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Joined: Nov 2007
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Gecko
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Gecko
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Okay, we know it takes a million dollars to be a millionaire BUT exactly how much does it take to be "wealthy?"

I don't think anyone has ever defined wealthy in a dollars and cents amount, have they?


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Koala
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Do you mean like money in the bank that they have or their annual income?

I would think $250,000. What does the IRS consider wealthy?


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Gecko
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Gecko
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I'm thinking "wealthy" in terms of net worth.

I haven't found any guidelines anywhere that spells out exactly when a person is considered dollar and cents "wealthy."

Just wondering what we think is a dollar figure for being considered wealthy?


Sharon Michaels
�Empowering and mentoring women to greater personal and professional success.�

Abundance and Wealth Editor and
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Amoeba
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Amoeba
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You definately need at least $100,00 a year to afford to live comfortably according to the American dream. Why would you have to scrimp & put off travel or other pricey adventures if you had money?

I would think $200,00 & up is considered wealthy. Did you know the rents in NYC cost $3000-$10,000 average? Unless you live in a one room hole.

I think $50,000-$75,000 is kinda just getting by. You need to never go on vacation, unless it's one day trips or camping, hiking, hostels etc. Don't buy fresh organic foods-but hormone induced junk in bulk or beans & rice. I do like beans & rice too.

Turn off all your electricity -only use one light! I don't mind cause I like candles!

It is a good thing to conserve & not waste but the utility companies & gas are putting the screws on!


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Gecko
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>I think $50,000-$75,000 is kinda just getting by.

That depends on where you live. Yes, in NYC or SF you would need more to be comfortable. But there are a lot of places in the country where you can live very well on that range -- especially in the upper part of that range. My family is in that range, and we do take the occasional vacation. We also turn off lights when we aren't in the room, keep the house cool in winter, warmer in summer -- both for economic reasons and, more importantly, for ecological reasons. We can afford more heat and a/c - but we choose not to.

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Gecko
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Gecko
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I think "wealthy" must be over $1,000,000. What do you think?

I don't know if I've ever read anywhere that actually spelled "wealthy" out in dollars and cents.


Sharon Michaels
�Empowering and mentoring women to greater personal and professional success.�

Abundance and Wealth Editor and
Self Development Editor

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Amoeba
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Yes,

There are alot of people who have $1,000,000 now a days. So a multi-millionare is definately "wealthy" status.

I have a client that has a daughter who married a multimillionare & they have that dream life that so many admire-expensive trips whenever they want, expensive dining out 7 dAys a week, BIG beautiful house, clothes etc.

The mother doesn't even like money & is kinda a hippie, earthy, natural type that is very frugal & puts family first.

The thing I find disturbing is that the mother has alot of health issues & has to suffer because she doesn't have alot of money to pay for all the things needed, but insists that money is not a admirable quality.

Kind of a twisted fate I think.


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Shark
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15 yrs ago I considered $350,000 to be wealthy. Today I would consider having a net worth of $3,000,000 to constitute being wealthy.
To buy a house at the bottom end of the scale here will set you back between 3 and $400,000, a loaf of bread 4.25, 2 litres of milk 2.99, a litre of petrol 1.49 and a kilo of apples 6.87, so half a million doesn't equate to much.
If you owned your own home outright and were earning over $100,000 per annum and had no dependants I would consider you to be prosperous maybe but not wealthy.


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Gecko
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Gecko
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I guess this question is relative, isn't it?

I just read an article where a financial advisor helped a dentist make a million dollars through investments, etc. and the man said he wouldn't feel secure until he accumulated 5 million dollars.

Do you think wealth is more of a state of mind or a dollar amount?



Sharon Michaels
�Empowering and mentoring women to greater personal and professional success.�

Abundance and Wealth Editor and
Self Development Editor

The Abundance and Wealth Site
The Most Recent Abundance and Wealth Featured Article

Sharon's Power To Succeed Blog

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Newbie
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Well, this topic seems enough outdated, but I feel pretty interested to place a comment anyways :p I believe wealth is a state of mind and is pretty relative; when you feel financially independent, and no scares of loosing what you have built all your working life years (which is more a state of mind rather than numbers), then you may start to feel safe. Numbers wont really make any sense, though there is always a bottom line :) Anyways, you may think, well 1m dollars will give me the feeling of being financially independent while your frind in the same place you live may not feel any safe with numbers under 50m dollars? Wealth is simply the state of the mind that has been set free at first and achieved what they were dreaming; so to know how much is enough to consider me wealthy is definitely depended to if you have been or will be able to cover your major dreams in your life long?

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