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

I imagine there are incredibly rich people that have debt and a mortgage.

 

I can see that people are confusing "living comfortably" with "rich".

 

Donald Trump has made his entire fortune from acquiring debt.

 

Making more money than you need makes you rich.

 

Then what is your definition of living comfortably? Making as much money as you need, without saving? That doesnt seem very comfortable.

 

Agreed. I'm comfortable but in zero way am I wealthy even though my home and cars are paid off and I don't have any debt. I have friends with major "wealth" and I swear they're almost depressed due to it. Private jets, many homes, but they do nothing but worry about money. I really do not know one very wealthy person who actually feels comfortable. They're just paranoid wrecks.

 

Personally I'm shooting for $150-200k a year during my retirement. So I need to end up with around $3-5mil (today's money) in liquid assets with a conservative 5% return. So that's rich to me because I'll be able to live the life I'm happy with off of my investments.

 

This. I'm not rich but do pretty well for myself but I never forget that I am completely reliant on my 9-5 to keep my family and me in this house, driving these cars, etc.

 

An income of about $370,000 puts one in the 1%ers.

 

I think if one person makes 70+ then they are comfortable. Depends if you have mortgage and kids

 

Again, why is the topic reverting back to "comfortable"?

Im looking for info on what I need to do to become rich.

 

Why do you become rich? To live comfortably and or to get what you want.

Go to business school?

 

So are you saying that 70k is rich bc you said it takes 70k to be comfortable?

 

I think $500,000; but more so if you're under 30 and obviously on some insane saving and occupational trajectory.

 

Knowing why is the key to a good life.

 

Save up enough to by rental property or a retail franchise; manage it cheaply enough to turn a profit and get more credit to repeat the cycle. Your only indulgences should probably be clubs or organizations with leadership opportunities or networks of politicians and other business owners. Or just sell houses and insurance well.

 

More money than you can think to do with, because the status and emotional high from additional discretionary and luxury spending has begun to wane.

 

I appreciate all the help to get rich...I was just making that statement bc I prefer hearing what people consider "rich" over what people are considering to live comfortably.

 

I'm pretty sure you would've been a great dad. It sucks that good people can't have kids. Enjoy your traveling.

 

Most millionaires don't even consider themselves rich. I think you have to get way up there in net worth before you grudgingly admit it.
If you're making $300k a year you're in the top 2% in the US. Which means you're in the top .1% in the world. It's hard to not call that 'rich'. But you definitely won't feel rich. You still have to worry about the mortgage, your kid's college, your retirement, etc. That's what some economists call HENRYs - High Earner Not Rich Yet.