If one has 2.2m in investments plus some SS and possibly pensions, one might not be wealthy but could be very comfortable.
It's not a crime to work and earn and save and invest and improve your financial position. It's not a crime to inherit a pile from a relative you hardly knew. Nor is it a crime to pick the winning lottery ticket.
I'm not saying you are wrong, I tend to agree with your view. But there is a disconnect between the financial acumen of those on this board and the Bogleheads board compared to the population at large. I suspect that if you did a poll and asked the average person "How much money would you need to be rich?" most would say if you have over a million dollars you are rich! The fact of the matter is most people people never save anywhere near a million dollars in their lifetimes, and most people don't think in terms of safe withdrawal rates (or even know what that means), and most people would not have the acumen to wisely or safely invest so much money even if they had it, or the ability to "only" spend $50,000 a year and live a modest middle class life if they have $1 million dollars sitting in a bank account itching to be spent.In my mind, the idea that 68K spending a year would equate to being 'wealthy' is a bit off. Not consistent with the general idea of wealthy that one sees.
I'm not saying you are wrong, I tend to agree with you. But there is a disconnect between the financial acumen of those on this board and the Bogleheads board compared to the population at large. I suspect that if you did a poll and asked the average person "How much money would you need to be rich?" most would say if you have over a million dollars you are rich! The fact of the matter is most people just don't think in terms of safe withdrawal rates, and most people never save anywhere near a million dollars in their lifetimes, and most people would not have the acumen to wisely or safely invest so much money or the ability to "only" spend $50,000 a year if they have $1 million dollars sitting in a bank account itching to be spent.
In my general experience, if the average person had $1 million dollars they would likely spend more than 5% per year and instead live as if they were rich for a few short years until the money ran out and they would be back where they started.
So just curious, what amount would be wealthy to some of you?It would take a lot more than that at our house to feel wealthy.
I would say 2.3M is pretty nice stash and would be wealthy to 90 plus percent of the people.
That number is way too high!Just another fluff piece, but this year's survey says it takes $2.27 million to feel wealthy. [...]
A few more million wouldn't be enough to change my lifestyle at all. Now a NW of 25m+ would take me to the next level (from my POV) and I could make some changes.So just curious, what amount would be wealthy to some of you?
I would say 2.3M is pretty nice stash and would be wealthy to 90 plus percent of the people.
What is it about CNN that compels them to festoon their articles with sanctimonious irritants?
What a crock. "Feeling guilty"? The only people who should "feel guilty" are people who actually ARE guilty of something.
It's not a crime to work and earn and save and invest and improve your financial position. It's not a crime to inherit a pile from a relative you hardly knew. Nor is it a crime to pick the winning lottery ticket.
It's not even a crime to stumble into undeserved celebrity riches via reality cable shows (although maybe it should be).
Nobody should "feel guilty" except criminals... and CNN, for their relentless blame-mongering.
I feel better now.
I don't feel wealthy, but I feel very fortunate. With a 3% WR, and my and DW's SS, I can pretty much do anything I want to do. But there is a lot of expensive stuff I neither want, nor need, so I don't feel "wealthy"... Although I really wanted that Honus Wagner baseball card that just sold for a cool $1.2 Million...I wanted it badly.
Ha funny we both thought the same word at the same time.
Lol! That would work great and what a savings.Here you go! Buy this on Amazon for $12.99, and save $1,199,987.01.
The big advantage of doing this is that you can frame it and put it in your living room to stare at to your heart's content, for hours every day if desired. The expensive one you'd have to keep in a safety deposit box or something and you'd never get to see it. You'd need separate insurance for it too. What a hassle.
There is always another higher bar to exceed......
I don't feel wealthy, but I feel very fortunate. With a 3% WR, and my and DW's SS, I can pretty much do anything I want to do. But there is a lot of expensive stuff I neither want, nor need, so I don't feel "wealthy"... Although I really wanted that Honus Wagner baseball card that just sold for a cool $1.2 Million...I wanted it badly.
Here you go! Buy this on Amazon for $12.99, and save $1,199,987.01.
The big advantage of doing this is that you can frame it and put it in your living room to stare at to your heart's content, for hours every day if desired. The expensive one you'd have to keep in a safety deposit box or something and you'd never get to see it. You'd need separate insurance for it too. What a hassle.
+1
The more you have, the more it takes to feel wealthy.
Yes, my DH kept raising the target as we kept passing them. He'd feel comfortable with just a little more- only there's no end to that.First, my target was 1M
Then, when I got there it was 1.5M
Then....2M
Ditto 2.5 M
The goalposts keep changing.
Perhaps time to kick the field goal?!