I consider our family to be rich since we have a nice house, three cars, health and life insurance, and can afford all the things that make life enjoyable and comfortable. We still have to work and save for retirement but we are living the American Dream.

HHI also about $350K and I too consider us rich. We lack for nothing.

Anonymous wrote:

Anonymous wrote:$1.2M or so. Don't consider myself rich. Multiply that by 10 - where arguably a $300K+ a year income is achievable on the interest alone and I'd consider myself rich. (To me being rich means not having to work for a living)

+1 on living off of interest/investments would make me feel rich too - and about the same amount as the pp as to the ideal goal number

+2. This is about our net worth and I still worry about having enough money.

Our HHI is over $300K, and I do consider ourselves rich because it would be silly to say we are poor or middle class.

I wish I considered myself rich........

Who knows what rich is really? I know it's not us, at least in financial terms, since our HHI is under 150k and we've got two kids in college. I think if I had $300k annually I'd feel rich, but maybe not? Most people just expand their wants and expectations to meet whatever level of income they have.

Anonymous wrote:How much do you think living DC area that one considers him/her self rich? $2M? $4M? $10M?

SInce you are only talking in financial terms. Yes, I consider us to be rich. We have $1.7M in house value and retirement savings, plus most of college is saved. HHI is $150-$180k on one income for the past ten or so years. Our children are in HS.

Anonymous wrote:

Anonymous wrote:$1.2M or so. Don't consider myself rich. Multiply that by 10 - where arguably a $300K+ a year income is achievable on the interest alone and I'd consider myself rich. (To me being rich means not having to work for a living)

+1 on living off of interest/investments would make me feel rich too - and about the same amount as the pp as to the ideal goal number

Sounds about right.

Anonymous wrote:$1.2M or so. Don't consider myself rich. Multiply that by 10 - where arguably a $300K+ a year income is achievable on the interest alone and I'd consider myself rich. (To me being rich means not having to work for a living)

+1 on living off of interest/investments would make me feel rich too - and about the same amount as the pp as to the ideal goal number

I think there was a wealth management survey published recently that concluded people start feeling rich once that have about $5M.

$1.2M or so. Don't consider myself rich. Multiply that by 10 - where arguably a $300K+ a year income is achievable on the interest alone and I'd consider myself rich. (To me being rich means not having to work for a living)

Oh, no. this like the "what do you consider middle class" thread in reverse.

And on it, it always becomes painfully clear to me that there are so many wealthy people in this region who don't consider themselves wealthy.

No, being "rich" does not mean you can "do whatever you want." Because then NO ONE would qualify as being rich, because there is always a rate and level of spending that could deplete even the wealthiest people.

"Rich" is a comparative term. And most people who claim not to be rich on this forum are, actually, rich because of where they fall. They just don't "feel" rich because they live in a wealthy area. But they don't realize that if they weren't rich, they couldn't even live where they live.

W/ network a little bit over $1M, I don't consider myself rich at all. Also at this rate, I don't think I'll ever be "rich" for the rest of my life.

It depends on what you want to do and what your standards are.

IMO "rich" can mean you have so much money that you can do whatever you want and not worry about it. By that standard we're talking at least $10M + IMO.

OTOH, by any normal standard if you have $2-3M and can live a comfortable middle class+ existence without working and worrying about paying your mortgage, etc., to the vast majority of the world you are "rich."

There is no one answer to your question.

How much do you think living DC area that one considers him/her self rich? $2M? $4M? $10M?