View Poll Results: How much money would you need to feel rich ?
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500,000
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2 |
1.54% |
1,000,000
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16 |
12.31% |
2,000,000
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29 |
22.31% |
5,000,000
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49 |
37.69% |
10,000,000
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34 |
26.15% |
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02-07-2007, 01:05 PM
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#1
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Feeling rich ?
I'm taking a class in financial planning and this is one of our questions .
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02-07-2007, 01:17 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Re: Feeling rich ?
I guess you can "feel rich" without being rich, but that seems too "deep" for me...............
I still have the "financial goals list" DW and I put together when we decided we wanted to FIRE about 10 years ago. This was before I became an advisor or anything: 20 YEAR- PLAN
1)$2 million in retirement and other investment accounts
2)$100,000 in cash/rainy day money
3)No debts, mortgage paid off, etc.
I figured at the time (before Firecalc) that I could take 5% a year forever without losing principal. Of course, this was 1996, and I am sure I was WAY too conservative then, as the S&P was doing 25% a year.............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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02-07-2007, 01:29 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2006
Location: Collin County, TX
Posts: 9,293
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Re: Feeling rich ?
With our lifestyle and life expectancy, we can do fine on $1m. However, we would have to monitor our expenses .
I voted $2m because for us, we could ease up a bit on the spreadsheets.
__________________
There's no need to complicate, our time is short..
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02-07-2007, 01:42 PM
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#4
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Recycles dryer sheets
Join Date: Nov 2004
Posts: 244
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Re: Feeling rich ?
My wife and I are in our early sixties. No debt (nada; home, another piece of property, three cars, credit cards: nothing). I earn around $150 a year, put away a good chunk in both qualified accounts and after tax. Have around $130 in a couple of those 5% internet banks. Too much cash, but we do want to buy a place down south when we sell that piece of land we own on the Cape. Plus some money tucked away in various qualified account. Anyway, when I retire I'll be drawing (eventually) on three (defined) pensions, just breaking six figures by a few thou.
Do I feel rich? Yes. Are we? By the numbers, of course not! But we live below our means. We've always been conservative in our life style. Comfortable but conservative.
Yet, if we see it and want it we buy it. A comfortable feeling.
Rich
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02-07-2007, 01:44 PM
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#5
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Recycles dryer sheets
Join Date: Aug 2005
Posts: 335
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Re: Feeling rich ?
Rich = 3 times what you have now = $ 5 M for us.
Really rich -- that's different.
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02-07-2007, 01:46 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Dec 2003
Posts: 4,459
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Re: Feeling rich ?
I could feel comfortable at almost any level, especially if I had a steady income.
But, to me, feeling rich means having more than I can conceivably need or use. $10M would be the lower end of "rich" in terms of being supersaturated with money, I think.
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02-07-2007, 01:51 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,895
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Re: Feeling rich ?
$500k nice life in thailand. many thai will think i'm rich but i won't. i spend most of my days playing in my dugout canoe.
$1mm ok i had to add selling the house to move aboard but it was worth it. i make the bridges open for me as i come down the intracoastal. people stuck in the traffic i cause think i'm rich. but i know better. the boat is named "poor me".
$2mm i got enough to go around the world. though not in the style i'd like to become accustomed, the natives of the south pacific islands think i'm pretty rich.
at $5mm i'm sitting pretty good but i still wash my own boat and change the oil even though i have enough for a crew of one who helps.
at $10mm i've got a crew of 2 and enough for a captain later in life when i become even lazier than i am today. everyone who isn't on a mega yacht thinks i'm rich and finally i am starting to believe them.
__________________
"off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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02-07-2007, 01:56 PM
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#8
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Moderator Emeritus
Join Date: Jul 2005
Posts: 2,811
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Re: Feeling rich ?
How about $100M as a figure to add to the poll?
I don't see $10M as rich....way above average...but not really rich. $100M to me is RICH. That buys a lot of freedom and a lot of hired help to deal with the crappier parts of life that is hard to fund with a lot less loot.
I will never see this kind of wealth but that is what RICH is to me.
BTW, my mother thinks I am rich already...I guess to her I am. But not to me. I guess the more you have the larger the $$$ threshold to being RICH.
__________________
Work? I don't have time to work....I'm retired.
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02-07-2007, 01:57 PM
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#9
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Recycles dryer sheets
Join Date: Dec 2006
Posts: 149
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Re: Feeling rich ?
One of the wealthiest men in America lived in a small town just down the road from where I live. He was the founder & owner of one of the largest privately held companies in the United States and was #56 on the Forbes list.
Someone asked him "Marv, just how much money is enough ?" He answered them "Just a little bit more".
He died too.
__________________
"Watch your topknot"
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02-07-2007, 01:58 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Aug 2005
Location: Crownsville
Posts: 3,695
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Re: Feeling rich ?
I put down $5M as the level for which I'd feel rich. Now I'd be FI/RE at a much lower level than that, but at $5M I'd feel pretty stinking rich. Sure, there would still be plenty of things that would be out of my reach but hey, I'm pretty easily amused by cheap stuff. I like convertibles, but I don't need a supercharged Bentley. A '67 Catalina with a little bondo here and there suits me just fine. :P
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02-07-2007, 02:06 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,592
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Re: Feeling rich ?
Twice as much as I have .
... would always be true.
__________________
FIRE'd since 2005
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02-07-2007, 02:09 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,895
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Re: Feeling rich ?
$100mm barely buys me this puppy. but i would have to continue living below my means.
__________________
"off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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02-07-2007, 02:14 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 2,155
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Re: Feeling rich ?
Present time, I don't have an answer. But I felt VERY RICH in 1993 when my net worth reached $40,000. Just 2 years before that it was negative.
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02-07-2007, 02:22 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Location: North Bay
Posts: 1,246
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Re: Feeling rich ?
Quote:
Originally Posted by Empty Pockets
Someone asked him "Marv, just how much money is enough ?" He answered them "Just a little bit more".
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That's the scary answer. Keep working to get just that little bit more...then you die. The real public service this board does is help some of us figure out when enough is enough.
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02-07-2007, 02:24 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Re: Feeling rich ?
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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02-07-2007, 02:28 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,127
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Re: Feeling rich ?
Funny, I think I've had $1M in my head for 30 years. But actually thinking about it, I went for $2M.
Coach
__________________
"Comprehensive health insurance is an idea whose time has come in America." President Richard M. Nixon, February 6, 1974
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02-07-2007, 02:49 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 3,895
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Re: Feeling rich ?
__________________
"off with their heads"~~dr. joseph-ignace guillotin
"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
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02-07-2007, 03:18 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2003
Posts: 5,105
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Re: Feeling rich ?
I always thought it was about 30% more than you have.
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
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02-07-2007, 04:58 PM
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#19
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Recycles dryer sheets
Join Date: Aug 2003
Posts: 481
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Re: Feeling rich ?
Quote:
Originally Posted by Sam
Present time, I don't have an answer. But I felt VERY RICH in 1993 when my net worth reached $40,000. Just 2 years before that it was negative.
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I also have never felt richer than I did when I first had $30k in the bank.
I would be very comfortable with $5M, but not really rich until I hit something more.
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02-07-2007, 05:01 PM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,313
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Re: Feeling rich ?
I clicked on $5M but that was just a "comfortable" with risk number. Really rich, maybe $100M; but probably always more than what you have.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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