How wealthy do you feel?

[kcowan]

I think everyone needs to remind us where they are when they describe their environment. Thanks.

We are currently staying in an executive home in San Diego on a home swap. While the trappings of life are superior in many ways to our home (5BR, 4-car garage, big lot, all the toys), we cannot walk or bike anywhere meaningful. This stay is 3 weeks and is busy with trips to local attractions. But we would not trade even with our place in Vancouver.

(This is not a knock on San Diego because it has comparable living areas to what we have in Vancouver but to the suburban versus urban lifestyle. We are proud of our low ecological footprint since downsizing.)

 

[tryan]

Real "wealth" for me will always more than I have. Not that there's anything wrong with that ... simply enjoy the chase better than the catch.

 

[calmloki]

Here's another metric for ranking:
Graphic: How Class Works - New York Times

Lahr de Dahr - Oim auf to play de Grahnd Peeanho!

 

[SteveR]

Here's another metric for ranking:
Graphic: How Class Works - New York Times

Lahr de Dahr - Oim auf to play de Grahnd Peeanho!

Interesting.

I ranked in the 90th percentile in all by my former career. Management in major corporations don't rank very high in the prestige column. No big deal now.

I didn't see Early Retiree in the group but I would think that; at least on this board; it would rank up at the top.

 

[Free_at_49]

I feel wealthy financially, but my wife died very young and we never had kids, so I keep hoping to be a father one day. Early retirement is great, but there aren't many single 30-something women to play with because they are all at work.

 

[gnorris51]

Its all relative

When I was a small child I went grocery shopping with my mom on Saturday mornings and we always had a list and had only a certain amount - so each time something went into the cart I had to add it up to make sure it didn't get to our budgeted amount - which was less than $15.00 for the week. My mom worked two jobs and many times sent me to neighbors to borrow $5 until payday. Wealth to me means that I can go into a grocery store and buy anything I want without having to match it to a list and tally the cost.

After 40 years of working, significantly more than a 40 hour week, I am now retired, after having put five children through college (I could not afford to go) own a home in the city outright, have one mil plus in investments and a solid pension and health insurance.

But to me if it all went away tommorrow - as long as I have healthy children and my wonderful husband - I could live in a one room cabin with a fireplace and books and my stamp collection and be perfectly happy.

I wouldnt have changed my life for anything. The thing is that being poor in the 50's and 60's didn't matter - in fact we didn't really know we were poor - we just knew we had to live modestly.

 

[Spanky]

Here's another metric for ranking:
Graphic: How Class Works - New York Times

Lahr de Dahr - Oim auf to play de Grahnd Peeanho!

Here is the result - I still do not feel wealthy but fortunate.

 

[Moemg]

Okay here is mine
Occupation 40% -damned nursing
Education 91 %
Income 78%
Wealth-98%

I suddenly feel wealthier !

 

[Alan]

Interesting little interactive toy. For me here are the results. I'm pleased I feel wealthy 'cos these results would have made feel guilty

Occupation 77%
Education 91%
Income 99%
Wealth-98%
Average 91%

 

[tangomonster]

Here's mine:

Occupation 50% (social services)
Education- 97
Income- 69
Wealth- 98
Average- 78

Depressing because while income was in the upper half, you can see there was a big discrepancy between education (a master's degree) and salary.
But I do take pride in the 98th percentile for wealth, since it is so much higher than income.

 

[W2R]

Wow! You guys are all doing really well. My results were,

Occupation: 78th percentile
Education: 99th percentile
Income: 91st percentile
Wealth: 85th percentile
AVERAGE: 88th percentile

I expected my wealth to be on the low end, because I am still gaining momentum after starting over with a negative net worth 9.5 years ago. But I am catching up fast. I was surprised that my income came out to be so high, considering that the cost of living is so much lower in the South than in some other parts of the country.

 

[fin_indie]

The new standard definition of financial wealth is having assets of over $5 million USD.

Interesting. Where does this new $5M number come from? Anyone have a reference? I agree -- $2M is more than enough for most people to retire on.

 

[Alan]

Depressing because while income was in the upper half, you can see there was a big discrepancy between education (a master's degree) and salary.
But I do take pride in the 98th percentile for wealth, since it is so much higher than income.

The test is about "class" rather than wealth and I hope to retire on 25% of my current gross income so I may have to drop down this in this class ranking.

Maintaining appearances which is why so many with high incomes just have to keep on working to maintain their status.

Pretentious, moi?

 

[bssc]

Occupation 83%
Education 91%
Income 97%
Wealth-98%
Average 92%

Well, the income is going to go down when I retire. I guess that I will be less classy.

 

[Moemg]

Here's mine:

Occupation 50% (social services)
Education- 97
Income- 69
Wealth- 98
Average- 78

Depressing because while income was in the upper half, you can see there was a big discrepancy between education (a master's degree) and salary.
But I do take pride in the 98th percentile for wealth, since it is so much higher than income.

I think we both should be super proud since our incomes were in the lower levels but our wealth is up in the 98% area .Great work ! Now pat yourself on the back !

 

[Spanky]

I do not recall where I read it. A million dollars in the 19th century adjusted for inflation are roughly about $5 million dollars today.

 

[two4theroad]

Class

Occupation 39%
Education- 55%
Income- 97%
Wealth- 98%
Average- 72%

I guess we did OK for ourselves, FIRE at 48/57.
Stating the obvious, class is not money.Lots of moneyed people have no class.....

 

[Khan]

occupation - 65
education ---91
income ------84
wealth ------85

 

[old woman]

I am not really wealthy but voted yes anyhow. Last Christmas I was able to justify giving away $5,000 to a nephew. He was having problems, sick wife out of work for months, living on credit cards. He was talking of selling the car maybe the house if she didn't get back to work soon. I thought and figured and thought a while more and decided to surprise him with a check for Christmas. I never spend money, I am cheap, very careful but I decided I really didn't need to not spend. My net worth has gone up over 65K since Christmas some days it goes up over 2K in a single day. I don't really believe it yet, I can see it go down thousands in a day too but now I have over 400K invested so with any luck at all it can go up 40K a year not counting the 20K I earn more than I spend so even a bad year I am increasing net worth by more than my cost of living.
Today my 80 year old mother tells me she needs surgery on her hip, she can't walk without a great deal of pain. I could quit my job to take care of her if needed, I have over 200 hours of vacation saved and offered to use it to take her to the hospital but I could afford to quit working I think.
Giving away the money at Christmas really makes me feel decadently rich, I want to do it again. His wife got back to work and he got lots of overtime so completely recovered financially just as he thought he needed to stop his 401K.

 

[spncity]

Last Christmas I was able to justify giving away $5,000 to a nephew.
snip
Giving away the money at Christmas really makes me feel decadently rich....

What a great story. What a great description.

 

[Meadbh]

Occupation 99%
Education- 99%
Income- 98%
Wealth- 98%
Average- 99%

That's converting $Canadian to $US.
Yes, I do feel wealthy. I can make choices. And I love Old Woman's choices!

 

[kcowan]

Occupation 69%
Education 97%
Income 95%
Wealth-98%
Average 90%

Surprisingly, I entered CEO, my last occupation before ER, and for income I entered last years portfolio plus pension returns. I notice a pattern developing among the participants here.

 

[Moemg]

Okay here is mine
Occupation 40% -damned nursing
Education 91 %
Income 78%
Wealth-98%

I suddenly feel wealthier !

I made a mistake nursing was really rated at 78 % which brought my total to 86% .

 

[accountingsucks]

I should feel wealthy but I don't

I have a paid off car, paid off home, decent salary, 31 y.o., investing about 40-45K per year. I know I am better off than many in terms of where I am at, but even with these things going for me, I know for sure that I have at least another 15 years of work ahead of me and probably 20 to be realistic. That assumes everything goes according to plan which of course it likely will not. The prospect of working another 20 years does not make me feel all that wealthy........

 

[kcowan]

I should feel wealthy but I don't...

You are so right. You SHOULD feel wealthy! Maybe you need some help.