[Russ_Boston]

Just found this statistical definition from the WSJ:

A net worth of $1.4 million will put you in the top 5% of Americans, according to the Federal Reserve. Yet to the wealthy today, having $1 million (including the value of your homes and certain retirement assets) seems like chump change.

[samhass]

It's a tough question and one that has changed dramatically for me over the years.
Let's assume you have no other income like pension,SS, etc.
In my thirties I thought 50 mil was the number. This was a time of world travel, fine dining, very fine shoes and clothing, etc. In my forties I started needing less. I figured 25 was a good number. At the end of my 50's I find I need very little and am content to say put except for the mandatory trips to our northern home. If there were no other income, houses don't count and you have to live off the nest egg, I would say 8-10 mil. Remember, your investments could tank. Nope, that's not rich. That's really comfortable. Bill Gates is rich.
I think our developer is rich. I'm not sure how many "rich" people live in TV. I think they're on the coasts. I don't need to be that wealthy. I'm happy right where I am.
Mint, I'm with your husband. I am a saver and also choose to live below my means. I just don't need all that "stuff". I'd rather play mahjong than shop. I have no interest in "the ladies that lunch" club. I'd rather go dig in the dirt and plant flowers.

[Muncle]

A rich person can wake in the morning and decide spur of the moment to fly off to an island for relaxation. A seriously rich person flies off to an island he owns.

As most have said, it's relative. I've a bit over half the income I had 6 years ago in the DC area. My home has 1/2 the worth. I was "comfortable" then and there. I'm "comfortable" here and now. If I compare my situation to the average person in Wildwood or Lady Lake, I'm probably "well to do."

Among your direct peers (all fellow villagers), if your income is in the 90th percentile, you're rich, 70-90 = well to do, 40-70 = comfortable, 20-40 = doing okay, and 05-20 = struggling, below 05 = "Bar the door, Mama. It's the bill collectors again."

And contrary to the demographics published about TV, I'd guesstimate that the average household income for fulltime residents is about $50K --- pure SWAG. No stats to back.

[samhass]

Poromo, I think that is a misconception. I know many people outside of Bridgeport with more money than some in Bridgeport..

Originally Posted by poromo

If you live in the Village of Bridgeport at Lake Sumter or the Village of Bridgeport at Lake Miona, you are considered rich by other villagers.

[samhass]

Shirleevee..my BC/BS went up almost 30% last year. I had one trip to the DR to meet him
and one to the dermatologist for a check. They raised my premium twice in a year. Said they had to play "catch up". I had those 2 Dr visits all year. Those stinkers!! Oops, hijack!
Yep, they think we're rich!

Originally Posted by Shirleevee

To our grandchildren, we are rich!

To Blue Cross, I am rich!

At times we have more month than money, and that is fine as long as we have our health.

Great topic ...........makes the wheels spin.

Shirleevee

[sschuler1]

Check out this link to see how rich you are compared to the rest of the world...

http://www.globalrichlist.com/


I have heard that if you have $20 to your name that you are richer than 80% of the world's population. It is humbling to see that figure when we put so much store in how much money we each have or don't have. God has blessed us with enough of everything we need.

[islandgal]

I was taught that rich is new money and wealth is old money.

I think that is passé these days with our increased population, advanced technology, science, etc. etc.

Just the other night I heard during a televison show what the definition of rich was:

Anyone earning one million dollars in interest and dividends, annually, is "Rich"

[samhass]

Woohoooo. You could throw one heck of a party with that annual income!

[poromo]

Samhass,
I'm not saying that rich people do not live through out TV. It's possible that a multi-millionaire lives in a patio villa. But if you live in Bridgeport, you are considered rich by many villagers.

That being said, the cost of even the most desireable home in TV would probably not buy a small one BR condo on Manahattan's upper east side.

As everyone seems to be saying, rich is relative.

[samhass]

Poromo said "That being said, the cost of even the most desireable home in TV would probably not buy a small one BR condo on Manahattan's upper east side."

Isn't that the truth!!!

[Mintjulep]

Originally Posted by samhass

Mint, I'm with your husband. I am a saver and also choose to live below my means. I just don't need all that "stuff". I'd rather play mahjong than shop. I have no interest in "the ladies that lunch" club. I'd rather go dig in the dirt and plant flowers.

Sam, we are big dirt diggers too...

I feel very fortunate to have the good husband I have and a nice life. And many friends.
But I also learned how to live on a shoestring during some of my rough young years.
My goal now is just to settle in and enjoy the time that I can spend with friends, doing fun simple things. I don't need alot of 'stuff' anymore either...

That's so much more important to me than being 'rich'....

But I do like to go to lunch occasionally... :bigthumbsup:

[samhass]

I do too, Mint. I like to eat out often with my husband and friends. I was referring to the "Ladies that Lunch" that hail from NY, Palm Beach etc. You might call them "the jet set".
Wow, does that sound dated?

[Barefoot]

Originally Posted by SteveFromNY

what is rich? I'd probably say a net worth of $5 million. So the earlier comment about $250K to $300K would require around $5 million in worth to generate that $250 to $300 annually at 5% to 6% return.

Just imagine if someone from an impoverished country could read this thread, they'd think we're all nutters.

with Steve's definition of rich. Having one million dollars in the bank used to seem like a lot! With today's interest rates, it is barely subsistence for us spoiled North Americans.

[Mintjulep]

[quote
with Steve's definition of rich. Having one million dollars in the bank used to seem like a lot! With today's interest rates, it is barely subsistence for us spoiled North Americans.
[/quote]




At the bank my hubby works for they have a checking account paying 6% interest!
We've had it for awhile... Better than a CD... And free atm charges, any atm...