[Income] How much $ / year is your definition of "Rich"?

I have 3 kids and make 25k and live very comfortable. I rent a room from my moms house. Save ton of money.

 

'Cept for the 250K each thing.

 

Wealth depends on your net worth, not your income. Thats the biggest financial mistake most people in THIS country assume - that you'll never get rich without an exorbitant income. There are lots of stories about teachers and janitors who've become millionaires..not due to large salaries, but because of how they handled the income they did have. Although it does help to have a large income, we still see people with large incomes end up poor all the time..Pro Athletes for example. 60% of NBA Athletes are broke within 5 years of retiring, and a large portion of NFL players as well.

I'd say if you had a million in Net Worth, you could consider yourself well off. 3-5 million would be rich considering that new worth is not easily liquified.

 

Rich? $500,000.

Comfortable? $100,000.

 

Over $560k/year for an individual and at least $1M in liquid assets.

 

I'm the sole provider for a family of 4.

What some people are saying, about $250k sounds about right for "rich". Having said that, I feel plenty well off as is and make much less than that, but I'm relatively careful with my money.

 

It depends on kids. You need to make like 300% more if you have 2 kids.

 

At all costs. I should be living a comfortable life right now.

 

Income does not equal rich, especially if that income is derived from a job or company that could lay you off at any time.

$2.5 to 3 million of liquid wealth that could result in sustainable passive income of around $125-$150K would be "rich". To me, that would be richer than someone making $250K - $300K from a job without the liquid assets.

So maybe it is as simple as saying $150K+ a year WITHOUT needing to work. (passive)

 

I think this is pretty accurate.

 

If you measure wealth by dollars, then you are not rich. If you do not have independence of time, then you are not rich.

 

In my country, having an Iphone 5s means you are rich.

 

Rich = 500k and up no debt and solid savings. You can achieve this.

Wealthy = born into it. "We have to take the yacht to the island we just bought because the landing strip isn't down yet"

 

As we can clearly see some people around here don't need to work or just simply don't have to, must be nice...

 

I think 400k/yr income would be pretty well off to have nice things and be able to save aggressively or invest for retirement but then again I got not kids so I could see how that could change things.

 

I just found out my friend makes 150k per month and you would never know it.

 

single with no kids, so 150-200k a year would be rich

 

This thread is depressing.

 

I would have known it

 

Married with no intention of having children works well too. We tried, no dice so now we have three dogs and just travel a lot. Love it.