Are you wealthy?

[Throwdownmyaceinthehole]

We are! and now we have an answer to 'what do you do'?

AssetBuilder - The Four Question Wealth Test - AssetBuilder Inc., Registered Investment Advisor

 

[frank2009]

I'm good with #'s 3 and 4; can 1 be half wealthy? Seriously, no I don't consider myself wealthy...maybe "comfortable."

 

[seraphim]

Am I wealthy? Depends with whom I am compared.

 

[ejman]

The interesting thing is that many LBYM's at many NW levels can answer all of the questions in the positive.

 

[W2R]

For me, 4 out of 4 answers say I am wealthy, and I would agree. However, they forgot to ask the only question that I think would accurately detect true wealth:

"Are you completely satisfied and happy with what you have?" And yes, I am. My lifestyle is relatively modest, but I do not long for McMansions, boats, antique cars, private jets, extravagant trips, the Hope Diamond, or whatever. So that is why I consider myself to be wealthy.

 

[Meadbh]

Well, according to this survey, I am wealthy.
The scoreboard puts me in the top 5%.

 

[UserRequested]

IMHO - if you are FI then you are wealthy. If you are FI and still working like me, then its a Yes to the first 3 questions and a No to the last. Many "wealthy" people work past FI because either they enjoy it or like me have a target figure in mind before pulling the plug

 

[pb4uski]

Well, according to this survey, I am wealthy.
The scoreboard puts me in the top 5%.

+1 but top 10% rather than 5%. (Congratulations BTW!) To me wealth is all relative, while I concede that I am wealthier than many, there are plenty of people out there who are much wealthier than I.

 

[heeyy_joe]

I am striving to be successful rather than wealthy, although at some point those two things may intersect.

 

[Tyro]

I sure don't FEEL wealthy.

 

[antmary]

I would be considered wealthy...but, frugal. As Mom always said, "Watch your pennies, and the dollars will take care of themselves."

In reality, I feel wealthy when my loved ones (including myself) are doing well, when I am surrounded with people who love and support me, and, by the way, don't have to worry about paying bills. I feel incredibly wealthy in ways that count for me.

 

[Dreamer]

Well, we are wealthy also, according to the questions. We are in the 25% range.

However, my first thought was that I am wealthy, because I have my health. My DH has medical problems, but they are not the type to make him die from them. We are also very wealthy because of our family and especially my granddaughter, who is such a joy. I do consider ourselves blessed that we have the income and assets that we have, without working.

 

[David1961]

I love question number 4!:

You are at a cocktail party and a stranger asks: “What do you do?” If you answer this with any known occupation, you are not wealthy and you’re probably a workaholic.

 

[gerrym51]

no

 

[timo2]

Ignoring the different between 'Rich' and 'Wealthy'; IMHO, if you were to ask most people what the generally accepted definition of a wealthy person is, it would be 'anyone with more money than an I have'

 

[jollystomper]

However, they forgot to ask the only question that I think would accurately detect true wealth:

"Are you completely satisfied and happy with what you have?"

+1

 

[HighRoller]

Well, according to this survey, I am wealthy. The scoreboard puts me in the top 5%.

+1 However, I still don't consider myself wealthy, comfortable yes. Also I don't agree with question #4.

 

[Mulligan]

I'm good with #'s 3 and 4; can 1 be half wealthy? Seriously, no I don't consider myself wealthy...maybe "comfortable."

That is where I am at Frank. If I can only answer 2 of them in the affirmative, at least it is those 2.

 

[JOHNNIE36]

I can't buy into this four question on wealth. I can answer yes to all four questions but would not consider ourselves to be "wealthy". Too many variables. If one was wealthy they wouldn't be worrying about where interest rates were going (hopefully up). Too old to be in the market. Just my take.

 

[TOOLMAN]

I have come to conclude the distinction between rich & wealthy as:
Rich is when you do not need to work for money. You have enough money so your money does your work for you ie. FI.
Wealthy is when you are worth your weight in gold.
To be wealthy in ER, Mr. Sprat's needs to support Ms. Sprat with the diet ;-)

 

[Texas Proud]

I am in the top 10%.... but did poorly on the test...

I owe on our house.... I will probably buy our next car with a loan (if it is still very low).....

I still say what I do when asked...


I am well off, but still far enough away from true FI that it will take me some time to get there... not complaining though....

 

[David1961]

What about someone who rents? They are not paying interest on a house, but still have housing costs.

 

[photoguy]

I don't understand the need to come up with new definitions or tests for being wealthy (there seem to be a lot of blog posts on this recently). If you want a qualitative definition then "boatload of money" will do. If you want a quantitative definition why not use percentile of net worth.

 

[FUEGO]

Sorry, too busy swimming in my pools of money to look at a silly set of questions!

 

[scrabbler1]

+1 but top 10% rather than 5%. (Congratulations BTW!) To me wealth is all relative, while I concede that I am wealthier than many, there are plenty of people out there who are much wealthier than I.

I can also answer all 4 questions which favor my being wealthy. The scoreboard is a moving target because I turn 50 in a few weeks. I am in the top 10% now but will move down to top 25% once I join the 50-59 age group. I feel so poor now LOL!