2.5M considered wealthy

Of course it is wealthy. Let's say you have a house worth 1.5 million, and it is paid off. That leaves you with a million in cash.

A no brainer?

 

I wouldn't consider $2.5 million rich or wealthy tbh. I would consider that as just comfortable. Originally I thought that's $2.5 million per year income but if it's just $2.5 million net worth, it's definitely not rich or wealthy. I would consider $10 million net worth as just reaching the level of being considered wealthy.

 

You idiot. Take a year off of buying a $1,000,000 yacht?

 

I remember sitting at a swanky San Francisco bar with a friend, 2 college students with part time jobs, dreaming of what it would be like if we had $1M when we retire.

We still laugh about that era as we aim for $5M before 65!

For me being wealthy is to fly business or 1st class wherever I fly without thinking about cost. I'm definitely not there!

 

I think of wealth in terms of cashflow, not net worth. I consider someone wealthy if they can buy what they want when they want without worry. Everyday is Christmas if they choose. If you have a 500K house and make 300K a year, you can buy whatever you want when you want. I consider this wealthy. If you have a 2M house and an income of 100K you cannot buy whatever you want whenever you want. I wouldn't think this person is as wealthy, although technically their net worth is probably higher. This is just how I look at it. Making the 1% in income is much easier than assets, as assets are handed down and passive income leads the rich to be richer. I have met many house poor people in my life that have amazing cars and house(s). I consider them poorer than someone that has great cash flow. Just my personal perspective.

 

Cashflow is much more important than assets. Making $1MM/year as an annuity is wealthier than 10MM in cash now.

 

If you have a $2 million house, chances are you won't have a net worth of $2.5 million so you won't be considered wealthy anyway. Net worth is a pretty telling measure of wealth cuz if you just have a pool of money sitting there but no income, then eventually you will be drawing down your pool of money and you will incur debt.

 

$10 million net worth is what I consider wealthy. I don't know where you got the yacht from.

 

LMFAO HAHAHAHAHAHAH

 

Good Morning 2rosy,

Is this a serious question?

If I have $2.5 million right now, I would be very happy in my life and set for life and free.

If I can not retire from $2.5 million right now, then something is wrong with me.