Reply to At what net worth are you considered wealthy ?

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[quote=Anonymous][quote=Anonymous]I think it depends dramatically on age.

A 25 year old with a net worth of $750k is pretty wealthy, I think.

A 65 year old who is retiring this year with a net worth of $750k ($250k in savings and a $500k paid off house) is not.

Let's start with a recent retiree (where the bar is highest). A quick google search says that it's recommended you have 10x your income saved for retirement. An upper class income starts at... say, $250k. So that would mean $2.5 million. Throw in a paid off house valued at $500k, and I think $3 million sounds like the right cut off for wealthy at this age.

At age 50, the recommendation is six times your income. So, now that's $1.5 million. Your $500k house is also mostly paid off at this point, so let's call it $2 million

At age 30, the recommendation is your annual salary. So $250k, plus lets say you've paid off half your house, for another $250k, so $500k?

So I guess that's my bottom line:

Newly retired: $3 million or more
Age 50: $2 million
Age 30: $500k

But honestly, I look at income. If you throw your money away, even though you've been making a good income for years, you're still rich, you're just an idiot. [/quote]

Lol that you think most 30-year-olds have homes that are 50% paid off.[/quote]

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