Financially, How much does a person need to have to be considered rich? im talking CASH after paying off all debts and mortgages and everything?
2006-11-26 16:56:33 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I think you are rich, when you have enough money so as to have the option of never having to work again.
For most reasonable people, I think that amount is $2 to $3million. At 4% return, that is $80k to $120k a year of earning to live on. Enough for most not to have to work anymore unless by choice.
2006-11-26 17:19:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I would say that you are rich when you have a roof over you head, clothes on your back, food in your stomach & a little extra.
Plus enough extra so that you never have to worry about those things again.
Oh just round it off a say $50,000 a year (with out working) & a couple 100,000 in reserves.
2006-11-27 01:09:46 · answer #2 · answered by Floyd B 5 · 0⤊ 0⤋
I think middleclass starts at $45,000 now. This means, you need this to clear povertiy/working poor. I would guess the upper end of this is something like $80,000, because you start getting into different tax brackets and it's assuming you are married - the joint income would be a lot @ $160,000. That's a house every 2 years.
2006-11-27 01:00:10 · answer #3 · answered by OhIdonno 3 · 0⤊ 2⤋
Rich is a state of mind. Not net worth. that just measures where your capability of yourself is right now. Not what you are going to do in the future.
but yeah ... have plenty and plenty of $$ is a sure easy sign to see who is and isn't rich.
2006-11-27 01:05:23 · answer #4 · answered by jmilil 3 · 0⤊ 1⤋
You know you're rich when you stop looking at price tags and waste as much water, electricity, etc. as you want, and have no problems paying any of your bills and still have money for vacations, shopping, and alot of activities.
2006-11-27 00:59:17 · answer #5 · answered by aaliyahischerished 2 · 1⤊ 1⤋
Nowadays, being rich is considered a millionaire. Being wealthy is considered a billionaire.
2006-11-27 01:07:16 · answer #6 · answered by gandalf 4 · 1⤊ 2⤋
bill gates = intelligently rich
anna nicole smith = filthy rich
paris hilton = luckily rich....
2006-11-27 01:26:16 · answer #7 · answered by ♥Cutie Emily♥ 5 · 0⤊ 2⤋
When U stop worrying about making money and start worrying about losing money.
2006-11-27 01:08:13 · answer #8 · answered by Genuis by Design 3 · 1⤊ 2⤋
having good credit..
2014-10-15 17:42:57 · answer #9 · answered by Ed Kaanehe 1 · 0⤊ 0⤋