Are you Rich?

[Anonymous]

HHI 275k
Networth: 3 mil
Profession: 2 educators
Compared to the rest of the country we are rich... not on dcum though

[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.

Americans are really rich. I am just amazed how quickly some can legally acquire such significant wealth.

[Anonymous]

This is a thread of super savers. It always makes me feel bad because I think we’re doing really well, and then I see someone with a way lower HHI who has saved nearly as much as we have. But, I talk with friends and know their numbers who are same as those lower HHIs and they’re treading water, and higher like ours, but still haven’t hit their number. I don’t think we’re super spendy, but we must be.

[Anonymous]

HHI: 220k
NW: 5.5 million
Home: 700k

Yes, we are rich and got there by real estate investments. Own 4 investment properties but will be offloading 1 this year.

[Anonymous]

Anonymous wrote:I consider myself rich but many on DCUM would disagree.

+1. Very content. Live way beneath our means, and could live on even less once we don’t need this area for HS any longer.

[Anonymous]

Anonymous wrote:You first, OP.

+1

[Anonymous]

Anonymous wrote:I consider myself rich because I own my house and can pay my bills every month without stressing.

Same. I also quit my job and am on permanent vacation!

[Anonymous]

Yes! Pretty rich. The world is my oyster.

[Anonymous]

HHI -from 2 jobs - $300,000
NW- $10,000,000, most from inheritance
House- bought for $700,000 in 2000, worth $1.75 now

[Anonymous]

Anonymous wrote:This is a thread of super savers. It always makes me feel bad because I think we’re doing really well, and then I see someone with a way lower HHI who has saved nearly as much as we have. But, I talk with friends and know their numbers who are same as those lower HHIs and they’re treading water, and higher like ours, but still haven’t hit their number. I don’t think we’re super spendy, but we must be.

I’ll be your friend! Here’s us:
HHI $350K (two fed tech managers)
Net worth $2.5M (including retirement and real estate)
House bought for $800K 15 years ago and still paying it off.

Obv not rich by DCUM standards.

[Anonymous]

Anonymous wrote:This is a thread of super savers. It always makes me feel bad because I think we’re doing really well, and then I see someone with a way lower HHI who has saved nearly as much as we have. But, I talk with friends and know their numbers who are same as those lower HHIs and they’re treading water, and higher like ours, but still haven’t hit their number. I don’t think we’re super spendy, but we must be.

I spend a lot but if I filled out this thread my net worth would be high. It’s because I inherited a bunch of money from a grandparent young that I put in a brokerage account, had college paid for, was given a down payment, and a ton of other help along the way. It’s not because I am disciplined about Starbucks.

[Anonymous]

55 year old
HHI 350k 2 jobs
NW 7.5m including 1.5m real estate
Planning to retire soon but worry about health care

[Anonymous]

Anonymous wrote:55 year old
HHI 350k 2 jobs
NW 7.5m including 1.5m real estate
Planning to retire soon but worry about health care

I’m running the numbers and you would have to have saved 30%+ of your salary. Are you just super frugal?

[Anonymous]

Curious, for those stating net worth, are you subtracting any taxes that will be due upon liquidating retirement and deferred comp accounts and exercising stock options?

Our net worth is technically over $15M, but when calculating NW, my financial advisor likes to subtract estimated tax liabilities for our retirement, deferred comp and stock options accounts. That amounts to almost $3M, bringing our net worth down to a little over $12M.

Is this a typical way to calculate NW?

[Anonymous]

Lawyer.
About 700k (recent jump)
2.7 net worth
House cost 450k (11 years ago)