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jca2's avatar

What amount of money would you have to have in the bank, or as an annual income, to consider yourself "rich?"?

Asked by jca2 (3119points) 5 days ago

Question that was on the radio this morning.

What amount of money would you need to be “rich” according to your own criteria? This could be a lump sum or an annual income.

I was thinking about it (not thinking very hard, just giving it a quick thought) and I think if I made 250k a year, I would consider myself rich. Right now I have most things that I want, but I am not living an extravagant life. I have a middle of the road car, I wear middle of the road clothes, I take vacations but they’re not extravagant. I am not wanting for anything but I do have to work, so it’s not a lifestyle of laying around or going to the country club or casino.

What about you?

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8 Answers

Zaku's avatar

Depends on whether I have to work for the income or not.

I used to think that $50,000 per year income would be more than enough, and I wished I had that coming in and didn’t have to work for it. Now I think it’s more like $100,000, which given when I started thinking about it, actually may not even be keeping up with inflation.

Really I think it’s about how much more is coming in than going out (without doing anything special, and accounting for sudden expenses such as medical costs). That has always seemed challenging to even get “in the black.”

KNOWITALL's avatar

I consider myself comfortable now, with savings and all I need.

To be rich, that would mean I don’t even think about money, so maybe $500k in the bank or more. I don’t know many people who never have to think about money, so that would be a luxury indeed.

RedDeerGuy1's avatar

More… always more.$100,000 would be a good start. Or $2,500 a month after taxes.
I would like to pay my rent, food, and utilities and have $200 to play with every month.

KNOWITALL's avatar

@RedDeer Maybe when you fly us to Mars you’ll make the big bucks and have nothing to spend it on lol

RedDeerGuy1's avatar

@KNOWITALL Internet overage charges might be a bit high to downstream video from Mars. Also It might be expensive to fill my chocolate and red meat habit. $10,000 a pound just to get to the ISS. Wonder how much It would cost to send to Mars?

Demosthenes's avatar

When my dad was at the peak of VCing in the mid-2000s, he was making seven figures (but I was always so confused about venture capital works). So that was my image of rich. I grew up surrounded by rich people in an area with a very high cost of living, so it gave me a distorted idea of what was average and above average (in SF nowadays, making under $120K means you’re “low income”, absurd, but it does depend on where you live). I’m definitely not even close to being rich myself. I think @KNOWITALL is right that rich is when you’re at the point when money “ain’t no thang” as the rappers say. If you don’t have to think or worry about it, if you have much disposable income, you’re loaded. Not sure about an exact amount, but hundreds of thousands in the bank at least.

JLeslie's avatar

Rich to me is $5 million or more in the “bank.” I’m not even talking about including a house.

In terms of income I’d say over $400k.

Your number $250k is certainly very comfortable though. On $250k I can live very nicely and be saving a ton of money to help me try to get to the $5million mark. I think right now my husband and I can live on $40k if we don’t travel or do anything extravagant.

ARE_you_kidding_me's avatar

Two million would set me up for life here. I’d have to still manage rentals but I would not have to “work.”

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