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Old 11-08-2018, 07:53 PM   #41
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Comfortably wealthy.
Yeah, me too!
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Old 11-08-2018, 08:36 PM   #42
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New survey updates the numbers: "To be financially comfortable in America today requires an average of $1.4 million, up from $1.2 million a year ago, according to the survey. The net worth needed to be “wealthy”? That’s an average $2.4 million, the same as last year in the online survey of 1,000 Americans between age 21 and 75."...
My net worth is more than $2.4M, but I only feel comfortable. Not sure what I would need to feel wealthy, but it has to be a lot more. When and if I get there, I will know.
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Old 11-08-2018, 09:15 PM   #43
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The richest I have ever felt was the first day I walked into the grocery and bought anything that looked tasty, without knowing or caring how much it cost. That happened a long time ago. I have substantially more assets now, but I have never had that feeling since.
I think mine started when I filled the car with gas every time I went to the pump, instead putting in $5, or $10. Really makes me remember when I see a young person paying for their gas with a $5 bill and a handful of change.
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....comfortable
Old 11-08-2018, 09:17 PM   #44
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....comfortable

we’ve got investable well over 2.4 plus paid off house plus pension..(and haven’t started SS, but could)... in a MCOL area... while above most in the area, we’re “comfortable” as it’s VERY unlikely that we’d drop down to the point where we’d have difficulties but also not likely that we’d “forget where we came from” and just start “blowing that dough”
Gumby: even now we still pay attention to costs, even though it’s probably not that important... but we remember the more “difficult**” days and habits are sometimes hard to break.

I really can’t agree, even in this area, that 2.4M NET WORTH gets you into “rich” territory, unless it’s from comments of people that really don’t know finances.
Agree that that’s likely the source of the OP citation; the later citation mentioning 25M+ for the entry into “rich” is probably more on par... certainly 50-100M gets you there.


** nibbling on __ a__cracker to keep your mind off your “less than optimal food intake” during “lunch”, meal being 1/2 packet of Ramen, part of a can of pilchards (half the cost of tuna) and a part of a head of lettuce...{that’s on a good day}
I suspect some of us remember that period well.
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Old 11-08-2018, 09:20 PM   #45
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My net worth is more than $2.4M, but I only feel comfortable. Not sure what I would need to feel wealthy, but it has to be a lot more. When and if I get there, I will know re-adjust the target and keep striving for more.
Fixed! Not aimed at you specifically; greed & ambition are a disease almost everyone suffers from.

Unrelated (?): an interesting chart.
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Old 11-08-2018, 09:41 PM   #46
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Gumby: even now we still pay attention to costs, even though it’s probably not that important... but we remember the more “difficult**” days and habits are sometimes hard to break.
We still shop at Aldi's for groceries, because we hate to waste money. We only go to Whole Foods once or twice a year because it is so outrageously expensive. But I must say that being able to pay for literally "anything" at the grocery (even at Whole Foods) is quite liberating. That was far from the case when I was young, so it has meant a lot to me as an adult.
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Old 11-08-2018, 10:27 PM   #47
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Gumby
agreed, it’s nice to not “need to” anymore either, we also could go and purchase anything, just don’t

{just cooked up some ribs - - and - - a smaller london broil ___ talk about profligate ___ but we’ll use the rest of each the next few days.... That didn’t happen “back in the day”, it was at best just finding the cheapest cut and cooking a portion while freezing the rest for later}
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Old 11-08-2018, 11:17 PM   #48
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Fixed! Not aimed at you specifically; greed & ambition are a disease almost everyone suffers from.

Unrelated (?): an interesting chart.
I wrote that I needed a lot more to feel wealthy. But that sense of wealth would not mean that I would be happier. I am happy right now, with what I have.

In fact, I often say I don't feel the need to blow any dough, because I do not desire much. But to have enough to really splurge, even if you do not care to, such as buying a jet or a yacht, now that's real wealth. I am just comfortable. I can buy a fancy car if I want to, but I don't care to have it. Lots of people have fancy cars. That's not wealthy.
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Old 11-09-2018, 12:13 AM   #49
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My brother spent $50,000 more on his old 1,100 sq.ft townhouse in California than my brand new 3,400 sq.ft all brick french home in North Carolina when we bought our homes a couple of years back. He’s ‘comfortable’ and other people say I’m wealthy for having a big 5 bedroom 4 bathroom house. But he paid more than me for a place to live.
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Old 11-09-2018, 06:04 AM   #50
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And his townhouse probably has appreciated more too. It’s all about location and where you came from to put it in perspective. I don’t know the backgrounds of people here, but doesn’t sound like many were raised by rich wealthy families. Nor are many workaholic captains of industry where enough is never enough.

I know I’ve accumulated more wealth than I ever though I would, growing up, and even through my 30’s, yet it is far less than many of my truly wealthy frat brothers, that came from wel off college educated white collar families because their point of reference was much higher than my immigrant tee shirt collar hard labor up bringing. By the time I realized my path to success was still a lower path, it was too late. Plus I’m not sure I had that kind of mindset and aptitude.

But I can agree that a 1.4M net worth sure aint wealthy, but is at least financially stress free for the most part. If we don’t need it and it’s not on sale or a deal we don’t buy it, not including quality food. We hate waste. Still working at 60, my fixed income set point which has changed over years, is about $11k/mo, & is almost met.

We felt “rich” just 2 years ago when we bought our very first new car ordered the way we wanted it. It was only $29k, but somehow that felt richer than when I bought my 6 year old Carrera 11 years ago for $34k cash. (A relative bargain since the sticker just 29k mikes earlier was $100k). Still have and enjoy the 911, and it is worth may be $23k today, so a realtive bargain in ownership costs. The “new” car of course lost $7k value in 2 years. That still bothers us as a “waste”. Truly wealthy cares less about such waste.
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Old 11-09-2018, 07:11 AM   #51
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I was wealthy enough to retire 10 years ago at age 45. But I don't really consider myself "wealthy" per se. I am comfortable, with enough of a cushion to allow me to do things to avoid significant inconveniences from time to time.


An example of this was back in 2014 when my ladyfriend and I took Amtrak from NY to Indianapolis (a scenic trip) before continuing to Louisville, Kentucky, where her family lives. Getting from Indy to Louisville was a minor task. There is cheap, connecting bus service via Greyhound but we would have had to wait 8 hours in Indy for the bus, something I did not want to do. Instead, I rented a car and made the nearly 2-hour drive myself, with her comfortable in the passenger seat. It cost about $140 but the money was nothing. I would have paid double that to avoid having to hang out in a strange city with our luggage for 8 hours.
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Old 11-09-2018, 07:19 AM   #52
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When the recent lottery thingie was over a billion dollars, I had no interest in it at all. DW played it and (we didn't win) her dream was to be able to help others in the family who aren't doing as well financially as we are.

I've never been an enthusiastic lottery player, but now my interest is zero. I really would not want what comes with winning a billion, or 100 million. I like my life, I have enough. I fly under the radar, which is fine by me.
I guess that makes me wealthy.
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Old 11-09-2018, 07:27 AM   #53
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We do not think of ourselves as "comfortable" or "wealthy"; we think of ourselves as "content".
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Old 11-09-2018, 07:36 AM   #54
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Don't forget the ever-popular category Uncomfortably Wealthy, where the discomfort is a direct consequence of having too much money. Poor folks shake their heads in disbelief that this can possibly happen, but I've witnessed it on multiple occasions. Wealthy people are like fattened sheep surrounded by wolves - feeling comfortable yet?
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Old 11-09-2018, 08:17 AM   #55
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I feel comfortably secure kinda like a nice warm blanket.
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Old 11-09-2018, 08:18 AM   #56
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Don't forget the ever-popular category Uncomfortably Wealthy, where the discomfort is a direct consequence of having too much money. Poor folks shake their heads in disbelief that this can possibly happen, but I've witnessed it on multiple occasions. Wealthy people are like fattened sheep surrounded by wolves - feeling comfortable yet?

I'll probably never know that feeling but I'd be willing to experience that financial position.
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Old 11-09-2018, 08:31 AM   #57
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I think most people have their own meaning of wealthy/rich or what ever word you may want to use. A person with 25M wouldn't even consider someone with 5M as being rich/wealthy. A person with 1.4M would think that a person with 5M would be wealthy/rich.

I really don't know what I actually feel about my portfolio if I would be considered rich/wealthy or comfortable.

I actually like to see articles that have bars to see and gauge where we are looked at in the finical world.

I understand if doesn't make a crap what others have but I like to see where I am at. It doesn't make me look down or jealous if all had more then me and would never look down on people with less.


I would like to see a poll here, where we can actually see, what money we have as individuals. I also know it isn't something people here want to see. A poll with no comments needed just portfolio ranges to see who we are talking with.
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Old 11-09-2018, 09:22 AM   #58
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These labels defining wealth have little to no meaning and are just for fun. Some find it interesting to see what other peoples opinions are regarding money and wealth.

For me (living in SF Bay Area), comfortable means $2M to $4M and wealthy means greater than $15M.
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Old 11-09-2018, 11:18 AM   #59
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Old 11-09-2018, 11:38 AM   #60
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I think mine started when I filled the car with gas every time I went to the pump, instead putting in $5, or $10. Really makes me remember when I see a young person paying for their gas with a $5 bill and a handful of change.

I never understood this mentality. I have always been long term minded so knowing I will eventually need the gas, find a good price on my route and fill it all the way up. Was there an option to not drive your car because you couldn’t afford gas?

Im not trying to be critical; just could never understand that perspective.
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