Are you wealthy?

[Koolau]

I pass the test, but wealth is somewhat a state of mind. I feel very wealthy when I see how the 3rd world lives. Not so much when I realize that folks with less actual wealth "live" better than I do. I'm not at all dissatisfied with my life, but once in a while, I resent flying coach (even though I could fly 1st class) because the perceived benefit to me is not worth the extra cost. One would think a wealthy person would fly 1st class, but I don't. It's a personal choice, based on years of LBYM thinking. There are other examples (13+ year old cars instead of new, 1000 sf condo instead of a 2500 sf house, canned-frozen-store brand instead of fresh-organic foods, etc. etc.)

I could "live" as I perceive a wealthy person lives, but my goal is to survive most any foreseeable financial downturn/calamity/set-back and never truly "worry" about such events (though, in all honesty, I occasionally still do.) YMMV

 

[ls99]

based on questions one through three, I am wealthy. The smarta$$ answer to question four is: I can't seem to find an economic reason to w*rk.

Therefore I am wealthy.

It is a relative term, Donald Trump and a bunch like him are way wealthier than I.

 

[Ronstar]

By the chart, I guess I would be considered wealthy. That said, I can't bring myself to hire people to do things I can do for myself...in terms of either time and/or talent. Does this make me not wealthy? For me to hire someone to do such things, I would need to have probably two to three times as much wealth as I have, AND have other things I wanted to do more than mow the lawn or build a shed, which, BTW, I enjoy doing. Then consider, since I enjoy doing them, and have the time to do them, does this make me wealthy? Are you confused yet as to whether Rambler is wealthy or not? (I am...). Does it even matter?

R

I feel your pain. I cant imagine how much it would cost me to hire people to do what I do around here. DW still works, but I'm usually working around the house before she leaves and after she gets home. Like you, I enjoy it and would have to find other things to fill the time. Another advantage to doing your own chores - I get solicitors coming to the house and ask me if I'm the owner or gardener. I say gardener and they leave me some info to give to the owner - and I never have to listen to their spiel.

 

[FUEGO]

We are at the 1% bracket for our age group (30's). Guess we are wealthy.

 

[marko]

If their idea of success/wealth is sitting in that crappy little boat pictured on the website, they've got nothing to offer me....I want to work with someone with a slightly bigger idea of what wealth is.

 

[Bikerdude]

I agree with (and pass) all but #1. I find it odd that he would accept the car loan over a mortgage. I know very wealthy people who have mortgages by choice rather than need.

 

[mickeyd]

The more income you have from sources that don’t involve working, the closer you are to being wealthy. For retirees, Social Security can be a big part of this income.

Well then that makes it official~~~~~~~I'm wealthy.

​

 

[Surewhitey]

Based on my current age, we're in the 7.5%.

In 10 years, we'd likely drop to 15%

In 20 years, 20%

In 40...back to 10%, but by then, inflation will have kicked my behind...

Happy, yeah, especially a nice conversation with the DD today...

 

[ejman]

...

The wealth grid would be more meaningful if they published the boundaries rather than the medians. ...

I was wondering about that too and then I thought that if these are normal distributions then adding the median of the two brackets one is interested in and dividing by two ought to be close enough for government work. I.E. the edge of the bracket for the top 10% @ age 60-69 (I'm 62) would be ($1,955+$712)/2= $1,334.
I'm not even an amateur statistician so better guesses are welcome.

Then again, it probably doesn't matter a whole lot but as long as we are playing the game...

 

[LitGal]

Since I retired I really don't care how I stack up. I have met my financial goals and now I am moving on to a more exciting life. It's really great to have the time to swim outside every day and go for a bike ride whenever I feel like it. ...Wealthy .. who cares? FI is the real test.

+1

 

[Mulligan]

I pass the test, but wealth is somewhat a state of mind. I feel very wealthy when I see how the 3rd world lives. Not so much when I realize that folks with less actual wealth "live" better than I do. I'm not at all dissatisfied with my life, but once in a while, I resent flying coach (even though I could fly 1st class) because the perceived benefit to me is not worth the extra cost. One would think a wealthy person would fly 1st class, but I don't. It's a personal choice, based on years of LBYM thinking. There are other examples (13+ year old cars instead of new, 1000 sf condo instead of a 2500 sf house, canned-frozen-store brand instead of fresh-organic foods, etc. etc.)

I could "live" as I perceive a wealthy person lives, but my goal is to survive most any foreseeable financial downturn/calamity/set-back and never truly "worry" about such events (though, in all honesty, I occasionally still do.) YMMV

I hear you on the coach/first class thing. I am not wealthy but I could afford an occasional 1st class ticket, but it is the perceived value from it that ever keeps me from doing it. In my mind I see first class as twice as good. But I have never paid for a coach ticket where the first class was only twice the cost of that ticket. Of course I constantly check for air deals and usually get about the cheapest seat on the plane as it would burn me to know someone sitting next to me paid less.

 

[chris2008]

I liked the proposed reply at the end:

"You are at a cocktail party and a stranger asks: “What do you do?”...
Give the stranger your best disdainful Darcy look and say, “In the event of what?”

and might adopt it after ER date.