What do you think you would consider to be a rich person?
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Money is just a medium. If you don't use it to buy things, it's useless. It's the outcome you exchange it for brings experiences and happiness. Saving it up in savings account doesn't make one's life richer. Spending 1 million does.
I disagree. If you don’t spend it and save it then it can potentially become anything you want when you do spend it. If you already spend it then it’s already what you exchanged it for. So saving your money especially for a rainy day. At least half your paycheck should be put into savings/invested.
So the amount that is kinetic is what dictates your lifestyle. If you have enough money to save for a rainy day and go on a yatch tour, then you're rich. If you may need a million dollars for a rainy day and that's all you have, you're not rich with that million dollar in your bank account.
Why would anyone keep money in savings (Apart from emergency fund) ? That's just plain dumb. You're losing money to inflation. 250k invested with 750k home equity is what I'd consider upper middle class on the west coast.
I meant investment, not just savings account.
Rich is when one doesn’t have to work anymore.
Rich = paid-off home plus over $10 million liquid.
That's the dream
Why not just ask net worth? Also location is important
$2m in saving and investments. House paid off. No debt to speak of.
Being rich is a state of mind.
^ poor person
I'm rich AMA
It depends on your life style but $5M
More than I have. No more, no less. Always.
Haha. I think most of us feel the same. 😝