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

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[quote=Anonymous][quote=Anonymous]I think you need to exclude retirement and college savings (if any).  Presumably retirement isn't cpsomethi g you'd dip into now.  I (not "we"...just my part) have almost a million in retirement alone.  I don't count that.  Like you, I don't include real estate equity in the calculation...and we have 6 homes and a 1/4th ownership interest in an office bldg.  then you ask about the amount remaining, could that sustain you forever if you never worked?  No...so in my opinion you aren't rich. If one of you has needs long term care in your 80's you'd have nothing left in your 90s.  If you divorced, you'd have half of that..,and 1.25 million isn't life sustaining.  We have more than you do and don't consider ourselves rich.  Just keep plugging along...[/quote]

So you don't feel rich because your money is in retirement accounts and you own 6 houses and part of an office building? Now wealth only counts if it is in a bank account, not an investment of any sort?  I get that people are uncomfortable labeling themselves rich, maybe because it feels like "rich" people are supposed to be charitable or philanthropic, or maybe the rap videos and movies have you thinking rich means helicopters and 50 foot yachts. You own 6 houses. You are rich. No, you aren't Bill Gates or Oprah, but 99% of American would gladly trade your place for theirs.

As far as OP - you are rich. You have more at 38 than nearly all Americans will when they retire (if they retire). You could stop working now and be okay. You wouldn't be living a champagne and caviar lifestyle, but 75k/year goes a long way, especially if you are truly frugal. You could do at 38 what most won't be able to do at 60 or 70.  Doesn't matter that it makes you uncomfortable, doesn't matter that you know people who have more, doesn't matter if you aren't satisfied and want more.[/quote]

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