How Rich is Rich?

[Anonymous]

My daughter called out my wife on her talk about the “rich” people and her saying is “middle” class people.

I have an average job and my wife does not work. But I had a good job at one point and bought a big house with a big downpayment we still live in.

My daughters threw out, you literally live in house now worth 1.8 million. My friends think I am rich from my address. My wife is we are middle class. She then throws out well how do you afford house. My wife responds well we have a small mortgage as put down a lot back in 2017 when Dad has a higher salary.

A few weeks later my daughter fresh out of college I helped with her 401k sign up. I was encouraging her to do more. It will be worth a lot one day. She asks how much I have in my 401k I say well I have two million and mom has one million. She goes I thought you were middle class. I then explain that’s for retirement.

She then asks any other secret month. Well I say I still have $350,000 of pre IPO vested RSUs from prior company but that I also can’t sell and maybe 100k in younger sisters 529 but that I can’t sell either and Mom has a 100k cash balance pension. Year that’s it.

But I am still middle class based on income.

[Anonymous]

Honey, you're rich. You may be bringing in a middle class income if it's five figures, but you're rich.

[Anonymous]

You have no regular savings you can access (like a HYSA)?

[Anonymous]

I am jaded because we are not rich but work with and live near rich people. I define "rich" as at least $20m in net worth—enough for a ski or beach house and a net jets account.

[Anonymous]

“My Average Middle Class Existence with a $5 Million Net Worth,” the DCUM story.

[Anonymous]

Anonymous wrote:My daughter called out my wife on her talk about the “rich” people and her saying is “middle” class people.

I have an average job and my wife does not work. But I had a good job at one point and bought a big house with a big downpayment we still live in.

My daughters threw out, you literally live in house now worth 1.8 million. My friends think I am rich from my address. My wife is we are middle class. She then throws out well how do you afford house. My wife responds well we have a small mortgage as put down a lot back in 2017 when Dad has a higher salary.

A few weeks later my daughter fresh out of college I helped with her 401k sign up. I was encouraging her to do more. It will be worth a lot one day. She asks how much I have in my 401k I say well I have two million and mom has one million. She goes I thought you were middle class. I then explain that’s for retirement.

She then asks any other secret month. Well I say I still have $350,000 of pre IPO vested RSUs from prior company but that I also can’t sell and maybe 100k in younger sisters 529 but that I can’t sell either and Mom has a 100k cash balance pension. Year that’s it.

But I am still middle class based on income.

My dad also told me to always max out my 401k starting with my first job, and I'm so grateful for that advice. The money I put in starting in my early twenties is now making me more in growth than I can contribute. It's the magic of saving early and compound interest.

[Anonymous]

You are rich. Low end of rich for an expensive area. But rich.

[Anonymous]

Rich is anyone making more than me

[Anonymous]

You are not rich. It’s all relative though. A $1.8 million house is middle class in my area.

[Anonymous]

Anonymous wrote:My daughter called out my wife on her talk about the “rich” people and her saying is “middle” class people.

I have an average job and my wife does not work. But I had a good job at one point and bought a big house with a big downpayment we still live in.

My daughters threw out, you literally live in house now worth 1.8 million. My friends think I am rich from my address. My wife is we are middle class. She then throws out well how do you afford house. My wife responds well we have a small mortgage as put down a lot back in 2017 when Dad has a higher salary.

A few weeks later my daughter fresh out of college I helped with her 401k sign up. I was encouraging her to do more. It will be worth a lot one day. She asks how much I have in my 401k I say well I have two million and mom has one million. She goes I thought you were middle class. I then explain that’s for retirement.

She then asks any other secret month. Well I say I still have $350,000 of pre IPO vested RSUs from prior company but that I also can’t sell and maybe 100k in younger sisters 529 but that I can’t sell either and Mom has a 100k cash balance pension. Year that’s it.

But I am still middle class based on income.

Hey, cool humblebrag, boo.

[Anonymous]

Anonymous wrote:I am jaded because we are not rich but work with and live near rich people. I define "rich" as at least $20m in net worth—enough for a ski or beach house and a net jets account.

lol. DCUM nonsense at it’s finest.

[Anonymous]

Anonymous wrote:You are not rich. It’s all relative though. A $1.8 million house is middle class in my area.

Another humblebrag, lol

[Anonymous]

Dude, you're almost a 1%er...we're supposed to hate you.
https://finance.yahoo.com/news/rich-heres-americans-think-considered-182847861.html

"Top 2% wealth: The top 2% of Americans have a net worth of about $2.472 million, aligning closely with the surveyed perception of wealth.

Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million.

Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900."

[Anonymous]

Anonymous wrote:You have no regular savings you can access (like a HYSA)?

I do have a million or so in a brokerage account, but that I don't touch. And like 250Ks in CDs.

But cash in Bank I only have like 300K but that is in case I get laid off and need funds. I also have a small rental property but rented year round. Just a small place, but once again illiquid I used rental income to pay bills. Cant sell that as need the income.

Free cash is maybe a few thousand tops. Meanwhile my neighbor who is actually rich they are both loaded, CEO and Dr. they pull in at least 1-2 million a year they are rich. I am straight up middle class based on income and spendable cash. When I had big job, we do a new kitchen, go to Turks and Caicos, buy a new car whenever. Did not even look at bank statement. But I no longer have that income. I am formerly rich like a Child Movie Star or laid off Investment Banker. I just don't have a cash stream. Even some of my cars are getting old. They look nice but they are cars I bought in 2011 and 2012.

I feel like BMC Hammer or Mike Tyson or Kim Bassenger. They all had big income streams then lost it all. Well they kept their mansion and luxury car and 401Ks but lost all the free cash. Thats me.

[Anonymous]

"Rich" depends on your definition. Some people use that word while referring to income, while others to net worth. Some people rank income and net worth nationally, others internationally, others by other geographic boundaries. It can be evaluated relative to gender, race, age, or other criteria.

So, "rich" depends on how you care to define the term.