How Rich is Rich?

[Anonymous]

OP, you’re rich. You’re likely in DMV area which skews things but compared to the average US citizen in the rest of the country, you’re rich. You earned it, but still rich.

[Anonymous]

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

My neighbors claim we live in the slums of Bethesda. The people in the 4-5 millions dollar homes look down on us in the 1.8 million dollar homes. They can tell from my GMC Yukon Denali and my Cadillac although looks good, are 13-14 years old and can tell a financial tragedy has taken place at my house.

this year I actually opened and closed my pool by myself and I started going to Jiffy Lube with Coupons. I also only get pizza on Potomac Pizza buy one get one days. I even iron my shirts now and then.

[Anonymous]

Anonymous wrote:

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.

Okay nevermind this is a troll.

[Anonymous]

But is rich assets or income? I say income.

[Anonymous]

Anonymous wrote:

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.

You're rich.

[Anonymous]

People who express themselves as badly as you, OP, do not deserve such a level of assets and income. YOu sound incredibly stupid, and missed instructing your children on several key factors, such as cost of living. The same amount money will not produce the same lifestyle in Manhattan or East Mongolia.

Usually socio-economic class is understood to be related to annual income, not total assets, since the majority of the population has very little net worth compared to their income. There are some exceptions, like me: I have a very low income, but substantial net worth. I do not fall neatly into any category except "rich person who doesn't work". Again, you missed explaining these subtleties to your children.

You're really doing a deplorable job all around, OP. I have no respect for you.

[Anonymous]

This is so stupid - just a humblebrag with the made up story about the daughter. No one cares, OP. You are average around here.

[Anonymous]

Anonymous wrote: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."

People don’t save enough. By these figures we are 1%, yet we can’t just spend willy-nilly, and paying for college, retirement and health care are worries.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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."

People don’t save enough. By these figures we are 1%, yet we can’t just spend willy-nilly, and paying for college, retirement and health care are worries.

better watch out for those unrealized capital gain taxes then, she's only going after the top 1% (or is it 10)

[Anonymous]

Anonymous wrote:But is rich assets or income? I say income.

Assets I'd say. I retired and the keep going up faster than I can spend.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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."

People don’t save enough. By these figures we are 1%, yet we can’t just spend willy-nilly, and paying for college, retirement and health care are worries.

better watch out for those unrealized capital gain taxes then, she's only going after the top 1% (or is it 10)

So many ways to get around taxes legally.

[Anonymous]

Rich is when you live comfortably and are not worried about your financial future.

[Anonymous]

To me, "rich" is a big word that implies a level above the upper middle class. It brings to mind people for whom work is optional and who never have to deal with commercial flights. I think of founders, trust fund kids, etc., not in-house lawyers, engineers, or pediatricians with a couple of million in retirement savings.

[Anonymous]

Tell your daughter(s) to kiss your 401k statements and thank you for planning not to have them bail you out of poverty in your old age. Remind them you pay tax on what you take out. Each $1 million after tax is $40k a year for the 25' years you might live after 66.

[Anonymous]

Definitely Not rich, rich is 20 million+