What is Wealth
- Thread starter prlyles
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The average American household income in 2023 was $80,610.
To be in the top 20% of income earners, you'd need to earn over $130,500 a year.
To be in the top 1% of earners, you'd need to earn over $540,009 a year.
To be in the top 20% of income earners, you'd need to earn over $130,500 a year.
To be in the top 1% of earners, you'd need to earn over $540,009 a year.
Dislike there isn't an option between $3-$10M. Also, age is a factor. I think wealth can be found in that $3M–$10M zone. I don't think you have to have $10M+ to be considered wealthy. I also think $500-$1M could be considered wealthy if under the age of 26. If you're 65+ and net worth is $1.5M, you're not wealthy.
We're talking net worth. There are plenty of people who earn $130,500 a year who aren't even close to being in the top 20% net worth wise, and there are plenty of people who earn $130,500 who are probably close to the top 1% net worth wise. Annual income is such a micro way to look at net worth.
It used to be called “eff you money” and it’s a lot more than $10 million.
I’ll never see it but I don’t begrudge others having it.
I’ll never see it but I don’t begrudge others having it.
Some call it job rich. A very good salary but also a big mortgage and kids means it’s going in the front door and out the back real fast.
True, but if you near that 1% mark you probably aren’t worried about what brand of TP you are buying.
Wealth is very subjective, of course.
“Rich," the Old Man said dreamily, "is not baying after what you can't have. Rich is having the time to do what you want to do. Rich is a little whisky to drink and some food to eat and a roof over your head and a fish pole and a boat and a gun and a dollar for a box of shells. Rich is not owing any money to anybody, and not spending what you haven't got.”
― Robert Ruark
Income and wealth are not the same. Retired people have very little income but they have a shit ton of wealth
Wealth is being able to give OP’s Mom five pearl necklaces every day.
Wealthy is subjective.
Having enough money to buy whatever you want, not worried about future income or expenses, no concern about swings in the market and enough money to live out your days as you want to can be considered wealthy to a lot of people.
Others might say you need enough money to own your own jet.
Having enough money to buy whatever you want, not worried about future income or expenses, no concern about swings in the market and enough money to live out your days as you want to can be considered wealthy to a lot of people.
Others might say you need enough money to own your own jet.
In my opinion, a person is wealthy if they can stop working and the interest on their money, or periodic liquidation of those assets, affords them a lifestyle where they don’t worry about “normal” expenses.
And every one of those things is taxed (and/or licensed & regulated) by the government at one level or another.
Whisky ✅
Food ✅
Roof ✅
Fish pole ✅
Boat ✅
Gun ✅
Shells ✅
Being at that mark I am worried. Good toilet paper goes a long ways
Liquid assets is what matters. Income really doesn’t.
Most people work years longer that the need to just because of a lifetime of driving more car than the need to. Imagine having another $200 a month invested in the S&P for 30-40 years.
People pretty much spend whatever they make.
Most people work years longer that the need to just because of a lifetime of driving more car than the need to. Imagine having another $200 a month invested in the S&P for 30-40 years.
People pretty much spend whatever they make.
Agreed! It’s not what you make it’s what you keep. Investing is underrated.
And they are obligated to do a required minimum withdrawal once they hit 73. It’s a percentage of your total 401. So in that instance if it’s a retired person who was in management it’s likely to be a decent SSI check, plus your 401 withdrawal plus any savings you choose to draw from. A six figure annual income isn’t that unusual.
And Gen X will inherit whatever they don’t spend.
I used to not begrudge them but then I grew up and understood how much they cheat to get ahead and now I do.
This country has a very big problem with wealth disparity.
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