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Reply to "Why are people so hesitant to call themselves rich/wealthy when they are by any definition?"
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[quote=Anonymous][quote=Anonymous]To me, terms like "rich" and "wealthy" have more to do with net worth than income. Someone who has $20M in investments, doesn't work, and lives strictly off the income is still much richer than someone who makes $1M a year and spends nearly all of it on mortgages, childcare, staff, vacations, etc. I don't really care how much money you make. I'd rather know what your net worth is. But obviously that is taboo and something people never talk about, lol.[/quote] Agree. Net worth is the right metric. No one in the DMV thinks we're rich because we earn less than $400K but if they knew we had no mortgage or other debt and had a net worth of $8M they'd realize it's all about NW.[/quote]
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