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-   -   Are you rich? How much of a nestegg do you need to join the true elite. (http://www.early-retirement.org/forums/f28/are-you-rich-how-much-of-a-nestegg-do-you-need-to-join-the-true-elite-33918.html)

Disappointed 03-08-2008 08:21 PM

Are you rich? How much of a nestegg do you need to join the true elite.
 
I am speechless. Wonder how many members belong to this group.
Are You Rich? How Much of a Nest Egg Do You Need to Join the True Elite - Barron's Online


mP

bots2019 03-08-2008 08:37 PM

Couldn't read the whole article - appears you have to be a subscriber. Can you post the full text?

bbbamI 03-08-2008 08:39 PM

Well, I couldn't read the whole article, didn't want to subscribe, but I can tell you I'm not that rich. :(

retire@40 03-08-2008 08:42 PM

"$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.

Disappointed 03-08-2008 09:02 PM

Quote:

Originally Posted by bots2019 (Post 626122)
Couldn't read the whole article - appears you have to be a subscriber. Can you post the full text?

Lets try it again.http://online.barrons.com/article_pr...520820695.html

FIREd 03-08-2008 09:03 PM

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...

haha 03-08-2008 09:04 PM

Quote:

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
Ok guys, get off your duffs and get to work!

Ha

bbbamI 03-08-2008 09:06 PM

Quote:

Originally Posted by haha (Post 626136)
Ok guys, get off your duffs and get to work!

Ha

You're a funny, funny man. :)

ladelfina 03-08-2008 10:54 PM

didn't read/can't access, but I saw the front blurb. Apparently "even [this] caste is getting crowded." !!!

Nords 03-08-2008 11:06 PM

Quote:

Originally Posted by FIREdreamer (Post 626134)
Of course if $10 million dollars is not "rich" today, then it surely won't be in 32 years.

I think I could handle the first million, but WTF would we do with the extra nine?!?

W2R 03-08-2008 11:09 PM

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.

bots2019 03-08-2008 11:27 PM

Quote:

Originally Posted by Want2retire (Post 626188)
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.


Amen! O0

Slarty 03-09-2008 12:06 AM

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.

Spanky 03-09-2008 12:08 AM

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.

Midpack 03-09-2008 06:58 AM

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)?

chinaco 03-09-2008 07:01 AM

$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.

Walt34 03-09-2008 07:05 AM

Quote:

Originally Posted by Spanky (Post 626200)
Richness is relative. Compared to the rest of the world, even the "middle" class in the U.S. is probably at the 90% percentile.

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.

Dawg52 03-09-2008 07:37 AM

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. :-\

donheff 03-09-2008 08:32 AM

I'm retired and comfortable so I feel rich :)

Delawaredave5 03-09-2008 08:36 AM

There's two ways to become rich:
  1. Have more
  2. Want less
"Wantiing less" unfortunately isn't in the American vocabulary.


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