Reply to At what net worth are you considered wealthy ?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]For what its worth, I am a "younger" financial advisor and $10M is our "number." It would allow our lifestyle to remain the same even if our kids are younger, private school, etc.

Whenever we that number I am done. For me, there is no point in creating much more wealth. I do not care for multiple homes, fancy cars, etc. I just want to have the time with my wife and kids. Volunteer, Coach, etc[/quote]

I could do all that on less than half that number, easily. [/quote]

You can do all of this out of pocket on $150k a year? (5M @ 3% withdrawal)?[/quote]

Yeah. In a L/MCOL area, though. [/quote]

But the whole idea of being "wealthy" is that your not confined to a LCOL. You can do/live where you want.

$5M does not allow that[/quote]

I would still live in my LCOL area if I had $100M. Wealth means different things to different people. [/quote]

You don’t have the option to live anywhere though, $5M means you’re happy and live a great life..with constraints. [/quote]

Dumb answer.  There's no limit to what "constraints" means.  For some people used to traveling in a private jet, any other method of travel - even first class on a commercial flight - would be an unacceptable constraint.[/quote]

And that is why $10m is the entry point for wealthy.

$50m and you start being able to have FlexJet memberships
$100M + starts with yachts

$5M isn’t much other than a very comfortable retirement. [/quote]

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