At what net worth is someone considered rich or wealthy?
I see the term "rich" get thrown around alot. So at what net worth is someone considered rich?
$1 mil? $3 mil? $5 mil? $10 mil?
Obviously, each person thinks of rich in different terms.
To me rich is when the interest and/or dividends from your investments can give you enough where you don't have to work again (again the amount is debatable) and/or physical assets such as real estate that grow in value over time (with some corrections along the way).
To me $2 million is considered rich. Why? Cause at $2 mil in liquid investments, if you put it good low risk dividend stocks, it could throw out around $70-$110k in dividends, which is also taxed at a much more favourable rate than interest. Also, if they owned assets at $2 mil or more net, I would consider them wealthy.
What is yours?
Ps- to be considered extremely wealthy in my eyes Im looking at $20 mil or more.
$1 mil? $3 mil? $5 mil? $10 mil?
Obviously, each person thinks of rich in different terms.
To me rich is when the interest and/or dividends from your investments can give you enough where you don't have to work again (again the amount is debatable) and/or physical assets such as real estate that grow in value over time (with some corrections along the way).
To me $2 million is considered rich. Why? Cause at $2 mil in liquid investments, if you put it good low risk dividend stocks, it could throw out around $70-$110k in dividends, which is also taxed at a much more favourable rate than interest. Also, if they owned assets at $2 mil or more net, I would consider them wealthy.
What is yours?
Ps- to be considered extremely wealthy in my eyes Im looking at $20 mil or more.