At what net worth are you considered wealthy ?
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Anonymous
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What meg worth constitutes wealthy around here?
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Anonymous
| 10 million |
Anonymous
You need to first quantify or define "wealthy". |
Anonymous
| 3 million in this area. |
Anonymous
| I agree 3 million but it also depends on your age. 3 million at 40 is more impressive than 3 million when you are 70. |
Anonymous
| I am $3M at 40. When DCUM discusses HHI, we’re barely middle class ($250k). When we talk about net worth, then I’m borderline wealthy. |
Anonymous
| Me too, PP. I’m not sure what that means for us. |
Anonymous
We spend a lot less than DCUM thinks you need, and invest the difference? |
Anonymous
| It depends on the assets. Net worth doesn’t make you wealthy. Cash flow makes you wealthy. Cash flow is more important than net worth. |
Anonymous
| I am 44, single, $2.4M net worth, but $1M of that is my house (paid off). I think I am doing OK. |
Anonymous
You’re doing great. Paid off house is nice. And frees up a lot of monthly cash for buying investments. |
Anonymous
If your net worth is high enough, cash flow doesn't matter. You can draw indefinitely from your savings and investments. |
Anonymous
Not if it’s flowing out as fast as it’s flowing in. Wealth is what you have coming in, even if you don’t get out of bed in the morning. Another form of this can be a paid off house, because that represents cash flow that’s NOT going out every month in mortgage or rent. Call it imputed rent, if you’re Fancy Nancy. |
Anonymous
| We have an <100K income and >10M in assets. We live frugally, since there is no spending of capital. I suggest you bear in mind that there are as many financial situations as there are people and that initial appearances can be deceiving. |
Anonymous
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11 million
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