What does it take in terms of assets, abilities, and/or income for you to consider them wealthy?
It’s always “wealthier than us”, isn’t it?
But I’d say whenever you have no money worries, that’s wealthy. Like you could retire today if you wanted and not just survive but buy a new car or house if you wanted to, go on a long vacation, anything that just needs money to do is within your reach. Never have to say no simply because of money. That is what I define as wealth (financial wealth) and it’s different amounts in different places.
Anyone who can forego any form of future income and live off their current wealth for the rest of their life in relative luxury/comfort.
My definition for myself to be rich is:
I have enough money that I can pay someone(s) yearly wage to manipulate my wealth into enough money to cover their salary and then some.
Wealth is the feeling of having all your needs met and being satisfied with life in a stable and permanent way.
You’re not really wealthy until you can raise your own legion.
The tiers for me are: Doesn’t worry about money -> Doesn’t work -> Can afford a US senator to protect money. There are not titles for this kind of thing.
Depends entirely on where you live. In my part of the world, a decent 1800 SF house goes for around $1.5M.
There are two thresholds that matter: “rich” is where you no longer have to really think much about money on a day to day basis, and “wealthy” is where you no longer have to work for a living. Both thresholds depend on your expenses and the lifestyle you’re looking for, I guess
I was about to type something very similar, but switching words. “Wealthy” to me implies having enough wealth to not really worry. “Rich” makes me think of Lamborghinis and yachts and mountains of cocaine.
I liked it back when the aristocracy was just called the “leisure” class. At least they didn’t spend their time playing at being an executive and pretending they earned what they have.
$5 million of spare money. Not net total wealth but actually $5 million investable dollars.
At that point, I’d you stick that money in a very conservative and safe brokerage account allocation, 5% return per year is $250k. That is a higher salary than almost anyone needs, meaning you can live very comfortably without working. You can’t buy a yacht but you can be “done” and so can your children and their children if they aren’t stupid.
If you choose to work, then you can just reinvest that $250k and let compound interest do its thing and get richer. Lucky you.
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We need a new word beyond rich. Everyone takes rich as a personal achievable goal.
We need a word for someone who has more money than is healthy. An easy to use word.
They are so rich they no longer know the cost of things. They can’t relate to their neighbors. They no longer need to be a part of their community to survive.
Jeff Bezos is a
That’s a good one
I consider anything above $500k to be “well off”. Once you start to pass $10M, that’s truly wealthy. $1B rhymes with obscene
Bezos is not wealthy. He just has a lot of money. I can’t imagine he’s found any real happiness with it. Sure a brand new Ferrari every week can buy you some happiness, but that’s short lived.
The man has a serious mental illness that will not be addressed, because he has too much money and power for anyone to be allowed to tell him he’s ill.
Billionaires are a danger to themselves and others. They should be admitted into a mental hospital against their will and they should be treated until they are cured.
This isn’t even a “CEO bad” joke. I honestly believe it’s a mentally disorder. Or maybe a specific mix of different disorders and unfortunate environments, circumstances and enablers.
If you can basically do whatever you want and the cost is of little to no concern, you’re rich.
What if you don’t have to work and you can fly to Europe for vacation without much worry, but you can’t fly first class without worry?
Cost is a concern then.
Ok, so not rich at that point.
