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How much do you need to be wealthy in America?
Old 05-16-2018, 06:53 PM   #1
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How much do you need to be wealthy in America?

Interesting article in Bloomberg on "How much money do you need to be wealthy in America. A few million should do it. But for some, it’s not just about the cash—it’s what you do with it"

https://www.bloomberg.com/news/artic...thy-in-america

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Old 05-16-2018, 07:10 PM   #2
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Originally Posted by omni550 View Post
Interesting article in Bloomberg on "How much money do you need to be wealthy in America. A few million should do it. But for some, it’s not just about the cash—it’s what you do with it"

https://www.bloomberg.com/news/artic...thy-in-america

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I think "Being healthy" would be much higher for this forum, as many have achieved a decent measure of money wealth.
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Old 05-16-2018, 07:59 PM   #3
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Easily beat their numbers in all categories but I don't feel wealthy ($) even at my age. Comfortable, yes, wealthy, no. Honestly, for me to consider myself really wealthy, I'd need an annual expense budget of at least 1m. I could spend it without too much effort.
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Old 05-16-2018, 08:10 PM   #4
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I feel wealthy because I do not need to feel wealthy. It sounds like a paradox, but it really is not.
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Old 05-16-2018, 08:28 PM   #5
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Certainly, if the standard is measured monetarily, the sum cited would not make me feel wealthy. However, I agree that good health, family, friends, free time would be other measures of "wealth."
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Old 05-16-2018, 08:59 PM   #6
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The numbers seem about right to me. I'm sure the big spenders on this forum would like to have more but I would retire comfortably at 55 with $1.4M. I think it is very likely I will retire before hitting that number.
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Old 05-16-2018, 09:10 PM   #7
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If you are spending less than you are making, you are rich. If you are spending more than you are making, you will eventually be poor. How much you start with is not the most important part of the equation.
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Old 05-16-2018, 09:46 PM   #8
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I'm comfortable, have what I need... which matches their charts. Though I did just have a new stove and mattress delivered today, so I'm feeling wealthy.
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Old 05-16-2018, 11:04 PM   #9
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$300M would get you $1M/month at 4%WR. That's comfortable.

$3B would be better, $10M/mo. Now that's WEALTHY.
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Old 05-17-2018, 04:21 AM   #10
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I saw a survey some years ago where people at widely different levels of NW all said that they would feel satisfied if they had twice what they had.
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Old 05-17-2018, 04:53 AM   #11
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$300M would get you $1M/month at 4%WR. That's comfortable.

Might be lack of creativity on my part, can't imagine what I would spend that kind of money on that would actually make a difference in my quality of life.



That's $2000 USD per waking hour.


Anything about $10k per month I'm already well into frivolous territory by my standards.
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Old 05-17-2018, 05:29 AM   #12
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I have been blessed with having some money, but I have been even more blessed with the things I really like to do not costing much money.
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Old 05-17-2018, 05:29 AM   #13
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We do not feel wealthy.... Comfortable but nor what we would consider wealthy.
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Old 05-17-2018, 05:42 AM   #14
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Not sure when I would feel wealthy. Perhaps if I could afford to buy a million dollar beach condo then I would feel wealthy. That will never happen so I guess I'm stuck in the comfortable bracket. The horror of it all......
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Old 05-17-2018, 06:01 AM   #15
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From the article:
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Some 64 percent of twenty- and thirty-somethings believe they’ll be wealthy (the cash kind) at some point in their lives, compared with 22 percent of boomers.
The triumph of experience for the Boomers.
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Old 05-17-2018, 06:05 AM   #16
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Interesting article, thanks for posting. For me, wealthy is a measure of your finances. Other words would describe other measures, content, happy or success would be better descriptors for other scales described in article and postings here.
Having said that, I would describe wealthy as having a pile big enough to not worry about money. Seems like a conversation interesting in how people perceive rankings among peers and other social strata rather than a conversation about wealth. Be honest, how many describe your wealth status without looking at those around you? The survey showed you need $2.4M to be wealthy, I assume in US. If you lived in less prosperous countries, I assume the number would be different. What about Dothan AL and San Francisco? A home in Dothan can be had for around $200K and well San Francisco would be a lot more. In my home town of Reno, many that don't feel wealthy have moved to Reno and now count in the top net worth residents.

My point is it is all relative once you have basic needs.
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Old 05-17-2018, 07:19 AM   #17
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"Millennials displayed some youthful optimism when it came to their financial future. Some 64 percent of twenty- and thirty-somethings believe they’ll be wealthy (the cash kind) at some point in their lives, compared with 22 percent of boomers."

Now wait a minute. Everything else I've read, says that younger people are very pessimistic about their financial future, what with college loans, scarce jobs, Social Security about to be "gutted," etc. Usually, they blame their parents' generation for having, in some unspecified way, ruined everything.
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Old 05-17-2018, 07:40 AM   #18
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$300M would get you $1M/month at 4%WR. That's comfortable.

$3B would be better, $10M/mo. Now that's WEALTHY.
That’s what I’m thinking. Wealthy is a lot of money. Not a few million. I have a few million and feel fortunate, blessed, comfortable . . . but no where near wealthy. I mean, come on, you can’t even buy a stereotypical mansion for a few million. I think you need in excess of $100M to even start talking about being wealthy.
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Old 05-17-2018, 07:44 AM   #19
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It should be pretty clear by now: Wealthy is someone who has a lot more money than you have.
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Old 05-17-2018, 07:56 AM   #20
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Gosh, I don't know. How long's a piece of string? I'm having trouble getting my head around why this is important to people. I'm just as happy as punch that I have a reason to get out of bed in the morning, and that I don't have to work in order to pay my way. Everything on top of that - cars, vacations, a new set of skis, a second house, a private jet, gasoline-powered turtleneck sweater*, fur-lined sink*, is gravy.


(*These last two lifted shamelessly from Steve Martin.)
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