What net worth do you consider financially wealthy?

[hightower]

benign_user wrote:

What net worth do you consider financially wealthy?

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25x your annual spending (assuming your net worth is all investable assets and not home equity).  The definition of financial independence.  If I don't have to work anymore because I can live off of my investments...that's the definition of wealthy to me.

Anything more than that is just play money.  The kind of wealth that some people enjoy is hard to wrap my head around.  Even a net worth of $100,000,000 is craziness and there are lot's of people with way more than that these days.  That means you could pay yourself $4,000,000 a year for life and never have to worry about running out of cash.  I don't know what I'd even do with that kind of income other than travel constantly.  I guess I'd save up and buy a few pieces of real estate in places I love to travel frequently (definitely a house in Hanalei Bay Kauai and probably a place in Europe somewhere), but outside of that, I'd be left with millions a year scratching my head what to do with it all.  Sure, I'd buy a couple of crazy nice cars (vintage cars from the 1930's or 40's).  But, still, I'd have more cash than I know what to do with.

[Jack_Sparrow]

I have the exact same outlook as Hightower. 2-3 million is considered wealthy to me. Once you hit a point where you never have to work a day in your life again and not go hungry is considered wealthy to me.

There always a bigger house, car, boat you can buy, but as long as your not in a bad neighborhood, have a car that isn't a beater and your floating on the lake in something, I think you've got it made.

 

[EntrepreneurMD]

Enough to be able to provide meaningful philanthropy.

Enough to know I have plenty of good choices.

Enough to know I can get it, but won't bother.

Enough to say I'm fully content today and for the foreseeable future.

[benign_user]

I agree with the other posters here, our time is limited here so we should feel financially wealthy once we hit 30X expenditure, as long as expenditures are resulting in a comfortable lifestyle (which I would argue is at least 100K/year of spending).

[MPMD]

If you are worth a million dollars you are in the top tier of wealth in the wealthiest country in the world.

It doesn't matter how you feel or whether or not you chose to consider yourself wealthy.

[q-school]

is wealthy=FI/RE number?

personally i feel like there is FI/RE and a significant gap between what i would consider wealthy.  I think of wealthy as generational, don't have to work another day and can have a pretty high lifestyle.  potentially at risk for kids never working and living off trust funds.

 

[wideopenspaces]

I agree with mpmd. I think most people would look at my life/ household income/ networth and say we were rich and I couldn't disagree.

[fatlittlepig]

any physician who lives below their means is wealthy.

[benign_user]

fatlittlepig wrote:

any physician who lives below their means is wealthy.

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I disagree, by your logic anyone living below their means is wealthy. If that's the case, the guy living on minimum wage is financially wealthy as long as he eats cat-food and lives with his mom.

[fatlittlepig]

benign_user wrote:

any physician who lives below their means is wealthy.

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any physician who lives below their means is wealthy.

[benign_user]

fatlittlepig wrote:

benign_user wrote:

any physician who lives below their means is wealthy. 

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any physician who lives below their means is wealthy.

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So that physician who is making minimum wage, eating catfood, and living with his mom is wealthy?

[ajm184]

benign_user wrote:

So that physician who is making minimum wage, eating catfood, and living with his mom is wealthy?

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a. How many physicians in the US fit your criteria?

b.  US Physicians have the training/capability to out-earn most professions from day 1.  If a physician chooses to earn minimum wage, that is their choice.  Similar to the person who goes to Harvard (and takes on significant student loans) to be a social worker.  One can make such choices, but then don't whine about not understanding the financial consequences of said choice(s).

[burritos]

Kamban wrote:

$10M

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Is this including a paid off primary home?

[Infinity]

I consider annual incomes in the top 1 percentile ~$400k/yr as "Rich"

and net worth in the top 1 percentile ~$10 millions as "Wealthy".

[benign_user]

ajm184 wrote:

benign_user wrote:

So that physician who is making minimum wage, eating catfood, and living with his mom is wealthy? 

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a. How many physicians in the US fit your criteria?

b.  US Physicians have the training/capability to out-earn most professions from day 1.  If a physician chooses to earn minimum wage, that is their choice.  Similar to the person who goes to Harvard (and takes on significant student loans) to be a social worker.  One can make such choices, but then don’t whine about not understanding the financial consequences of said choice(s).

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Quite a few physicians who own their own practices are running in the negative and are closing up shop. I know more than one self-employed physician who are basically making minimum wage and are going bankrupt.