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Reply to "What do you consider rich vs UMC?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]For me, a net worth of at least 10 million is rich. 1-10 mil is UMC [/quote] This is ridiculous. If you have a net worth of greater than $600,000, you're in the top 20 percent of Americans. So obviously, if your net worth is more than $1 million, you cannot be described as middle class, no matter how you modify it.[/quote] This depends on age and income. If you retire at 65 or 67 with just social security and $1 million in assets (including house), you are not rich and could die penniless.[/quote] I agree with this and I have more like $100k in assets, because I'm young. Age matters when people are responsible for funding their own retirement and potentially nursing home care.[/quote]
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