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What net worth do you consider "wealthy" nowadays?
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06-28-2021, 03:38 PM | #67 |
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I define it as having an amount of money that I can live well pulling interest off of. We all define "living well" differently, but for me it's a decent upper middle class lifestyle. I'm not interested in lambo and yachts. For me, the ticket is 5 Million.
I live, and will continue to live, in a state with a low COL, so even pulling 3% off of that 5m in interest per year gives me 150k in income in additional to what we already earn. The house is paid off so no real "major" monthly bills. I think the 5m is both reasonable and attainable at some point.
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08-11-2021, 10:14 PM | #68 |
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08-11-2021, 10:23 PM | #69 | ||
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Brioni definitely for the older crowd and Kiton geared to younger but not many younger crowd can afford Kiton so it almost doesn't make sense. Neither are my style but doesn't mean I can't appreciate stupendous quality and craftsmanship. |
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08-11-2021, 11:48 PM | #71 | |||
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08-11-2021, 11:51 PM | #72 | ||||
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Blame the mobile app. |
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08-11-2021, 11:53 PM | #73 |
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If you paid $10,000 for a suit you are banned
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08-12-2021, 12:07 AM | #74 |
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Oh man. That just brought back memories of the ban thread LOL.
I don't like the fit and finish of Brioni I said!!! It's for older types. Non-slim fit. Trump I believe wears Brioni, so you can get an idea of body shape, type, suit fit, lol. I spend a lil less than that on my suits. Is that acceptable? Will you still be my primary care internal medicine physician? |
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08-12-2021, 12:12 AM | #75 | |
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08-12-2021, 12:13 AM | #76 | ||
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08-12-2021, 12:16 AM | #77 |
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Good enough
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08-12-2021, 10:41 AM | #78 |
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08-12-2021, 06:10 PM | #79 |
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I think $10M liquid is wealthy. At that point, you can live off the interest and be at or pretty close to being in the top 1% of earners.
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08-12-2021, 06:21 PM | #80 |
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All depends where you live. Zurich, Geneva, Hong Kong, Singapore, New York, Tel Aviv, LA come to mind where supplemental income would be required and not just the interest off 10mil. Rent / mortgage / HOA prices alone in most of those cities are monstrous. You should see what 1 million gets you house wise in some of those cities. I saw a listing not too long ago for a 185 mil home in Zurich. Yep, 185, lol.
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08-12-2021, 06:33 PM | #81 | |
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08-12-2021, 06:37 PM | #82 | ||
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But living more rural outside the most populous expensive cities in the US? Definitely doable. |
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08-12-2021, 07:41 PM | #83 |
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I dunno, I feel like I could manage on $500k a year in Chicagoland or DC. I wouldn’t live in either NYC or LA due to taxes….I know Chicago is high too.
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08-12-2021, 09:10 PM | #84 | |
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08-13-2021, 07:59 AM | #85 | |
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You won't blow through your money and end up in the poor house, and you also won't be a target for thieves and beggars. |
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08-13-2021, 08:36 AM | #86 |
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08-13-2021, 08:49 AM | #87 |
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08-13-2021, 09:33 AM | #88 |
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