How much do you need to be wealthy in America?

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.
 
Last edited:
I feel wealthy because I do not need to feel wealthy. It sounds like a paradox, but it really is not.:)
 
Last edited:
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."
 
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.
 
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.
 
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.
 
$300M would get you $1M/month at 4%WR. That's comfortable.

$3B would be better, $10M/mo. Now that's WEALTHY.
 
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.
 
gcgang said:
$300M would get you $1M/month at 4%WR. That's comfortable.
Click to expand...


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.
 
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.
 
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...... :eek:
 
From the article:
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.
Click to expand...

The triumph of experience for the Boomers.
 
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.
 
"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.
 
gcgang said:
$300M would get you $1M/month at 4%WR. That's comfortable.

$3B would be better, $10M/mo. Now that's WEALTHY.
Click to expand...

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.
 
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.)
 
DrRoy said:
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.
Click to expand...

Yes, that is true. Then, once they have that, they want more, I think because it gives them some feeling of safety margin. Plus, to change your lifestyle appreciably, you need to double the expenses. Have a house twice as large. Buying a $70K car instead of a $35K one. Or upgrading from a $70K car to a $150K one.

I still remember when I had only 1/4 of the investable assets I do now. My wife bought me XO Cognac then. If anything, I drink less of it now because I am getting old. I can buy all the filet mignon I care to eat (it's not that expensive), but it gets boring quick, compared to the boeuf bourguignon I make using lesser cuts that taste wonderful (my guests told me so).

Oh, and if you do this dish, get the frozen pearl onion from Trader Joe's. Not only it is inexpensive, it saves you a lot of hassle with peeling the outer layer.

So, I think I have enough. I still like to have more though. When I worked, I wanted to make more money because it meant I was good. Now, if I make more it tells me that I am a good investor.
 
Last edited:
Jerry1 said:
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.
Click to expand...



I am sorry but I read stuff like this and I break out laughing. $100 million please...
 
The article says the overall average response is $2.4M. Take out $200K for a median USA house (the article says net worth) and you have $2.2M to live off of. Using the good ol' 4% rule that is $88K/year to live on.

A good income but hardly wealthy. The article does not address individual versus household income, so perhaps double that - then you are approaching what I might call wealthy.
 
Major Tom said:
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.)
Click to expand...

Thank you for this. I personally do not need to let all know which if any of these categories I hit. I am happy, comfortable and my stress is so much less.
 
You must log in or register to reply here.

Similar threads

audreyh1
America Has Never Had So Many 65-Year-Olds - article
Replies
21
Views
2K
wearefinishedworking
W
S
Bonds Suc&k...
6 7 8
Replies
177
Views
11K
Out-to-Lunch
Out-to-Lunch
D
Planning my last 20 years, how much to spend. (Part 2)
2
Replies
35
Views
3K
llolly
L
B
How much do you spend per month on fitness?
2 3
Replies
58
Views
993
badatmath
B
E
Too much money in IRA
3 4 5
Replies
122
Views
9K
Healthy Lifestyle
H

Latest posts

Back
Top Bottom