Reply to At what net worth are you considered wealthy ?

Forum Index » Money and Finances

Reply to "At what net worth are you considered wealthy ?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]$10M for a household.  $3M for a forever single person with no kids.  [/quote]

Answers like this are so stupid.  According to Kiplinger's, a NW of $2.5M puts you in the top 2% of all households.  So by this PP's logic, a lot of the top 2% wealthiest households in the country aren't "wealthy."

[url]https://www.kiplinger.com/personal-finance/605075/are-you-rich#:~:text=People%20with%20the%20top%201,The%20top%2010%25%20had%20%24854%2C900.[/url][/quote]

2.5M provides 80 - 120k/yr if done right. That is hardly wealthy.

You need to figure out how much money do you need to create a stream of income that allows you to live freely and not worry about money.

In many instances, 300k - 500k would allow people to live fairly freely and not worry to much about money. Travel, treating the kids, etc. [b]That requires about $10M liquid. [/b]

[/quote]

why does it need to be liquid? You could own $10mm of real estate free and clear that puts of 6% and you are at $600k a year. If you bought with 50% debt @5.5% and $5mm of cash you would have ~$325k annually after paying your mortgage. [/quote]
Please tell me where in the DMV real estate is throwing off 6%.  That would mean a rent of $5000/mo for a $1M value home.  [b]That's... not the going rate[/b].  Commercial?  That hasn't been doing so well the past few years, either.[/quote]

What's the purpose of the ellipsis here? [/quote]
The ellipsis is meant to point out that if you believe that you can have a RE portfolio in the DMV that throw off 6%, you are deluded.  This region has terrible rent to property value ratios for landlords.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics