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      06-21-2021, 08:56 PM   #23
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Quote:
Originally Posted by hdahman View Post
that's I consider wealthy

Lol that's a lot of problems. Lol.
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      06-21-2021, 09:30 PM   #24
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im talking about liquid. rich enough to have your own jet. rich enough not to waste time... fifty, a hundred million dollars buddy. a player or nothing.
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      06-21-2021, 10:26 PM   #25
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wealthy to me is just being able to retire. cost of living is like nothing here in missouri. So 1M invested at 10% annual earnings = 100k per year. subtract capital gains. i come out to $7k take home per month.

plenty. assuming i get to keep my paid off house and gt3/m3.
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      06-21-2021, 11:42 PM   #26
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I think it depends on your mindset, how happy you are with your current life & where you live. I live in California where EVERYTHING is so damn expensive so to someone $5 mil might have them sitting pretty with a big house, land & savings. Not so much here. For me, I could be happy & live comfortably how I want for the rest of my life on $30 mil no problem
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      06-22-2021, 12:52 AM   #27
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Can't really answer this as there are too many variables to consider. 🤷🏽
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      06-22-2021, 04:36 AM   #28
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      06-22-2021, 09:21 AM   #29
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Quote:
Originally Posted by flybigjet View Post
Mmmmm-- maybe not?


My best friend just..... doesn't want to work, despite having a degree in electrical engineering.

He has some savings (although I suspect he's playing around in the market a bit), and he might..... MIGHT have enough investment income to cover his (tiny) mortgage, utilities, food, etc. (although I think Covid Unemployment money might be bridging the gap).

He's been doing this for about five years or so now, so I guess he can "afford to live without needing to work", but he drives a beater of a 15 year-old car, lives in a dilapidated house and would probably be pushed to bankruptcy if he took his girlfriend out to a fancy dinner and show.

Although he meets your definition, I'd hardly call him wealthy.

An idiot maybe, but not wealthy.
I'd call him wealthy. His needs are met and he isn't a drain on society, assuming he isn't getting Covid cash.

Wealthy doesn't have to mean high net worth.
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      06-22-2021, 09:32 AM   #30
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      06-22-2021, 11:23 AM   #31
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NFL players are rich.

The team owners writing the checks are wealthy.

But as others have also pointed out wealthy means different things to different people and there is a wide scale for what constitutes wealthy.

I'd go with "enough to be retired and doesn't have to work in a VHCOL area" as my threshold. Even if they're still working for whatever reason.
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      06-22-2021, 11:51 AM   #32
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On feeling wealthy, someone told me a long time ago that people are generally happy as long as their net worth grows no matter how much money they have. And the object is to maintain and ideally grow your net worth relative to your peers and friends. That is, you become unhappy when you feel your sliding backwards relative to your socio-economic status. Wealth can be a fleeting thing, here today gone tomorrow!
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      06-22-2021, 12:29 PM   #33
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Obviously, I'm working, saving, investing, and we have 2 rentals so I want to be comfortable to retire. As I've gotten older I look at wealth differently. I have friends who are very wealthy and are some of the most miserable people. Never happy. They achieve goal after goal but always searching. I would rather be comfortable and have my friends, family, and health. I don't think there is a price tag that can be put on that.

One of our rentals that we would live in is almost paid off so we could sell our current home, move in there, and travel. We would be just fine. As long as I can travel I'm finding I don't need a whole lot more. I don't really have a magic number. I would defer to my investment guy. I suck at that type of thing
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      06-22-2021, 01:32 PM   #34
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Seems like some may not have realistic ideas of investment returns / interest rates once income stops and preservation of capital becomes a priority.
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      06-22-2021, 01:35 PM   #35
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Quote:
Originally Posted by RickFLM4 View Post
Seems like some may not have realistic ideas of investment returns / interest rates once income stops and preservation of capital becomes a priority.
???
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      06-22-2021, 01:38 PM   #36
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My family has had some real challenges over the last 4 years and I no longer consider "wealth" to be a factor of net worth but rather quality of life and you can have a lot of net worth and worse quality of life than someone with way less.

If I can pay my bills, buy modest toys that keep me interested in passions I have and keep my relationships with my friends and family alive and well, I consider myself wealthy.
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      06-22-2021, 01:52 PM   #37
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First and foremost, anyone with good health is wealthy.

As to asset wealth, I think it's relative and heavily depends on where one lives. In addition, income goes hand-in-hand with assets. I've known folks who were asset wealthy (big ranch), but income poor.

In the final analysis the question needs to be asked, "Is is sustainable."
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      06-22-2021, 01:54 PM   #38
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Quote:
Originally Posted by flybigjet View Post
???
A consistent 10% return in retirement is not realistic and for that matter right now 4%+ without touching savings probably isnít either. Iím not saying everything goes into a CD the day you retire but you canít invest like you have the same horizon as a 30 or 40 year old. You have to shorten up and reduce risk on at least a portion of the portfolio to preserve capital and that will pinch returns more and more as you age.
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      06-22-2021, 02:03 PM   #39
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$20M+ if you don't plan on dying anytime soon. Can be significantly smaller if you do.
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      06-22-2021, 02:08 PM   #40
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Quote:
Originally Posted by ASAP View Post
I take a more practical approach here than most people...
Let's assume, I had a 500K home (paid off) and another $2.5M to live off of for 25 years ($100K a year) if I retired at 50... that's a $3M net worth... the math works for me there... remember, the Goal is to bounce your last check.
You forgot inflation.
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      06-22-2021, 02:36 PM   #41
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Quote:
Originally Posted by RickFLM4 View Post
A consistent 10% return in retirement is not realistic and for that matter right now 4%+ without touching savings probably isnít either. Iím not saying everything goes into a CD the day you retire but you canít invest like you have the same horizon as a 30 or 40 year old. You have to shorten up and reduce risk on at least a portion of the portfolio to preserve capital and that will pinch returns more and more as you age.
Oh-- I get it now. Thanks.

I've heard "4%" to live on from multiple sources-- which is how I came up with $5M to retire as my personal target. That would give you $200,000 per year (not adjusted for inflation) to live on, not including any pensions or Social Security. I'd think you could be comfortable as long as you didn't go crazy.

Maybe not rich/wealthy, but at least, you won't be eating Alpo.

R.
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      06-22-2021, 03:27 PM   #42
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Quote:
Originally Posted by flybigjet View Post
Oh-- I get it now. Thanks.

I've heard "4%" to live on from multiple sources-- which is how I came up with $5M to retire as my personal target. That would give you $200,000 per year (not adjusted for inflation) to live on, not including any pensions or Social Security. I'd think you could be comfortable as long as you didn't go crazy.

Maybe not rich/wealthy, but at least, you won't be eating Alpo.

R.
Yeah but I think the 4% rule includes consumption of the investment or most of it before you check out. $200K would be pretty comfortable in retirement for most!
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      06-22-2021, 03:45 PM   #43
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Quote:
Originally Posted by Fly320s View Post
I'd call him wealthy. His needs are met and he isn't a drain on society, assuming he isn't getting Covid cash.

Wealthy doesn't have to mean high net worth.
^This
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      06-22-2021, 03:59 PM   #44
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Quote:
Originally Posted by hdahman View Post
that's what I consider wealthy

Manny is Def WEALTHY!
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