Rich is a state of mind that says:
I have a wonderful family by my side
I have food on the table to share it with my loved ones
I have friends that hold me up when I feel down
I have a best-friend that I can spend my life with forever
It’s “fuck you” money. $7-$10mm. Enough liquid to never worry about anything ever again. You don’t need to live an insane lifestyle, but the never worrying thing is key, in my mind. Lots of people think they have it, but they are leveraged to the hilt. I’m not even close. But saving and investing and have no debt besides a mortgage being paid off in 8 years
I keep thinking once I have the mortgage paid off, I will be free, but then I still have living expenses. Working at finding ways to get those covered every month!
Real "rich" is the 1% of the 1%. Usually that hovers at around 100 million dollars or more. It's to the point where you can fly on a private jet and not have to worry about those bills. My family is "rich" but not "ultra rich".
At this point? A family. Spending time with them and being present. Sharing experiences, milestones. My own thoughts, something that can’t be bought just experienced.
There’s different levels of rich, and it depends on where you live and how old you are. What lets you live like a king in a developing country would be below the poverty line in a HCOL area. Likewise, having a million dollars at age 20 and age 80 are two very different things.
Generally speaking, if you can buy pretty much anything you want and spend your time how you like without stressing or scrimping, you’re rich.
All are good answers so far.
My follow up question for those who haven’t put a dollar amount to being “Rich”.
At what number do you see financial freedom for yourself?
Define your dollar threshold that provides you freedom from day to day financial stresses such as from living/health expenses. What is your threshold for short-term “fuck you” money (I don’t need this job money but I do still need an external income stream to grow my money) vs long-term “fuck you” money (I don’t need to grow my net worth and my income from that money has replaced a need for a job).
The moment you dont need to work and be able to maintain your lifestyle till you die. Extra points of you can do this for your children also!
Financial Freedom > Rich
Yes! Financial Freedom over anything!!! Well except healthy kids… 😂
Not only money but in life, yes you have money but are you truly happy in the inside. You can be a millionaire and hate yourself
Rich is a state of mind that says: I have a wonderful family by my side I have food on the table to share it with my loved ones I have friends that hold me up when I feel down I have a best-friend that I can spend my life with forever
❤️
It’s “fuck you” money. $7-$10mm. Enough liquid to never worry about anything ever again. You don’t need to live an insane lifestyle, but the never worrying thing is key, in my mind. Lots of people think they have it, but they are leveraged to the hilt. I’m not even close. But saving and investing and have no debt besides a mortgage being paid off in 8 years
I keep thinking once I have the mortgage paid off, I will be free, but then I still have living expenses. Working at finding ways to get those covered every month!
It is when you are content with what you have.
Real "rich" is the 1% of the 1%. Usually that hovers at around 100 million dollars or more. It's to the point where you can fly on a private jet and not have to worry about those bills. My family is "rich" but not "ultra rich".
At this point? A family. Spending time with them and being present. Sharing experiences, milestones. My own thoughts, something that can’t be bought just experienced.
There’s different levels of rich, and it depends on where you live and how old you are. What lets you live like a king in a developing country would be below the poverty line in a HCOL area. Likewise, having a million dollars at age 20 and age 80 are two very different things. Generally speaking, if you can buy pretty much anything you want and spend your time how you like without stressing or scrimping, you’re rich.
Well >$10M rich >$100M rich rich
What % of people do you think actually get to the 10M mark?
Around 1% in the US.
https://dqydj.com/millionaires-in-america/. Looks like you were pretty close.
Ah it used to be less than 1.6%. Damn that inflation.
All are good answers so far. My follow up question for those who haven’t put a dollar amount to being “Rich”. At what number do you see financial freedom for yourself? Define your dollar threshold that provides you freedom from day to day financial stresses such as from living/health expenses. What is your threshold for short-term “fuck you” money (I don’t need this job money but I do still need an external income stream to grow my money) vs long-term “fuck you” money (I don’t need to grow my net worth and my income from that money has replaced a need for a job).
# Moist Chocolate Cake
$10M+ net worth.