What do you consider a wealthy family? What are some of the details...vacation house, country club?

[Anonymous]

Anonymous wrote:OP--Did you mean wealthy as in very well off or mega-rich, which is how this is being answered. I think you meant very well off.

Wealthy for me in this area means you can afford to send your kids to private school all the way through college, including boarding school for high school, without loans or scholarships, and have the money to fund their law, business, or med school afterwards if that is what they want to do. And all the while live according to your taste in a nice neighborhood and no need to scrimp in retirement. You could do a country club, exotic vacations etc. if you wished, but many who are wealthy don't crave these things.

I would agree with this. Plus giving lots of money to charity foundations, children's schools/colleges, etc. I also think of some element of being "established," too, when someone says "wealthy family" and that would include a family vacation home somewhere in the Northeast. Maybe not generations of extreme wealth but parents and grandparents that all grew up more than just upper middle class.

[Anonymous]

Wealthy are the people in the Christmas Lexus commercials who give each other brand new cars with enormous bows. They don't talk to each other about making such a purchase because it was bought with pocket money and has no real dent in the household finances.

[Anonymous]

I don't waste time imagining what true wealth is.

[Anonymous]

Being wealthy is being happy with what you have, not comparing yourself to others, and not being a slave to your possessions. Having time to enjoy life in good health. That is true wealth. Many on this board would consider me one of the "poors", but I wouldn't trade places with anyone.

[Anonymous]

Anonymous wrote:Being wealthy is being happy with what you have, not comparing yourself to others, and not being a slave to your possessions. Having time to enjoy life in good health. That is true wealth. Many on this board would consider me one of the "poors", but I wouldn't trade places with anyone.

No, be off with your feel-good-therefore-wealthy attitude. We are talking about material wealth here.

[Anonymous]

Anonymous wrote:I don't waste time imagining what true wealth is.

Yet you waste time posting in a thread about it.

[Anonymous]

Generational wealth.

[Anonymous]

This thread is so odd. My parents have 6M net worth (my mom's inheritance) and still live in the $250,000 house they owned beforehand. They drive a Lexus (that they paid cash for, but not as a present with a bow) and a financed and paid off 15 year old Chevy.

DH and I make $160,000 a year combined, and my parents seem pretty wealthy to me.

[Anonymous]

Anonymous wrote:OP--Did you mean wealthy as in very well off or mega-rich, which is how this is being answered. I think you meant very well off.

Wealthy for me in this area means you can afford to send your kids to private school all the way through college, including boarding school for high school, without loans or scholarships, and have the money to fund their law, business, or med school afterwards if that is what they want to do. And all the while live according to your taste in a nice neighborhood and no need to scrimp in retirement. You could do a country club, exotic vacations etc. if you wished, but many who are wealthy don't crave these things.

+1. Independently wealthy means you can do all these things without working due to income from investments.

[Anonymous]

Anonymous wrote:PP is posting a financial advisor's definition of wealthy. It is not correct.

Wealthy means you can buy whatever you want and it will not really affect your net worth. If a $100 million net worth person buys a jet it will affect their net worth. If a billionaire buys the same jet the affect to net worth will be negligible.

But what if the supposedly wealthy buys 1000 jets? there is no money that can't be spent.

[Anonymous]

"Wealthy" seems like 10x whatever your current net worth is.

[Anonymous]

Anonymous wrote:Downton abbey

But in 2015 in the us the equivalent would be multiple residences and staff (and I don't mean a housekeeper).

The following is extreme wealth in my mind. House in dc area with at least 30 plus rooms and ability to easily entertain 100 or more. Full time housekeeper, chef , governess and personal assistant. Possibly more than one housekeeper. Country side historic manor house fully restored with 100 acres another 30+ rooms and staff of its own. Additional apartments or houses in the multi million dollar range in at least 2 additional world class cities. All houses are staffed. Any apartments are in luxury full service buildings. Private aviation with pilot on staff. A yacht 6+ bedrooms exclusive of crew quarters (full time crew in staff) if they are in to that. A ski house in the 10,000 square foot plus range if they are in to that. No country club, but socialites who regularly attend opera, theatre, ballet etc. likely have buildings and wings named after them for numerous causes.

This is so over the top ridiculous. Who does this even when they can?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Downton abbey

But in 2015 in the us the equivalent would be multiple residences and staff (and I don't mean a housekeeper).

The following is extreme wealth in my mind. House in dc area with at least 30 plus rooms and ability to easily entertain 100 or more. Full time housekeeper, chef , governess and personal assistant. Possibly more than one housekeeper. Country side historic manor house fully restored with 100 acres another 30+ rooms and staff of its own. Additional apartments or houses in the multi million dollar range in at least 2 additional world class cities. All houses are staffed. Any apartments are in luxury full service buildings. Private aviation with pilot on staff. A yacht 6+ bedrooms exclusive of crew quarters (full time crew in staff) if they are in to that. A ski house in the 10,000 square foot plus range if they are in to that. No country club, but socialites who regularly attend opera, theatre, ballet etc. likely have buildings and wings named after them for numerous causes.

This is so over the top ridiculous. Who does this even when they can?

Plenty of people. You think all those expensive condos, hotels, and restaurants exist in Manhattan without anyone to pay money for them?

[Anonymous]

Anonymous wrote:Being wealthy is being happy with what you have, not comparing yourself to others, and not being a slave to your possessions. Having time to enjoy life in good health. That is true wealth. Many on this board would consider me one of the "poors", but I wouldn't trade places with anyone.

What happens if I have all of these things, and but worth over 5 million? Do you want to trade now?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Downton abbey

But in 2015 in the us the equivalent would be multiple residences and staff (and I don't mean a housekeeper).

The following is extreme wealth in my mind. House in dc area with at least 30 plus rooms and ability to easily entertain 100 or more. Full time housekeeper, chef , governess and personal assistant. Possibly more than one housekeeper. Country side historic manor house fully restored with 100 acres another 30+ rooms and staff of its own. Additional apartments or houses in the multi million dollar range in at least 2 additional world class cities. All houses are staffed. Any apartments are in luxury full service buildings. Private aviation with pilot on staff. A yacht 6+ bedrooms exclusive of crew quarters (full time crew in staff) if they are in to that. A ski house in the 10,000 square foot plus range if they are in to that. No country club, but socialites who regularly attend opera, theatre, ballet etc. likely have buildings and wings named after them for numerous causes.

This is so over the top ridiculous. Who does this even when they can?

Plenty of people. You think all those expensive condos, hotels, and restaurants exist in Manhattan without anyone to pay money for them?

most condos even in Manhattan are not penthouses. Most people who live in those do not have multiple properties of that sort staffed by several people at all times. I know a guy who lived in a 30mil condo across Central Park. He didn't own any other 30mil properties.