Are you Rich?

[Anonymous]

Pp again. We bought our house pre covid for 2.5m and put 500k in renovations. House is worth 4.3m on Zillow.

[Anonymous]

Yes, but not super rich.
HHI $400K (attorney and engineer)
NW roughly $2M
House cost $690K in 2011, now worth $1.2m
I wish our NW was higher, but our child has disabilities, and we have sunk a lot of money into therapies etc.

[Anonymous]

Yes, but not super rich.
HHI $400K (attorney and engineer)
NW roughly $2M
House cost $690K in 2011, now worth $1.2m
I wish our NW was higher, but our child has disabilities, and we have sunk a lot of money into therapies etc.

Sorry, if our home value should be included in our NW, rather than separately, it is higher.

[Anonymous]

Anonymous wrote:Stunning how many people have huge NWs on very modest income. Is it all real estate? If so, who exactly is buying your real estate at those prices so you can cash out? No one under 40 can afford anything anymore.

for us, we made a lot more earlier on in our careers, but we did also live in hcol (Bay Area). Still, I tried to be frugal. We are 50s/60, and down to one income $170K. NW excluding home is $3.7mil (home is maybe another $900K). So, not huge by dcum standards, but enough to live comfortably. I want to retire in 2 years at 57.

[Anonymous]

Our net worth just hit 1 million or so. I thought it would feel "rich" but seeing everyone so rich here is a little depressing.

[Anonymous]

HHI: $450K/yr passive taxable income not including income generated in retirement accounts that we don’t have access to yet (Retired Couple in our mid-50s, retired military officer/entrepreneur, spouse retired from Fintech industry)
NW: about $15M ($5M in Roth IRAs & Roth 401Ks, home about $1.9M, vacation home about $700K, $7M in other investments, military pension)
Primary House: $1.15M in 2013

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

We are children of poor Asian immigrants. DH and I studied hard and worked hard. We now have a $2m+ HHI, live in a $4m house and have a $15m net worth.

Compared to other parts of the world, one has so many more opportunities here. Even if you are not academically successful, one can achieve financial success in many ways.

Couldn’t agree more. Academics and where you went to college has nothing to do with it. It may open some doors and provide a few additional opportunities in the beginning but after that it’s all on you — ambition, hard work, risk tolerance, seeing and taking advantage of opportunities, etc. There is definitely some luck involved. Of course, not counting if you were born into money or received a large inheritance.

[Anonymous]

Anonymous wrote:

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?

It’s not just about saving, it’s what you invest that savings in that can make a massive difference (real estate, individual stocks, private equity, etc). You’ll need to take some risk if you want outsized returns in a shorter period of time though.

[Anonymous]

Among my friends? Sure. On here? Poverty stricken 😂

[Anonymous]

Anonymous wrote:What’s your HHI and profession? What’s your net worth? How much did your house cost?

Also please include zip code and SSN

[Anonymous]

Anonymous wrote:Pp again. We bought our house pre covid for 2.5m and put 500k in renovations. House is worth 4.3m on Zillow.

I wouldn’t take Zillow’s estimate to the bank

[Anonymous]

Anonymous wrote:Stunning how many people have huge NWs on very modest income. Is it all real estate? If so, who exactly is buying your real estate at those prices so you can cash out? No one under 40 can afford anything anymore.

We maxed out retirement savings options from age 22. We put most bonuses and any random extra windfalls directly into savings without spending. We live frugally and don't have a YOLO mentality. Our house is worth about $1.1M, we paid $650k in 2013. We aren't planning to move any time soon (we are mid 40's) but houses in my neighborhood sell in a weekend at full asking price. So someone is buying them.

[Anonymous]

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

Same! Plus a relatively secure job/ career field, on-track retirement savings (for retirement at 65, not before, alas), and enough left over for a nice vacation each year.

And my kid is a joy: hard working, articulate and polite and funny, loves her mama, accepted to a great college with a full ride. Oh and beautiful... just so heartbreakingly beautiful.

And my partner is fantastic-- affectionate, equal in the household, well-read, has his own friends. I recently took him to a work event and got lots of those "oh damn... her boyfriend is hot" reactions.

So yeah, it doesn't get much richer than that!

[Anonymous]

Technically yes.

It's funny how people have such different perspectives though.

Mid-40s, Income around $1M, NW ~$5.5M (but some is very illiquid). I don't really feel rich because I know my income could go away and I don't have enough saved to support my family's lifestyle indefinitely.

[Anonymous]

Let me, an actual poor, chime in!

No!

HHI:200k
NW:400kish with some in retirement
Fun fact: immigrant fully supporting elderly parents while also having two kids in daycare.

So for all your rich folks enjoy it!

Signed, an actual poor.