Are you Rich?

[Anonymous]

HHI- $4.5 million
House - $7 million
2d house - $2.5 million
NW- $16 million ($10 real estate + $6 stocks/retirement/cash)
NW excludes business valued approx $50 million.
Early/mid 50's
Esq/Dr
Feel upper middle class - I think I would need to have $10k home, $5 million 2d home and $2.5 third home to begin to feel wealthy.

[Anonymous]

Anonymous wrote:I’m a former Biglaw partner who retired early a decade ago in my early 50s, haven’t done any kind of work since, and I consider myself rich even though I’d be three times richer had I continued working.

We currently have a net worth of just over $8 million. $2 million of that is real estate equity in our primary residence and second home. We still have a mortgage on our primary residence because the mortgage rate is ridiculous (under 2 percent).

The remaining $6 million plus is a little over on million in a brokerage account and the rest in retirement accounts. I elected to take social security early and between that another small source of income we bring in about $75k a year. We’re living quite well as a result while drawing down substantially less from our accounts than most experts recommend as the maximum, so our net work has been increasing each year.

I am definitely not rich by Biglaw standards or DCUM standards but it sure is nice not having to even think about what day of the week it is most mornings.

Just made partner and this is my dream. About to turn 42 and would love to retire in 5-8 years. Net worth is $7 mil but we have a significant mortgage of $2 mil (at a very low interest rate, but still v high) and kids in elementary.

[Anonymous]

Anonymous wrote:I have a home, family, friends, job, car, live in america. yeah, i'd say i'm rich.

You’re going to have to cross this off your list very soon.

[Anonymous]

Anonymous wrote:HHI- $4.5 million
House - $7 million
2d house - $2.5 million
NW- $16 million ($10 real estate + $6 stocks/retirement/cash)
NW excludes business valued approx $50 million.
Early/mid 50's
Esq/Dr
Feel upper middle class - I think I would need to have $10k home, $5 million 2d home and $2.5 third home to begin to feel wealthy.

LOL. Definitely middle class DB.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m a former Biglaw partner who retired early a decade ago in my early 50s, haven’t done any kind of work since, and I consider myself rich even though I’d be three times richer had I continued working.

We currently have a net worth of just over $8 million. $2 million of that is real estate equity in our primary residence and second home. We still have a mortgage on our primary residence because the mortgage rate is ridiculous (under 2 percent).

The remaining $6 million plus is a little over on million in a brokerage account and the rest in retirement accounts. I elected to take social security early and between that another small source of income we bring in about $75k a year. We’re living quite well as a result while drawing down substantially less from our accounts than most experts recommend as the maximum, so our net work has been increasing each year.

I am definitely not rich by Biglaw standards or DCUM standards but it sure is nice not having to even think about what day of the week it is most mornings.

Just made partner and this is my dream. About to turn 42 and would love to retire in 5-8 years. Net worth is $7 mil but we have a significant mortgage of $2 mil (at a very low interest rate, but still v high) and kids in elementary.

I retired 2 months before my 52nd birthday.

Former ES Teacher

[Anonymous]

100 million is bare minimum.

[Anonymous]

Anonymous wrote:Similar stats.
Ages 49/45
HHI: 460k (fed/retired military and non-profit executive)
NW: $5.1 M (including home equity)
Home equity: $1.45 M ($2 M house)
529s: $675k plus GI benefits (3 kids 15/13/11)
Hoping to retire in 7 years since we have Tricare + pension

How did you accumulate this much as a fed/retired military and non-profit exec???

[Anonymous]

No.
Hi 300k
Net worth 100k
House cost 380, half paid off
No trust funds inheritance etc expected

[Anonymous]

We are retired and our annual income from all sources is over $1 million so yes we are rich. We always lived well below our means which led us to become very high net worth. Work hard, start saving early, invest wisely and 35-40 years later you can have a lot of money. And, live comfortably along the way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m a former Biglaw partner who retired early a decade ago in my early 50s, haven’t done any kind of work since, and I consider myself rich even though I’d be three times richer had I continued working.

We currently have a net worth of just over $8 million. $2 million of that is real estate equity in our primary residence and second home. We still have a mortgage on our primary residence because the mortgage rate is ridiculous (under 2 percent).

The remaining $6 million plus is a little over on million in a brokerage account and the rest in retirement accounts. I elected to take social security early and between that another small source of income we bring in about $75k a year. We’re living quite well as a result while drawing down substantially less from our accounts than most experts recommend as the maximum, so our net work has been increasing each year.

I am definitely not rich by Biglaw standards or DCUM standards but it sure is nice not having to even think about what day of the week it is most mornings.

Just made partner and this is my dream. About to turn 42 and would love to retire in 5-8 years. Net worth is $7 mil but we have a significant mortgage of $2 mil (at a very low interest rate, but still v high) and kids in elementary.

I retired 2 months before my 52nd birthday.

Former ES Teacher

That’s great, but I bet you’re not living as well as the retired law partner. Or, if you are, your spouse is still working.

[Anonymous]

What’s your HHI and profession? — $100k, retired wife passed away .

What’s your net worth? — $1.00mm.

How much did your house cost? — $850k

[Anonymous]

What’s your HHI and profession? — $100k, retired wife passed away .

What’s your net worth? — $1.00mm.

How much did your house cost? — $850k


LOWER Middle class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m a former Biglaw partner who retired early a decade ago in my early 50s, haven’t done any kind of work since, and I consider myself rich even though I’d be three times richer had I continued working.

We currently have a net worth of just over $8 million. $2 million of that is real estate equity in our primary residence and second home. We still have a mortgage on our primary residence because the mortgage rate is ridiculous (under 2 percent).

The remaining $6 million plus is a little over on million in a brokerage account and the rest in retirement accounts. I elected to take social security early and between that another small source of income we bring in about $75k a year. We’re living quite well as a result while drawing down substantially less from our accounts than most experts recommend as the maximum, so our net work has been increasing each year.

I am definitely not rich by Biglaw standards or DCUM standards but it sure is nice not having to even think about what day of the week it is most mornings.

Just made partner and this is my dream. About to turn 42 and would love to retire in 5-8 years. Net worth is $7 mil but we have a significant mortgage of $2 mil (at a very low interest rate, but still v high) and kids in elementary.

I retired 2 months before my 52nd birthday.

Former ES Teacher

That’s great, but I bet you’re not living as well as the retired law partner. Or, if you are, your spouse is still working.

We’re not, but as a two teacher household would we expect to? Truthfully, we don’t have a desire to match a retired law partner. Just pointing out that if “retired at early 50’s” is a criterion, it is one we meet.

How much do we really need? Pensions provide about $180k a year, so while not rich, we are doing ok.

[Anonymous]

Being rich is having a job you love. So I am rich. I get to do what I love every day and get paid.

[Anonymous]

My old CEO is worth 800 million but plans on giving 100 percent away when he dies, none to kids. He spends like he is middle class.

Is he rich. Technically he is dying broke.