How do you define being rich ? Let's stick to being materialistic here, $ net-worth.

$10 mil., $7 mil. of it liquid.

 

Relativity:
In 1983, I drove a '68 bug, had $20 in my pocket, and thought I was a celebrity.
In 2013, I went to the local Ferrari dealer, sat in the salon area eating doughnuts, and watched models show me leather swatches and disk brake options.
I picked out a new 458 in my color, in my interior choice, with my brake caliper and disk selection, with 3 mi on the odometer, and somehow felt like a nobody.
Meanwhile, my dog Bravo, sits in the floor like a king holding a dinner bone between his paws in complete contentment.
When it's all said and done, I'm considered a fool for giving away huge amounts of money, and the things I think about most are the people who were nice to me when I was alone. If money is all you have, you're the poorest rodent on earth. The finest things on earth are the love of a wonderful woman, the admiration of a faithful hound, nutritious food, health, energy, the company of good friends, the air in our lungs, the stars in the sky, and a lovely sports car in the back of the garage. If you're a good man, these things will come to you with or without money. In the end, you'll burn bails of the stuff to keep warm in the night.

 

Re-read the post and somehow didn't answer directly.
I see the elites as rich, the one who move billions around.

 

Id say its waking up everyday and having choices while still maintaining a roof over your head

Im not rich, but i consider myself happy and thats important

although i work hard i have freedom and choices
If i want something within reason i generally can work towards it

I find the chase very satisfying
Often the end result no so much

 

Top tier movie star money.

500 mil

 

Ok you want to know what rich is? Here is the answer:

These are minimums below, so this answer will give you entry-level rich.

You need 3 houses:
I would go for an entry level oceanfront house in Palm Beach ($100m) and small ranch at the Yellowstone Club ($100m) and a waterfront villa in the south of France ($50m). A decent yacht is about $250m (that will get you a 300+ foot Lurssen ). Assuming you are only going to have one plane, I’d probably do a Gulfstream G500 ($50m), it has a 5,000 nm range so works for most trips and you can throw in some stops of course if needed.
So far you have spent around $550. The upkeep for the yacht costs the most at around $30m a year for the crew of 35 plus maintenance, fuel, the worlds best food etc. For the homes I’d only budget around 5% a year for concierge management and upkeep so that’s around another $25m.

Ok so far we have spent $550m and created a recurring cost base of $55m a year.

Then in terms of living allowance, shopping, parties, hotels etc I’d say $5m a month.

So the recurring expense is now $115m a year. To cover that from investment income assuming a 5% pre tax return (and say 50% taxes), you would need a capital base of $2.3bn but you don’t ever want to be close and of course returns may halve, so to never lose a might of sleep I would want 4 times that which is $9.2bn.

So in summary you spend $550m on assets plus you need another $9.2bn.

So rounding it up you need $10bn. That’s the answer.

 

LOVE IT! [emoji106]

 

I knew it … I’m poor … thanks for confirming


Sent from my iPhone using FerrariChat

 

Rich is:

Answer 1: When your money works for you and you no longer have to work for money.

If you need $20k to cover all of your personal overhead (adjust accordingly) and you have AT LEAST $20k coming in monthly...from 100% passive sources, you are rich. If your family burns $30k per month and you make at least $100k totally passively from sources you don't have to manage.

Managing property, managing managers that manage businesses, having to spend time oversee or being a CEO is not what I am talking about. If you have to manage the sources of income you are still working for your money. Aka not rich.

Note: Looking at dashboards to check KPIs, your investment accounts, values of assets is fine. Monarch Money works great for this.

Answer 2: You are rich when you do what you want to do, when you want to do it, spending time with people you want to spend time with.

Its about the sense of being financially free.

Of course, health, debt loads, environment, relationships etc all factor in as well.

 

that's the absolute minimum for "Dallas Rich".

 

I think "rich" is not giving a sh8t about anything. I will never be rich.

Guy at dealership was mounting the frame for license plate on wife's new car. I was trying to not give a **** by letting him put on the plate. He started drilling holes before realizing he F'ed up. Unable to immediately think his way out of the screw up I just said. That looks like it will take more time than I have. I'll just do it later. Can you imagine you are the license plater putter onner and you failed!

 

It’s interesting how perceptions of wealth vary by location and culture. In Sweden, like in many places, driving high-end cars definitely gives off a 'rich' vibe, regardless of the car's age. I guess it comes down to how people associate certain brands with wealth, even if owning a classic or older model doesn't necessarily mean you're rolling in cash. The fact that someone with a new Gallardo says they're 'not rich' shows how subjective that term can be. It’s all about perspective.

 

Well...only each person really knows if they can only afford hamburger or if they really like hamburgers and they DGAF how many people see they are eating it.

Personally next to a perfect ribeye is the perfect hamburger.

 

In my opinion wealth is when in case of any medical problems of your loved ones you will have enough money for any of their treatment without great loss to your position and capital.

 

Rich is when you spend more money than you should.
Wealthy is when you have more money than anyone would guess.

 

Rich is the opposite of me....