How much $$$ it takes to be rich in America

[caulfield12]

https://finance.yahoo.com/news/heres-much-m...-180623008.html

 

Can't complain too badly.

12.6% (self-induced) rate of return since 1999.

 

$5 million will be a huge challenge for most who like to travel, desire home ownership or have kids. Except for Silicon Vallyians.

[Jerksticks]

If your assets cashflow an amount greater than your monthly expenses, you are wealthy. Arguably better than being rich. Kind of like having a great farm system! ?

[RockRaines]

Not having to ever work again or worry about money is being rich IMO. Millions in the bank.

[brett05]

If your assets cashflow an amount greater than your monthly expenses, you are wealthy. Arguably better than being rich. Kind of like having a great farm system! ?

Nailed it

[Quin]

If your assets cashflow an amount greater than your monthly expenses, you are wealthy. Arguably better than being rich. Kind of like having a great farm system! ?

 

Yeah, but then one small thing can throw it out of wack.

 

I can't exactly work having a seizure into my monthly expenses, but when it happens there's a couple thousand dollars that I suddenly owe a hospital for an ambulance/ER trip I didn't order.

[StrangeSox]

Yeah, but then one small thing can throw it out of wack.

 

I can't exactly work having a seizure into my monthly expenses, but when it happens there's a couple thousand dollars that I suddenly owe a hospital for an ambulance/ER trip I didn't order.

 

Some degree of financial independence such that you're not dependent on wage labor over long periods of time seems pretty crucial to the definition. Living paycheck-to-paycheck +$1 sure as heck isn't "rich" because like you said, the smallest unexpected expense can throw you deep in the hole.

 

[RockRaines]

Yeah, but then one small thing can throw it out of wack.

 

I can't exactly work having a seizure into my monthly expenses, but when it happens there's a couple thousand dollars that I suddenly owe a hospital for an ambulance/ER trip I didn't order.

Its also not true. You arent wealthy if you are bringing in 1000 bucks a month but your expenses are 800.

[bigruss]

Its also not true. You arent wealthy if you are bringing in 1000 bucks a month but your expenses are 800.

I believe they meant that if your assets (dividends, rentals, etc) cover your expenses, which leaves salary/wage income then you are wealthy.

 

It's one way to look at it, don't think I really agree with it but I could see how someone labels that as wealthy.