How much money would it take for you to consider someone wealthy or well off?
No specific amount actually. I consider someone wealthy if he can afford to stop working today and has passive income to allow him (& family) to live and maintain their lifestyle until his death, and still has wealth left to pass on to his heirs.
My definitition or criteria for someone being wealthy would be having enough money for a person with average intelligence and discipline to live off of just the earnings from interest, dividends, and capital gains without having to work if they wanted to. These days with a constantly increasing cost of living, I would say this would be around at least $10 million.
Some may consider this really high. The way I think about it though, being wealthy by definition means you have a high degree of financial security (though nobody is ever completely financially secure, even billionares can lose everything), meaning that they have a margin of safety against making financial mistakes, market volatility, and bad luck (major health problems, family issues, being sued, etc.) to the point that they would still be secure if these things happened. Also with inflation moving up so fast like it is now, my figure accounts for this natural erosion of purchasing power.
Then again I myself would just be satisfied with an extr $5,000
My definition changes as I get older or acquire more. It's always someone who is so much further ahead of me that I can't see myself getting there. But it doesn't make me jealous - never has done. Money, as long as you have enough to survive, is just about the least important thing.
Enough to give it all away to needy, then start over. This is not preposterous, look around..... there are some!
I think it is all relative/perspective. When I used to visit the lake I would see the people in their boats and think, "Gee I wish I had a boat." Then when I had the boat I would look at the houses on the lake and think, "Gee I wish I had a house on the lake." I am sure if I owned a house on the lake I would think, "I wish I owned the whole lake." We always want for more.
To be wealthy or well off, I would say, would be someone who has over a million dollars in his or her savings and has a job with an income of over $125,000 a year.
I don't have an exact number, but I'd consider someone to be truly wealthy when they have enough to stop working. I consider most people well off when they have enough to provide for their family and still have money left over.
I think an individual is considered well off if they make over 100k a year and an individual is wealthy if they make over 300k a year. It also depends on whether they have dependents, what their spending habits are like, and how expensive the rent is in the city they live in.
I would say if they have all of their expenses covered by passive income and are doing exactly what they love in this world.
I don't know if there really is a way to say someone is wealthy. It is partially a state of mind too.
In order for me to consider me or anyone wealthy - the amount of money needed would be that amount that could support a person/family for an entire year with all the bills paid and still have money left over And they wouldn't have to do anything else, ie if they didn't want to work to bring in amy more money or wanted to just take trips this could be done and it could be done for at least a year or beyond.
Like everything else, it is in the eye of the beholder. Financial security is important, but being wealthy presents another set of problems that are superfluous, in my humble opinion.
Today with this economie is hard to consider someone wealthy if their have millions,
but if you have money to pay for big homes and cars and food ,vacation
and tax and left overs means millions
I think about 50 million
by kevins blog52 6 years ago
How much money would you have to have,before you would say I have enough. .
by flowmeter 3 years ago
Is boasting about how much money you have a sign of insecurity?
by Libra 5 years ago
How much money is enough to make you happy?A recent poll on Oprah said $75,000 is all you need to be happy. Anything more than that is too much. Most disagreed. Oprah said $100,000 is a better number. What do you think?
by StayPos 14 months ago
If you received an unexpected inheritance of one million dollars what would you with the money?Oh and by the way the taxes have already been paid :-)
by ngureco 7 years ago
How Much Money Do I Need To Have To Be Happy And Live A Good Lifestyle?
by janesix 4 years ago
Why take more resources than you need to be comfortable? How many cars or jets or mansions is REALLY enough?Is it wrong to take more than your fair share?
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