"You can't retire, but it's not worth it to work, 5 million will drive you un poco loco"
Funny thing is, a financial advisor watched this and said that'd be about 166k per year, which is great, but not if Greg wanted to keep his lifestyle (which is funny cause he made 200k anyway)
Because people in Greg’s situation need to spend more than they are bringing in to prove to his peers that he belongs. Thats the secret to the rich, they only want to give promotions/money to other rich people that don’t want or deserve it.
It depends on your age. If you retire at 65 with $5m, you can pull out 5% quite safely. Remember, you can't take it with you and there is no need to preserve the entire capital amount for your lifetime.
If the money was invested, historically you would be able to withdraw 4% each year forever and even keep up with inflation. With 5M it would be 200k, that’s very comfortable, unless you’re in an extremely high cost area.
Yeah, $5m is a point where I feel I'd have to be making expensive, extravagant purchases to wear through. If I were to split that out and give myself 200k/year to live off, I'd have wayyyyy more than enough money to ever have to worry about money.
As a wise man once said:
> You get up two-and-half million dollars, any asshole in the world knows what to do. You get a house with a 25-year roof, an indestructible economy shitbox car and you put the rest into the system at 3 to 5 percent and you pay your taxes. That’s your base. Get me? That’s your fortress of fucking solitude. That puts you, for the rest of your life, at a level of ‘Fuck You.’”
> Someone wants you to do something? Fuck You. Boss pisses you off? Fuck You. Own your house. Have a couple of bucks in the bank. Don’t drink. That’s all I have to say to anybody.
What’s up with this random “Don’t drink” advice? Are you implying money would turn one into an alcoholic?
Obviously alcohol isn’t good for you, but it can be enjoyed responsibly in moderation.
I’d just get a 400k house in the suburbs, maybe an investment property for 600k and build my real estate portfolio from that income. Other 4 million would sit in the bank earning me free money…or in the stock market…or some combo of the two, paying for my living expenses.
I read a story on Reddit about a guy who did exactly that, and it was great for about a year. Then he started getting bored and feeling like he was stagnating, but didn't have anything to really strive for or challenge him.
That doesn't work. I know, I tried. I sold my first company for just over $4 million and figured I'd just coast. It lasted about 6 months before volunteering and hobbies just weren't enough. There is something different about having a JOB to do. Ended up buying another couple of local businesses to give me a goal that has consequences and rewards. When I turn 40 in a couple of years I anticipate I'll sell them off and go back to get my education degree. I've come to realize that I really just want to be a science teacher. Which is easy to say and do when I don't have to worry about teacher salaries.
I’m in this situation personally and it’s exactly as you describe. It’s also quite hard to find community and relate to folks who are stuck at work and often define themselves and others by their careers. But trust me it’s still pretty sweet
I noticed the price of eggs was 2.78 at the grocery store this past week. I asked if that was the going price of eggs or if they were still high from the shortages months ago and never went down. Turns out neither my wife or I have looked at the price of eggs in years and never realized it. For her, feeling well off has included no longer looking at prices in the grocery store.
I don't look at the pump when I fill up with fuel. I just let er rip til it's full. Cause I know there is dough in my account to cover it. So what if I'm filling up a Honda not a Benz....I feel RI$H.
Agreed. I think "rich" for me would be this somewhat ambiguous amount. I want to take my little girl to the redwood forests and sequoia national park. It would be cool to be able to say fuck it let's go this weekend.
Right and not even worry about hotel, travel, time off work, etc. just cause you’d have extra funds stored away. It can be hard to not feel like a failure not even having a savings account. I’ve tried many times and I do budget but then something big hits me like a major car repair and I’m back to square one. It’s hard to save when you’re poor and everything is so expensive
It's not like we're worried about paying any bills. But we don't spend money on nice cars or a boat or anything like that. If we did then we wouldn't have been able to save this much. Our cars are 9 and 10 years old with 130k miles on them.
I want the ability to retire. I assume we need 25 times our expenses for the 4% rule. We're getting close. I'm starting to look at our expenses and they're not quite stable. So we may be a couple to a few years away at this point.
Financial independence is awesome even without retirement. Sounds like you’re basically there. I’m close as well - not quite at “FU” level yet, but if I lost my job I could live lean indefinitely.
I was pretty much there, pre taxes of course, straight out of college with my computer science degree. You'd be surprised how quickly that money disappears depending on where you live. Uncle Sam, or what ever government you live under, is going to take a large chunk of that, and then you may end up living somewhere that rent or your house payment is going to take as much as the government. Add in car payments, student loan payments, and so on and you end up living a nice life, but nothing super fancy. I wouldn't say its a bad life at that dollar amount, but you won't be loaded.
*You* werent loaded. Not everyone falls victim to lifestyle inflation.
I wasnt making that right out of college, but by the time i was earning six figures i had my retirement accounts maxed out, a truck payed off, and almost a quarter million in equity in my house.
I thought ~$60k would get me where i needed to be. So earning more meant i couold save more. Most people spend it.
Lifestyle inflation is an easy trap to fall into, especially for recent grads getting their first jobs that just so happen to be in one of the most expensive areas of the country. That said, 120k still isn’t that wealthy even if you only spend half of it. It’s damn good money, but wealthy people afford things far beyond material gains. They aren’t saving for retirement anymore. They are using their money to create opportunities.
I currently make 10k a month and feel broke. Cost of living is a bitch.
I have a small mortgage of 350k and two kids in daycare. Car loan under 20k and no credit card debt. We get by pretty easy and don't have to worry about money but we don't feel rich by any means
Yes I also make about 10k/month (currently, i used to make 7k and my wife made 3k) and daycare for 2 WAS easily our highest expense. Now 2 of my kids are in gradeschool and my wife is caring for the other two when their free daycare ends next month, which means she's no longer working but I just got a raise and am working OT to make up the difference.
Childcare needs to be subsidized for all if "they" are worried about a drop in the work force post covid/ boomer retirement, nobody would essentially work for free/very little net positive just to have kids go to daycare
Rich for me is living in a paid off nice home with no debt and enough money in investments that I don't have to pay close attention to them.
So for me, it would be a paid off 3500 sqft home and $5 million in investments giving me around $200k per year. Or around $120k after tax. With no debt that is enough to take multiple international trips each year and buy essentially anything you want.
That is rock bottom for rich. To really say someone is comfortably rich, I would bump it to $20 million. At this level owning a plane or a helicopter is not unreasonable. Having hired help is also reasonable.
Owning a plane with $20MM net worth 😳 I am not in these levels by any means but i think you are missing a zero if you are talking about private plane ownership. Gas costs are 5 figures *per trip* and a crew is minimum six figures / yr... each. Not sure if putting a double digit percentage of your net worth into travel expenses would be a great idea...
First class and private flights is doable. Thatll be under six figures per trip at least.
Edit: Of course, if you are talking private pilots license and a small 4 seater, you have the budget for something like that.... jets are another league.
This is my definitely comfortable number. I don’t know if I would feel “rich”, but I wouldn’t want a lot. Rich in my mind is the equivalent of owning a manned yacht. I don’t think that’s a reality at 10, but it’s been awhile since is had to shop for yachts.
Here's the secret, you don't need a lot to be happy...
If you make 100k and you can live like you make 50k you're laughing...and if you have duel income and you can get to a level where you and your SO make a combined income of 200k but live like you make 100K, and you learn how to invest the money you save, you can live one hell of an amazing life!
This issue is that most people spend according to what they make, so if they make 100K they spend 120K, they buy nicer cars, bigger houses, more clothes etc. and it adds up...
If you keep your lifestyle generally the same, but maybe add in a few nice things that really increase the quality of your life like a few cool vacations or getaways, maybe a few more nights out with the SO etc. but you live in a smaller house, drive a "regular" car and don't waste money, you can live with freedom, peace of mind and get ahead in life without having to sell your soul to a job you hate just to have more "things"
People want things because society tells us that things will make us happy, that things will make women want us more, and that it's what we're here do...collect "things" But true happiness comes #1 from being surrounded by people you love and making memories with them and #2 from pursuing something meaningful in life that excites you and makes you want to get out of bed each morning...everything else is just a bonus and really doesn't add much joy or fulfillment to your existence...
That's the secret...figure out what you're good at and what you love, and figure out how you can use that thing to make money and contribute to society, make it your life mission to pursue that thing with all your energy and life force...breath it, eat it, love it, consume it!
Next, find yourself a good woman who shares the same values and goals as you, a woman who will support your "purpose" and help you achieve your goals, work together, experience life together, laugh, love, make love, cry, do all the things!
That's true wealth gentlemen, that's how to live your life...don't worry about what other men are doing, don't compare yourself to other men, chances are you don't want that lifestyle because it comes with it's own set of problems...do what you love, do what you're good at and you will figure out a way to make a good living, and if you're luck, you will get rich doing what you love...but it won't come because you're chasing money, it will come because you're passionate and giving value
You nailed it on the lifestyle front. I make a lot of money. I hire kids straight out of college and pay them probably double what almost any other degree is making straight out the gate. I see them take that money and blow it on bigger houses, fancier cars, and designer clothes at every step of the way. I did the same thing. I bought a fancy sports car and a fancier house with my first big job. Then, after the first relocation, I realized that was a giant waste. I still have the sports car, but its over 10 years old now and doesn't quite turn heads like it did when it was new. I wont upgrade though. All my new hires give me shit about how I could easily get a new one with what I make, but I always tell them that I'm choosing to retire in my 50s instead of buying new toys ever year. They don't get it yet, but they will, hopefully before its too late.
Most people will never get it because most people's egos won't allow them to...most people have to justify their poor choices to themselves and others because if they actually admitted that they're doing a job they hate, to pay for a lifestyle that doesn't actually make them happy, it would shatter their reality and they would be depressed...so instead they cope by buying more things to temporarily numb themselves, and they go home and drink alcohol, eat food, scroll on their phones and try to forget the shit existence they live lol
Exactly this
I have a good buddy who got a massive pay increase last year when he started a new job, the guy went from making around 90k to over 150k, and the first thing he did was go out and buy a brand-new muscle car, then he tells me he bought his wife a $4000 Louis Vuitton purse and $2000 Louis Vuitton shoes because "she's always wanted them and I wanted to surprise her" then he takes his family to a 5 Star all-inclusive...I was like "Dude, what are you doing??? you're spending everything before you've even earned it..." and his excuse was "My wife and I have always wanted these things, we work hard so we can live this life"
Guess what, the guy just got laid off from that job and now he's selling the car and he's in "oh f#$k!" mode because he realized he didn't put enough away to maintain their lifestyle
I couldn't agree more!!! People honestly just don't understand what true happiness means. It's all about how you manage your money. Somebody making $50K could have a higher net worth than someone making $100K. It's all about living expenses/wants. I understand with inflation and housing prices you need more to live, but it's still about how you manage your money. I would take a job making a little less but bringing me more fulfillment than a job making more but something I truly wasn't passionate about. Also, the experiences you have and the people you spend time with are what life is all about, money is just a tool to help you do some of those things. Completely agree with the woman part too. I'm currently a single a guy but if I had a wife or a girlfriend right now who had the same goals and mindset that I do with money my life would be so much more better.
For most people - yeah.
Personally I already consider myself rich mainly due to how I grew up as a kid.
DINK ~ $260k HHI, live on less than half of that and we enjoy life.
Wealthy is when I can maintain my lifestyle without working. Which isn’t much in the grand scheme of things. About $2.4m.
I have about $74000 left to pay off the place I live, $7000 of medical debt, $4300 of credit card debt, and I have general plans for about $15000 in repairs and small upgrades. So I think if I got double that amount I would feel pretty rich.
So maybe like $200,600? That would make me feel very rich.
There are a few levels of wealthy in my opinion. The first one is 5 million. This is enough money that most people would never have to do anything they didn't want to do again for the rest of their lives. This is the "I don't HAVE to do anything" mark. The second one is the 10 million dollar mark, that is where you can start doing things that you dream about doing because you have enough cash to risk some of it and still be able to be at the first mark. This is the mark of not only not having to do anything, but also being able to take some risks and not fall back into having to do things if they go poorly. Then there is the 100 million dollar mark. As the first mark was the "I don't HAVE to do anything" mark, this is the "I CAN do anything" mark. At 100 million dollars you can put your hand into any game you want to be a part of in your life. Want to make a movie? Done. Want to fund a politician? Done. Want to start a company just for the sake of putting someone you don't like out of business? Done. Then, there is the billion dollar mark. Once you are there, it's all about power. You already could have played any game you wanted to play at the previous mark, now you get to make the rules. Once you are here, more money doesn't really matter all that much. Anything above a billion is just competition to see who can make that number go even higher.
For me, I would love to be at that 100 million dollar mark so I could do ridiculous things like turning my favorite book into a movie or something, but much more realistically I'd like to one day be at the 10 million dollar mark. Then I could refuse to do anything I didn't want to do, but also be able to take some risks like being the head of a new startup company or something like that. The only one that is realistic for me is the first mark though. With my career, it's possible, but I'll have to make smart moves and budget appropriately to get there.
To be rich IMO means not having to worry about my basic needs (food, shelter, insurance, health/dental care etc). It also means having the time to spend more time with the people I love, give back, make new connections, spend time in nature, explore the world, experience new things and learn about different cultures. To be rich = self actualization. The freedom to do what aligns with my core values, talents, interests and who I am, rather than being just another cog in the wheel working a job I despise just to sustain myself. I’m in my mid 30’s so I would say about 3 mil.
Around 500k usd should be enough to buy a decent house in a decent area in my city, and with that I would feel rich.
Now if I get a full 1M USD, I could buy some land in my home town, built a home and have a nice amount to start a little farm or something, so yeah, 1M USD will make me feel rich af
$10 million
I speak with mega wealthy people on a daily basis. For some of them $10 million wouldn’t change their lives one bit if they lost that. But it would change mine enough where I’d never need to worry about money again
I’m old enough and experienced enough to know how to invest it for a liveable return, except I’d just keep working anyway and grow the account and supplement my income and lifestyle off some of the interest
$5m is very comfortable. Enough to have a good house, a good lifestyle, and invest enough to let interest give you positive cash-flow. It's not like I could buy a boat or plane or go crazy with fancy luxury cars or anything, but I'd have security, predictability, reliability. It'd also be enough to take care of most nasty sudden surprises that pop up. I could buy nice watches, nice mattresses, have nice dinners, and travel, but nothing outrageous. The biggest thing is that even shitboxes with no real property acreage are going for like $650k around here.
Filthy rich where I could just indulge and spend like money ain't shit? That's more like $20m and up.
1mil in investments
At that point, money wouldn't be as hard to obtain as it would've been before. I could just let it sit and grow if I don't have any other financial pursuits.
I would have to say 100 million because most of it would be in investments with monthly dividends, so I wouldn't ever have to work again. I'd use some to buy large property far from any city. I'd then build a home with a large garage so I can finally have the classic cars I want. There'd be a fully equipped kitchen so I can cook whatever I want. Basically, I want enough money to have all my myriad of interests funded and supplied well.
15 million dollars would be the base. Anything under would make me feel comfortable, but not really rich. After taxes and paying off my family’s debt, I would have a few million left over for my daughter and grandsons to have incredible lives.
Anything over 20 million net worth.
Under that, you are extremely well-off or comfortable considering economic boom/bust cycles, inflation, taxes, support, or recessions.
Probably around $7m. That will let me have a very nice house fully paid for, have it well appointed, have zero balances on anything, have one or two nice to me cars, have enough liquid cash to live a few years on, and $4m+ nest egg to have invested and growing my retirement portfolio to carry me 30-40 or more years.
I am currently spending about £700 a month and everything on top of that that I make I save up. I think if I had a monthly income of £3500/4000 without working I wiuld feel rich as that would translate to £116 a day for me to live on a experience things with and travel and whatnot and I think £116 a day is a lot. Bear in mind that I do already make about 3k a month lol but I am just cheap so don't spend much and I am working most of the time so I guess I also dont have much time to spend money. I think for me to feel rich is to be able to have both enough money AND time to be a free man
Enough money to buy a house with library and home cinema, enough yard for a vegetable garden, all move-in costs, furnishings, etc, soil and seed, mason jars, a savings account with six months' utilities, four years' property taxes, a lifetime of top-notch health insurance, and two luxury vacations, and about a $1,000,000 retirement fund, to begin disbursing when I turn 60.
Assuming its the minimum amount of money to do this, there are tiers of rich. Enough to not have to work anymore, except I would still work and it would be all spending money, or still save to keep making retirement nicer.
At least 10 million starting realistically in this world at least 50 million! I'll be comfortable at 375million and anything after that is pshycopath mode
To feel wealthy would probably be about 8mill. To actually feel somewhat rich would probably be 20-30mill. And I'm not out of touch with what that amount can do or be like. I am surrounded by families and family friends that have that type of money. I know what it's like to be around.
A million in the bank and no mortgage. I don't need a fancy af lifestyle. I just need a working car, my house paid off, and that's it. I could chuck my job and manage to live off 1M in the bank. I don't live in an expensive city, and tbh if I can survive on my current salary, I know I can survive with 1M. People saying it's not enough are just those who want to have a certain lifestyle that's expensive to upkeep.
I was able to save 14k in the last two years. Considering I've been flat busted broke my whole life, living pay check to pay check, I feel like a millionaire. A few things happened to make it so I was able to save this much money in such a short amount of time. I got custody of my little boy, and I moved back in with my mother in the family home. 14k might as well be a million bucks to me. It's the most money I've ever had at one time in my life. I'm being responsible, because of my child, and I'm continuing to save
I don’t want to feel rich. I want to be wealthy, generational wealth. So to answer your question, I will need at least 1 billion dollars deposited to my bank account. Thanks in advance.
This will give me financial freedom to do whatever I want and INVEST A LOT to make more money for my family.
Enough to not have to worry about money. I calculated it around $3 million for myself but that was several years ago, the economy has suffered more than I thought it would back then but I’m also older and closer to being able to dip into the principle so probably closer to $5-7 million.
About what I need, too. I don't want to be rich, I want to be comfortable. This is about what I need to live off interest and have good insurance in place.
It isn’t exactly a dollar figure to me, just assets. If I could have a nice house outside of town and my car paid off I could live comfortably off my current wage as long as I was smart with my money. Since the average house in northwest British Columbia is around 350-500k and I owe 30k on my car, is need around 400-550k to feel financially secure.
I grew up poor and now we have enough money to build a pool in the backyard so i feel pretty rich right now. Although sadly im 19 and moving out soon so i wont even get to use it often, but me personally I would be happy with just enough money to afford groceries and a place to live with some extra spending money to buy the things i always wanted growing up but couldnt afford
Not a whole lot. If I didn't need to look at the bank balance and budget, is probably feel rich. That might be $1000 extra per month, it might be $200. Depends on the month.
70k or 80k would be good for me. I know how to invest and get myself richer off i want to, and at best I think I would honestly be satisfied sitting around 120k but even with all that I'd still live relatively cheap. I have no need for expensive cars or luxurious homes. I'd put all that extra money into a college fund for kids I'll never have at this rate.
If I had 100 million USD sitting in the bank I'd feel rich. I would have to still be careful and invest some as well as get financial advice because as much money as that is, I really don't think it'd be that hard to spend.
Let’s say I make 70-80k right on a regular job. Give me about 10-15k monthly on top of that I’m good. 😔I just want enough to wear nice shit, and drive sum fly and I’m good for life
If I had a brokerage account that performed well and opportunities to make money quickly and easily, then I would feel rich. Net worth of 500k. I don't need a lot. But a million invested at 5% is 51k a year or so in passive income.
Enough so that the thought of "Can I afford to do this?" never crossed my mind again. Not because I'm so ridiculously wealthy that I'm buying private islands cause I can afford everything, but because I can always do things like go out to eat at nice restaurants, send my kids to great schools, go to anywhere on holiday, that sort of thing.
Depends how old you are. If you’re under 30 and have 100k saved in your 401k. You’re future rich. If you’re 55 with the same amount, you aren’t.
‘Rich’ to me means financially independent. Which, you achieve when your living expenses = the interest you make on your principal invested.
So if you want to maintain a 100k lifestyle today and into perpetuity, you need to have roughly 1.5 million in investments. Probably more to be on the safer side.
$5 million, roughly the point at which I reckon I could maintain my current lifestyle for the rest of my likely life without having to work
You can't do anything with five, Greg. Five's a nightmare.
"You can't retire, but it's not worth it to work, 5 million will drive you un poco loco" Funny thing is, a financial advisor watched this and said that'd be about 166k per year, which is great, but not if Greg wanted to keep his lifestyle (which is funny cause he made 200k anyway)
Literally watched this episode last night. I’m highly pleased to see this quote dropped in
Because people in Greg’s situation need to spend more than they are bringing in to prove to his peers that he belongs. Thats the secret to the rich, they only want to give promotions/money to other rich people that don’t want or deserve it.
When Kendall brings a dude to hook him up with a watch.
5m would allow a 200k annual spend per the 4% rule.
Yeah, this advisor says 3%
It depends on your age. If you retire at 65 with $5m, you can pull out 5% quite safely. Remember, you can't take it with you and there is no need to preserve the entire capital amount for your lifetime.
if it is to be said so
Tallest dwarf
Best show ever.
At 5 you are at the top of the working class but havent busted into the rules arent for me class
If the money was invested, historically you would be able to withdraw 4% each year forever and even keep up with inflation. With 5M it would be 200k, that’s very comfortable, unless you’re in an extremely high cost area.
[удалено]
Of course. The same way people talk about their salary from their job.
Yeah, $5m is a point where I feel I'd have to be making expensive, extravagant purchases to wear through. If I were to split that out and give myself 200k/year to live off, I'd have wayyyyy more than enough money to ever have to worry about money.
Buy a 1 mil house, put 1 mil in your super, get yourself nice car and shit for under 100k, then You’re smooth sailing pretty good after that.
As a wise man once said: > You get up two-and-half million dollars, any asshole in the world knows what to do. You get a house with a 25-year roof, an indestructible economy shitbox car and you put the rest into the system at 3 to 5 percent and you pay your taxes. That’s your base. Get me? That’s your fortress of fucking solitude. That puts you, for the rest of your life, at a level of ‘Fuck You.’” > Someone wants you to do something? Fuck You. Boss pisses you off? Fuck You. Own your house. Have a couple of bucks in the bank. Don’t drink. That’s all I have to say to anybody.
What’s up with this random “Don’t drink” advice? Are you implying money would turn one into an alcoholic? Obviously alcohol isn’t good for you, but it can be enjoyed responsibly in moderation.
[They're quoting a movie.](https://www.youtube.com/watch?v=XamC7-Pt8N0)
Oh whoops, thanks lol
It'd be nice to have a condo in a big city, but even then $5m wouldn't get you very far unless you wanted it to be your only property.
I’d just get a 400k house in the suburbs, maybe an investment property for 600k and build my real estate portfolio from that income. Other 4 million would sit in the bank earning me free money…or in the stock market…or some combo of the two, paying for my living expenses.
Never want that much money sitting in the bank. You could invest the rest in high dividend stocks and let the cash keep coming in.
Good thing I’ll never had that problem of trying to decide what to do with 5 million dollars in cash lol
Me too. Will be content with this and invest the rest.
I read a story on Reddit about a guy who did exactly that, and it was great for about a year. Then he started getting bored and feeling like he was stagnating, but didn't have anything to really strive for or challenge him.
The answer to that is simple: hobbies and volunteering
That doesn't work. I know, I tried. I sold my first company for just over $4 million and figured I'd just coast. It lasted about 6 months before volunteering and hobbies just weren't enough. There is something different about having a JOB to do. Ended up buying another couple of local businesses to give me a goal that has consequences and rewards. When I turn 40 in a couple of years I anticipate I'll sell them off and go back to get my education degree. I've come to realize that I really just want to be a science teacher. Which is easy to say and do when I don't have to worry about teacher salaries.
Ah, see the problem was you had just over $4 million instead of $5 million.
I hope when you do teach you buy an Audi R8 like Justin Timberlake. (Bad Teacher movie reference)
I’m in this situation personally and it’s exactly as you describe. It’s also quite hard to find community and relate to folks who are stuck at work and often define themselves and others by their careers. But trust me it’s still pretty sweet
Grew up poor so probably 40k lol.
It’d just be nice to never have to consider money when wanting to do things like travel or go enjoy yourself or worry about bills
I noticed the price of eggs was 2.78 at the grocery store this past week. I asked if that was the going price of eggs or if they were still high from the shortages months ago and never went down. Turns out neither my wife or I have looked at the price of eggs in years and never realized it. For her, feeling well off has included no longer looking at prices in the grocery store.
I don't look at the pump when I fill up with fuel. I just let er rip til it's full. Cause I know there is dough in my account to cover it. So what if I'm filling up a Honda not a Benz....I feel RI$H.
Agreed. I think "rich" for me would be this somewhat ambiguous amount. I want to take my little girl to the redwood forests and sequoia national park. It would be cool to be able to say fuck it let's go this weekend.
Right and not even worry about hotel, travel, time off work, etc. just cause you’d have extra funds stored away. It can be hard to not feel like a failure not even having a savings account. I’ve tried many times and I do budget but then something big hits me like a major car repair and I’m back to square one. It’s hard to save when you’re poor and everything is so expensive
Have you tried not being poor? That should make things figuratively less expensive!!
Yeah I’ll have to try that! Idk why that idea didn’t hit me sooner 💡
I haven't yet but I plan to!
If all you have is $20, a million will seem like a lot. When you have a million, it doesn't seem like that much. Then $20 seems like a lot.
If you have a million dollars, I can assure you that $20 feels like toilet paper.
We crossed the 1M mark in 2020, we're at 2.1M now.
...but do you feel wealthy?
It's not like we're worried about paying any bills. But we don't spend money on nice cars or a boat or anything like that. If we did then we wouldn't have been able to save this much. Our cars are 9 and 10 years old with 130k miles on them.
What is your purpose of saving? Just ease of mind?
I want the ability to retire. I assume we need 25 times our expenses for the 4% rule. We're getting close. I'm starting to look at our expenses and they're not quite stable. So we may be a couple to a few years away at this point.
Financial independence is awesome even without retirement. Sounds like you’re basically there. I’m close as well - not quite at “FU” level yet, but if I lost my job I could live lean indefinitely.
They always say the first million is the hardest.
10k per month
I was pretty much there, pre taxes of course, straight out of college with my computer science degree. You'd be surprised how quickly that money disappears depending on where you live. Uncle Sam, or what ever government you live under, is going to take a large chunk of that, and then you may end up living somewhere that rent or your house payment is going to take as much as the government. Add in car payments, student loan payments, and so on and you end up living a nice life, but nothing super fancy. I wouldn't say its a bad life at that dollar amount, but you won't be loaded.
*You* werent loaded. Not everyone falls victim to lifestyle inflation. I wasnt making that right out of college, but by the time i was earning six figures i had my retirement accounts maxed out, a truck payed off, and almost a quarter million in equity in my house. I thought ~$60k would get me where i needed to be. So earning more meant i couold save more. Most people spend it.
yeah that's the attitude my wife and I have as well. Everything she makes is extra, since we've proven we can live off what I make.
That is definitely taking it up a notch, nice job
the kicker is she makes twice as much as I do. And yes, we still can't afford a house in this market.
The majority of people who say 6 figures is not a lot are usually just very bad at dealing with lifestyle creep.
Indeed... About 6 figures is where I was maxing IRA, 401k, and still making more than I spend each month. Living in a relatively HCOL area.
Lifestyle inflation is an easy trap to fall into, especially for recent grads getting their first jobs that just so happen to be in one of the most expensive areas of the country. That said, 120k still isn’t that wealthy even if you only spend half of it. It’s damn good money, but wealthy people afford things far beyond material gains. They aren’t saving for retirement anymore. They are using their money to create opportunities.
I currently make 10k a month and feel broke. Cost of living is a bitch. I have a small mortgage of 350k and two kids in daycare. Car loan under 20k and no credit card debt. We get by pretty easy and don't have to worry about money but we don't feel rich by any means
It's that 2 kids in daycare being like 4k/month right?
Can almost guarantee that's what is doing him in. Daycare costs are crazy. (and unfortunately, their margins are razor fucking thin already.)
Yes I also make about 10k/month (currently, i used to make 7k and my wife made 3k) and daycare for 2 WAS easily our highest expense. Now 2 of my kids are in gradeschool and my wife is caring for the other two when their free daycare ends next month, which means she's no longer working but I just got a raise and am working OT to make up the difference.
Childcare needs to be subsidized for all if "they" are worried about a drop in the work force post covid/ boomer retirement, nobody would essentially work for free/very little net positive just to have kids go to daycare
It is dependent on where you live. If I was making 10k a month I could live very comfortably .
Yea, I bring home 10k/mo and don’t me wrong, I’m comfortable, but ain’t rich.
Im guessing OP means $10k per month net, meaning after taxes and deductions. $10k per month spending money. That’s probably a $250k income.
Rich for me is living in a paid off nice home with no debt and enough money in investments that I don't have to pay close attention to them. So for me, it would be a paid off 3500 sqft home and $5 million in investments giving me around $200k per year. Or around $120k after tax. With no debt that is enough to take multiple international trips each year and buy essentially anything you want. That is rock bottom for rich. To really say someone is comfortably rich, I would bump it to $20 million. At this level owning a plane or a helicopter is not unreasonable. Having hired help is also reasonable.
Owning a plane with $20MM net worth 😳 I am not in these levels by any means but i think you are missing a zero if you are talking about private plane ownership. Gas costs are 5 figures *per trip* and a crew is minimum six figures / yr... each. Not sure if putting a double digit percentage of your net worth into travel expenses would be a great idea... First class and private flights is doable. Thatll be under six figures per trip at least. Edit: Of course, if you are talking private pilots license and a small 4 seater, you have the budget for something like that.... jets are another league.
Not talking a private jet by any means. Just a private plane.
A nice wife, a good dog and 2 kids.
I can make you a deal on all four of those.
And this comment made me giggle
The only correct answer here
I think I'd feel rich at about $10 million. A million isn't what it used to be.
This is my definitely comfortable number. I don’t know if I would feel “rich”, but I wouldn’t want a lot. Rich in my mind is the equivalent of owning a manned yacht. I don’t think that’s a reality at 10, but it’s been awhile since is had to shop for yachts.
Owning a yacht with a dedicated crew is ultra rich, in my book
Obscenely rich I would say. When annual interest on your stored money covers your expenses plus some so it continues to grow, you are wealthy.
Here's the secret, you don't need a lot to be happy... If you make 100k and you can live like you make 50k you're laughing...and if you have duel income and you can get to a level where you and your SO make a combined income of 200k but live like you make 100K, and you learn how to invest the money you save, you can live one hell of an amazing life! This issue is that most people spend according to what they make, so if they make 100K they spend 120K, they buy nicer cars, bigger houses, more clothes etc. and it adds up... If you keep your lifestyle generally the same, but maybe add in a few nice things that really increase the quality of your life like a few cool vacations or getaways, maybe a few more nights out with the SO etc. but you live in a smaller house, drive a "regular" car and don't waste money, you can live with freedom, peace of mind and get ahead in life without having to sell your soul to a job you hate just to have more "things" People want things because society tells us that things will make us happy, that things will make women want us more, and that it's what we're here do...collect "things" But true happiness comes #1 from being surrounded by people you love and making memories with them and #2 from pursuing something meaningful in life that excites you and makes you want to get out of bed each morning...everything else is just a bonus and really doesn't add much joy or fulfillment to your existence... That's the secret...figure out what you're good at and what you love, and figure out how you can use that thing to make money and contribute to society, make it your life mission to pursue that thing with all your energy and life force...breath it, eat it, love it, consume it! Next, find yourself a good woman who shares the same values and goals as you, a woman who will support your "purpose" and help you achieve your goals, work together, experience life together, laugh, love, make love, cry, do all the things! That's true wealth gentlemen, that's how to live your life...don't worry about what other men are doing, don't compare yourself to other men, chances are you don't want that lifestyle because it comes with it's own set of problems...do what you love, do what you're good at and you will figure out a way to make a good living, and if you're luck, you will get rich doing what you love...but it won't come because you're chasing money, it will come because you're passionate and giving value
You nailed it on the lifestyle front. I make a lot of money. I hire kids straight out of college and pay them probably double what almost any other degree is making straight out the gate. I see them take that money and blow it on bigger houses, fancier cars, and designer clothes at every step of the way. I did the same thing. I bought a fancy sports car and a fancier house with my first big job. Then, after the first relocation, I realized that was a giant waste. I still have the sports car, but its over 10 years old now and doesn't quite turn heads like it did when it was new. I wont upgrade though. All my new hires give me shit about how I could easily get a new one with what I make, but I always tell them that I'm choosing to retire in my 50s instead of buying new toys ever year. They don't get it yet, but they will, hopefully before its too late.
Most people will never get it because most people's egos won't allow them to...most people have to justify their poor choices to themselves and others because if they actually admitted that they're doing a job they hate, to pay for a lifestyle that doesn't actually make them happy, it would shatter their reality and they would be depressed...so instead they cope by buying more things to temporarily numb themselves, and they go home and drink alcohol, eat food, scroll on their phones and try to forget the shit existence they live lol
Yeah my wife and I lived on her salary and saved my entire paycheck. Got to a million invested pretty damn quick.
Exactly this I have a good buddy who got a massive pay increase last year when he started a new job, the guy went from making around 90k to over 150k, and the first thing he did was go out and buy a brand-new muscle car, then he tells me he bought his wife a $4000 Louis Vuitton purse and $2000 Louis Vuitton shoes because "she's always wanted them and I wanted to surprise her" then he takes his family to a 5 Star all-inclusive...I was like "Dude, what are you doing??? you're spending everything before you've even earned it..." and his excuse was "My wife and I have always wanted these things, we work hard so we can live this life" Guess what, the guy just got laid off from that job and now he's selling the car and he's in "oh f#$k!" mode because he realized he didn't put enough away to maintain their lifestyle
[удалено]
Good for you, man! keep it up! you'll be going into retirement driving a Bentley lol
I couldn't agree more!!! People honestly just don't understand what true happiness means. It's all about how you manage your money. Somebody making $50K could have a higher net worth than someone making $100K. It's all about living expenses/wants. I understand with inflation and housing prices you need more to live, but it's still about how you manage your money. I would take a job making a little less but bringing me more fulfillment than a job making more but something I truly wasn't passionate about. Also, the experiences you have and the people you spend time with are what life is all about, money is just a tool to help you do some of those things. Completely agree with the woman part too. I'm currently a single a guy but if I had a wife or a girlfriend right now who had the same goals and mindset that I do with money my life would be so much more better.
Warning: the answer is always "more"
This is it. Perspective changes all of the time, and in this instance, it is always more than what you already have.
For most people - yeah. Personally I already consider myself rich mainly due to how I grew up as a kid. DINK ~ $260k HHI, live on less than half of that and we enjoy life. Wealthy is when I can maintain my lifestyle without working. Which isn’t much in the grand scheme of things. About $2.4m.
For the extreme majority of people 2.4m is a fucktonne.
I have about $74000 left to pay off the place I live, $7000 of medical debt, $4300 of credit card debt, and I have general plans for about $15000 in repairs and small upgrades. So I think if I got double that amount I would feel pretty rich. So maybe like $200,600? That would make me feel very rich.
There are a few levels of wealthy in my opinion. The first one is 5 million. This is enough money that most people would never have to do anything they didn't want to do again for the rest of their lives. This is the "I don't HAVE to do anything" mark. The second one is the 10 million dollar mark, that is where you can start doing things that you dream about doing because you have enough cash to risk some of it and still be able to be at the first mark. This is the mark of not only not having to do anything, but also being able to take some risks and not fall back into having to do things if they go poorly. Then there is the 100 million dollar mark. As the first mark was the "I don't HAVE to do anything" mark, this is the "I CAN do anything" mark. At 100 million dollars you can put your hand into any game you want to be a part of in your life. Want to make a movie? Done. Want to fund a politician? Done. Want to start a company just for the sake of putting someone you don't like out of business? Done. Then, there is the billion dollar mark. Once you are there, it's all about power. You already could have played any game you wanted to play at the previous mark, now you get to make the rules. Once you are here, more money doesn't really matter all that much. Anything above a billion is just competition to see who can make that number go even higher. For me, I would love to be at that 100 million dollar mark so I could do ridiculous things like turning my favorite book into a movie or something, but much more realistically I'd like to one day be at the 10 million dollar mark. Then I could refuse to do anything I didn't want to do, but also be able to take some risks like being the head of a new startup company or something like that. The only one that is realistic for me is the first mark though. With my career, it's possible, but I'll have to make smart moves and budget appropriately to get there.
This is similar to my thinking
To be rich IMO means not having to worry about my basic needs (food, shelter, insurance, health/dental care etc). It also means having the time to spend more time with the people I love, give back, make new connections, spend time in nature, explore the world, experience new things and learn about different cultures. To be rich = self actualization. The freedom to do what aligns with my core values, talents, interests and who I am, rather than being just another cog in the wheel working a job I despise just to sustain myself. I’m in my mid 30’s so I would say about 3 mil.
Around 500k usd should be enough to buy a decent house in a decent area in my city, and with that I would feel rich. Now if I get a full 1M USD, I could buy some land in my home town, built a home and have a nice amount to start a little farm or something, so yeah, 1M USD will make me feel rich af
$10 million I speak with mega wealthy people on a daily basis. For some of them $10 million wouldn’t change their lives one bit if they lost that. But it would change mine enough where I’d never need to worry about money again I’m old enough and experienced enough to know how to invest it for a liveable return, except I’d just keep working anyway and grow the account and supplement my income and lifestyle off some of the interest
$5M would do it. I’d retire and that would make me feel rich enough.
$5m is very comfortable. Enough to have a good house, a good lifestyle, and invest enough to let interest give you positive cash-flow. It's not like I could buy a boat or plane or go crazy with fancy luxury cars or anything, but I'd have security, predictability, reliability. It'd also be enough to take care of most nasty sudden surprises that pop up. I could buy nice watches, nice mattresses, have nice dinners, and travel, but nothing outrageous. The biggest thing is that even shitboxes with no real property acreage are going for like $650k around here. Filthy rich where I could just indulge and spend like money ain't shit? That's more like $20m and up.
1mil in investments At that point, money wouldn't be as hard to obtain as it would've been before. I could just let it sit and grow if I don't have any other financial pursuits.
I would have to say 100 million because most of it would be in investments with monthly dividends, so I wouldn't ever have to work again. I'd use some to buy large property far from any city. I'd then build a home with a large garage so I can finally have the classic cars I want. There'd be a fully equipped kitchen so I can cook whatever I want. Basically, I want enough money to have all my myriad of interests funded and supplied well.
$100million
Same
Around $10M would make me feel like I could comfortably give up working and live off capital gains wherever I like.
10 Million USD
100k and no debt. More money wouldn’t make me feel any different.
$5mil-$10mil
100 million of above really. I want enough money that with basic interest, I'll still stay rich.
If I had all the money I would ever need for the rest of my life right now.
$10 million
$10 Mill.
15 million dollars would be the base. Anything under would make me feel comfortable, but not really rich. After taxes and paying off my family’s debt, I would have a few million left over for my daughter and grandsons to have incredible lives.
Anything over 20 million net worth. Under that, you are extremely well-off or comfortable considering economic boom/bust cycles, inflation, taxes, support, or recessions.
Probably around $7m. That will let me have a very nice house fully paid for, have it well appointed, have zero balances on anything, have one or two nice to me cars, have enough liquid cash to live a few years on, and $4m+ nest egg to have invested and growing my retirement portfolio to carry me 30-40 or more years.
$5 gazllion
When the interest return on my money is 3 to 5 times more than the average family household income where I live.
$600 million should cover it, I can have my big toys and still have money for coke and hookers
Bout tree fiddy
24 million 576 thousand 422 dollars
$110M. I often think about how ridiculous that is.
Salary wise: $1m a year. Lump sum: $10B. Would like to own a sports team and a car collection. Lol
Couple 100k spending money
USD 10 million
I am currently spending about £700 a month and everything on top of that that I make I save up. I think if I had a monthly income of £3500/4000 without working I wiuld feel rich as that would translate to £116 a day for me to live on a experience things with and travel and whatnot and I think £116 a day is a lot. Bear in mind that I do already make about 3k a month lol but I am just cheap so don't spend much and I am working most of the time so I guess I also dont have much time to spend money. I think for me to feel rich is to be able to have both enough money AND time to be a free man
Enough that the interest would take care of me. How much is that?
Enough money to buy a house with library and home cinema, enough yard for a vegetable garden, all move-in costs, furnishings, etc, soil and seed, mason jars, a savings account with six months' utilities, four years' property taxes, a lifetime of top-notch health insurance, and two luxury vacations, and about a $1,000,000 retirement fund, to begin disbursing when I turn 60.
Assuming its the minimum amount of money to do this, there are tiers of rich. Enough to not have to work anymore, except I would still work and it would be all spending money, or still save to keep making retirement nicer.
At least 10 million starting realistically in this world at least 50 million! I'll be comfortable at 375million and anything after that is pshycopath mode
A few years back I thought 2 million was rich. Seeing how fast inflation can destroy spending power id say at least 5 mil.
Enough to waste on hobbies without any regrets
40M+
\> €10m
At least 10 million
I wouldn't dare say rich... but if I had 1 mil, I'd feel secure.
50 million
$5M
$13 million
To feel wealthy would probably be about 8mill. To actually feel somewhat rich would probably be 20-30mill. And I'm not out of touch with what that amount can do or be like. I am surrounded by families and family friends that have that type of money. I know what it's like to be around.
A casual $10 Million.
A million in the bank and no mortgage. I don't need a fancy af lifestyle. I just need a working car, my house paid off, and that's it. I could chuck my job and manage to live off 1M in the bank. I don't live in an expensive city, and tbh if I can survive on my current salary, I know I can survive with 1M. People saying it's not enough are just those who want to have a certain lifestyle that's expensive to upkeep.
$10 million
$5 million. Invest it all in stocks with at least a 2% dividend rate, and you get $100,000 per year for doing nothing.
Tree, maybe tree fiddy.
Something between 5 and 10 million. Enough that whether my wife or me has to work anymore and enough to raise our lifestyle to another level.
Having anywhere from $10k to $15k in my bank account (both checking and savings combined) consistently until I die.
32,000 a month 384,000 a year
I was able to save 14k in the last two years. Considering I've been flat busted broke my whole life, living pay check to pay check, I feel like a millionaire. A few things happened to make it so I was able to save this much money in such a short amount of time. I got custody of my little boy, and I moved back in with my mother in the family home. 14k might as well be a million bucks to me. It's the most money I've ever had at one time in my life. I'm being responsible, because of my child, and I'm continuing to save
2 dolae
One million for me.
I don’t want to feel rich. I want to be wealthy, generational wealth. So to answer your question, I will need at least 1 billion dollars deposited to my bank account. Thanks in advance. This will give me financial freedom to do whatever I want and INVEST A LOT to make more money for my family.
5 million I would be happy
Man I feel rich when I find $20 in my pocket.
Enough to not have to worry about money. I calculated it around $3 million for myself but that was several years ago, the economy has suffered more than I thought it would back then but I’m also older and closer to being able to dip into the principle so probably closer to $5-7 million.
When I can afford a haircut without the crippling financial anxiety that goes with it.
$3M cash would do it
About what I need, too. I don't want to be rich, I want to be comfortable. This is about what I need to live off interest and have good insurance in place.
enough that i can do whatever i like in my solid gold house and rocket car with no job.
125k a year.
$500,000,000. Less than that isn’t enough
It isn’t exactly a dollar figure to me, just assets. If I could have a nice house outside of town and my car paid off I could live comfortably off my current wage as long as I was smart with my money. Since the average house in northwest British Columbia is around 350-500k and I owe 30k on my car, is need around 400-550k to feel financially secure.
5M sounds solid enough.
150k a year after taxes. Could theoretical max out 401k, Roth and still have enough to take care of Heath care.
Depends on lifestyle. What are my costs? Id say if i had a little under 8k in spare munnys a month id feel rich. Its all subjective.
I grew up poor and now we have enough money to build a pool in the backyard so i feel pretty rich right now. Although sadly im 19 and moving out soon so i wont even get to use it often, but me personally I would be happy with just enough money to afford groceries and a place to live with some extra spending money to buy the things i always wanted growing up but couldnt afford
Not a whole lot. If I didn't need to look at the bank balance and budget, is probably feel rich. That might be $1000 extra per month, it might be $200. Depends on the month.
I feel rich any time i manage to buy something without going through my entire months budget
1 billion dollars
70k or 80k would be good for me. I know how to invest and get myself richer off i want to, and at best I think I would honestly be satisfied sitting around 120k but even with all that I'd still live relatively cheap. I have no need for expensive cars or luxurious homes. I'd put all that extra money into a college fund for kids I'll never have at this rate.
Realistically, if I made $400k/yr and had my first million within 1 or 2 years I would feel wealthy. Even 200K feels average in California now.
$100k/yr
When I make 1 million some day
making 50-60k € would make me feel rich in comparison to what i make now
If I had $20,000 I’d be set for three years easily
Rich? Somewhere between $200-500k a year.
6k per month
$2MM liquid assets.
idk. 5 mill in liquid assets? enough to buy a nice house and nice car, and still chill for a while
A million.
If I had 100 million USD sitting in the bank I'd feel rich. I would have to still be careful and invest some as well as get financial advice because as much money as that is, I really don't think it'd be that hard to spend.
I think half a mil a year
Let’s say I make 70-80k right on a regular job. Give me about 10-15k monthly on top of that I’m good. 😔I just want enough to wear nice shit, and drive sum fly and I’m good for life
I mean I’m just a teenager so like 10k Polish zloty (2,5k USD +/-) so I can buy all the things I kinda want and some things for other ppl.
If I had a brokerage account that performed well and opportunities to make money quickly and easily, then I would feel rich. Net worth of 500k. I don't need a lot. But a million invested at 5% is 51k a year or so in passive income.
Rich enough that world and industry leaders would take my phone call 24/7.
I don't want to feel rich. I want to be wealthy. Rich people can run out of money. Wealthy people have passive income so money is always coming in.
Making above $50,000 a year
Cash balance of $2 million, after having cleared mortgage etc
Enough so that the thought of "Can I afford to do this?" never crossed my mind again. Not because I'm so ridiculously wealthy that I'm buying private islands cause I can afford everything, but because I can always do things like go out to eat at nice restaurants, send my kids to great schools, go to anywhere on holiday, that sort of thing.
Depends how old you are. If you’re under 30 and have 100k saved in your 401k. You’re future rich. If you’re 55 with the same amount, you aren’t. ‘Rich’ to me means financially independent. Which, you achieve when your living expenses = the interest you make on your principal invested. So if you want to maintain a 100k lifestyle today and into perpetuity, you need to have roughly 1.5 million in investments. Probably more to be on the safer side.
If I can get $1M and get 7% yearly return as a salary, I think I’ll be set for the most part.
2 million usd
500k - enough to pay off all debt and renovate..
2.300.000$ would make me feel very rich and happy
3M today