Do you consider a net worth of 2.5 million "rich?"

[Anonymous]

Anonymous wrote:If that's not rich, what is? Not being snarky, genuinely curious what that would be?

Being able to live well off of investments is definitely rich. Below that, you have to keep working and should watch what you spend.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. I promise I'm not trying to be offensive. It's just that around here, and it seems especially on DCUM, there's a tremendous amount of wealth. I'm not saying I'm not, but with 3 small kids, we're planing to keep on working for the next 20 years, at least. We still have expenses to cover that investment income doesn't cover. The point is, it seems like wealth is everywhere here.

It is not rich. Rich would mean that, in addition to being able to stop working and live off of your investments, you could also send those 3 small kids to whatever school you would chose through college (and maybe even grad school). Well, you would spend down most of your money just to put 3 small kids through private school. Assume $30k+ per child for even 10 years. That's almost 1mm right there and you haven't even paid for college yet. Sad as it sounds, you are comfortable, not rich.

OP here again. Your response summarizes my point. Even though we're not planning on private schools for our kids, we definitely watch our spending carefully. On paper, we may seem "rich" to many people, but in reality, we're living a middle class lifestyle. I appreciate everyone's perspectives.

[Anonymous]

Yes. In my opinion you are rich.

Also, in my opinion, you have been treated very well on this board so far, given your question. I am answering with great restraint.

[Anonymous]

In my opinion, it's not rich. You'll still need yo work for many more years.

[Anonymous]

Rich. We have a net worth of about the same. But we ahve also finished paying for college and private school. That was an enormous cost for 4 children. We feel good but not rich

[Anonymous]

Anonymous wrote:Yes. In my opinion you are rich.

Also, in my opinion, you have been treated very well on this board so far, given your question. I am answering with great restraint.

Agreed.

[Anonymous]

Anonymous wrote:Yes. In my opinion you are rich.

Also, in my opinion, you have been treated very well on this board so far, given your question. I am answering with great restraint.

+1

[Anonymous]

I know plenty of wealthy people who work, some full time. Just because someone works, doesn't mean they are not wealthy.

[Anonymous]

Anonymous wrote:OP here. I promise I'm not trying to be offensive. It's just that around here, and it seems especially on DCUM, there's a tremendous amount of wealth. I'm not saying I'm not, but with 3 small kids, we're planing to keep on working for the next 20 years, at least. We still have expenses to cover that investment income doesn't cover. The point is, it seems like wealth is everywhere here.

You are rich. Yes, there are people who are richer than you. That doesn't mean you're not rich.

The median net worth of a family in the US aged 45-54 is about $118,000. Median means that half have more and half have less. Your net worth -- excluding your home -- is 21 times the median net worth of a family older than you. If this isn't rich, what is?

(I never knew, before DCUM, that rich people insisting they're not rich was a thing. And apparently a very common thing, judging from how often it comes up on DCUM.)

[Anonymous]

You are riiiiiiiiiiiich!

How did you get all that dough?

[Anonymous]

OP, why do you want to know?
Do you not have any other worries?

[Anonymous]

in reality, we're living a middle class lifestyle.

And I think the above is when you start to get treated less nicely, OP.

[Anonymous]

Oh, seriously, just STFU. These threads are just so infuriating.

[Anonymous]

Anonymous wrote:

(I never knew, before DCUM, that rich people insisting they're not rich was a thing. And apparently a very common thing, judging from how often it comes up on DCUM.)

::slow clap::

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP here. I promise I'm not trying to be offensive. It's just that around here, and it seems especially on DCUM, there's a tremendous amount of wealth. I'm not saying I'm not, but with 3 small kids, we're planing to keep on working for the next 20 years, at least. We still have expenses to cover that investment income doesn't cover. The point is, it seems like wealth is everywhere here.

It is not rich. Rich would mean that, in addition to being able to stop working and live off of your investments, you could also send those 3 small kids to whatever school you would chose through college (and maybe even grad school). Well, you would spend down most of your money just to put 3 small kids through private school. Assume $30k+ per child for even 10 years. That's almost 1mm right there and you haven't even paid for college yet. Sad as it sounds, you are comfortable, not rich.

OP here again. Your response summarizes my point. Even though we're not planning on private schools for our kids, we definitely watch our spending carefully. On paper, we may seem "rich" to many people, but in reality, we're living a middle class lifestyle. I appreciate everyone's perspectives.

I am wondering what kind of lifestyle we must be living, then, having many times less money?