What net worth do you consider "wealthy" nowadays?

FNR32 · 06-28-2021, 03:38 PM

I define it as having an amount of money that I can live well pulling interest off of. We all define "living well" differently, but for me it's a decent upper middle class lifestyle. I'm not interested in lambo and yachts. For me, the ticket is 5 Million.

I live, and will continue to live, in a state with a low COL, so even pulling 3% off of that 5m in interest per year gives me 150k in income in additional to what we already earn. The house is paid off so no real "major" monthly bills. I think the 5m is both reasonable and attainable at some point.

wtwo3 · 08-11-2021, 10:14 PM

.

shoei · 08-11-2021, 10:23 PM

Quote:

Originally Posted by upstatedoc

Quote:

Originally Posted by tom2021

I agree with most that wealthy is a relative term.
It is difficult to measure in term of dollars. Where you live can be a big factor.
I feel wealthy if I can:
- afford to buy things that I like without thinking too much about the price.
Certainly normal things, not jet plane, yachts, etc.
- care more about the services than the prices. No need to shop around.
- afford all medical procedures and medicines.

For example: I go to the store, I like the suit and they serve me well, I will buy, no matter the price is $10,000 or more. I get sick, I go to the clinic, I can consult with MD and specialist, receive all necessary checks, procedures and medication, even surgery if required.

You've paid $10,000 for a suit?

Probably Brioni or Kiton.

Brioni definitely for the older crowd and Kiton geared to younger but not many younger crowd can afford Kiton so it almost doesn't make sense. Neither are my style but doesn't mean I can't appreciate stupendous quality and craftsmanship.

TiMSport · 08-11-2021, 10:26 PM

I like Brioni neck ties.

upstatedoc · 08-11-2021, 11:48 PM

Quote:

Originally Posted by shoei

Quote:

Originally Posted by upstatedoc

Quote:

Originally Posted by tom2021

I agree with most that wealthy is a relative term.
It is difficult to measure in term of dollars. Where you live can be a big factor.
I feel wealthy if I can:
- afford to buy things that I like without thinking too much about the price.
Certainly normal things, not jet plane, yachts, etc.
- care more about the services than the prices. No need to shop around.
- afford all medical procedures and medicines.

For example: I go to the store, I like the suit and they serve me well, I will buy, no matter the price is $10,000 or more. I get sick, I go to the clinic, I can consult with MD and specialist, receive all necessary checks, procedures and medication, even surgery if required.

You've paid $10,000 for a suit?

Probably Brioni or Kiton.

Brioni definitely for the older crowd and Kiton geared to younger but not many younger crowd can afford Kiton so it almost doesn't make sense. Neither are my style but doesn't mean I can't appreciate stupendous quality and craftsmanship.

Where the fuck did you dig that quote up from? I can't even find it.

shoei · 08-11-2021, 11:51 PM

Quote:

Originally Posted by upstatedoc

Quote:

Originally Posted by shoei

Quote:

Originally Posted by upstatedoc

Quote:

Originally Posted by tom2021

I agree with most that wealthy is a relative term.
It is difficult to measure in term of dollars. Where you live can be a big factor.
I feel wealthy if I can:
- afford to buy things that I like without thinking too much about the price.
Certainly normal things, not jet plane, yachts, etc.
- care more about the services than the prices. No need to shop around.
- afford all medical procedures and medicines.

For example: I go to the store, I like the suit and they serve me well, I will buy, no matter the price is $10,000 or more. I get sick, I go to the clinic, I can consult with MD and specialist, receive all necessary checks, procedures and medication, even surgery if required.

You've paid $10,000 for a suit?

Probably Brioni or Kiton.

Brioni definitely for the older crowd and Kiton geared to younger but not many younger crowd can afford Kiton so it almost doesn't make sense. Neither are my style but doesn't mean I can't appreciate stupendous quality and craftsmanship.

Where the fuck did you dig that quote up from? I can't even find it.

It's only a few posts back. I think your favorite quoting and replying takes up a tremendous amount of space lol.

Blame the mobile app.

upstatedoc · 08-11-2021, 11:53 PM

If you paid $10,000 for a suit you are banned

shoei · 08-12-2021, 12:07 AM

Quote:

Originally Posted by upstatedoc

If you paid $10,000 for a suit you are banned

Oh man. That just brought back memories of the ban thread LOL.

I don't like the fit and finish of Brioni I said!!! It's for older types. Non-slim fit. Trump I believe wears Brioni, so you can get an idea of body shape, type, suit fit, lol.

I spend a lil less than that on my suits. Is that acceptable? Will you still be my primary care internal medicine physician?

upstatedoc · 08-12-2021, 12:12 AM

Quote:

Originally Posted by shoei

Quote:

Originally Posted by upstatedoc

If you paid $10,000 for a suit you are banned

Oh man. That just brought back memories of the ban thread LOL.

I don't like the fit and finish of Brioni I said!!! It's for older types. Non-slim fit. Trump I believe wears Brioni, so you can get an idea of body shape, type, suit fit, lol.

I spend a lil less than that on my suits. Is that acceptable? Will you still be my primary care internal medicine physician?

Only if you know what internal means.

shoei · 08-12-2021, 12:13 AM

Quote:

Originally Posted by upstatedoc

Quote:

Originally Posted by shoei

Quote:

Originally Posted by upstatedoc

If you paid $10,000 for a suit you are banned

Oh man. That just brought back memories of the ban thread LOL.

I don't like the fit and finish of Brioni I said!!! It's for older types. Non-slim fit. Trump I believe wears Brioni, so you can get an idea of body shape, type, suit fit, lol.

I spend a lil less than that on my suits. Is that acceptable? Will you still be my primary care internal medicine physician?

Only if you know what internal means.

I learned about internal in catholic school with the priests when I was younger!!!

upstatedoc · 08-12-2021, 12:16 AM

Good enough

Fly320s · 08-12-2021, 10:41 AM

Quote:

Originally Posted by upstatedoc

Where the fuck did you dig that quote up from? I can't even find it.

Click on the blue and white square next to the quote.

c1pher · 08-12-2021, 06:10 PM

I think $10M liquid is wealthy. At that point, you can live off the interest and be at or pretty close to being in the top 1% of earners.

shoei · 08-12-2021, 06:21 PM

Quote:

Originally Posted by c1pher

I think $10M liquid is wealthy. At that point, you can live off the interest and be at or pretty close to being in the top 1% of earners.

All depends where you live. Zurich, Geneva, Hong Kong, Singapore, New York, Tel Aviv, LA come to mind where supplemental income would be required and not just the interest off 10mil. Rent / mortgage / HOA prices alone in most of those cities are monstrous. You should see what 1 million gets you house wise in some of those cities. I saw a listing not too long ago for a 185 mil home in Zurich. Yep, 185, lol.

c1pher · 08-12-2021, 06:33 PM

Quote:

Originally Posted by shoei

All depends where you live. Zurich, Geneva, Hong Kong, Singapore, New York, Tel Aviv, LA come to mind where supplemental income would be required and not just the interest off 10mil. Rent / mortgage / HOA prices alone in most of those cities are monstrous. You should see what 1 million gets you house wise in some of those cities. I saw a listing not too long ago for a 185 mil home in Zurich. Yep, 185, lol.

Well sure…..you can live in Calcutta and have many, many wives, servants, cattle etc on $1 million. I was speaking more generally in the US. ~$500k per year is considered top 1% in the US. The question wasn’t so you could afford everything you ever wanted at whatever price. You’d need several hundred billion for that.

shoei · 08-12-2021, 06:37 PM

Quote:

Originally Posted by c1pher

Quote:

Originally Posted by shoei

All depends where you live. Zurich, Geneva, Hong Kong, Singapore, New York, Tel Aviv, LA come to mind where supplemental income would be required and not just the interest off 10mil. Rent / mortgage / HOA prices alone in most of those cities are monstrous. You should see what 1 million gets you house wise in some of those cities. I saw a listing not too long ago for a 185 mil home in Zurich. Yep, 185, lol.

Well sure…..you can live in Calcutta and have many, many wives, servants, cattle etc on $1 million. I was speaking more generally in the US. ~$500k per year is considered top 1% in the US. The question wasn’t so you could afford everything you ever wanted at whatever price. You’d need several hundred billion for that.

As was I. I currently shuffle between LA and Chicago. No way I'm affording two homes in those two cities without sacrificing things to live off just interest is all. Especially adding NYC to the list next year? Ain't happening, not just on interest and counting pennies? I'll pass.

But living more rural outside the most populous expensive cities in the US? Definitely doable.

c1pher · 08-12-2021, 07:41 PM

I dunno, I feel like I could manage on $500k a year in Chicagoland or DC. I wouldn’t live in either NYC or LA due to taxes….I know Chicago is high too.

somer · 08-12-2021, 09:10 PM

Quote:

Originally Posted by XutvJet

Millionaire next door. That's how my wife and I live and will continue to live. We like the good stuff, but not everything needs to be the good stuff and for the good stuff we have, we don't want much of it. We like to keep people guessing:

Are they financially stupid?

Who died and gave them money?

Do they make more than we think? If so, why do they have such a cheap house and drive such nice cars?

Why don't they ever talk about money?

Mystique is underrated.

Fly320s · 08-13-2021, 07:59 AM

Quote:

Originally Posted by XutvJet

Millionaire next door. That's how my wife and I live and will continue to live. We like the good stuff, but not everything needs to be the good stuff and for the good stuff we have, we don't want much of it. We like to keep people guessing:

Are they financially stupid?

Who died and gave them money?

Do they make more than we think? If so, why do they have such a cheap house and drive such nice cars?

Why don't they ever talk about money?

Smart living.

You won't blow through your money and end up in the poor house, and you also won't be a target for thieves and beggars.

Joekerr · 08-13-2021, 08:36 AM

Quote:

Originally Posted by Fly320s

Smart living.

You won't blow through your money and end up in the poor house, and you also won't be a target for thieves and beggars.

You got any Scottish blood in you?

Fly320s · 08-13-2021, 08:49 AM

Quote:

Originally Posted by Joekerr

You got any Scottish blood in you?

Probably. I'm a mutt.

Joekerr · 08-13-2021, 09:33 AM

Quote:

Originally Posted by Fly320s

Probably. I'm a mutt.

Mhmm, I just have generally heard the term "poorhouse" by the Scots (have some background there myself), though it certainly wasn't exclusive to them.

That's why I was curious.

06-28-2021, 03:38 PM	#67
FNR32 Enlisted Member 37 Rep 30 Posts Drives: BMW Join Date: May 2012 Location: United States iTrader: (0) Garage List 2019 BMW M5 [0.00]	I define it as having an amount of money that I can live well pulling interest off of. We all define "living well" differently, but for me it's a decent upper middle class lifestyle. I'm not interested in lambo and yachts. For me, the ticket is 5 Million. I live, and will continue to live, in a state with a low COL, so even pulling 3% off of that 5m in interest per year gives me 150k in income in additional to what we already earn. The house is paid off so no real "major" monthly bills. I think the 5m is both reasonable and attainable at some point. __________________ '19 /// M5 Competition
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08-11-2021, 10:14 PM	#68
wtwo3 Major General 17971 Rep 5,484 Posts Drives: 23 X7 40i; 23 M3; 24 cooper s Join Date: Aug 2019 Location: IL iTrader: (0) Garage List 2024 Mini Cooper S ... [10.00] 2023 BMW M3 [9.40] 2023 BMW X7 40i [9.75]	. Attached Images __________________ 2023 BMW X7 xDrive40i 2023 BMW M3 6MT 2024 Mini Cooper S Convertible '20 BMW m340i... '20 BMW X5 40i... '16 Infiniti Q50 RS 400... '10 Lexus RX 350... '08 Lexus IS 350... '00 Nissan Maxima... '93 Nissan Maxima
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08-11-2021, 10:26 PM	#70
TiMSport Banned 12803 Rep 2,983 Posts Drives: '21 M340i xDrive, '17 Audi S3 Join Date: Feb 2021 Location: ATL iTrader: (0)	I like Brioni neck ties.
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08-11-2021, 11:53 PM	#73
upstatedoc I'll get back to you 7566 Rep 2,132 Posts Drives: blue streak Join Date: Dec 2009 Location: not downstate iTrader: (2)	If you paid $10,000 for a suit you are banned __________________ 2018 Stinger GT 2009 E90 N51 /Active Autowerke Stage 2 tune/BMW Performance Exhaust/ Countermeasure enthusiast.
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08-12-2021, 12:16 AM	#77
upstatedoc I'll get back to you 7566 Rep 2,132 Posts Drives: blue streak Join Date: Dec 2009 Location: not downstate iTrader: (2)	Good enough __________________ 2018 Stinger GT 2009 E90 N51 /Active Autowerke Stage 2 tune/BMW Performance Exhaust/ Countermeasure enthusiast.
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08-12-2021, 06:10 PM	#79
c1pher Primo Generalissimo 4673 Rep 4,023 Posts Drives: All of them Join Date: Jun 2009 Location: DC area iTrader: (0) Garage List 2017 Porsche 911 Ca ... [10.00] 2023 BMW M2 [9.00] 2023 Porsche Macan GTS [10.00] 2022 Ford F-250 Tremor [8.50]	I think $10M liquid is wealthy. At that point, you can live off the interest and be at or pretty close to being in the top 1% of earners.
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08-12-2021, 07:41 PM	#83
c1pher Primo Generalissimo 4673 Rep 4,023 Posts Drives: All of them Join Date: Jun 2009 Location: DC area iTrader: (0) Garage List 2017 Porsche 911 Ca ... [10.00] 2023 BMW M2 [9.00] 2023 Porsche Macan GTS [10.00] 2022 Ford F-250 Tremor [8.50]	I dunno, I feel like I could manage on $500k a year in Chicagoland or DC. I wouldn’t live in either NYC or LA due to taxes….I know Chicago is high too.
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