Are you rich? How much of a nestegg do you need to join the true elite.

Couldn't read the whole article - appears you have to be a subscriber. Can you post the full text?
 
Well, I couldn't read the whole article, didn't want to subscribe, but I can tell you I'm not that rich. :(
 
"$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.
 
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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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
 
didn't read/can't access, but I saw the front blurb. Apparently "even [this] caste is getting crowded." !!!
 
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.
 
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.
 
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)?
 
$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.
 
Spanky said:
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.
 
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. :-\
 
There's two ways to become rich:
  1. Have more
  2. Want less
"Wantiing less" unfortunately isn't in the American vocabulary.
 
I am rich. I do not have to work, I have enough money to maintain a very comfortable lifestyle and am able to meet my obligations. The rest is just a numbers game.
 
Slarty said:
...I always wondered how people made it all the way to $5M or $100M without deciding to retire way before then...
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I've wondered that myself many times.

After you made a few million, what's the point of wanting more than you will ever spend? Why not relax, enjoy the short few years of life you have left and give someone else a chance to do the same?

For some, it's never enough.

For others, it's greed.
 
I know some people in the >$100M category that still work. They enjoy working too much to quit. Of course, they are busy running the company they created.

Audrey
 
audreyh1 said:
I know some people in the >$100M category that still work. They enjoy working too much to quit. Of course, they are busy running the company they created.

Audrey
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And they can't think of anything less stressful / more fun / different / more meaningful to do?

Sometimes when you spend the majority of your life doing something, it sucks so much life out of you that you don't know anything else.

So the real question is, do they really enjoy it so much as not to quit, or it it because they spent so much time working that they never had the free time to develop fun hobbies.
 
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