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What net worth do you consider financially wealthy?

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  • #31
    this thread is really dumb.

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    • #32
      You are more likely to feel wealthy at a given income or net worth if it comes along with low expenses (ie. employed or non-office hospital based well compensated specialty).

      For example, an orthopedic surgeon married to a vascular surgeon may fall into that category.

      I don't necessarily feel that way despite good NW and income, as there are significant annual expenses associated (business, commercial real estate and furnishings, associated property/business taxes, etc.). Feels like, however overblown, a few missteps can cost one everything. Proportionately large expenses pose a risk despite attached reward (ie. passive income, inflation protection).

      That may be why you can be wealthy by definition but not feel that way. Doesn't mean you aren't, just may mean you have more to think about every day.

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      • #33
        The biblical “Who is truly rich? He who is satisfied with his lot.”
        My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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        • #34
          Alternatively, if we must go there, it’s the ability to live and satisfy one’s needs without having to earn money.
          My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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          • #35
            I was just listening to a podcast that pointed out that by making 50,000 a year, your income is in the top 1% of the world's income.  Wealth is all relative and subjective, a person is wealthy when they have more then the person sitting next to them.  I like the quote from one of the wci podcasts guests  who said that he had more then his wealthy friends had because unlike them, he had "enough".   "Enough" to buy most of what you want and everything you need and being content with your finances classifies you as wealthy in my book.  I don't think that anyone can ever buy everything they "want" because what they want tends to grow to just beyond what they can afford.   It's human nature to "want" what you cannot have.

             

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            • #36
              Define wealthy.
              Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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              • #37
                That’s the topic of this thread.

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                • #38
                  Sorry, I didn’t mean the literal number - I just wondered how you define what that number means to you. “Wealthy” is quite subjective. Which is why is suspect @fatlittlepig may have commented this thread is really dumb - there is no context to “wealthy”. That is the more interesting question - but you’re right, not my thread.
                  Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                  • #39
                    Different people define financial wealth differently, which is why I posted this question. I’m curious on how others define wealth. I personally think of someone with net assets (outside primary residence) of worth more than 30 million as wealthy.

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                    • #40




                      You are more likely to feel wealthy at a given income or net worth if it comes along with low expenses (ie. employed or non-office hospital based well compensated specialty).

                      For example, an orthopedic surgeon married to a vascular surgeon may fall into that category.

                      I don’t necessarily feel that way despite good NW and income, as there are significant annual expenses associated (business, commercial real estate and furnishings, associated property/business taxes, etc.). Feels like, however overblown, a few missteps can cost one everything. Proportionately large expenses pose a risk despite attached reward (ie. passive income, inflation protection).

                      That may be why you can be wealthy by definition but not feel that way. Doesn’t mean you aren’t, just may mean you have more to think about every day.
                      Click to expand...


                      I'm not really following you here.  You refer to an orthopedic/vascular surgeon couple's income AFTER expenses.  Then you refer to your gross income BEFORE expenses and you don't feel as wealthy.  Well, duh.  You can't compare W2 income to gross business income before expenses.  Perhaps you like referring to your gross income because it's a larger number.  And you also like boasting about how large your "expenses" are.  In reality, the only thing that matters is the difference between these 2 numbers in terms of actual income and the value of your business as an asset on your balance sheet.


                      Perhaps your gut feeling is correct.  You aren't as wealthy monetarily as a salaried ortho/vascular couple.  That feeling your having stems from looking at your gross income before you pay your staff, pay your office utilities, buy supplies, etc.

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                      • #41
                        I’m curious on how others define wealth.

                        but why...... what does it add to the general knowledge pool?

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                        • #42
                          Wealthy: a point where a 50% haircut to your NW (ala next crash) has no effect whatsoever on your spending and retirement plans.

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                          • #43
                            Next we should debate if mj or lebron is better.

                            Who cares

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                            • #44
                              Clearly mj and no need to even have the discussion

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                              • #45




                                Clearly mj and no need to even have the discussion
                                Click to expand...


                                agree, this is the only correct answer. and i dont even care about the nba.

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