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

[Anonymous]

OP here- FWIW, our HH income is around 200k. We got very lucky by buying our first home in 2000, which appreciated tremendously during the real estate boom. We also bought and sold a few properties with minimal down payments within 5 years. That's how we were able to accumulate our assets. All along, we've been savers, maxing out retirement/401k every year. We're definitely not dual income big law, as some might have predicted.

[Anonymous]

Anonymous wrote:OP here- FWIW, our HH income is around 200k. We got very lucky by buying our first home in 2000, which appreciated tremendously during the real estate boom. We also bought and sold a few properties with minimal down payments within 5 years. That's how we were able to accumulate our assets. All along, we've been savers, maxing out retirement/401k every year. We're definitely not dual income big law, as some might have predicted.

AHHAAA The truth is out! You rode the real estate bubble and flipped houses.

Sorry you didn't make it for real.

NEXT

[Anonymous]

How is this not making it "for real?"

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here- FWIW, our HH income is around 200k. We got very lucky by buying our first home in 2000, which appreciated tremendously during the real estate boom. We also bought and sold a few properties with minimal down payments within 5 years. That's how we were able to accumulate our assets. All along, we've been savers, maxing out retirement/401k every year. We're definitely not dual income big law, as some might have predicted.

AHHAAA The truth is out! You rode the real estate bubble and flipped houses.

Sorry you didn't make it for real.

NEXT

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here- FWIW, our HH income is around 200k. We got very lucky by buying our first home in 2000, which appreciated tremendously during the real estate boom. We also bought and sold a few properties with minimal down payments within 5 years. That's how we were able to accumulate our assets. All along, we've been savers, maxing out retirement/401k every year. We're definitely not dual income big law, as some might have predicted.

AHHAAA The truth is out! You rode the real estate bubble and flipped houses.

Sorry you didn't make it for real.

NEXT

Lucky? Sure.... But they made it for real... The money is in an account presumably. Good for them I say.

[Anonymous]

Anonymous wrote:How is this not making it "for real?"

Its like winning a lottery. The money is real but there is no comparable income stream. I still consider OP rich, but it doesn't feel that rich anymore.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How is this not making it "for real?"

Its like winning a lottery. The money is real but there is no comparable income stream. I still consider OP rich, but it doesn't feel that rich anymore.

??

[Anonymous]

I consider rich to be living well/comfortably and never having to work for the rest of your life while maintaining your lifestyle.

[Anonymous]

OP here. Our net worth is what it is. I didn't say we had a huge HH income. It's interesting how people's opinions change once the "truth" is out. I never purported to be rich in the first place. This is precisely why I'm uncomfortable with people thinking we're rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How is this not making it "for real?"

Its like winning a lottery. The money is real but there is no comparable income stream. I still consider OP rich, but it doesn't feel that rich anymore.

??

She doesn't make a lot of money. For me, that's a part of being rich, not just money in bank.

[Anonymous]

http://www.businessinsider.com/17-lottery-winners-who-blew-it-all-2013-5

[Anonymous]

Anonymous wrote:OP here. Our net worth is what it is. I didn't say we had a huge HH income. It's interesting how people's opinions change once the "truth" is out. I never purported to be rich in the first place. This is precisely why I'm uncomfortable with people thinking we're rich.

Well you made it a point to emphasize this part " 2.5 million, excluding our home. "

Because everyone knows that real estate was basically a lottery winning for people who bought before 2005l

[Anonymous]

Anonymous wrote:I consider rich to be living well/comfortably and never having to work for the rest of your life while maintaining your lifestyle.

I really hate when people say this ---- as if anyone who needs to work to maintain their lifestyle is middle class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here. Our net worth is what it is. I didn't say we had a huge HH income. It's interesting how people's opinions change once the "truth" is out. I never purported to be rich in the first place. This is precisely why I'm uncomfortable with people thinking we're rich.

Well you made it a point to emphasize this part " 2.5 million, excluding our home. "

Because everyone knows that real estate was basically a lottery winning for people who bought before 2005l

OP here- I am excluding our home. The 2.5 million is in various bank accounts. The bulk of the money was accumulated through real estate, but excludes the equity in our current home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I consider rich to be living well/comfortably and never having to work for the rest of your life while maintaining your lifestyle.

I really hate when people say this ---- as if anyone who needs to work to maintain their lifestyle is middle class.

+1