s/o what is rich - net worth

[Anonymous]

Our net worth is about $4 million excluding our house. I dont think we are rich - well off certainly. We still depend on our working income and are building up savings. We have two small kids to fund in terms of education etc so lot of expenditure ahead.

I think if we got to about $8 million we would probably start feeling rich.

[Anonymous]

We have a net worth of around $13M in our late 30s, all self made. Objectively we know we are rich and at this point it is easy to make money, but I don't feel that I could just put it in the market and never worry about money again. I estimate that it would take at east $30M for that, which incidentally is the cut off for ultra high net worth.

[Anonymous]

This is a completely useless exercise. You're only as rich as you feel.

[Anonymous]

Anonymous wrote:We have a net worth of around $13M in our late 30s, all self made. Objectively we know we are rich and at this point it is easy to make money, but I don't feel that I could just put it in the market and never worry about money again. I estimate that it would take at east $30M for that, which incidentally is the cut off for ultra high net worth.

What kind of absurd lifestyle are you living? 13 million getting a 3% return is $390k per year.

[Anonymous]

Anonymous wrote:We have a net worth of around $13M in our late 30s, all self made. Objectively we know we are rich and at this point it is easy to make money, but I don't feel that I could just put it in the market and never worry about money again. I estimate that it would take at east $30M for that, which incidentally is the cut off for ultra high net worth.

Congratulations!

We are early late 30s and only have way there compared to you. What do you do? We are small business owners. Always nice to see others doing well. Keep up the great work!

[Anonymous]

Anonymous wrote:Ok, first to the moron saying 10MM to walk away. GTFO, that is absurd.

Anonymous wrote:I'm 37 with $2M. We earn a combined $220k. In some ways, I feel rich, because our annual living expenses are barely over the 3% that the $2M could reliably generate in perpetuity.

I think $5M will be very comfortable, and $10M will feel "rich."

How do you have 2M making 220K? You living in a box? Oh let me guess, trust fund or an inheritance? Otherwise Im gonna go ahead and call BS.

No inheritance or trust fund. We started living on less than one income right away, and have maintained that. It's really that simple, and it's been a good market. Our house is about 3500 sf, outer suburb (where we both work).

[Anonymous]

We have around $3 million in assets, not including our paid off home as OP requested. Two million more, plus being done paying for college, and we're retired. I'd guess that will be our early 60s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My personal thought is a NW of around $10M.


at $10M, you could put your money away, and earn 3%, or around $300K a year which buys you a very nice lifestyle without touching principle.


To me, rich is not needing to work, or working because you want to. If you are still working, still saving, you might be a high earner, might be affluent, but you still have goals and bills to pay so you aren't rich - even if you are well on your way.

I would agree with this - maybe it could go as low as 5-6 mil. Anyone who is 30-50 years old and has 2-3 million still has to work (although can probably cut back to a cush job that just covers expenses).

Interesting. I feel that both DH and I have to continue to work. Our investable next worth is $3.8 million but we still have two children at home to put through college. We are 50 and 53.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have a net worth of around $13M in our late 30s, all self made. Objectively we know we are rich and at this point it is easy to make money, but I don't feel that I could just put it in the market and never worry about money again. I estimate that it would take at east $30M for that, which incidentally is the cut off for ultra high net worth.

What kind of absurd lifestyle are you living? 13 million getting a 3% return is $390k per year.

It's funny. Objectively it seems that you should be right. But don't forget taxes. Even at all capital gains, you would only keep $300K on $13M. Which again seems like a ton, but at our net worth our expenses are extremely high (objectively, not for our net worth). We spend $20K-$25k a month and with inflation, it is cutting it too close to just set it and forget about it. Besides we are young and can work more without it affecting our lifestyle.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have a net worth of around $13M in our late 30s, all self made. Objectively we know we are rich and at this point it is easy to make money, but I don't feel that I could just put it in the market and never worry about money again. I estimate that it would take at east $30M for that, which incidentally is the cut off for ultra high net worth.

Congratulations!

We are early late 30s and only have way there compared to you. What do you do? We are small business owners. Always nice to see others doing well. Keep up the great work!

The core of our net worth came from a small business (it generates $1M+ net to us at this point). We have a few other businesses now generating $100k+ net too at this point.

[Anonymous]

Anonymous wrote:$10 million is our walk away number.

At what age?
$10 million is also DH's # and we'll probably achieve that when he's 50. We want to leave a sizable estate and metered trust fund to our two children but also enjoy the fruits of our labors. I'm more comfortable with $15milion at 55. Still young to do a lot of travelling and hiking and 5* experiences.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have a net worth of around $13M in our late 30s, all self made. Objectively we know we are rich and at this point it is easy to make money, but I don't feel that I could just put it in the market and never worry about money again. I estimate that it would take at east $30M for that, which incidentally is the cut off for ultra high net worth.

What kind of absurd lifestyle are you living? 13 million getting a 3% return is $390k per year.

It's funny. Objectively it seems that you should be right. But don't forget taxes. Even at all capital gains, you would only keep $300K on $13M. Which again seems like a ton, but at our net worth our expenses are extremely high (objectively, not for our net worth). We spend $20K-$25k a month and with inflation, it is cutting it too close to just set it and forget about it. Besides we are young and can work more without it affecting our lifestyle.

Holy cr@p = what do you spend $20-25K on each month?
My SIL makes $35K A YEAR!!!!

[Anonymous]

Both Trump and Sanders supporters hate all you people and wish you were stripped of your assets, your attitudes and your clothes. Do you have any idea how pampered and clueless you sound?

[Anonymous]

Anonymous wrote:$10 million is our walk away number.

My wife's walk away number is probably closer to $2 million. If we had that much, she would file quickly and walk away with half of it. At $10 million, she would run away!

[Anonymous]

Anonymous wrote:

Anonymous wrote:$10 million is our walk away number.

My wife's walk away number is probably closer to $2 million. If we had that much, she would file quickly and walk away with half of it. At $10 million, she would run away!