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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I think this thread clearly shows that most people think $2.5 million is rich and set for life.

Most people could happily live the rest of their lives with this. Especially if they are willing to move. Working is optional, not required.

Some people say this is not enough. Those people probably want expensive homes, private school, luxury vacations, etc. etc.
[b]
So the final answer is that this is rich for most people, but not all.[/b][/quote]

See that's really the rub. Most of the people who think this is rich don't actually have that kind of money. If they did, they would either run through it and be poor again (see below link re lottery winners), or, if they are smart, they would come to the realization that $2.5M is not really rich.

http://usnews.nbcnews.com/_news/2013/05/17/18323470-what-could-happen-to-you-tales-of-big-lottery-winners
[/quote]

This depends on your use of "smart." If you mean "behaving or talking in a rude or impolite way: showing a lack of respect for someone", then I would agree, the rude person would insist that they, with 2.5 million + house are not rich.

If, however, you meant smart as in "very good at learning or thinking about things: showing intelligence or good judgement" I believe you are wrong. In this scenario the smart person would realize that they were in fact rich, fortunate, and that if they didn't want to work again they didn't have to.

We are in one of the most affluent, educated, employed areas in the country. Fairfax county's median household income is 107k.  That means that it would take the average family 25 working years to make that 2.5 million. Not to save it, just make it. Before taxes, childcare, food, utilities. The National median income is 52k (per census.gov for 2007-2011). So that is 50 years of their income. How is that anything other than rich? How can it be middle class if you have more money than the median household in the us will MAKE in 50 years?[/quote]

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