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Reply to "At what net worth are you considered wealthy ?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I would say a liquid net worth of at least 1 million outside of retirement and housing. That amount of money gives a lot of flexibility.[/quote] I hear this a lot, what is the obsession with “liquid” assets outside of retirement accounts? If I have $5M in retirement accounts and my primary home that simply doesn’t count? [/quote] DP.. because wealthy people can quit working and not put a dent in their lifestyle. If you are under 59, and all your money is in retirement accounts and you quite your job, what will you live on? You can certainly pull the money out early and pay a penalty but that eats into your funds, depleting it faster. IMO wealthy means you can stop working and still live the same type of lifestyle. I have $3mil, I can retire now, but I wouldn't be able to have the same lifestyle. I'd have to budget a lot more.[/quote]
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