Are you Rich?

[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

[Anonymous]

Yes, I am rich in health, rich in family, rich in time, house rich and I have enough money in the bank that I don't have to worry about it.

[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

Definitely feel well off. Travel anywhere we want. Live where we want. Do anything we want.
Ages: Early 50s
HHI: $900K includes one salary+mostly passive investment income (retired military officer/Online Business Owner & Travel Industry Executive). One retired, other still working. Does not include military pension or online business income
NW: $18M (Houses + Investments/401K/Roth TSP/Roth IRAs (Continue to add to both via Backdoor method/Spousal IRA rules)
NW does not include online business requiring 4-5 hr/week and can be managed from anywhere. Estimate worth $3M
Home Equity: $1.8M (Paid Off)
2nd Home: $800K
Private Aircraft: $450K
Catamaran: $500K
529s: $550K plus GI Bill Benefits (2 kids 17/20). Using GI Bill to help pay for expensive New England school for older child.
Most of NW and income comes from investments and online business. Invested heavily, early, and often heavily into stocks that went ballistic or were bought out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My definition of rich is not having to work for a living.
I work for my money so I’m not rich (yet)

240k in retirement accounts,
1.1M house with 200k equity.
31 years old
Earn 185k

PP and well I now pronounce myself rich!

Quit my middling p/t job a few years ago and now consider myself retired at 55.

DH working and was always the breadwinner but recently the tide has turned; I just received an inheritance.

Congratulations, PP!

[Anonymous]

HHI is about $400K. Net worth is about $12M. Our house cost $349,000.

[Anonymous]

Yes
Early 50s
HHI $1.3m, saved over half in deferred comp, 401ks, company stock plans
NW $10.5m, $3.5 from inheritance
House $1.3m, bought 16 yrs ago
We have one 6 yr old car.

Private high school for one kid and private college for one kid. Mostly funded through 529s

Only other major expense is luxury travel

Income more than quadrupled in last decade, our spending did not. We value financial independence over a grander lifestyle. Could stand to upgrade in some ways but can’t be bothered

[Anonymous]

Anonymous wrote:My parents are wealthy

I’m 29 and don’t need to work a day in my life. I have a trust fund and an inheritance of close to 24 million dollars (in addition to the yearly payout from my trust). I also have siblings to help me out if things go wrong (who receive the same inheritance as I do)

Life feels meaningless doing nothing. I’m considering going back to school to become a lawyer or a nurse practitioner. Idk. I only have a Bachelor’s degree and never use it.

If you have an outright inheritance of $24 million why wouldn’t you just reinvest the trust money rather than taking a payout?

And why become a lawyer? Most of them have pretty boring jobs. The best jobs pay the least so you can take those on. Public defender, children’s aid society, working for immigrants helping them get papers, work for battered women.

NP is a complete opposite type of job with different skill sets. See where your skills lie and go from there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My parents are wealthy

I’m 29 and don’t need to work a day in my life. I have a trust fund and an inheritance of close to 24 million dollars (in addition to the yearly payout from my trust). I also have siblings to help me out if things go wrong (who receive the same inheritance as I do)

Life feels meaningless doing nothing. I’m considering going back to school to become a lawyer or a nurse practitioner. Idk. I only have a Bachelor’s degree and never use it.

You should also find a husband.

I want a husband who has more money than me. And barely any men do. So they’ll have to be in their 50s or something. I find older men more attractive anyway

Greed will make you miserable.

[Anonymous]

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

Sure -- and being young is having a free spirit...

I mean we can change the human language all we want until words mean vacuum. (See what I did there?)

[Anonymous]

Anonymous wrote:HHI is about $400K. Net worth is about $12M. Our house cost $349,000.

Age: 70+?

[Anonymous]

I am assuming due to the stock market rally, many more would have joined the "feeling rich" category. Ironically, I still don't feel rich, as I think it may all come crashing down.

[Anonymous]

Not for here, no. For real life, the world, my own peace of mind and expenses? Yes, we're fine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI is about $400K. Net worth is about $12M. Our house cost $349,000.

Age: 70+?

60 and 62