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What net worth do you consider "wealthy" nowadays?
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06-21-2021, 09:30 PM | #24 |
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im talking about liquid. rich enough to have your own jet. rich enough not to waste time... fifty, a hundred million dollars buddy. a player or nothing.
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06-21-2021, 10:26 PM | #25 |
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wealthy to me is just being able to retire. cost of living is like nothing here in missouri. So 1M invested at 10% annual earnings = 100k per year. subtract capital gains. i come out to $7k take home per month.
plenty. assuming i get to keep my paid off house and gt3/m3.
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06-21-2021, 11:42 PM | #26 |
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I think it depends on your mindset, how happy you are with your current life & where you live. I live in California where EVERYTHING is so damn expensive so to someone $5 mil might have them sitting pretty with a big house, land & savings. Not so much here. For me, I could be happy & live comfortably how I want for the rest of my life on $30 mil no problem
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06-22-2021, 12:52 AM | #27 |
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Can't really answer this as there are too many variables to consider. 🤷🏽
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06-22-2021, 09:21 AM | #29 | |
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Wealthy doesn't have to mean high net worth. |
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06-22-2021, 09:32 AM | #30 |
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When you dont need to work and you dont look at price tags when you shop!
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06-22-2021, 11:23 AM | #31 |
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NFL players are rich.
The team owners writing the checks are wealthy. But as others have also pointed out wealthy means different things to different people and there is a wide scale for what constitutes wealthy. I'd go with "enough to be retired and doesn't have to work in a VHCOL area" as my threshold. Even if they're still working for whatever reason.
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06-22-2021, 11:51 AM | #32 |
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On feeling wealthy, someone told me a long time ago that people are generally happy as long as their net worth grows no matter how much money they have. And the object is to maintain and ideally grow your net worth relative to your peers and friends. That is, you become unhappy when you feel your sliding backwards relative to your socio-economic status. Wealth can be a fleeting thing, here today gone tomorrow!
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06-22-2021, 12:29 PM | #33 |
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Obviously, I'm working, saving, investing, and we have 2 rentals so I want to be comfortable to retire. As I've gotten older I look at wealth differently. I have friends who are very wealthy and are some of the most miserable people. Never happy. They achieve goal after goal but always searching. I would rather be comfortable and have my friends, family, and health. I don't think there is a price tag that can be put on that.
One of our rentals that we would live in is almost paid off so we could sell our current home, move in there, and travel. We would be just fine. As long as I can travel I'm finding I don't need a whole lot more. I don't really have a magic number. I would defer to my investment guy. I suck at that type of thing |
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06-22-2021, 01:32 PM | #34 |
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Seems like some may not have realistic ideas of investment returns / interest rates once income stops and preservation of capital becomes a priority.
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06-22-2021, 01:35 PM | #35 |
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???
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06-22-2021, 01:38 PM | #36 |
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My family has had some real challenges over the last 4 years and I no longer consider "wealth" to be a factor of net worth but rather quality of life and you can have a lot of net worth and worse quality of life than someone with way less.
If I can pay my bills, buy modest toys that keep me interested in passions I have and keep my relationships with my friends and family alive and well, I consider myself wealthy. |
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06-22-2021, 01:52 PM | #37 |
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First and foremost, anyone with good health is wealthy.
As to asset wealth, I think it's relative and heavily depends on where one lives. In addition, income goes hand-in-hand with assets. I've known folks who were asset wealthy (big ranch), but income poor. In the final analysis the question needs to be asked, "Is is sustainable."
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06-22-2021, 01:54 PM | #38 |
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A consistent 10% return in retirement is not realistic and for that matter right now 4%+ without touching savings probably isn’t either. I’m not saying everything goes into a CD the day you retire but you can’t invest like you have the same horizon as a 30 or 40 year old. You have to shorten up and reduce risk on at least a portion of the portfolio to preserve capital and that will pinch returns more and more as you age.
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06-22-2021, 02:08 PM | #40 | |
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06-22-2021, 02:36 PM | #41 | |
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I've heard "4%" to live on from multiple sources-- which is how I came up with $5M to retire as my personal target. That would give you $200,000 per year (not adjusted for inflation) to live on, not including any pensions or Social Security. I'd think you could be comfortable as long as you didn't go crazy. Maybe not rich/wealthy, but at least, you won't be eating Alpo. R.
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06-22-2021, 03:27 PM | #42 | |
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06-22-2021, 03:45 PM | #43 |
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