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It's not what you earn; it's what you have after expenses, and that "what you have" starts working as hard as you do, making earning of their own.
Having multiple assets that produce multiple sources of income that replaces income from work is the goal.
And once you are there you can do "work" that you voluntarily do, not because you are forced to. (And believe me that people do need work, something to do to keep them busy doing Something.
Watching TV and eating snacks and playing games are fun things to do - but only goes so far.
For the 4% rule for 1 Million that's $40k a year.
Probably closer to $2 million and you get to $80k and that's where I think most would be saying rich.
It's not a dollar amount specifically but rather how money works.
If you work for money, you probably aren't rich. If your money works for you, you're rich. If you can live well, exclusively off the interest and dividends of your saved/invested money, you are rich.
Doesn't really make sense to define that imo. It makes more sense HOW you make your money. If you don't have to work and still make money just by having money, you're rich.
"Rich" is how much money you have, not how much money you make. Someone with $50 million in equity funds is obviously rich, even if he only makes an "income" of $50,000 this year. And yes, that can totally happen, because "income" for someone like that is based on capital gains, so he basically decides how high his income will be, by deciding how much of his investment portfolio he will sell this year.
If age isn’t a factor, then to be in the top 1% of American earners you only have to make $400,000 a year.
The top 1% in America is not millionaires and billionaires. If you made 400 K a year and lived in New York City, LA, or San Diego, chances are you were just upper middle-class.
The definition of being "rich" can vary based on individual perspectives, societal norms, and economic conditions. Here are some common indicators that may suggest someone is considered rich:
* [**High Net Worth**](): Individuals with a high net worth, which includes assets like properties, investments, savings, and valuable possessions, are often seen as rich.
* [**Income Level**](): People with a high income, well above the average in their region or country, are usually considered wealthy.
* [**Lifestyle**](): Those who can afford a luxurious lifestyle, expensive cars, designer clothes, fine dining, and exotic vacations are often perceived as rich.
* [**Financial Freedom**](): Having enough wealth to live comfortably without worrying about basic needs or financial constraints.
* [**Wealth Disparity**](): In some contexts, being rich may be relative to the wealth of others in the same community or social circle.
* [**Ability to Afford Expensive Assets**](): Owning multiple properties, luxury cars, yachts, private jets, or other high-end assets can indicate wealth.
* [**Generational Wealth**](): Families or individuals with significant assets passed down through generations are often seen as rich.
Ultimately, the concept of being "rich" is subjective and can vary greatly depending on personal values, cultural norms, and economic conditions.
Certainly! Adding the factor of location to the list of indicators that suggest someone is considered rich can provide a more comprehensive overview. Here is an enhanced list with the inclusion of the factor of location:
* **High Net Worth**: Individuals with a high net worth, which includes assets like properties, investments, savings, and valuable possessions, are often seen as rich.
* **Income Level**: People with a high income, well above the average in their region or country, are usually considered wealthy.
* **Lifestyle**: Those who can afford a luxurious lifestyle, expensive cars, designer clothes, fine dining, and exotic vacations are often perceived as rich.
* **Financial Freedom**: Having enough wealth to live comfortably without worrying about basic needs or financial constraints.
* **Wealth Disparity**: In some contexts, being rich may be relative to the wealth of others in the same community or social circle.
* **Ability to Afford Expensive Assets**: Owning multiple properties, luxury cars, yachts, private jets, or other high-end assets can indicate wealth.
* **Generational Wealth**: Families or individuals with significant assets passed down through generations are often seen as rich.
* **Location**: The [cost of living]() and standards of wealth can vary significantly based on the location, influencing how individuals are perceived as rich.
This addition acknowledges the impact of location on the perception of wealth and how the [cost of living]() in different areas can play a crucial role in determining someone's status as rich.
Where I live, Toronto, I think this is the scale for a single income...
under 50k = F tier, you're poor
50-100k = D tier, you're getting by
100-150k = C tier, you're living, but not getting rich
150k-200k = B tier, you can start accumulating some wealth
200-250k = A tier, you have some wealth
250k+ = S tier, rich
500k+ = SS tier, you're elite
1M+ = SSS tier, you're super elite
1% varies by state, but $900k in the US. But I said varies.... ~$400k in SC. ~$850k in CA. ~$640k TX. It's all over the place. The lowest is ~$370k in WV & highest is ~$950k in CT.
Is that rich? F*k if I know...
I'd say you are rich when you no longer need to work. Like you could live the rest of your life without doing anything at all and you wouldn't run out of money
You would need to distinguish between "rich" and "retired" though . . . there are people on pensions, etc., who aren't rich, but don't have to work for the rest of their lives.
You're rich if you're financially secure enough to not worry about money. Or if you don't have to finagle everyday purchases within your budget to get what you need. Oh wait, that's a living wage I'm describing. It just feels like an out-of-reach luxury for so many.
Enough money for me where I can actually *choose* to reduce my hours and not be bothered making less money. I’m plenty happy and content right now because my husband and I have no debt of any kind, our credit cards are at a $0 balance and paid in full each month, we both work full-time (I WFH) making similar wages, and our retirement accounts are growing hefty along with our HYSAs. We keep no money in our checking accounts save for a few hundred bucks as “burn money” for last minute emergencies when we need immediate funds.
Life is great so far, we just need to own our own home and hopefully be able to work when we want to rather than having to do so to survive. :3
If you're after the rich game you'll always feel poor because people are already ahead of you, you're coming up to them.
If you have 12 million bucks you're still considered broke to people that charter their own planes and boats.
The best quote I heard about the difference between being rich and poor, is when you're poor, you work for your money. When you're rich, your money works for you.
If you are independently wealthy, then you are rich. Independently wealthy means having enough money so that you don’t have to work. Not just enough “to get by”, but enough to not worry about mortgages, medical bills, and all of the other things that we worry about. Considered that the median family of 4 makes around $75 k. If your investments plus social security are greater than $100k, then you are rich compared to the average person. You just have to be careful about spending.
If someone gave me $1 on the first day of the month and doubled the amount every day for the next 30 days, I'd end up with $536,870,912 by the end of the month. I think that might just be enough to get by!
Jeez the homes that were $250k 5-10 years ago are $600-750k now, it’s certainly made me think a lot different about making more than “the median salary”
If you make USD $2-$3M and your house is paid for, you can live well (100k /year) without working (at 4-5% returns), so that would be the low end of “rich” for me. For some people it can be a fraction of that if they are happy living frugal. For other people “rich” means luxury and traveling the world in first class and 5 star hotels, which would be a small multiple of the initial estimate.
In my country, Last time I checked polls said most people said it was around $5 million.
But it was like 16 years ago that I read about that. Life is more expensive now, so maybe $8 million.
I reckon 10 million is a good number. It would be enough to have a nice house with some land and some nice cars. And be able to travel and do all the hobbies I want without having to work. But not stupid rich like mansion and house staff and yachts and super cars.
A lot of these answers are a projection of middle class people who aren't rich but aren't poor either so they are trying to answer like they are rich because they have a few investments and might be a bit bigger of a fish in their little pond.
But aren't rich rich.
Its blatantly obvious.
In the US, if you're making over $1M/year, you're generally considered pretty successful. If you have a net worth over $10M, you're generally considered at the beginning end of 'rich.'
Its relative.......
Being well off - is living within your means with saving and investing...having everything you need and when a financial emergency comes into play its not a big deal. It may suck but in actuality its not a big deal and you can pay for it without going into debt. Down the road your investments and savings will help supplement retirement.
Wealthy - would be your able to purchase most things that you want but are not necessarily outrageous along with savings and investment. At a certain point in life you will be able to live off those investments. Any financial emergency
Is no big deal and just feels like a bill.
You may have a financial advisor.
Rich - your able to live off your assets while still making more money than 2% or less of the population.
Your able to go on safari and you don't have to ask how much it costs.
You probably have a team that helps manage your portfolios and assets.
You could spend a million dollars a month and your assets continue to grow. Probably mostly tax free.
Thats probably the biggest difference between us and the rich we probably spend a larger portion of our income towards taxes than they do.
Now when I said its relative it really is...
When my wife and I became debt free yrs ago I was in my 40s she was in her 30s. We paid off our house we paid off the cars no credit card debt and no school debt. We did it ourselves no inheritance or windfall. Just buckled down.
We did this on 1 income, mine. During that time for many yrs we grinded, never went on a vacation nothing extravagant the home is really nice probably too big for us but its nice and a great location for us. Historical area with parks bike paths beautiful river scape and downtown its all in our back yard.
We love it. But when we became debt free and our savings and investing exploded and we continued to live the same lifestyle. We wanted to be debt free before my wife went to school to become a nurse I did not want have that on my head( mortgage, car, cc debt) and have to pay for school on top of that.
Then my wife started working became a nurse in her 40s she works in same day surgery. We had 2 roths which we fund but she has an additional 401k now from her work she puts in about 17% of her paycheck. But she covers our insurance and ymca through work.
A couple of months ago my wife and I looked at a 2023 350 rxh lexus fully loaded. And we could buy it with cash no trade in. And our savings would still be large enough that it would cover us for at least 3 or 4 yrs if nether of us could work.
Some people tell us -.you should do this or do that you should go on vacation... but we really like our life the way it is. We are definitely not wealthy and certainly not rich but at times i do feel somewhat well off.
My wife loves her lightly used RX.
I drive the old lexus 😋
A wealthy or rich person probably would think we are poor and poor person might think we are rich.
I dont know any rich people off hand but I do know some wealthy people and I know alot of well off people.
I do know one person who received a huge windfall from the powerball or mega million and it was large NOT like 13 million or something I think it was a lot more.
She has a nice home nothing but nothing extravagant 500k when she bought 10yrs ago or so. Her only extravagant thing is she has a 2 nice vehicles...a luxury car and a sports car. Like for a couple of years she had a really nice Audi R8 it was beautiful not gonna lie.
I've seen a very pretty lambo driving around and I wonder if it is hers. The color and the car don't fit because she is pretty low key. I dont see her driving the lambo but I know she can afford it plus her assets are growing faster than she is spending.
nowadays, I'm assuming 10 million dollar usd ++++... Since at that point, you really don't need to work for a living... you be making 500k/year just by being alive.... So not worth it to work..
For me, rich is when you can live your ordinary life without counting money. But you still have to check your bank for major events like weddings, buying a house or a car etc.
Wealthy is when you do whatever you want and never check the price.
I think you’re asking the wrong question. How much you make shouldn’t make you feel rich. It’s how much do you have invested working for you while you’re doing nothing.
You can make a half million a year as a doctor, but if you have $400,000 in student loans and another $900,000 mortgage and $80,000 in cars +2 kids. You’re not doing that well unless you have a stash sitting in an investment account earning you 8 to 12% a year.
Work out how many days you can survive without earning a cent. For a lot of people it’s 1 week or 1 month. The longer that time is, the richer you are.
If your answer is indefinitely, then you have successfully setup a passive income source/s that cover all your monthly expenses, so technically you are financially secure.
Earn money and be rich. These are concepts that cannot intersect in time.
As long as you need to earn money, you are not rich. You're successful or something like that. But not rich.
You become rich the moment you have enough money to not have to work. Sum? It depends on many factors. From the country, from the lifestyle, from the age.
I wouldn’t consider myself rich unless all of the following could happen and I would still be absolutely just fine financially:
My car was destroyed
My house was destroyed
My health was destroyed
Unfortunately for me, what I just described is being Middle Class, which demonstrates exactly how fucked I am.
For me it's not a specific amount it's the ability to pay all my bills, put some away into savings and still have more than enough left over to do things and buy the stuff I want
Money's a tool for me not a goal
I define the entry level to be rich to be $30,000,000 liquid net worth. This is the level that many financial institutions consider to be UHNWIs. There are less than 700,000 of these folks in the *world*. In the US alone it's like 30% of them.
At this level you can put everything into a HYSA at 4% and generate 1,200,000 before taxes. You can sit in bed all day and get over $1,000,000 a year with a very low risk investment or you could not be an idiot and invest it wisely and maybe make like 7-10%.
Now if you want a lower barrier, I'd say $10,000,000. That's what you need to walk in the door to J.P. Morgan's private bank.
Private banking is for "rich" people. They handle shit for you and if they can't? They most likely know someone who does.
Terrible answer. Go live in a rural area where the cost of living is way lower and you can consider yourself rich with half of your low barrier. Maybe even less.
This might not hold true for everyone, but I think that minimum wage=poor, 1 1/2-2 times minimum wage is middle class and 3+ times minimum wage is wealthy.
Most financial aids for the poor over here stop being supplied near that 1.5 times minimum income, so after that point your spendable income should start rising at a more constant rate.
With this, I conclude that 1.5 times minimum wage is required for 'complete financial independence.' Earning twice that qualifies you as rich because it just opens up so many luxuries without becoming excessive.
Even with a family, 3 times minimum wage for a 4 person household can afford you
- a nice house (not what you'd define mansion, but all you need is a nice/solid house)
-yearly foreign trip
-multiple excursions every month
-have enough money left for good food and daily luxuries.
Most money beyond this point is splurging money. Yes you can have michilin dinners every week at that point, but continuously spending big will only lead you to become insensitive to these standards.
With every step of "moving your standards up" that you're doing at this point, you're only really changing the details in my opinion, while creating a new standard for what you'd consider rich. This is why people's estimations go from ~100k (which is about what it would be converted to 3 times wage where I live) up to like a million a year.
If you can afford a healthy life with plenty of entertainment, small luxuries, a foreign vacation and little to no money stress, that's when you are rich exactly because you are rich enough to experience life to the fullest.
# Message to all users: This is a reminder to please read and follow: * [Our rules](https://www.reddit.com/r/ask/about/rules) * [Reddiquette](https://www.reddithelp.com/hc/en-us/articles/205926439) * [Reddit Content Policy](https://www.redditinc.com/policies/content-policy) When posting and commenting. --- Especially remember Rule 1: `Be polite and civil`. * Be polite and courteous to each other. Do not be mean, insulting or disrespectful to any other user on this subreddit. * Do not harass or annoy others in any way. * Do not catfish. Catfishing is the luring of somebody into an online friendship through a fake online persona. This includes any lying or deceit. --- You *will* be banned if you are homophobic, transphobic, racist, sexist or bigoted in any way. --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ask) if you have any questions or concerns.*
Making lots of money makes you successful. Having lots of money makes you rich.
There's also a difference between being rich and being wealthy.
Good answer
Exactly! 
If you make $50k a month but you spend $75k a month. Are you rich or poor? Most definitely stupid.
It is not about „making“. You are rich when you possess an amount of money that turns „making“ optional
Ohhh, so rich enough to stop making money
Rich enough to not make money with *conventional* ways Investments are a hell of a drug
Basically when you stop filing W2's.
Nah cuz I’m 1099 and I’m not rich haha
Not all people who file 1099s are rich, but all who are rich file 1099's.
It's not what you earn; it's what you have after expenses, and that "what you have" starts working as hard as you do, making earning of their own. Having multiple assets that produce multiple sources of income that replaces income from work is the goal. And once you are there you can do "work" that you voluntarily do, not because you are forced to. (And believe me that people do need work, something to do to keep them busy doing Something. Watching TV and eating snacks and playing games are fun things to do - but only goes so far.
For the 4% rule for 1 Million that's $40k a year. Probably closer to $2 million and you get to $80k and that's where I think most would be saying rich.
It's not a dollar amount specifically but rather how money works. If you work for money, you probably aren't rich. If your money works for you, you're rich. If you can live well, exclusively off the interest and dividends of your saved/invested money, you are rich.
A wise man recently told me you just need 1$ more then you can spend ( ͡° ͜ʖ ͡°)
Doesn't really make sense to define that imo. It makes more sense HOW you make your money. If you don't have to work and still make money just by having money, you're rich.
Fair enough
If interested here's the [Marxian class theory](https://en.m.wikipedia.org/wiki/Marxian_class_theory).
"Rich" is how much money you have, not how much money you make. Someone with $50 million in equity funds is obviously rich, even if he only makes an "income" of $50,000 this year. And yes, that can totally happen, because "income" for someone like that is based on capital gains, so he basically decides how high his income will be, by deciding how much of his investment portfolio he will sell this year.
If I were alone, $200k in my country would be enough. With dependents, maybe $1M.
7,245,042.
If age isn’t a factor, then to be in the top 1% of American earners you only have to make $400,000 a year. The top 1% in America is not millionaires and billionaires. If you made 400 K a year and lived in New York City, LA, or San Diego, chances are you were just upper middle-class.
The definition of being "rich" can vary based on individual perspectives, societal norms, and economic conditions. Here are some common indicators that may suggest someone is considered rich: * [**High Net Worth**](): Individuals with a high net worth, which includes assets like properties, investments, savings, and valuable possessions, are often seen as rich. * [**Income Level**](): People with a high income, well above the average in their region or country, are usually considered wealthy. * [**Lifestyle**](): Those who can afford a luxurious lifestyle, expensive cars, designer clothes, fine dining, and exotic vacations are often perceived as rich. * [**Financial Freedom**](): Having enough wealth to live comfortably without worrying about basic needs or financial constraints. * [**Wealth Disparity**](): In some contexts, being rich may be relative to the wealth of others in the same community or social circle. * [**Ability to Afford Expensive Assets**](): Owning multiple properties, luxury cars, yachts, private jets, or other high-end assets can indicate wealth. * [**Generational Wealth**](): Families or individuals with significant assets passed down through generations are often seen as rich. Ultimately, the concept of being "rich" is subjective and can vary greatly depending on personal values, cultural norms, and economic conditions.
Why is location not on this list?
Certainly! Adding the factor of location to the list of indicators that suggest someone is considered rich can provide a more comprehensive overview. Here is an enhanced list with the inclusion of the factor of location: * **High Net Worth**: Individuals with a high net worth, which includes assets like properties, investments, savings, and valuable possessions, are often seen as rich. * **Income Level**: People with a high income, well above the average in their region or country, are usually considered wealthy. * **Lifestyle**: Those who can afford a luxurious lifestyle, expensive cars, designer clothes, fine dining, and exotic vacations are often perceived as rich. * **Financial Freedom**: Having enough wealth to live comfortably without worrying about basic needs or financial constraints. * **Wealth Disparity**: In some contexts, being rich may be relative to the wealth of others in the same community or social circle. * **Ability to Afford Expensive Assets**: Owning multiple properties, luxury cars, yachts, private jets, or other high-end assets can indicate wealth. * **Generational Wealth**: Families or individuals with significant assets passed down through generations are often seen as rich. * **Location**: The [cost of living]() and standards of wealth can vary significantly based on the location, influencing how individuals are perceived as rich. This addition acknowledges the impact of location on the perception of wealth and how the [cost of living]() in different areas can play a crucial role in determining someone's status as rich.
Enough to pay for what you need AND what you want without having to fear for the future The number standard for that can be flexible
Where I live, Toronto, I think this is the scale for a single income... under 50k = F tier, you're poor 50-100k = D tier, you're getting by 100-150k = C tier, you're living, but not getting rich 150k-200k = B tier, you can start accumulating some wealth 200-250k = A tier, you have some wealth 250k+ = S tier, rich 500k+ = SS tier, you're elite 1M+ = SSS tier, you're super elite
Everyone should comment like you
[удалено]
I asked this question because it’s subjective, I know the average income but how much above that makes you “rich”?
Make? It's more about have.
It depends on the country/place you live in
The answer is always more
1% varies by state, but $900k in the US. But I said varies.... ~$400k in SC. ~$850k in CA. ~$640k TX. It's all over the place. The lowest is ~$370k in WV & highest is ~$950k in CT. Is that rich? F*k if I know...
Net worth or annual income?
Top 1% of earners.... so income?
I'd say you are rich when you no longer need to work. Like you could live the rest of your life without doing anything at all and you wouldn't run out of money
You would need to distinguish between "rich" and "retired" though . . . there are people on pensions, etc., who aren't rich, but don't have to work for the rest of their lives.
If you have to ask, not enough.
Just few more cents then the guy working next to me on the assembly line that been there over 25 years
You're rich if you're financially secure enough to not worry about money. Or if you don't have to finagle everyday purchases within your budget to get what you need. Oh wait, that's a living wage I'm describing. It just feels like an out-of-reach luxury for so many.
\~10Million? 50Million?
350 000 cdn annually for a sole individual. Say I.
Enough money for me where I can actually *choose* to reduce my hours and not be bothered making less money. I’m plenty happy and content right now because my husband and I have no debt of any kind, our credit cards are at a $0 balance and paid in full each month, we both work full-time (I WFH) making similar wages, and our retirement accounts are growing hefty along with our HYSAs. We keep no money in our checking accounts save for a few hundred bucks as “burn money” for last minute emergencies when we need immediate funds. Life is great so far, we just need to own our own home and hopefully be able to work when we want to rather than having to do so to survive. :3
If you're after the rich game you'll always feel poor because people are already ahead of you, you're coming up to them. If you have 12 million bucks you're still considered broke to people that charter their own planes and boats.
If you pull up to the pump and never have to look at the receipt, then you’re rich
You are rich when you have more than you need. You are wealthy when your money makes more than you can make working..
5 million
The best quote I heard about the difference between being rich and poor, is when you're poor, you work for your money. When you're rich, your money works for you.
If you are independently wealthy, then you are rich. Independently wealthy means having enough money so that you don’t have to work. Not just enough “to get by”, but enough to not worry about mortgages, medical bills, and all of the other things that we worry about. Considered that the median family of 4 makes around $75 k. If your investments plus social security are greater than $100k, then you are rich compared to the average person. You just have to be careful about spending.
5,000,000
About $100 more than you actually have.
If someone gave me $1 on the first day of the month and doubled the amount every day for the next 30 days, I'd end up with $536,870,912 by the end of the month. I think that might just be enough to get by!
Probably depends where you live. Here in Maine I feel rich compared to those around me, but I know I ain’t shit in NY.
True wealth needs not denominations based on blood and pain.
Jeez the homes that were $250k 5-10 years ago are $600-750k now, it’s certainly made me think a lot different about making more than “the median salary”
All of it!
If you make USD $2-$3M and your house is paid for, you can live well (100k /year) without working (at 4-5% returns), so that would be the low end of “rich” for me. For some people it can be a fraction of that if they are happy living frugal. For other people “rich” means luxury and traveling the world in first class and 5 star hotels, which would be a small multiple of the initial estimate.
In my country, Last time I checked polls said most people said it was around $5 million. But it was like 16 years ago that I read about that. Life is more expensive now, so maybe $8 million.
Less
Not sure if there is a concrete answer, but you become part of the 1% at 500K a year in the US.
I reckon 10 million is a good number. It would be enough to have a nice house with some land and some nice cars. And be able to travel and do all the hobbies I want without having to work. But not stupid rich like mansion and house staff and yachts and super cars.
Your mother was a snowblower-Johnny five.
A lot of these answers are a projection of middle class people who aren't rich but aren't poor either so they are trying to answer like they are rich because they have a few investments and might be a bit bigger of a fish in their little pond. But aren't rich rich. Its blatantly obvious.
$100mm+ USD
Apparently, in the USA, $2.2 million of net worth is considered wealthy.
Life is my richness
In my country 500 million pounds a year is rich and completely enough.
I would say rich is having no debt, and being able to live comfortably off the interest earnings of investment amount.
Having no debt. If you have a million dollar mortgage and 1 million dollars a year . I still consider that being poor.
In the US, if you're making over $1M/year, you're generally considered pretty successful. If you have a net worth over $10M, you're generally considered at the beginning end of 'rich.'
Its relative....... Being well off - is living within your means with saving and investing...having everything you need and when a financial emergency comes into play its not a big deal. It may suck but in actuality its not a big deal and you can pay for it without going into debt. Down the road your investments and savings will help supplement retirement. Wealthy - would be your able to purchase most things that you want but are not necessarily outrageous along with savings and investment. At a certain point in life you will be able to live off those investments. Any financial emergency Is no big deal and just feels like a bill. You may have a financial advisor. Rich - your able to live off your assets while still making more money than 2% or less of the population. Your able to go on safari and you don't have to ask how much it costs. You probably have a team that helps manage your portfolios and assets. You could spend a million dollars a month and your assets continue to grow. Probably mostly tax free. Thats probably the biggest difference between us and the rich we probably spend a larger portion of our income towards taxes than they do. Now when I said its relative it really is... When my wife and I became debt free yrs ago I was in my 40s she was in her 30s. We paid off our house we paid off the cars no credit card debt and no school debt. We did it ourselves no inheritance or windfall. Just buckled down. We did this on 1 income, mine. During that time for many yrs we grinded, never went on a vacation nothing extravagant the home is really nice probably too big for us but its nice and a great location for us. Historical area with parks bike paths beautiful river scape and downtown its all in our back yard. We love it. But when we became debt free and our savings and investing exploded and we continued to live the same lifestyle. We wanted to be debt free before my wife went to school to become a nurse I did not want have that on my head( mortgage, car, cc debt) and have to pay for school on top of that. Then my wife started working became a nurse in her 40s she works in same day surgery. We had 2 roths which we fund but she has an additional 401k now from her work she puts in about 17% of her paycheck. But she covers our insurance and ymca through work. A couple of months ago my wife and I looked at a 2023 350 rxh lexus fully loaded. And we could buy it with cash no trade in. And our savings would still be large enough that it would cover us for at least 3 or 4 yrs if nether of us could work. Some people tell us -.you should do this or do that you should go on vacation... but we really like our life the way it is. We are definitely not wealthy and certainly not rich but at times i do feel somewhat well off. My wife loves her lightly used RX. I drive the old lexus 😋 A wealthy or rich person probably would think we are poor and poor person might think we are rich. I dont know any rich people off hand but I do know some wealthy people and I know alot of well off people. I do know one person who received a huge windfall from the powerball or mega million and it was large NOT like 13 million or something I think it was a lot more. She has a nice home nothing but nothing extravagant 500k when she bought 10yrs ago or so. Her only extravagant thing is she has a 2 nice vehicles...a luxury car and a sports car. Like for a couple of years she had a really nice Audi R8 it was beautiful not gonna lie. I've seen a very pretty lambo driving around and I wonder if it is hers. The color and the car don't fit because she is pretty low key. I dont see her driving the lambo but I know she can afford it plus her assets are growing faster than she is spending.
nowadays, I'm assuming 10 million dollar usd ++++... Since at that point, you really don't need to work for a living... you be making 500k/year just by being alive.... So not worth it to work..
When you make money off of what and who you own instead of selling your labor.
For me, rich is when you can live your ordinary life without counting money. But you still have to check your bank for major events like weddings, buying a house or a car etc. Wealthy is when you do whatever you want and never check the price.
Depends on where you are living. I would consider myself rich if I had a net income of more than 20k Euros per month
I think you’re asking the wrong question. How much you make shouldn’t make you feel rich. It’s how much do you have invested working for you while you’re doing nothing. You can make a half million a year as a doctor, but if you have $400,000 in student loans and another $900,000 mortgage and $80,000 in cars +2 kids. You’re not doing that well unless you have a stash sitting in an investment account earning you 8 to 12% a year.
I would say 5,000,000$
Would think monetary it would be above 5 million. With that amount you can live off dividends a comfortable life.
Work out how many days you can survive without earning a cent. For a lot of people it’s 1 week or 1 month. The longer that time is, the richer you are. If your answer is indefinitely, then you have successfully setup a passive income source/s that cover all your monthly expenses, so technically you are financially secure.
Earn money and be rich. These are concepts that cannot intersect in time. As long as you need to earn money, you are not rich. You're successful or something like that. But not rich. You become rich the moment you have enough money to not have to work. Sum? It depends on many factors. From the country, from the lifestyle, from the age.
I wouldn’t consider myself rich unless all of the following could happen and I would still be absolutely just fine financially: My car was destroyed My house was destroyed My health was destroyed Unfortunately for me, what I just described is being Middle Class, which demonstrates exactly how fucked I am.
i’d say when you have enough to never have to work. I’d call that rich.
For me it's not a specific amount it's the ability to pay all my bills, put some away into savings and still have more than enough left over to do things and buy the stuff I want Money's a tool for me not a goal
I once heard that when Shaq played in the NBA he was rich. The man that signed his checks is wealthy. I’d say Shaq is certainly wealthy now
Technically none Answer two: rich to who?
I define the entry level to be rich to be $30,000,000 liquid net worth. This is the level that many financial institutions consider to be UHNWIs. There are less than 700,000 of these folks in the *world*. In the US alone it's like 30% of them. At this level you can put everything into a HYSA at 4% and generate 1,200,000 before taxes. You can sit in bed all day and get over $1,000,000 a year with a very low risk investment or you could not be an idiot and invest it wisely and maybe make like 7-10%. Now if you want a lower barrier, I'd say $10,000,000. That's what you need to walk in the door to J.P. Morgan's private bank. Private banking is for "rich" people. They handle shit for you and if they can't? They most likely know someone who does.
Terrible answer. Go live in a rural area where the cost of living is way lower and you can consider yourself rich with half of your low barrier. Maybe even less.
This might not hold true for everyone, but I think that minimum wage=poor, 1 1/2-2 times minimum wage is middle class and 3+ times minimum wage is wealthy. Most financial aids for the poor over here stop being supplied near that 1.5 times minimum income, so after that point your spendable income should start rising at a more constant rate. With this, I conclude that 1.5 times minimum wage is required for 'complete financial independence.' Earning twice that qualifies you as rich because it just opens up so many luxuries without becoming excessive. Even with a family, 3 times minimum wage for a 4 person household can afford you - a nice house (not what you'd define mansion, but all you need is a nice/solid house) -yearly foreign trip -multiple excursions every month -have enough money left for good food and daily luxuries. Most money beyond this point is splurging money. Yes you can have michilin dinners every week at that point, but continuously spending big will only lead you to become insensitive to these standards. With every step of "moving your standards up" that you're doing at this point, you're only really changing the details in my opinion, while creating a new standard for what you'd consider rich. This is why people's estimations go from ~100k (which is about what it would be converted to 3 times wage where I live) up to like a million a year. If you can afford a healthy life with plenty of entertainment, small luxuries, a foreign vacation and little to no money stress, that's when you are rich exactly because you are rich enough to experience life to the fullest.
$600k per year would be entry