Reply to Washingtonians say $3 million = "wealthy", $720K = comfortable"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So, in a few years, when I retire, I can take my 2 mil in 401K + 500K home equity, and move elsewhere and be rich?[/quote]

I mean, I think you're being tongue in cheek here... but, yes.  Of course you could be rich with $2.5M NW in many many parts of the world.[/quote]

Our net worth is about $4.5 million, yet my spouse and I  still work full time. Yes we are wealthy but that doesn't mean we can retire now, in our late 40s, so who cares what demographers call us?[/quote]

Actually you could retire now, in your late 40s and have a quality of life better than 95% of Americans.[/quote]

Assuming you were returning 7-10% on your 4.5 million, you are talking about 315-450K per year which would fund one heck of a retirement.  Even a conservative 3% is 135k.  Assuming a paid of mortgage that is an excellent retirement as well.[/quote]

About $3 million of it is liquid and yes our mortgage is paid off.  We feel very fortunate and know we are.[/quote]

May I ask how you got to 3 million and a paid off mortgage?  [/quote]

You may :-)  Two lawyers, now in our early 50s, both of us continued to work full time once we had kids. One government, one in house. We have lived in the same house for 17 years (paid it off 12 years after purchase); never traded up. We drive a Honda and a Toyota, both made in the past decade. I saved 50% of my income when I was single. Now that the childcare paying years are over, we are back up to saving 40% of our net income.  Investments are in index and target date funds.[/quote]

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