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Reply to "At what net worth are you considered wealthy ?"
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[quote=Anonymous]People are confusing near-term liquid net worth with net worth. The most common DMV $5M net worth is: * $2.5M home with $1.5M mortgage ($1M) * $2M retirement funds * $500K 529 $ $1.5M brokerage Only the $1.5M is accessible. Risk-free that throws off $60K per year. The mortgage payment on the above is $110K per year. This means you need an income of $300K to live, minimum. That's not wealthy. At $10M, you're throwing off $260K / year. Now you're wealthy.[/quote]
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