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Reply to "Ok DCUrban Mums. What is Rich"
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[quote=Anonymous]My first thought: if you have to talk about earned income, you're not rich. Rich is defined by the streams of money that come in even if you never get out of bad, and that will continue after your death. I am not rich. Rich people own private jets and mega yachts, or if they don't, they easily could without any significant hit to their passive income. We live in a lower-COL area compared to most on this board. Partly because of this, we have been able to convert our approx. $225k income into $2.7M invested and a mortgage-free $600k house. We are 40. That's certainly not rich, and nothing about our lifestyle would suggest otherwise. On the other hand, compared to most people in our neighborhood and circles and with similar earnings, the fact that we typically have investment earnings that exceed our annual living expenses puts us in a stronger financial position. I'd say that we're quickly becoming financially independent; perhaps we are already, and that's good enough for me. [/quote]
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