Updated about 11 years ago on . Most recent reply
What Is “Wealthy”?
#4 Off Topic Contributor
- Investor
- Round Rock, TX
I found this UBS article while doing some research last night. Some folks on BP may benefit from it:
After reading this and several related articles the consensus seems to be around $5M to be considered wealthy with "normal" investment rates. Folks on BP can generally earn a higher yield than the overall population though so I would argue that closer to $2M - $3M would be the litmus test for many posters here.
Any thoughts on this?
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Wealth to me is measured in time. Amount of time you can survive without a paycheck. Most folks are a 'week' wealthy. Some a month. 6 months? Getting tougher, right? How long before folks started defaulting on stuff once they were laid off in the recession? Even the 'rich'. Take away their JOB and nothing to show for it or withstand a storm.
$5MM or $10MM in the hands of an idiot does not mean wealthy. It may mean rich for a little while, but not wealthy. Like a lot of folks on here, I don't have nearly that yet haven't had a w-2 job in 13 years nor will I ever have to get one again. So what, right? By never having to answer to the man again, is one wealthy? I'll go with yes.