Reply to In your opinion how rich is really rich?1 M net worth 5 , 10??????

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Way way over $1M.  We are coming up on that, and we live in a small condo with 1 car, relatively little savings, underfunded retirement savings, and almost nothing saved for college.  I'm not complaining, but I'm also not anywhere close to rich.[/quote]

How do you have a net worth of a million dollars if you live in a small condo and don't have any savings? [/quote]

It is easy.  My condo is well-located, and we have a lot of equity in it, so that covers about half a million.  Then, I didn't say that I had no savings, just that I don't have a ton and I am not fully funded.  So we have about $300k in retirement, about $20 in college, and about $40k liquid.  But we aren't currently even able to fully fund retirement, we have a small amount of credit card debt, we can't afford to put any more towards college at the moment, I can't afford to buy a three bedroom where I am, and I can only afford to get a babysitter about once a month  (yes, I could afford one of any of these if I reprioritized, but it would require a shift of lifestyle that I don't prefer).  I'm not saying that I am in a bad financial position, and I live a pretty great life, but I'm certainly not rich.[/quote]

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