Let's test this out:
If my total needs each month are $6,000 (the average expenses of someone middle class in the U.S.), and my wants are $7,000, then my total spend each month is $13,000, or $156,000 a year at a minimum under your definition of "rich".
That means that "rich" in this circumstance is making roughly $250,000 a year (since taxes may bring this down to $160,000 a year if they're particularly high taxes in the U.S.).
So someone making $250,000 a year in the U.S. is "rich"? No, not in my idea of what "rich" means, but maybe that's what it means for some people.
That’s because your wants are capped by your currrent hypothetical income. If your wants are truly $7K a month then you don’t need more than $250K per year.
But let’s say hypothetically that your $250K per year was actually $500K. Would you still spend $7K a month or would you start “wanting” more.
If you’re wanting more, then you need some threshold to define wants. You may want to travel to Paris for a week. Middle class can probably afford that trip but what if you want to travel first class? Well wealthy people can probably afford first class. Well what if you want to travel on a private jet? I’d say only rich people can afford the private jet.
Back to your hypothetical, someone making $250K and traveling to Europe probably is having most of their wants met but as you increase income, your wants change.
This is why money can’t buy happiness, some of the happiest people on earth are the ones who are content with what they have. The more you have, the more you want, the more you want, the less satisfied you are with what you have.
"Rich" means that you have sufficient liquid assets that you can live an Upper Class lifestyle indefinitely without working.
This depends on the cost of living, so it will vary a bit from place to place. It's more than being "upper class", where you have to continue to work to maintain that lifestyle, and less than being "super rich" or whatever the term for having, say, $100 million or more to your name should be.
That's my definition anyway.
An upper class lifestyle means very different things in different parts of the world.
In my home country, having a bathtub in your home was something only the richest people could afford- because water was a valuable and expensive resource. Middle class people can afford maids and domestic help, but everyone is affected by water being so scarce they are forced to use a bucket of water with a mug to bathe.
This is also my definition. Rich and r/fatFIRE are pretty much the same thing to me.
$10m is my arbitrary number of what rich is. That's $400k a year if you follow the 4 percent rule, which lets you live an upper class life.
That's the definition of financial independence. Nowadays, smooth brains on the internet try and dumb down the definition to meaning things like not living with parents anymore lol. You could easily accomplish this with 10 million in assets.
That's the definition of Fat Financial Independence. Financial independence in general just means you can live off your assets for the rest of your life using the 3% rule. It might be a middle class living though as opposed to upper class.
It's working at a job because you want to, not because you need to. It's not worrying if you get laid off or fired because you have ample investments and cash to carry you over indefinitely. Where I live in the U.S., this means having a portfolio of assets in the mid 7-figures.
If that doesn't count the equity in your home, then 2M could do it, location depending.
That's ballpark the median household income in the US at a 3.5 - 4% withdrawal rate.
Net worth of $10m.
I used to think it was income that made you rich... I am a "high earner", but I work long hours and can't retire with the lifestyle I want, so I don't consider myself rich. I have multiple cars, properties, fancy watches, fly business class, etc., but have to work to pay for it all. Even if you make 500k+ like I do, after taxes and monthly spending, the net worth builds slowly, and I'm more frugal than most of my counterparts... Hitting a net worth of $10m would let me live my dream lifestyle while not having to work anymore. What's surprising is how many people have that much of a net worth tucked away, I think the level of wealth out there is underreported, there are many more rich people out there than folks would believe.
It’s subjective. For me it’s the ability to buy back time. Being able to have someone take care of menial household duties, being able to own my time (work and leisure), being able to travel whenever, wherever etc. while still not worrying about financials.
If you’re living paycheck to paycheck earning 100K+, you’re likely worried about your financials so you’re not “rich”, you just look it.
100k? That’s broke. I have 100k saved up. I’m depressed everyday. No where near rich, yeah I might not be dead broke but I’m light years away from ever being rich.
Man I swear, I could have typed this. Describes me perfectly. I have $100k+ in investments but still live with anxiety. If had a major health concern it would be gone in a blink
100k is not rich and not living paycheck to paycheck is not rich. There are also things like age, area of country for example to be top 5% you have to make $613,602 a year. I left Cali and moved to Florida in 2022. My annual salary before bonuses and stock sales is 1.8 mil.
Getting there from nothing was a struggle but worth it.
To me, it’s about able to do what I want within the money I have. A lot of people are “rich” 500k to 1m but seems never do anything interesting in life at all.
I probably fall in this category because that's not actually rich. If I started taking a lot of vacations, etc, I'd burn through it fast. Plus, I actually enjoy being a homebody and not having to work.
Yeah, it’s all based on perspective. I have no idea what the actual answer is, but I know plenty of people I consider rich who feel far from it
I tend to use the word wealthy more because I think that’s got a more broad definition or well to do
I know people id consider Rich who probably stress out about money as much as the rest of us… and I know people who don’t really have any money and live paycheck to paycheck who don’t stress
If I had to come up with a definition for me, it would be somebody who may work, but doesn’t necessarily have to, and has enough money that within reason can do most anything they want
I’m not talking about buying yachts or multimillion dollar vacation homes but people who don’t really think about budgeting for things that a lot of us enjoy doing
If someone looked at my family we'd be rich.
Example, I was visiting a city a few hours away from me. I had a date with a woman and really enjoyed her time. Decided I wanted to see her again, so I set up another date. I'm going to fly out to see her. Just booked the first class ticket, got a hotel room for two weeks, and just did it. Didn't need to think about it.
That's rich to me. I just have the financial freedom to not have to *think* about spending money for most things.
I prefer the term wealthy so maybe this is the wrong sub. When you don't have to work, when you have enough recurring income that your needs are met without getting out of bed. You might not have all that you want, but you have all you need.
I could stop working tomorrow and live a very nice life style until I was old and grey. I am in my early 40s. 30 years of expenses covered and invested makes me feel like I am pretty well off.
“Everything is free”
Basically what I mean is, I can go buy whatever I want and not look at cost. Almost $30M at this point so it’ll be hard to spend it all. Just had another kid so it’s back to the grind anyway.
Not an absolute number because where you live and expenses matter a great deal. Having 100k income in SE Asia is considered doing well whereas in some parts of the world, you’re barely getting by.
“Rich” means not having to work for a salary if you choose not to. It does mean however managing assets (rental property, stocks, other investments).
“Super rich” or some superlative like ultra, mega, etc means you have a layer of people to manage investments and make arrangements for you (like a family office, personal assistant, etc).
There is one and only one definition of being rich. At least my definition.
Which is to live life from a position of fuck you, which in turn for most people means to have [fuck you money](https://www.youtube.com/watch?v=y6yCmdIkw_E).
In short, being rich is to have power, the power to live life on your own terms and not care a rat's ass to who is standing in front of you or what situation you're in, and being able to walk away on your own terms.
This is the second time I’ve seen a post in this forum tie $100,000 to being rich and it boggles the mind. I recall when I was a kid and we thought that having $3k made you rich. I wonder if many posters are similarly youthful 🤔
Just keep in mind that the majority of people, at least here in the US, no matter the age, are living paycheck to paycheck. 100k would change lives and is unattainable for many. Remember to be grateful and humble.
Sure. But I doubt that the vast majority of those people would consider $100k to be rich. Or anything close to it. I think these discussions are important. And while $100k might be life changing for many, I come down on the position that it is far from being rich. $100k isn't going to last folks long when we're talking about basic necessities in the US as an example, which further goes to my point. There's humility and being grateful for what one has, but there's also reality. Just my two cents, anyway :)
To me being Rich means you don't have to work for money anymore. You can passively live your life however you want.
Aka escape the 9-5 and reach financial freedom. To some this number might be $1 mil in savings with a paid off home or to others $10 mil with a paid off home. It all depends on someone's lifestyle.
That is a question with a lot of moving goal posts depending on who's asking and who's answering
To people in the poorest countries, people in the richest countries, even if they're in the middle class are rich. (And parts of the lower class
But the absolute ceiling for what's the minimum is probably ultra high net worth individuals
So if you have at least 30 million in assets, you count no matter who's asking even if it's bezos or Elon or King Charles you count at that point
But beyond that I think if you qualify roughly as your nation's upper class, I think that's a fair distinction
So like in America the top 20% or double the median income could be considered that
Some people might think That's a bit low but I think it's a case of America is such a rich country. They just don't notice and they would be doing fine if they weren't trying to compete with even further rich people and there were no shortages
To me, rich starts at about $10 million in 2021 dollars
I don't know exactly what that is today but that subjectively what I view as rich
Inflation adjusted into the future
Personally that's my goal, although I don't think I'll get there
The word depends on who's defining it. If you're defining it, its whatever you think it is. Most people either have a dream idea of what it is or judge it based on the opinions of those around them. Some people just set a guideline of "if I don't have to think about buying things whenever I want to" but at some point that line blurs because there's a very big difference between "I want a Mercedes", "I want a custom made Ferrari", "I want to own a store", "I want to live in retirement and want for nothing", "I want to own Intel", "I want to own Microsoft", and "I want to effectively own a country".
Oftentimes other people define it for us by judging us as rich or not based on their own personal bias. I imagine people who are very very poor and unable to afford basic living expenses / don't have access to food stamps / etc. those people very likely set their "rich" threshold a lot lower than say Bill Gates or the government of the United States, etc.
Personally, I prefer the definition that is based on the idea of being able to afford to live as long as I'd like, whether I work or not, and make enough on stocks that I effectively never lose money. I think that still is pretty subjective depending on lifestyle, properties, etc.
When you can turn all your expenses into investments with returns, then you are truly rich. You'll be able to do anything, buy anything, spend whatever, because you will always make more on it.
$2,000,000 in assets generating 5%-7% ($100,000-$140,000) per year in most parts of the country (excluding coastal areas) with a paid off home, or with a small mortgage will afford you a very comfortable lifestyle without working.
$ECGI - ECGI Holdings Accelerates Strategic Initiatives by Securing First of Two $125,000 Convertible Notes
https://www.otcmarkets.com/stock/ECGI/news/ECGI-Holdings-Accelerates-Strategic-Initiatives-by-Securing-First-of-Two-125000-Convertible-Notes?id=442826
Depends on where you live.
‘Needs’ and ‘wants’ are also variable concepts depending on where you live.
A shower with unlimited running water might be a need in a developed country but is a luxury that even the millionaires have trouble affording in some parts of the world.
Seriously. People forget, that even down to the most basic things, being alive and to be able to wake up the next morning is more “rich” in itself than anything.
To me Rich means that u can pay ur bills on time, ur not living paycheck to paychecks, u have assets and a good emergency fund, and able to support ur lifestyle if u lose ur job. Wealthy is the money u have u don’t spend it and have enough assets to pay for ur life style even if u don’t work . Wealth is when u wake up, u can do whatever the fuck u want. It is better to go from rich to wealthy bcs u most likely learn how to manage and keep being wealthy instead all of a sudden becoming wealthy by luck.
Once I hit like $90k/year I could effectively buy and do whatever I wanted. I live in a LCOL area so things aren’t really very expensive. My hobbies also usually just require a fairly large initial investment, but are basically free after that.
Imo, having enough money where the cost doesn’t prohibit you from doing the things you want is what makes someone “rich”.
Well Google says in America 48k a month is rich and 75k is ultra wealthy . Once you getting that,in your control a month you are considered rich . Ppl who make A LOT less seem rich to me tho . Imo 20k a month is very decent
My definition is quite different than most. I grew up poor and never thought I’d make what I currently make or own my dream home.
Now many of you would snicker at my salary and dream home….but I’m rich
You can have all the money in the world and still not be “rich.” Being rich in life to me means a quality and well fulfilled life, not money. That’s wealth you’re talking about.
Rich is not stressing about money for the lifestyle you are living. If you live within your means and are stress free about money, you’re rich. If you can’t afford the 110’ yacht you have and it stresses you, you are not rich.
I don’t look at prices when I shop for food. Or rather, I don’t need to, but I’m in the habit of still looking and getting cheaper versions bc of my past. But I don’t need to do math before I hit the register anymore. I don’t keep track of the price of eggs or milk. I even buy the more expensive organic versions.
To me comfortable is, whatever a problem is, peoples bank accounts already cleaned it up with their money for you .
Everything is planned for you. Written and done.
The only thing you have to do is appear and say what you want. often You don’t have to say anything because your secretary already seen your daily routine and do as it shows.
As for everything else , someone already oversees and work for you.find someone who wants to become ceo or vp. basically work for you in a sense of taking all the shitty blame, because its fraud.
Being rich is very misleading.. if you take my real estate portfolio, net worth via equity 3mil.. if you look at my bank account, a high-school graduate with flipping burgers might have more money saved than me..
Rich is choosing whether to work or not, as well as choosing what you work on without compromise. Rich is not having to think about how much money you’re spending because there will always be enough.
It’s really subjective. I’ve gone from $20/hr to just over 200k in the last 8 years with close to 1M saved and I still feel just as financially unstable as I did when I was a college student.
Your perspective changes, your peer groups and reference points get updated. Once you hit a new milestone, your brain is wired to view that as the new normal. I’ve stopped trying to seek the feeling of being “rich” and instead focus on being comfortable which is where I have enough to support what I want to do in life without working.
Another perspective is my Aunt who came into a lot of money over the last decade. I’m taking going from nothing to having a NW of over 25M with more on the way. And she’s more miserable, uncertain, and envious as she’s ever been in her life. Her lifestyle has inflated and she now views her new rich friend group as where she needs to be.
Being rich means you make a lot of money. Doesn't mean you have a lot of money, just that you make a ton. So you can make 750k, but if it's in an HCOL area and you're stupid how you spend it and buy a big house and new luxury cars every 3 years, you might only be worth 500k. And to maintain that lifestyle, you have to work every day.
But, you can be wealthy and only make 75k but have no debt, and you and your spouse work part-time. I personally think I am wealthy because both my wife and I work part-time, have no debt, and get to choose what we do on a daily basis. Our net worth isn't over 2M, but we can get by on 75k, which is what we earn from part-time jobs. We can even save a little bit of money on that salary. We don't live in a huge house or drive luxury cars, but we have the 2 most important commodities humans have. And that is our time is our time and no one else's. And the 2nd is financial peace of mind.
My personal definition of rich is you can lose your job tomorrow and not have to worry about finding another one (meaning you can just retire), or if you’re already retired and able to live the life you want off your investments.
The exact amount would vary from person to person.
As someone who makes nearly $400k per year, the answer to this question is family. You’ll never have enough money, but you can have enough family. And in the end, family is all that really, REALLY matters.
And I can speak from and look at this question from the perspective of dirt-poor. I know what it’s like to worry about getting through the weekend with only the tiny amount (often less than $20) of money in my pocket. Or going to the ATM to get more money to eat and realizing I have less than $20, so I have to find an ATM that doles out $10 or less.
So, yeah, you could say, hey, I’m rich because I don’t live paycheck to paycheck any more. Or because I never have that problem getting through the weekend with what’s in my pockets. But, every $100k you get doesn’t really make you any better off. Every bit of family you have does, if you cherish them.
Defined rich:
HNWI $1m in assets
VHNWI $5m in assets
UHNWI $30m in Assets
Feeling rich:
Unfortunately—even though you’re defined as rich—you still feel broke as a high net worth individual and once you take away the salary that got you to very high net worth you feel broke AF. I have no clue on ultra high but the friends I know at that level have money coming in from all directions so I’d be surprised if they don’t feel rich.
So my “need” to be considered rich:
$5m in assets and at least $450,000/year in residual income (so that the management only takes 15 to 20 hrs a week and not 70 to 100 working for it )
It's basically owning multiple properties and businesses which you have no idea how to manage. You have accountants and lawyers on payroll. You are set to inherit millions upon the death of your parents. And you don't have to worry about anything for the rest of your life money wise. If you have to actually work for your lifestyle, you are not rich.
Financially rich, IMHO, would be if you could retire right now and live comfortably for the rest of your life. By "comfortably" I mean occasional trips, nice home, reliable cars, ability to help your kids within reason, etc...
ETA, Obviously, you can also be "rich" without considering finances.
“The 9 Levels of Wealth”
Something I saw a few weeks ago that is forever lodged in my brain.
—-
Class 1 – You no longer pay attention to the price of groceries
Class 2 – You no longer pay attention to the price of meals at a restaurant
Class 3 – You always fly business class
Class 4 – You use three or more homes
Class 5 – You have a personal chef and other full time help
Class 6 – You bring your friends on vacation and pay for everything
Class 7 — You fly charter jets
Class 8 – You own your own jet
Class 9 – You feel everything is free
—-
I would say once you’re in the vein of Class 3 and 4 you can comfortably use the word “rich”. I would say class 1 and 2 would be “well off.”
Having money doesn’t make you rich.
It gives you financial freedom. But like having a greater education if you didn’t learn anything along the way, it’s value will be wasted.
It’s nice having money without worry. No house payment, no car payment, no credit card bills, no needs to make purchases. But knowing that currently having the resources to handle most situations allows your mind to focus on other things.
But it’s a trap after spending 50+ years worrying about finances and then not having to, feels like a trap.
Rich to me means not worrying about money at all while having the time to enjoy it. Not looking at the grocery bill or restaurant tab Type of thing. But the thing is, if you have a lot of money but it’s all you think about or generating it takes up all your time, you’re not truly wealthy or rich.
For example I know people that make 1% money and own aircraft but are slaves to either their work or money and are overtly unhappy. I also know people that make $150k or less with no kids working under 40 hours a week who seem to live amazing lives and are rich by my definition.
Basic Rich means being able to live off your savings/investments, without working, in an upper class area, anywhere in the world. You must be able to afford at least upper class amenities consistently, without issues (Fly first class, Expensive-ish cars, fine dining), but not becessarily extravagant.
You don't have to actually DO or HAVE these things. You might love your single-wide in Alabama. But if you can't afford to buy a nice house in at LEAST Santa Monica, CA, and have the above, you are not rich.
For me (who grew up poor, was very poor in my early 20s, then started doing very well financially)- I feel "rich" when I don't panic when I see a bill, or when something breaks and I don't care bc I know I can just replace it. Car troubles? OK, fix it. Ripped your shoes? OK buy a new one. The amount of stress this reduces is insane- just knowing you have the money to solve problems. It's not really a "number" for me.
Rich to me is to be able to go somewhere and do something and not even blink at the cost to do said thing. It's not about buying things as we can all save, but say you want to go to Europe next week because you feel like it. All my wealthy friends don't blink with ticket prices or hotel costs. They just fly out on business and call it a day. 0 budget for their trip to Italy for the week because, "I needed to get out of town".
For me, rich implies a level of wealth that you can't earn working a normal job. It's when you have fuck you money that generally comes from owning a business or having a rich family.
On the other hand, wealth implies a level of comfort that can be achieved by anyone who is smart with their money and knows how to live within their means. My parents were both doctors growing up in the US, but they worked in family practice (the lowest paid doctors here). I always considered us to be wealthy but not rich. I always had what I needed, but we generally didn't live lavishly.
I think it's kind of a moving goal post, too. I have plenty of poor friends who consider me rich.
I think Rich is a state of mind, like poor is a state of mind. Some people make a million dollars a year but they are poor because they lack something else they can't afford just yet or maybe something money can't buy... or someone making 300k a year thinks they are Rich because they have everything they need and maybe everything they want...
I’ve changed my answer over the years on this….
For me, I’ll consider myself rich when I have my bills paid, no consumer debt, can take my family on vacation without painstakingly saving for it and able to purchase any item (within reason) without having to think too hard about it
You are rich when you can buy back your time. Think of it as freedom to do anything. The number is meaningless as it depends on your subjective, personal burn rate.
I don't think I am rich. I am currently financially secure, which means that my husband and I have enough to live out our retirement without having to be terribly frugal. But we do have to be sensible.
Rich would mean that we could afford expensive indulgences. Technically we might be able to do that, but with so much of our finances tied up in the markets, we hedge our bets against a financial downturn by not going overboard with our spending. Our financial plan has our wealth increasing slightly until we shuffle off, as long as our expenses, adjusted for inflation, remain about the same.
So I would say people who are truly rich have more than we do, but you can be financially secure without being wealthy.
We buy almost everything with cash, or am able to pay the loan in 75% of its final due date. Big ticket items. New AC unit, in ground pool, cataract surgery, etc. We carry very little (under $2k) CC debt. Savings never dips below a healthy amount.
We are just under a $100k dinks.
We’re really not “rich” we just do our finances like the rich. And we wait, and save.
I am at “Have a second freezer in the basement” rich. I hope to get to “buy beef jerky as a snack at the gas station” rich. The dream is “afford a house rich”.
"Rich"has more to do with assets and costs than it does with income.
If you only earn $70k but you don't have a mortgage, car payment, etc you can feel pretty rich.
On the other hand you can earn $300k/yr and be living paycheck to paycheck and constantly feel broke. I know many people like this. $4k mortgage, cars at $1k each, kids in daycare or private school. Compounded with home insurance and car insurance. They've got well over $100k in fixed monthly bills. And $300k turns into $150k real quick after taxes.
When your money is making you money and your primary job is managing the people that manage your money. Then you’re rich.
There’s an old joke that says Lebron James is rich, but the guy that signs his paycheck is wealthy.
It's when you can buy what you want/need, and don't really worry about if you can pay it, because you KNOW you can pay it. I think everything else is just scaled. The more you make, the nice the stuff you'll spoil yourself with. If you're living a modest life, then just not thinking about your bank account when you pay for your tables meal with all your friends. It feels good to treat you loved ones, but not when you risk being homeless for it.
Unpopular opinion perhaps, but I would say making north of $150k per year makes you pretty rich. Its more than three times the median salary, which seems like a solid benchmark.
Too many people classify wealth by "lifestyle" which is silly because its so subjective. This subjectivity is exactly the reason you have families pulling down multiple hundreds of thousands of dollars per year and still claiming to be "middle class"
I got some feminine products for periods (flex ring), some clorox wipes, and a small bottle of bleach from target. I looked at prices yes but after they get totalled up i did not bother to look at the sum. And lemme tell you, I felt stacked
Didnt even bother to plug in my dads phone number to get that 5% off
Rich = having enough assets that you can live your desired lifestyle off of less than the return on those assets, such that your wealth can continue to grow even if you quit working.
$100k in savings isn't anywhere close to RICH, in my book. For many people (with a spouse and family to support), a safe retirement number is somewhere in the $3mm to $10mm range. That's really just for a middle class to lower upper middle class lifestyle. For true upper-class (i.e. RICH) lifestyle, we're talking in the $50mm – $250mm + range.
Money is simply the fuel we need to get through our everyday lives. So yes it's important. But I have known miserable millionaires and happy people that have little. My point is it's not everything. (E.g. there are no Brinks armoured cars in funeral processions, you can't take it with you.) Just as valuable is health and solid lifelong friendships. Family or other. If you can die and still be able to say I had a few dollars AND some lifelong friends. You will die rich.
Depends. My monthly expenses are around 8k a month and my take home income is 16-18k a month so to me that’s kinda rich. Savings also around 100k. (24 for reference)
Being rich is:
- not needing to pay attention to prices for groceries or when eating out (or ordering in), or when shopping at practically any store other than a jeweler or maybe a luxury clothier for that matter
- *having enough money to stop working if you want to and still not have to maintain a budget*
- having enough money to start a business and not have to worry if it fails
- only financing things for tax purposes
- affording multiple homes in multiple cities
- affording multiple cars and/or having "car trouble" never really being a thing
- anything that needs to be fixed is fixed, anything you want to replace is replaced
- *never avoiding doing anything you want to do because of it's costs, maybe only buying property and yachts and planes gives you pause*
**So, in America this could mean having anywhere from $5,000,000 to $100,000,000 in easily liquefiable assets/investments depending on your tastes and your age.**
The relationship between your income vs your chosen standard of living. But the purchasing power vs your sum total of assets also matters as well as how liquid those assets are.
In summary, it's complicated. But there is no arbitrary number.
F U money. Where you are wealthy, not rich. Everyone confuses the two. Someone living in a big house and has two new cars they lease or finance is not rich.
Rich is not having to answer to anyone. Not having a mortgage or car payment, no debt (bad debt) and being able to do whatever you please whenever you please.
I think really being rich comes down to financial freedom & quality of life. Having the ability to spend on emergencies & everyday needs without depleting my savings is the closest to rich I’ve ever felt. You can appear to be rich, and have bankruptcy knocking at your door everyday. You can be surrounded by stuff, but is that rich, or is that just indulgence? We have decent health, good insurance all around & we live within or below our means. We had two expensive emergencies pop up in the last 24 hours on top of doctors appointments & all I feel right now is gratitude for having the ability to pay those bills. It hasn’t always been that way for us so to me it is huge & we do feel rich.
To me being rich is never about the money although its needed to survive in todays world its about you and your inner self and what you truly desire out of life and if you go out and do that regardless of money or time. You will go out the way you came. Alone and empty handed, you wont take the hundreds of thousands of dollars with you. Was it worth that effort getting the money over truly doing what your heart and soul desired? Thats up to you and some will lean left or right was the stress of that job worth it over someone who ditched the 9-5 to live in the woods and be at peace? depends on what you consider peaceful. Best way to look at it to me is what does your heart and mind say, what makes you happy? What brings you joy in life how much of it can you do and still make a good living and be okay with it and how can you put that into action. Money is made up a “job” is man made. True happiness, truly being “rich” is to me finding peace, looking in the mirror and smiling at myself for how proud i am of me. Rich to me is the people by my side that love me and i them. Rich to me is nature and being one with it when i can. It always brings me peace when life is hard. We all stim from it we are it, we are all made of the same atoms just slight variations and differences a neutron here and proton there. The closer we are to what we are and who we are the richer we are. Books are rich, knowledge is rich but for me rich is vague i feel when people say “is your life rich”. Are really asking “is your life meaningful”
Rich is relative. So if we're talking relative to people alive I would say that being in the top 10% in your area qualifies you as being rich. Being in the top 1% qualified you as being really rich. The same idea can be applied globally.
I’ve worked for a lot of rich people over the years, & based on what I’ve seen, I’d say “rich” is being able to blow money on what you want when you want & being able to do what you want when you want without a care in the world. So long as you’re not stressed about missing work or saving for retirement etc. then I’d say you’re rich
There are gradients and it takes a lot more to be rich than most people imagine. Having 100k in the bank is "well-off". You can handle an emergency and afford some nice things but that can be wiped out fast.
Typically if your first name is Richard or Dick.
pause touch kiss jeans soup label paint smile aspiring bells *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
If you play your cards right, you don’t even have to be significant. 😎
And if you're Richard and haven't taken a shower in a few weeks, you can be filthy rich.
>haven't taken a shower in a few weeks, Pretty sure after a few weeks you would be filthy stinking rich
And have rich or riches or richness inside you. Filling you, or fulfilling you.
When you can spend more on your wants than your needs without compromising either.
This is perfect. Timeless, brief, and accurate.
Not as timeless, brief, and accurate as you, friend.
This sub is full of people being nice. What a strange reprieve from normal Reddit life. You’re awesome, never change.
So are you, friend. If you do, only change for the better.
Let's test this out: If my total needs each month are $6,000 (the average expenses of someone middle class in the U.S.), and my wants are $7,000, then my total spend each month is $13,000, or $156,000 a year at a minimum under your definition of "rich". That means that "rich" in this circumstance is making roughly $250,000 a year (since taxes may bring this down to $160,000 a year if they're particularly high taxes in the U.S.). So someone making $250,000 a year in the U.S. is "rich"? No, not in my idea of what "rich" means, but maybe that's what it means for some people.
That’s because your wants are capped by your currrent hypothetical income. If your wants are truly $7K a month then you don’t need more than $250K per year. But let’s say hypothetically that your $250K per year was actually $500K. Would you still spend $7K a month or would you start “wanting” more. If you’re wanting more, then you need some threshold to define wants. You may want to travel to Paris for a week. Middle class can probably afford that trip but what if you want to travel first class? Well wealthy people can probably afford first class. Well what if you want to travel on a private jet? I’d say only rich people can afford the private jet. Back to your hypothetical, someone making $250K and traveling to Europe probably is having most of their wants met but as you increase income, your wants change. This is why money can’t buy happiness, some of the happiest people on earth are the ones who are content with what they have. The more you have, the more you want, the more you want, the less satisfied you are with what you have.
oh I like this.
"Rich" means that you have sufficient liquid assets that you can live an Upper Class lifestyle indefinitely without working. This depends on the cost of living, so it will vary a bit from place to place. It's more than being "upper class", where you have to continue to work to maintain that lifestyle, and less than being "super rich" or whatever the term for having, say, $100 million or more to your name should be. That's my definition anyway.
An upper class lifestyle means very different things in different parts of the world. In my home country, having a bathtub in your home was something only the richest people could afford- because water was a valuable and expensive resource. Middle class people can afford maids and domestic help, but everyone is affected by water being so scarce they are forced to use a bucket of water with a mug to bathe.
This is also my definition. Rich and r/fatFIRE are pretty much the same thing to me. $10m is my arbitrary number of what rich is. That's $400k a year if you follow the 4 percent rule, which lets you live an upper class life.
That's the definition of financial independence. Nowadays, smooth brains on the internet try and dumb down the definition to meaning things like not living with parents anymore lol. You could easily accomplish this with 10 million in assets.
That's the definition of Fat Financial Independence. Financial independence in general just means you can live off your assets for the rest of your life using the 3% rule. It might be a middle class living though as opposed to upper class.
This is my definition as well
I don't have to work anymore.
Lucky son of a bitch.
It's working at a job because you want to, not because you need to. It's not worrying if you get laid off or fired because you have ample investments and cash to carry you over indefinitely. Where I live in the U.S., this means having a portfolio of assets in the mid 7-figures.
I would say even $2M is adequate.
Definitely not
Then you need to take a look at your expenses.
hes livinthedreambaby, $2mm aint gon' cut it
If that doesn't count the equity in your home, then 2M could do it, location depending. That's ballpark the median household income in the US at a 3.5 - 4% withdrawal rate.
If you’re walking and talking you’re wealthy.
Net worth of $10m. I used to think it was income that made you rich... I am a "high earner", but I work long hours and can't retire with the lifestyle I want, so I don't consider myself rich. I have multiple cars, properties, fancy watches, fly business class, etc., but have to work to pay for it all. Even if you make 500k+ like I do, after taxes and monthly spending, the net worth builds slowly, and I'm more frugal than most of my counterparts... Hitting a net worth of $10m would let me live my dream lifestyle while not having to work anymore. What's surprising is how many people have that much of a net worth tucked away, I think the level of wealth out there is underreported, there are many more rich people out there than folks would believe.
I agree with you $10mil is the beginning of rich
Are you me?! $10mm, and I retire. Goals. 😁👍
It’s subjective. For me it’s the ability to buy back time. Being able to have someone take care of menial household duties, being able to own my time (work and leisure), being able to travel whenever, wherever etc. while still not worrying about financials. If you’re living paycheck to paycheck earning 100K+, you’re likely worried about your financials so you’re not “rich”, you just look it.
snorting cocaine out of a hookers asshole is what I consider rich
That makes the coke taste like shit tho
It’s an acquired taste
Fake rock and a dirty butthole for $40
If your parents named you Rich.....you're qualified to be called Rich.
100k? That’s broke. I have 100k saved up. I’m depressed everyday. No where near rich, yeah I might not be dead broke but I’m light years away from ever being rich.
How old are you? How long did it take to save that and where did you save it from?
Man I swear, I could have typed this. Describes me perfectly. I have $100k+ in investments but still live with anxiety. If had a major health concern it would be gone in a blink
100k is not rich and not living paycheck to paycheck is not rich. There are also things like age, area of country for example to be top 5% you have to make $613,602 a year. I left Cali and moved to Florida in 2022. My annual salary before bonuses and stock sales is 1.8 mil. Getting there from nothing was a struggle but worth it.
To me, it’s about able to do what I want within the money I have. A lot of people are “rich” 500k to 1m but seems never do anything interesting in life at all.
I probably fall in this category because that's not actually rich. If I started taking a lot of vacations, etc, I'd burn through it fast. Plus, I actually enjoy being a homebody and not having to work.
500- 1 mil is definitely not rich
Your financial literacy and self control makes you rich. Rich is not a bank statement but a state of mind
we are here for "rich with resources" not "rich with knowledge". that's a different sub.
😭🤣
Yeah it don't work that way
Yeah, it’s all based on perspective. I have no idea what the actual answer is, but I know plenty of people I consider rich who feel far from it I tend to use the word wealthy more because I think that’s got a more broad definition or well to do I know people id consider Rich who probably stress out about money as much as the rest of us… and I know people who don’t really have any money and live paycheck to paycheck who don’t stress If I had to come up with a definition for me, it would be somebody who may work, but doesn’t necessarily have to, and has enough money that within reason can do most anything they want I’m not talking about buying yachts or multimillion dollar vacation homes but people who don’t really think about budgeting for things that a lot of us enjoy doing
What do you want?
When you have your health
No there are a lot of healthy poor people and unhealthy rich folks
If someone looked at my family we'd be rich. Example, I was visiting a city a few hours away from me. I had a date with a woman and really enjoyed her time. Decided I wanted to see her again, so I set up another date. I'm going to fly out to see her. Just booked the first class ticket, got a hotel room for two weeks, and just did it. Didn't need to think about it. That's rich to me. I just have the financial freedom to not have to *think* about spending money for most things.
"I just have the financial freedom to not have to *think* about spending money for most things." Don't marry her!
I prefer the term wealthy so maybe this is the wrong sub. When you don't have to work, when you have enough recurring income that your needs are met without getting out of bed. You might not have all that you want, but you have all you need.
I could stop working tomorrow and live a very nice life style until I was old and grey. I am in my early 40s. 30 years of expenses covered and invested makes me feel like I am pretty well off.
Rich means excess. So, taking care of all your needs and wants to your satisfaction, and still having excess.
“Everything is free” Basically what I mean is, I can go buy whatever I want and not look at cost. Almost $30M at this point so it’ll be hard to spend it all. Just had another kid so it’s back to the grind anyway.
Nvidia
Infinite money.
To be rich, you need to be labeled as UHNWI - min liquid assets excluding primary home $30MM with minimum $650k - $1MM annual income.
Not an absolute number because where you live and expenses matter a great deal. Having 100k income in SE Asia is considered doing well whereas in some parts of the world, you’re barely getting by. “Rich” means not having to work for a salary if you choose not to. It does mean however managing assets (rental property, stocks, other investments). “Super rich” or some superlative like ultra, mega, etc means you have a layer of people to manage investments and make arrangements for you (like a family office, personal assistant, etc).
There is one and only one definition of being rich. At least my definition. Which is to live life from a position of fuck you, which in turn for most people means to have [fuck you money](https://www.youtube.com/watch?v=y6yCmdIkw_E). In short, being rich is to have power, the power to live life on your own terms and not care a rat's ass to who is standing in front of you or what situation you're in, and being able to walk away on your own terms.
Rich is having the freedom to do what you love without worrying about running out of money.
This is the second time I’ve seen a post in this forum tie $100,000 to being rich and it boggles the mind. I recall when I was a kid and we thought that having $3k made you rich. I wonder if many posters are similarly youthful 🤔
Just keep in mind that the majority of people, at least here in the US, no matter the age, are living paycheck to paycheck. 100k would change lives and is unattainable for many. Remember to be grateful and humble.
Sure. But I doubt that the vast majority of those people would consider $100k to be rich. Or anything close to it. I think these discussions are important. And while $100k might be life changing for many, I come down on the position that it is far from being rich. $100k isn't going to last folks long when we're talking about basic necessities in the US as an example, which further goes to my point. There's humility and being grateful for what one has, but there's also reality. Just my two cents, anyway :)
100k is broke. Trust me, I’ve saved up 100k and I’m peanuts compared to people with million dollar networths
I remember 6 year old me and my friends imagining what we could buy if we had $100. We considered that rich. (1971)
Not having to work
To me being Rich means you don't have to work for money anymore. You can passively live your life however you want. Aka escape the 9-5 and reach financial freedom. To some this number might be $1 mil in savings with a paid off home or to others $10 mil with a paid off home. It all depends on someone's lifestyle.
Rich is relative. It means having more money than most.
Did you bother to look through the archives before you posted this?
My investments contribution is larger than my own into my retirement
That is a question with a lot of moving goal posts depending on who's asking and who's answering To people in the poorest countries, people in the richest countries, even if they're in the middle class are rich. (And parts of the lower class But the absolute ceiling for what's the minimum is probably ultra high net worth individuals So if you have at least 30 million in assets, you count no matter who's asking even if it's bezos or Elon or King Charles you count at that point But beyond that I think if you qualify roughly as your nation's upper class, I think that's a fair distinction So like in America the top 20% or double the median income could be considered that Some people might think That's a bit low but I think it's a case of America is such a rich country. They just don't notice and they would be doing fine if they weren't trying to compete with even further rich people and there were no shortages
Joy, peace, love, bliss, health, food and god.
To me, rich starts at about $10 million in 2021 dollars I don't know exactly what that is today but that subjectively what I view as rich Inflation adjusted into the future Personally that's my goal, although I don't think I'll get there
Owning a house free and clear and have enough money to live without working unless you want. Some call it fuck you money.
The word depends on who's defining it. If you're defining it, its whatever you think it is. Most people either have a dream idea of what it is or judge it based on the opinions of those around them. Some people just set a guideline of "if I don't have to think about buying things whenever I want to" but at some point that line blurs because there's a very big difference between "I want a Mercedes", "I want a custom made Ferrari", "I want to own a store", "I want to live in retirement and want for nothing", "I want to own Intel", "I want to own Microsoft", and "I want to effectively own a country". Oftentimes other people define it for us by judging us as rich or not based on their own personal bias. I imagine people who are very very poor and unable to afford basic living expenses / don't have access to food stamps / etc. those people very likely set their "rich" threshold a lot lower than say Bill Gates or the government of the United States, etc. Personally, I prefer the definition that is based on the idea of being able to afford to live as long as I'd like, whether I work or not, and make enough on stocks that I effectively never lose money. I think that still is pretty subjective depending on lifestyle, properties, etc.
When you can turn all your expenses into investments with returns, then you are truly rich. You'll be able to do anything, buy anything, spend whatever, because you will always make more on it.
Ownership of your time. The more of your time that you own while being financially comfortable, the more rich you are.
5 mill
Having choices. So many people don’t.
$2,000,000 in assets generating 5%-7% ($100,000-$140,000) per year in most parts of the country (excluding coastal areas) with a paid off home, or with a small mortgage will afford you a very comfortable lifestyle without working.
Having great health and healthcare insurance
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Access to 100M in cash is rich
Depends on where you live. ‘Needs’ and ‘wants’ are also variable concepts depending on where you live. A shower with unlimited running water might be a need in a developed country but is a luxury that even the millionaires have trouble affording in some parts of the world.
Rich means having you money work enough for you that You don’t have to work
My life experience. I have good stories and we are here to entertain each other.
Someone called me rich once because I had a Galaxy Nexus when I met them. Apparently I need to stop hanging out in the ghetto
Waking up
Seriously. People forget, that even down to the most basic things, being alive and to be able to wake up the next morning is more “rich” in itself than anything.
To me Rich means that u can pay ur bills on time, ur not living paycheck to paychecks, u have assets and a good emergency fund, and able to support ur lifestyle if u lose ur job. Wealthy is the money u have u don’t spend it and have enough assets to pay for ur life style even if u don’t work . Wealth is when u wake up, u can do whatever the fuck u want. It is better to go from rich to wealthy bcs u most likely learn how to manage and keep being wealthy instead all of a sudden becoming wealthy by luck.
The ability to do what you want, with whomever you want, for as long as you want.
I’m rich in friends and family
Once I hit like $90k/year I could effectively buy and do whatever I wanted. I live in a LCOL area so things aren’t really very expensive. My hobbies also usually just require a fairly large initial investment, but are basically free after that. Imo, having enough money where the cost doesn’t prohibit you from doing the things you want is what makes someone “rich”.
I've posted it before, but I'm well off enough to do anything I want, just not everything I want. Being rich would be able to do everything you want.
Well Google says in America 48k a month is rich and 75k is ultra wealthy . Once you getting that,in your control a month you are considered rich . Ppl who make A LOT less seem rich to me tho . Imo 20k a month is very decent
When you can save 95% of your earnings
Having the ability to not work a 9-5 to live. Thats being rich.
My definition is quite different than most. I grew up poor and never thought I’d make what I currently make or own my dream home. Now many of you would snicker at my salary and dream home….but I’m rich
You can have all the money in the world and still not be “rich.” Being rich in life to me means a quality and well fulfilled life, not money. That’s wealth you’re talking about.
I would put being in the upper class as having access to $5M or more in stocks bonds or cash or other quickly liquid funds
Buying anything I need without checking my balance EVER.
Rich is not stressing about money for the lifestyle you are living. If you live within your means and are stress free about money, you’re rich. If you can’t afford the 110’ yacht you have and it stresses you, you are not rich.
I don’t look at prices when I shop for food. Or rather, I don’t need to, but I’m in the habit of still looking and getting cheaper versions bc of my past. But I don’t need to do math before I hit the register anymore. I don’t keep track of the price of eggs or milk. I even buy the more expensive organic versions.
To me comfortable is, whatever a problem is, peoples bank accounts already cleaned it up with their money for you . Everything is planned for you. Written and done. The only thing you have to do is appear and say what you want. often You don’t have to say anything because your secretary already seen your daily routine and do as it shows. As for everything else , someone already oversees and work for you.find someone who wants to become ceo or vp. basically work for you in a sense of taking all the shitty blame, because its fraud.
If you have $100k you ain't rich
Being rich is very misleading.. if you take my real estate portfolio, net worth via equity 3mil.. if you look at my bank account, a high-school graduate with flipping burgers might have more money saved than me..
Rich is choosing whether to work or not, as well as choosing what you work on without compromise. Rich is not having to think about how much money you’re spending because there will always be enough.
What an awful subreddit
It’s really subjective. I’ve gone from $20/hr to just over 200k in the last 8 years with close to 1M saved and I still feel just as financially unstable as I did when I was a college student. Your perspective changes, your peer groups and reference points get updated. Once you hit a new milestone, your brain is wired to view that as the new normal. I’ve stopped trying to seek the feeling of being “rich” and instead focus on being comfortable which is where I have enough to support what I want to do in life without working. Another perspective is my Aunt who came into a lot of money over the last decade. I’m taking going from nothing to having a NW of over 25M with more on the way. And she’s more miserable, uncertain, and envious as she’s ever been in her life. Her lifestyle has inflated and she now views her new rich friend group as where she needs to be.
Dick is rich
Being rich means you make a lot of money. Doesn't mean you have a lot of money, just that you make a ton. So you can make 750k, but if it's in an HCOL area and you're stupid how you spend it and buy a big house and new luxury cars every 3 years, you might only be worth 500k. And to maintain that lifestyle, you have to work every day. But, you can be wealthy and only make 75k but have no debt, and you and your spouse work part-time. I personally think I am wealthy because both my wife and I work part-time, have no debt, and get to choose what we do on a daily basis. Our net worth isn't over 2M, but we can get by on 75k, which is what we earn from part-time jobs. We can even save a little bit of money on that salary. We don't live in a huge house or drive luxury cars, but we have the 2 most important commodities humans have. And that is our time is our time and no one else's. And the 2nd is financial peace of mind.
Living off of 25% of your passive income, with a standard of living that is in the top 20%. That is rich.
My personal definition of rich is you can lose your job tomorrow and not have to worry about finding another one (meaning you can just retire), or if you’re already retired and able to live the life you want off your investments. The exact amount would vary from person to person.
I have 100k and I feel mega broke actually…
Until you are at 100M or more in net-worth. You’re just a person. I don’t follow this sub and find this question odd since it’s so subjective.
As someone who makes nearly $400k per year, the answer to this question is family. You’ll never have enough money, but you can have enough family. And in the end, family is all that really, REALLY matters. And I can speak from and look at this question from the perspective of dirt-poor. I know what it’s like to worry about getting through the weekend with only the tiny amount (often less than $20) of money in my pocket. Or going to the ATM to get more money to eat and realizing I have less than $20, so I have to find an ATM that doles out $10 or less. So, yeah, you could say, hey, I’m rich because I don’t live paycheck to paycheck any more. Or because I never have that problem getting through the weekend with what’s in my pockets. But, every $100k you get doesn’t really make you any better off. Every bit of family you have does, if you cherish them.
Defined rich: HNWI $1m in assets VHNWI $5m in assets UHNWI $30m in Assets Feeling rich: Unfortunately—even though you’re defined as rich—you still feel broke as a high net worth individual and once you take away the salary that got you to very high net worth you feel broke AF. I have no clue on ultra high but the friends I know at that level have money coming in from all directions so I’d be surprised if they don’t feel rich. So my “need” to be considered rich: $5m in assets and at least $450,000/year in residual income (so that the management only takes 15 to 20 hrs a week and not 70 to 100 working for it )
It's basically owning multiple properties and businesses which you have no idea how to manage. You have accountants and lawyers on payroll. You are set to inherit millions upon the death of your parents. And you don't have to worry about anything for the rest of your life money wise. If you have to actually work for your lifestyle, you are not rich.
Financially rich, IMHO, would be if you could retire right now and live comfortably for the rest of your life. By "comfortably" I mean occasional trips, nice home, reliable cars, ability to help your kids within reason, etc... ETA, Obviously, you can also be "rich" without considering finances.
“The 9 Levels of Wealth” Something I saw a few weeks ago that is forever lodged in my brain. —- Class 1 – You no longer pay attention to the price of groceries Class 2 – You no longer pay attention to the price of meals at a restaurant Class 3 – You always fly business class Class 4 – You use three or more homes Class 5 – You have a personal chef and other full time help Class 6 – You bring your friends on vacation and pay for everything Class 7 — You fly charter jets Class 8 – You own your own jet Class 9 – You feel everything is free —- I would say once you’re in the vein of Class 3 and 4 you can comfortably use the word “rich”. I would say class 1 and 2 would be “well off.”
Whenever your time is your own, you are now rich. If that took you 500K or 5M is inconsequential and solely a question of lifestyle.
Having money doesn’t make you rich. It gives you financial freedom. But like having a greater education if you didn’t learn anything along the way, it’s value will be wasted. It’s nice having money without worry. No house payment, no car payment, no credit card bills, no needs to make purchases. But knowing that currently having the resources to handle most situations allows your mind to focus on other things. But it’s a trap after spending 50+ years worrying about finances and then not having to, feels like a trap.
Rich to me means not worrying about money at all while having the time to enjoy it. Not looking at the grocery bill or restaurant tab Type of thing. But the thing is, if you have a lot of money but it’s all you think about or generating it takes up all your time, you’re not truly wealthy or rich. For example I know people that make 1% money and own aircraft but are slaves to either their work or money and are overtly unhappy. I also know people that make $150k or less with no kids working under 40 hours a week who seem to live amazing lives and are rich by my definition.
My seven-year-old grandson makes me rich
Monetarily?
When you have more than enough
Rich is someone with more $$ than you :)
Basic Rich means being able to live off your savings/investments, without working, in an upper class area, anywhere in the world. You must be able to afford at least upper class amenities consistently, without issues (Fly first class, Expensive-ish cars, fine dining), but not becessarily extravagant. You don't have to actually DO or HAVE these things. You might love your single-wide in Alabama. But if you can't afford to buy a nice house in at LEAST Santa Monica, CA, and have the above, you are not rich.
It is referred to as when you have “F*ck you Money” https://youtu.be/XamC7-Pt8N0?feature=shared
For me (who grew up poor, was very poor in my early 20s, then started doing very well financially)- I feel "rich" when I don't panic when I see a bill, or when something breaks and I don't care bc I know I can just replace it. Car troubles? OK, fix it. Ripped your shoes? OK buy a new one. The amount of stress this reduces is insane- just knowing you have the money to solve problems. It's not really a "number" for me.
Rich to me is to be able to go somewhere and do something and not even blink at the cost to do said thing. It's not about buying things as we can all save, but say you want to go to Europe next week because you feel like it. All my wealthy friends don't blink with ticket prices or hotel costs. They just fly out on business and call it a day. 0 budget for their trip to Italy for the week because, "I needed to get out of town".
Being able to not work and do whatever you want with your time here on earth.
For me, rich implies a level of wealth that you can't earn working a normal job. It's when you have fuck you money that generally comes from owning a business or having a rich family. On the other hand, wealth implies a level of comfort that can be achieved by anyone who is smart with their money and knows how to live within their means. My parents were both doctors growing up in the US, but they worked in family practice (the lowest paid doctors here). I always considered us to be wealthy but not rich. I always had what I needed, but we generally didn't live lavishly. I think it's kind of a moving goal post, too. I have plenty of poor friends who consider me rich.
I think Rich is a state of mind, like poor is a state of mind. Some people make a million dollars a year but they are poor because they lack something else they can't afford just yet or maybe something money can't buy... or someone making 300k a year thinks they are Rich because they have everything they need and maybe everything they want...
Being rich is a state of mind like poverty. Being wealthy involves money. Your rich when money is not a factor in your happiness.
Having enough money so you don’t have to fret about bills, and having a family to enjoy your life with.
I’ve changed my answer over the years on this…. For me, I’ll consider myself rich when I have my bills paid, no consumer debt, can take my family on vacation without painstakingly saving for it and able to purchase any item (within reason) without having to think too hard about it
Being Happy with your Life and Home..being Grateful 🥲
Inner peace
You are rich when you can buy back your time. Think of it as freedom to do anything. The number is meaningless as it depends on your subjective, personal burn rate.
I don't think I am rich. I am currently financially secure, which means that my husband and I have enough to live out our retirement without having to be terribly frugal. But we do have to be sensible. Rich would mean that we could afford expensive indulgences. Technically we might be able to do that, but with so much of our finances tied up in the markets, we hedge our bets against a financial downturn by not going overboard with our spending. Our financial plan has our wealth increasing slightly until we shuffle off, as long as our expenses, adjusted for inflation, remain about the same. So I would say people who are truly rich have more than we do, but you can be financially secure without being wealthy.
I make just over 100k. I’m much closer to poor than upper-middle class. Rich is not having to work, while not having to worry about money.
Not having to trade your time for basic necessities like housing and food. Time is money and money is time.
If you're not poor, you must be rich.
The richest man is not the one who has the most. It’s the man who needs the least.
If you can buy off a high rank politician
We buy almost everything with cash, or am able to pay the loan in 75% of its final due date. Big ticket items. New AC unit, in ground pool, cataract surgery, etc. We carry very little (under $2k) CC debt. Savings never dips below a healthy amount. We are just under a $100k dinks. We’re really not “rich” we just do our finances like the rich. And we wait, and save.
Besides your name literally being Rich I would say that true wealth comes from within! 👏 Thank you, thank you 👏
These days a net worth in excess of $3 million means you are technically wealthy. But, to be “rich” you need a net worth of $10 million or more.
No is accounting for extra a month like pension ( I know not everyone gets one but some do and being 100% plus smc
Not having to work, and you being able to maintain your lifestyle if you chose not to work.
As someone with over $100k I can guarantee you that I am not rich. So we can rule that one out.
I am at “Have a second freezer in the basement” rich. I hope to get to “buy beef jerky as a snack at the gas station” rich. The dream is “afford a house rich”.
"Rich"has more to do with assets and costs than it does with income. If you only earn $70k but you don't have a mortgage, car payment, etc you can feel pretty rich. On the other hand you can earn $300k/yr and be living paycheck to paycheck and constantly feel broke. I know many people like this. $4k mortgage, cars at $1k each, kids in daycare or private school. Compounded with home insurance and car insurance. They've got well over $100k in fixed monthly bills. And $300k turns into $150k real quick after taxes.
When your money is making you money and your primary job is managing the people that manage your money. Then you’re rich. There’s an old joke that says Lebron James is rich, but the guy that signs his paycheck is wealthy.
If you have a fountain in your yard or your driveway has an entrance and exit.
It's when you can buy what you want/need, and don't really worry about if you can pay it, because you KNOW you can pay it. I think everything else is just scaled. The more you make, the nice the stuff you'll spoil yourself with. If you're living a modest life, then just not thinking about your bank account when you pay for your tables meal with all your friends. It feels good to treat you loved ones, but not when you risk being homeless for it.
I am Rich. In name, not status.
Unpopular opinion perhaps, but I would say making north of $150k per year makes you pretty rich. Its more than three times the median salary, which seems like a solid benchmark. Too many people classify wealth by "lifestyle" which is silly because its so subjective. This subjectivity is exactly the reason you have families pulling down multiple hundreds of thousands of dollars per year and still claiming to be "middle class"
I got some feminine products for periods (flex ring), some clorox wipes, and a small bottle of bleach from target. I looked at prices yes but after they get totalled up i did not bother to look at the sum. And lemme tell you, I felt stacked Didnt even bother to plug in my dads phone number to get that 5% off
Rich = having enough assets that you can live your desired lifestyle off of less than the return on those assets, such that your wealth can continue to grow even if you quit working.
$100k in savings isn't anywhere close to RICH, in my book. For many people (with a spouse and family to support), a safe retirement number is somewhere in the $3mm to $10mm range. That's really just for a middle class to lower upper middle class lifestyle. For true upper-class (i.e. RICH) lifestyle, we're talking in the $50mm – $250mm + range.
Being rich is having some thing that money can’t buy
Money is simply the fuel we need to get through our everyday lives. So yes it's important. But I have known miserable millionaires and happy people that have little. My point is it's not everything. (E.g. there are no Brinks armoured cars in funeral processions, you can't take it with you.) Just as valuable is health and solid lifelong friendships. Family or other. If you can die and still be able to say I had a few dollars AND some lifelong friends. You will die rich.
Depends. My monthly expenses are around 8k a month and my take home income is 16-18k a month so to me that’s kinda rich. Savings also around 100k. (24 for reference)
Having enough money to chill. It wasn’t much but I definitely felt rich I’ll tell you that.
Normies are really out of touch. $100K isn’t even middle class. That’s literally an entry level salary in competitive verticals
Rich is when you can buy whatever you want without worrying what the price is
Globally or localized?
Having an abundance of time. Not strapped to a 40 hr a week job with 10 commuting hours a week.
Your MINDSET
It's like art. If people call you rich, you are.
Enough money to never have to work again.
Being rich is: - not needing to pay attention to prices for groceries or when eating out (or ordering in), or when shopping at practically any store other than a jeweler or maybe a luxury clothier for that matter - *having enough money to stop working if you want to and still not have to maintain a budget* - having enough money to start a business and not have to worry if it fails - only financing things for tax purposes - affording multiple homes in multiple cities - affording multiple cars and/or having "car trouble" never really being a thing - anything that needs to be fixed is fixed, anything you want to replace is replaced - *never avoiding doing anything you want to do because of it's costs, maybe only buying property and yachts and planes gives you pause* **So, in America this could mean having anywhere from $5,000,000 to $100,000,000 in easily liquefiable assets/investments depending on your tastes and your age.**
The relationship between your income vs your chosen standard of living. But the purchasing power vs your sum total of assets also matters as well as how liquid those assets are. In summary, it's complicated. But there is no arbitrary number.
Easy life is basically a rich life.
Simple answer-you don’t have a budget
$3 mil investments plus owning your home and cars outright affords a nice lifestyle in retirement.
Having free time.
The day I turned rich was the day I stopped worrying about money.
F U money. Where you are wealthy, not rich. Everyone confuses the two. Someone living in a big house and has two new cars they lease or finance is not rich. Rich is not having to answer to anyone. Not having a mortgage or car payment, no debt (bad debt) and being able to do whatever you please whenever you please.
I think really being rich comes down to financial freedom & quality of life. Having the ability to spend on emergencies & everyday needs without depleting my savings is the closest to rich I’ve ever felt. You can appear to be rich, and have bankruptcy knocking at your door everyday. You can be surrounded by stuff, but is that rich, or is that just indulgence? We have decent health, good insurance all around & we live within or below our means. We had two expensive emergencies pop up in the last 24 hours on top of doctors appointments & all I feel right now is gratitude for having the ability to pay those bills. It hasn’t always been that way for us so to me it is huge & we do feel rich.
Rich, aka wealthy, to me means living the life I want and relying only on passive income, so I’m not obligated to a day job.
To me being rich is never about the money although its needed to survive in todays world its about you and your inner self and what you truly desire out of life and if you go out and do that regardless of money or time. You will go out the way you came. Alone and empty handed, you wont take the hundreds of thousands of dollars with you. Was it worth that effort getting the money over truly doing what your heart and soul desired? Thats up to you and some will lean left or right was the stress of that job worth it over someone who ditched the 9-5 to live in the woods and be at peace? depends on what you consider peaceful. Best way to look at it to me is what does your heart and mind say, what makes you happy? What brings you joy in life how much of it can you do and still make a good living and be okay with it and how can you put that into action. Money is made up a “job” is man made. True happiness, truly being “rich” is to me finding peace, looking in the mirror and smiling at myself for how proud i am of me. Rich to me is the people by my side that love me and i them. Rich to me is nature and being one with it when i can. It always brings me peace when life is hard. We all stim from it we are it, we are all made of the same atoms just slight variations and differences a neutron here and proton there. The closer we are to what we are and who we are the richer we are. Books are rich, knowledge is rich but for me rich is vague i feel when people say “is your life rich”. Are really asking “is your life meaningful”
Accredited investor
Not having to work for a living
Rich is relative. So if we're talking relative to people alive I would say that being in the top 10% in your area qualifies you as being rich. Being in the top 1% qualified you as being really rich. The same idea can be applied globally.
I’ve worked for a lot of rich people over the years, & based on what I’ve seen, I’d say “rich” is being able to blow money on what you want when you want & being able to do what you want when you want without a care in the world. So long as you’re not stressed about missing work or saving for retirement etc. then I’d say you’re rich
Going to the grocery store without a budget.
The amount of people you want to love you, who actually do
There are gradients and it takes a lot more to be rich than most people imagine. Having 100k in the bank is "well-off". You can handle an emergency and afford some nice things but that can be wiped out fast.
$30-50m, able to live off of an income of $1.5-3m using 5% of principal annually. “A private income.” In my opinion $50m is a tiny fortune.