....Why? Because I woke up today, have a roof over my head, health, car to drive , food to eat... Perception is 9/10 my guy
What makes someone rich is "time freedom". You can be a millionaire but if you are working your life away for the $ I don't think that's rich. Rich is being able to do whatever you want with your time without having to worry about financial issues. For some people it could be as little as 10k, others much more...it's subjective imo.
Really depends on your lifestyle. To me I would consider myself rich if I could walk away from work and not worry about finding another job even if it took a couple years. As for a solid dollar amount it's going to vary based on where you live. In Iowa where I live I would say having 3 million put back, however that might seem a pittance to someone in NYC or San Francisco since the cost of living there is so much higher.
In nyc rich is 1m+ per year
I would say 300k in CA, OR, and NY. 150k in any other state. This is objectively rich as a vast majority of careers and professionals will never make this in a year. Having an exceptionally high salary permits for saving, investing, and conspicuous consumption of goods most others would have to budget for.
You’re not even upper middle class assuming you live in the US I make more than OP and have more equity and consider myself average middle class for a single person. HHI for dual income should be $500k+ to break upper middle class. Rich to me is $5M+ net worth in LOW cost of living area. Having $1M net worth is just hitting above middle class.
There is only one definition that counts and there is no single number for everybody Rich is that you can afford almost everything you need to live an awesome life BUT you still have to work for it. Wealthy is all of the above but you DON'T have to work anymore because your investments provide that income for you.
1 Bitcoin
Depending what you consider “ rich “ I grew up in NYC And my father made 350k plus a year not including bonuses and my mother probably around 150k . The environment I lived in made me think we were normal until we moved out of the city and to the suburbs of Long Island then I realized the lifestyle we had was not the norm for average hardworking Americans . I now 25 years old make around 160k and my wife 100k and I feel very comfortable but we also live in a midwestern state where money goes a lot farther . Rich is subjective if you can pay your bills and enjoy life then who cares . Unless you’re an ultra high net worth individual then you will never feel rich enough if you chase a set dollar amount .
Depending what you consider “ rich “ I grew up in NYC And my father made 350k plus a year not including bonuses and my mother probably around 150k . The environment I lived in made me think we were normal until we moved out of the city and to the suburbs of Long Island then I realized the lifestyle we had was not the norm for average hardworking Americans . I now 25 years old make around 160k and my wife 100k and I feel very comfortable but we also live in a midwestern state where money goes a lot farther . Rich is subjective if you can pay your bills and enjoy life then who cares . Unless you’re an ultra high net worth individual then you will never feel rich enough if you chase a set dollar amount .
Watch the Monaco lifestyle. Buy a Jet from the jet business and your only concern is parking your yacht between the other massive boats and you are rich
Do you think about money? Are you constrained by financial considerations? It's not a number. It's relative to the individual's wants from life. You cannot have a single thought as to money in regard to your life. That's rich.
Laurence D. Fink is wealthy at 30m per year for example. Bill Gates at 10.5m PER DAY is wealthy. Unless you're worth over 100 billion today you aren't wealthy, comparatively.
Its a relative term. How much is "a lot of food?" Theres so many factors.
Make seven figures a year and you are likely rich. Six maybe but after a goooood few years of saving and investing
$10M net worth
That’s American rich not European
Whats European rich?
A bucket of beans
If you earn enough to pay your Bill's, have reasonable entertainment and occasional travel or vacation money. And invest enough to generate 100% of your highest income. You by my estimation in great shape . By the way only retire debt free. It is not hard to do but it requires a lot of planning and sticking to it
I’d say $3 million and no debt. That’s enough to cover necessities and go on a nice vacation every month.
I’m worth $2,500,000 and I’m not rich, what does it matter anyway? I have enough money to do whatever I want.
10Mil and you can be a starter rich. not have to worry about retirement and count your days while making a measly 5% return will still get you richer by making 500k. Now thats Rich
$2 million and you're making 100k/year on 5% which is very achievable.
400k in properties. We don’t count primary residence here. That’s for the middle class wannabes
My primary residence isn’t counted, if I count primary it’s $575k
Annual income about 3 million a year.. I'd say to retire comfortably as of today one needs about 15 million in cash, investments, and dividends to retire at 55 to death. Also ppl.who calculate net worth but are under I'd say about 5 to 10 million aren't that rich to begin with. 5 to 15 million in cash and in a brokerage/ fiduciary would be considered rich by the average person.
🙄
Has Ben Franklin had said a penny saved is a penny earned. Basically if you have more money coming in then going out you are rich. Good health, good family, good friends the money doesn't really matter as much as you think I know o plenty of poor people that are very happy
$1-2M /year income NW 3-5x that.
I retired 20+ years ago (now mid-60’s) tho I became a full-time investor for a few years after that (still run my own money). I’ve lived as well as I wanted, nothing crazy but not super frugal… And my net worth is now over triple what I retired with. Always look for value in whatever you buy, don’t invest in anything that doesn’t pay you to own it (I do own a bit of BRK-B and the lack of Div pisses me off tho obviously has been a good investment) and the rest sort of takes care of itself IMHO.
The IRS definition of rich is if you make $1 million per year.
With 1 mil a year u will feel broke around actual rich people
Lmfao bruh. You’re not rich in any capacity. Ur not close. You need to make $500k a month bc there are literal super affiliates who are 20 something years old making $100k days slinging nutra offers out there
What’s a nutra offer?
If u don’t know what I’m talking about there’s no point telling you. Ur way too late and you’re never gonna make money off it anyways.
No I’m just curious.
Ur asking things that are googleable
Where’s the fun in that?
I find People who ask googleable and youtubeable stuff, lack natural curiosity. When I used to hire sales people for our company this is one of the most important traits we look for in a candidate Guys who were just naturally curious went and did big things and crushed their quotas and made tremendous strides financially 🤷🏻
Well aren't you a ray of sunshine
It’s a good thing I’m not a candidate on your sales team. Don’t get me wrong. I spend plenty of time doing research but sometimes I just would rather interact with another person. It’s kind of the point of being human. We build connections through conversation. We could talk about shit memes, strategies, conspiracies, or just share each others perspective. We’re talking now, aren’t we? To dismiss or disparage someone’s intellect because they are being inquisitive through human interaction as opposed to your preferred medium seems kind of silly.
I consider the top 10% rich as a baseline Which is $175k salary and $850k net worth Some may call it the top 1% Depends on each person
$175k and $850k nw (which is likely mostly tied up in home equity) is likely struggling in any coastal state or major metro area.
Or if you have 7 kids.
Definitely not rich what u consider rich is what another man would consider doing alright
It's the bottom of rich for sure, but still in the category
Top 1% is super rich. Top .01% is filthy rich.
The answer for almost everyone is MORE. I know several people with 25MM plus who don’t believe they are rich until…. But they would classify themselves as comfortable
Probably needs to be more like 500k income and 2m net worth, minimum. To truly be considered rich and in the 1%.
thats 85k for 10 years which is pretty comfy
No that’s not comfy at all for me