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Are you rich? How much of a nestegg do you need to join the true elite.
03-08-2008, 07:21 PM
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#1
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Recycles dryer sheets
Join Date: Sep 2007
Posts: 464
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Are you rich? How much of a nestegg do you need to join the true elite.
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03-08-2008, 07:37 PM
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#2
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Recycles dryer sheets
Join Date: May 2007
Posts: 128
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Couldn't read the whole article - appears you have to be a subscriber. Can you post the full text?
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03-08-2008, 07:39 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: 9,296
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Well, I couldn't read the whole article, didn't want to subscribe, but I can tell you I'm not that rich. 
__________________
There's no need to complicate, our time is short..
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03-08-2008, 07:42 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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"$10 million investment portfolio"
I may only see that if I go back to working double time and do that until age 65.
Ya, right.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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03-08-2008, 08:02 PM
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#5
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Recycles dryer sheets
Join Date: Sep 2007
Posts: 464
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 Quote:
Originally Posted by bots2019
Couldn't read the whole article - appears you have to be a subscriber. Can you post the full text?
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Lets try it again. http://online.barrons.com/article_pr...520820695.html
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03-08-2008, 08:03 PM
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#6
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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We are certainly not rich right now, though there is a slight chance to make it to $10 millions one day if we work until 65 and keep making the kind of money we are making now. Of course if $10 million dollars is not "rich" today, then it surely won't be in 32 years. And since we plan on retiring early we probably will never accumulate anywhere near that amount of money. But you know what, it's OK, I don't strive to belong to that kind of "elite". I would be happy with a portfolio large enough to afford me a nice but non-obstentatious lifestyle. But I would like to say that even if one day I have a portfolio in the $10 million category, I would without a doubt keep my money at Vanguard and skip the fancy private banker. My cousin's husband is a private banker in Switzerland and the more he talks about his world and the less I want to belong... I guess I am too darn cheap...
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03-08-2008, 08:04 PM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Quote:
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More and more rich people certainly believe they need at least $25 million. In a recent survey by Chicago-based Spectrem Group, 25% of affluent folks said it takes $25 million to be rich, and another 8% said $100 million. Those two groups combined weren't all that much smaller than the 45% who cited $5 million. (from Barrons Article
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Ok guys, get off your duffs and get to work!
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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03-08-2008, 08:06 PM
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#8
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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: 9,296
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Quote:
Originally Posted by haha
Ok guys, get off your duffs and get to work!
Ha
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You're a funny, funny man. 
__________________
There's no need to complicate, our time is short..
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03-08-2008, 09:54 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,713
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didn't read/can't access, but I saw the front blurb. Apparently "even [this] caste is getting crowded." !!!
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03-08-2008, 10:06 PM
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#10
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by FIREdreamer
Of course if $10 million dollars is not "rich" today, then it surely won't be in 32 years.
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I think I could handle the first million, but WTF would we do with the extra nine?!?
__________________
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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03-08-2008, 10:09 PM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Being regarded as rich doesn't appeal to me nearly as much as being retired and doing what I want with the rest of my life.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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03-08-2008, 10:27 PM
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#12
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Recycles dryer sheets
Join Date: May 2007
Posts: 128
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Quote:
Originally Posted by Want2retire
Being regarded as rich doesn't appeal to me nearly as much as being retired and doing what I want with the rest of my life.
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Amen! 
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03-08-2008, 11:06 PM
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#13
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Recycles dryer sheets
Join Date: Dec 2005
Posts: 56
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Net worth hit $2.1M in December, but still can't get the wife to agree on a target for when to jump. I always wondered how people made it all the way to $5M or $100M without deciding to retire way before then. I can't imagine bothering to go over $5M. My target was always $2.3M.
__________________
Retire by 2010 or bust.
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03-08-2008, 11:08 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
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Here is another link to a similar article: The Wealth Report - WSJ.com : A Rich Person's Definition of Rich
Richness is relative. Compared to the rest of the world, even the "middle" class in the U.S. is probably at the 90% percentile.
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03-09-2008, 05:58 AM
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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: Jan 2008
Location: NC
Posts: 21,303
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Never expected to be rich, I'm just looking for healthy, comfortable & reasonably secure. Aren't rich and ER somewhat mutually exclusive anyway (this audience, myself included)?
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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03-09-2008, 06:01 AM
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#16
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2007
Posts: 5,072
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$10 M is not a huge amount to JP Morgan and the like.
If he wants personal attention, he will have to work with a smaller concern.
Plus if he has a retirement account, he is not likely to generate much in the way of fees.
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03-09-2008, 06:05 AM
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#17
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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Quote:
Originally Posted by Spanky
Richness is relative. Compared to the rest of the world, even the "middle" class in the U.S. is probably at the 90% percentile.
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That's about it. A good portion of the world's population would be happy to call the shed in our back yard "home".
We have a nice home, enough to eat, clothes to wear, a pickup truck and a car, a fishing boat and a steady income. What else does one need?
A Citation jet and a yacht would be nice, but I don't want them bad enough to work that hard.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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03-09-2008, 06:37 AM
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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: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,072
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My old work friends already think I'm rich since I retired at 52. Don't want to ruin their image of me by going back to work to achieve that magical 10 mil number. 
Of course I could work from now on and never hit 10 mil. 
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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03-09-2008, 07:32 AM
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#19
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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: 11,328
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I'm retired and comfortable so I feel rich
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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03-09-2008, 07:36 AM
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#20
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Full time employment: Posting here.
Join Date: Dec 2004
Posts: 699
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There's two ways to become rich: - Have more
- Want less
"Wantiing less" unfortunately isn't in the American vocabulary.
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