What do you consider rich vs UMC?

[Anonymous]

Net worth >$14M = rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For me, a net worth of at least 10 million is rich.
1-10 mil is UMC

Agree.

Fwiw we make between 500-750k depending on bonuses, have a little over 3 million excluding our house, and we live a pretty middle class lifestyle.

Our biggest splurge is travel where we probably spend around 30-40k, which I completely understand is a luxury not a necessity. But even there we are flying coach and staying in AirBnB

Details please! Many trips annually, or one big trip a year, etc? We went to Thailand last year and spent about $5k (family of 4) for 3 weeks including airfare, so genuinely curious how much more you get for considerably more money! Thanks!

[Anonymous]

Anonymous wrote:Net worth >$14M = filthy rich.

FIFY

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For me, a net worth of at least 10 million is rich.
1-10 mil is UMC

Agree.

Fwiw we make between 500-750k depending on bonuses, have a little over 3 million excluding our house, and we live a pretty middle class lifestyle.

Our biggest splurge is travel where we probably spend around 30-40k, which I completely understand is a luxury not a necessity. But even there we are flying coach and staying in AirBnB

Oh my God. Stop it. We are in the same household income. Actually a little bit more this year. Last year was 700k. This year's 850k

you are not middle class because you use an Airbnb and fly coach. You're spending 30 to 40 thousand on travel.

even if you separate class from income, you are in the top 2% of incomes in the entire country.

people need to get over this idea just because there are what, 1% of people making more than you that you are not in fact wealthy or rich or doing incredibly well

YOU ARE NOT MIDDLE CLASS! go out into the real world. Watching TV. Get some perspective and see what true middle-class is like.

If you define the word rich by wealth accumulation, I.e. net worth, they wouldn’t make it in with only 3 mil.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For me, a net worth of at least 10 million is rich.
1-10 mil is UMC

Agree.

Fwiw we make between 500-750k depending on bonuses, have a little over 3 million excluding our house, and we live a pretty middle class lifestyle.

Our biggest splurge is travel where we probably spend around 30-40k, which I completely understand is a luxury not a necessity. But even there we are flying coach and staying in AirBnB

Details please! Many trips annually, or one big trip a year, etc? We went to Thailand last year and spent about $5k (family of 4) for 3 weeks including airfare, so genuinely curious how much more you get for considerably more money! Thanks!

I have no idea how you do this, teach me your ways. We spent 20k on our big trip last year, which was to Switzerland.

We spent 10k just on a week at the beach (house on the beach, tent set up, eating out, gas, etc.)

[Anonymous]

Here is the distribution of net worth in the U.S. based on a Federal Reserve survey. These are for 2016, the latest year available:

Net Worth Percentile 2016 Dollar Cutoff
90.0% $1,182,390.36
95.0% $2,377,985.22
99.0% $10,374,030.10
99.5% $16,115,373.00
99.9% $43,090,281.00

These figures include house and vehicle values but exclude sources of periodic streams of payments from Social Security or pensions.

Whether a particular net worth or not makes you rich will depend on your age and/or income from a salary or periodic streams of payments.

Someone who is retiring with $1 million with no other source of income but social security is not rich and could die penniless from health care and nursing home costs. Someone with that net worth who is 30 and is making $250,000 in an in demand field is at least in progress to being rich.

[Anonymous]

Rich is when you have enough that you can stop working and live the way you'd like to. The amount is irrelevant.

[Anonymous]

Anonymous wrote:Rich, for me, is about accumulated wealth. If you don’t need to work for money, if have a few million saved, I consider that rich. I only know 4-5 households where that’s the case. I don’t know what I would call people with a high HHI but not much savings. In the accumulation phase?

Affluent.

Agree completely. Rich means working for sport. If you want to

[Anonymous]

Anonymous wrote:

Anonymous wrote:For me, a net worth of at least 10 million is rich.
1-10 mil is UMC

Agree.

Fwiw we make between 500-750k depending on bonuses, have a little over 3 million excluding our house, and we live a pretty middle class lifestyle.

Our biggest splurge is travel where we probably spend around 30-40k, which I completely understand is a luxury not a necessity. But even there we are flying coach and staying in AirBnB

This is not a middle class lifestyle. It Is what defines you as rich, LOL!

I'm also guessing your kids college will be paid for by you as well. Agsin, not middle class at all.

[Anonymous]

I prefer saying that we are comfortable.

[Anonymous]

Anonymous wrote:Rich is when you have enough that you can stop working and live the way you'd like to. The amount is irrelevant.

THIS!

[Anonymous]

I feel my kids use the word rich because they dont know better and still have a limited vocabulary. It's a bit low class for adults to use that term. It's well off or wealthy. If you use the word rich, it's a guarantee you aren't it.

[Anonymous]

1m

[Anonymous]

Anonymous wrote:I like to draw a distinction between being rich and being wealthy. If you’re supporting an UMC lifestyle on your yearly salary, you’re definitely rich. If losing your job means that lifestyle would go away, then you’re certainly not wealthy.

This. It’s not usual to have two non-working parents among wealthy people. Didn’t we used to call them the leisure class?

[Anonymous]

Anonymous wrote:Can we not with the salary?

We made 236k last year. Live in a 400k house and have 4 kids and are squarely middle class. In fact some people might consider us lower middle class.

There are several variable involved. How much you make. How many kids. Family money. Assets.

Well you are middle class.
Def not rich. Rich people don’t live in 400k house in DC area.