How much wealth do you need to be rich?

[Anonymous]

Where does it start

Less

A million

A couple mill

A few million

5 mill

8 mill

10 mill or higher

[Anonymous]

For me the bottom line is can you do exactly what you want without working and live a carefree lifestyle is the question to be answered. For me that answer is yes, I can. One of the best researched articles on the subject that is my first attachment says $3.2M is needed with an annual income of $160k without working.

I am in that category as well. I also own my hime outright and have the majority of my medical paid for and enjoy a low six figure passive income from annuities. I am a self-made man who started with nothing.

I have attached several articles on the subject and they vary in number. I like the first article best as it has 5 years of research and uses logic. The number there is $3.2 million in assets without your need to be working.

I like this quote from the first article and it hits the mark:

”wealthy means your invested assets generate enough income to fund your standard of living and pay the taxes on that income.

In other words, you're rich when your non-work, passive income equals or exceed your living expenses.”

“That's because $3.2 million, if invested prudently, should generate about $150,000 to $160,000 a year in passive income. Even in expensive states like California, New York, and New Jersey, $150,000 a year should be more than enough to enjoy a comfortable, financially free lifestyle.

So, $3.2 million, I would argue, would make just about anyone "wealthy."”

https://www.businessinsider.com/personal-finance/how-much-money-it-takes-to-be-wealthy-2019-8?op=1

https://www.usatoday.com/story/money/2023/10/23/what-does-it-take-to-be-wealthy-in-america/71237797007/

https://finance.yahoo.com/news/rich-heres-net-worth-poor-190015406.html

[HawkPerception]

Being rich to me means being able to say "fuck you" to society and leave it at any point and do your own thing. It means having "fuck you" money.

I did some calculations for the kind of life I desire. Although it may sounds simple, there are a lot of costs involved.

I want to buy some land in a rural area, build my own custom, self sustained house, build my own campervan, grow my own food, have a family of my own, travel often, go camping and kayaking often, and take care of my mom and my brother and his family financially for the rest of their lives. To afford that lifestyle, I project needing a little over $10 mil.

[SueShe]

my understanding of "being rich" does not measure in terms of $. I am not rich, even with 100 million if that kind of money brings me nothing but problems.

My understanding of being rich is that I am healthy, that I have a roof over my head and that I am able to feed myself. I don't need a car, I don't need to own property, I don't need to go on vacation, I don't need to travel to be rich with experience, satisfaction and health.

How rich was Steve Jobs before he died? How much money did he invest to attempt to cure his pancreatic cancer before that cancer brought him to his tomb? Would he have been able to save himself with 10 trillion $? No of course not.

So, richness is unimportant if you don't have your health. I need to have something like $3,000 a month to be and feel rich. Nothing more.

[on_my_knees]

This is a weird question. You could have 1 million in assets and still be broke if they're not generating income.

[Unit1]

According to Andrew Tate 10 million USD today in 2024 is the bare minimum to be considered rich/wealthy.

[exitseven]

I say 5 million. It costs a couple of million at least to buy a really nice house where I live.

[FunkyMonkee]

You could say, a million but, as soon as I start spending it, I'm no longer a millionaire.

[Iron_Man]

You can be pretty relaxed for one million