General Question

Rarebear's avatar

How much would it take for you to consider yourself wealthy?

Asked by Rarebear (25144points) July 14th, 2017 from iPhone

Wealth as defined by you enough money so you wouldn’t have to work.

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27 Answers

Stinley's avatar

My life is quite well supplied with material comforts so I would not work if my wealth gave me an income similar to what my husband and I earn as teacher and librarian.

MrGrimm888's avatar

$10,000,000… “Rich” would be a far lower number.

seawulf575's avatar

Having my house paid off and all my bills paid off for the next 20 years, and my family happy and healthy…I would count myself wealthy indeed.

jca's avatar

I think 250,000 per year would be ok.

ARE_you_kidding_me's avatar

About 2 million

Coloma's avatar

A few million. Say 5. Even at 2% interest the interest income skimmed would be quite easily lived on.

zenvelo's avatar

$15 million. Enough to buy and maintain three residences.

janbb's avatar

@MrGrimm888 Interesting that you put wealthy above rich. I think of wealthy as a step below rich.

For me, it would be between two and four million. Wouldn’t be able to do everything I could conceive of doing but I think I could live comfortably on that without working for the rest of my life.

MrGrimm888's avatar

^To me, a rich person just has a lot of money. Wealthy people have generations of elite money, and power.

janbb's avatar

^ I can understand that distinction.

Coloma's avatar

I think rich eccentric is the best, personally. haha

Rarebear's avatar

This is an interesting mix, between 2 and 40 million.
@stanleybmanly Are you saying that if you had only, say, 20 million you would still have to work?

flutherother's avatar

I consider myself wealthy now. All my needs are met and I have money for travel and occasional luxuries.

RedDeerGuy1's avatar

$500 million Canadian.

Pachy's avatar

I’m with @seawulf575 100%

JLeslie's avatar

If I had $10 million “cash” I would feel like I never have to work again. I’d feel wealthy I think at my age, I’m 49. If I was 65 then $5 million would be enough assuming social security and Medicare stay as I expect.

If I look at it in regards to income, I think I’d need $400k a year to feel wealthy.

Rarebear's avatar

@JLeslie You must have expensive tastes. :-)

josie's avatar

How can you not work?
A recipe for low self esteem or vice indulgence.
Not good.

JLeslie's avatar

@Rarebear Nope. It has less to do with things, and everything to do with feeling secure. Wealthy to me means not worrying about money for the rest of your life. That if you never worked again you’re going to be ok. How do you define wealthy?

My dad says he now feels “wealthy” in retirement, because he has free healthcare (he had that before 65, because he retired from the military in his 50’s) my mom
and dad get a good social security number, they both get decent government pensions, and all of that covers more than their expenses. He works in his retirement and that’s all extra. Most people don’t start getting pensions and free healthcare in their 50’s. They felt secure. They live very modestly. House worth about $250k in the D.C. suburbs, fly for free for some of their European trips on military flights.

@josie the majority of the people where I live don’t work, they are retired. They are busy all day. The did work once upon a time though. Now, they just have fun all day.

canidmajor's avatar

@josie Not Working For Money does not equal Not Working.
Expand your perception.

stanleybmanly's avatar

No I’m not saying that I would have to work were I to have resources totaling less than $40,000,000. But “wealthy” is a difficult goal post which moves inexorably. I live in an environment where owning a house now qualifies you as a millionaire. The question as worded is loaded. So many of the questions posited here leave me anxious for clarification. “How much would it take?” is not enough information. So I converted the question to “how much available unobligated cash would you require to consider yourself wealthy?” And then there’s this thing in my mind regarding the difference between rich and wealthy. So I decided that if I were in a position to pile 40 million dollars on a desk in front of me, or as far as that goes, donate or risk the cash without ruining myself, I would consider myself “safely” wealthy. But there’s nothing quite like age to teach you just how that goal post can snd WILL shift. I have this memory of my freshman year in a prep school when not only the school, but the entire city was abuzz about the fact that one pupil was the son of a man erecting a $50,000 house.

RedDeerGuy1's avatar

Ok i just read the details . $25,000 a year would be enough.

Pandora's avatar

I don’t work now, so I guess I’m rich. LOL My husband does well. Monetarily, I would like enough so my husband doesn’t have to work and we can afford any big financial crisis that may be cause by illness or an accident. But money is a funny thing. One huge stock market crash and you can go from riches to rags.
I guess maybe 100 mil in case the stock market crashes and the value of my 100 mil drops to 100 thousand.

cheebdragon's avatar

Several million in an offshore account.

MollyMcGuire's avatar

I am wealthy.

Aster's avatar

I would feel wealthy if I had $5M dollars in cash and stocks unless I had huge monthly expenses and owed the IRS a lot. Credit card debt can wipe you out.

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