Very true. There are millions of people in 3rd world countries that would probably consider most of us on this board to be rich.
Personally, if you have just a million bucks in net worth Id consider you rich.
How much $ (net worth) is considered rich?
- Thread starter ameshammer
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Very true. There are millions of people in 3rd world countries that would probably consider most of us on this board to be rich.
Personally, if you have just a million bucks in net worth Id consider you rich.
True this. You think those people whose whole lives just got washed away in Japan wouldn't give anything to be having this message board debate right now? There aren't many people posting on this board who aren't rich compared to most of the other 7 billion people in the world.
I just read an article in Money magazine that laid out how much money you needed to retire at certain ages. For me to retire at 50, the article estimated that I need over $2.5 million in the bank. And that's to retire comfortably and not "rich". So I'd say $4-$5 million, depending on your age, would be "rich".
What's sad about this is that I just read that the majority of people have less than $25K saved for retirement.
29% have less than a $1,000 in retirement savings.
NetWorth is a bad measure..........a lot of people have net worths of $5MM plus, but are not rich because it is tied up a business, which could blow up at any moment and have the potential of becoming poor very quickly.
I think "rich or comfortable" is $10MM + of Liquid Assets / Cash and being debt free.
We really need to teach this stuff in high school. I worked at Hy-Vee part time during high school and college. Never made much money but made sure to stick money into my 401K. I've always held onto that 401K instead of combining it with my other and I just took a look at it.
My Contributions=$7,500
Hy-Vee contributions=$6,300
Total Contributions=$13,800
It's now worth $41K and all I ever contributed was $7,500.
My Contributions=$7,500
Hy-Vee contributions=$6,300
Total Contributions=$13,800
It's now worth $41K and all I ever contributed was $7,500.
To me "rich" is being able to live off the interest of your assets. For some people, that could be 1 million. For others that might be 10 million. I spend very little money and the things I like to do cost almost nothing, so I can live pretty cheap.
That is honestly horrifying. Do people not know how little social security actually pays? Do they not know the problems that await the program by the time my generation is ready to retire?
That is honestly horrifying. Do people not know how little social security actually pays? Do they not know the problems that await the program by the time my generation is ready to retire?
Bryce......how are people going to afford their $500K home mortgage payments and $100K worth of SUV's if they are saving for retirement???
Unfortunately, America has become a cradle to grave welfare state. People just assume the government will take care of them and they can be free to be irresponsible.
I have great family time. We do not go after much "stuff" we do a couple or three nice trips a year (my sons and I were just in Telluride for a few days riding and skiing for example).
I will give you an example of rich (to me). Our church is building a new community center to accommodate growth. The total price tag is I think $9 million - it has a youth center, social hall, education facility, etc. To me "rich" is being able to walk up to our pastor and tell him I will match the fundraising dollar for dollar - no limit.
We are giving to the project, but to be able to write big, and I mean really big checks several times a year - that is rich.
That is on a strictly monetary basis, from a personal basis when I look at my family, friends, and overall state in life I know I am blessed and rich enough right now if need be.
Rich= NO DEBT. The only thing we are paying off is the house. I consider myself rich because of this fact alone.
You need to qualify what debt you're talking about though. There are tons of rental real estate owners out there who are making good cash flow off of that even though in many cases still have a loan on the property.
