Actual Net Worth To Be Considered Wealthy 

I live in Malibu California. Here being wealthy really is what you used to think except they fly on their own planes.

You were a child and you grew up and learned. That's all that happened. Nothing changed. Being wealthy was always primarily about security and wellbeing.

@@markmedley6849no, it isn’t. What he showed is growing up and learning what he really wants.

There are a lot more people who are wealthy using your definition.

The first 4 are you playing geee I wish I was that guy. The next four are you coming down to earth and being honest with your self.

You get it! Most don't.

bingo

add to it you wake up each day and not have to go to work then its complete wealthy,,

Too beautiful yet too careless

I think that's a great attitude. But I would also like the security of knowing I will be able to pay my bills tomorrow, too - even if I am unable to work. Wealth = freedom AND security. IMO

I couldn't have said it better. There are problems with poverty here too of course. But most of us live like kings, even though we may think we're not doing very well at all. Had a friend that lived overseas working with an organization helping people improve their lives. A piece of tinfoil that we may use to wrap a sandwich would be a luxury to many people there. It would be carefully saved and reused until it crumbled. I think of that every time I'm feeling bad because I can't afford some shiny new thing that I don't need.

@@xlerb2286 at the time of my travels, most of India didn’t have toilet paper

Well said. A good friend of mine from the country Laos who immigrated with her Parents to Australia in Asia said if people are unemployed the government does have a social security system like the unemployment benefit - have to rely on family to help them.

I had a minor career setback a little over a year ago. I was naturally a little depressed and pissed but I was still working and making good money anyway that day I had an assignment that had me cover a winter coat giveaway and I had a realization, ok so I lost a nice side hustle but I have never had to stand in line for over 2 hours so that my sons would have winter coats this year. It was eye opening.

@@editorcj that’s precisely what the majority of Americans need to experience.

no answer to anyone' bs is the biggest luxury in life

@@kathleenwang It really is.

You're still wealthy!

Same. Have about 7 more years to work, but am already beyond the $2.2 mil mark. I don't even think about it. I live comfortably, but not extravagantly. It's exactly how I like it (and how my kids should learn to appreciate life, not wealth). When I retire one day maybe I'll see it differently (drop the saving mentality). But for now, my family is happy.

I call myself “financially secure” you two are same

When I say the people assume I am wealthy and self made

Agree. I'd rather have $10K per month of income coming in for the rest of my life and zero bills and no house payment....over $2.2 million. Reality is, if you have good family and friends and have enough to make ends meet and enough for a few luxuries and live comfortably....that's wealthy. Wealth is happiness and a few extra dollars to have fun, not a specific dollar amount.

Beat me to it!!

Plus having necessary life skills to generate income whenever you might need it.

Yeah, You're Right! According to a book writer; 'What everyone needs is to work with a financial advisor, who can help you get in and out of any investment at any time and you'd sure be in profit.

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No amount is enough for that sort of guy, there is always somebody with a flashier watch or a bigger house or a longer yacht or a prettier wife.

Great comment. I live in a place (Marin County, near San Francisco) where everyone seems to constantly be doing the Jones's thing. 1.2 million mortgages, literally bragging about their new Rolex, always the newest e-bikes and e-cars, all that. I drive a 17 y/o prius that I spray painted with rainbows for my girls, we have ridiculous net worth by the standards in this video. While all my neighbors rent tahoe mansions for the winter, we walk downtown, get coffee and treats with the kids, and hit the library. We also go up the coast three times a year, and hit europe once a year, but we don't tell anyone, because why? Sad weird stuff out there in the world. Doing stuff for other people, strange.

True wealth is measure of several things, not just Net Worth. Think Health. Or Monthly (or annual) Cash Flow to support a desired, comfortable lifestyle, How about Spiritual Comfort? Or Amount of True Friends (and Family)?

I don't fully agree with you... With the right steps & predictions, one can make so much profit from the market in a day, do your own research.... Believe me or not as an inexperienced person who knows next to nothing, my net-profit is about +65% just in a couple of months... I'm retired and I am using this extra funds to help pay for odds and ends that I want.

Hi Randolph, your profit margin is quite inspiring and stunning for a starter; do you make use of spreadsheet, what is your biggest holding

@ waynejacobs....Spreadsheets have always seemed incredibly time-consuming, stressful, and of no relevance to me. I mirror Kelly Marie Matwick's positions in real-time and I prefer it because it's very very transparent and everything is automated I don't have to be actively involved...You can give it a try.

it's pretty easy when you understand the market pattern. Buy the dip of good companies. lol.

Turn off the T.V. Yes, people make profits investing.

Your wealthy!

Pension! That is a luxury most people do not have.

Sounds like the wife and I. We have winter home near Gulf Shores, AL, a main residence near Gatlinburg, TN and a Clinch River cabin in Hancock Co., TN.

I would say these are Schwab customers who are participating and are regularly investing, not the man on the street.

@@leisure057blank3exactly. You can’t provide your net worth if you’ve never even calculated it before.

And I would assume you can make that wealth go a lot further in your part of the world. I suppose the only thing one worries about there is Marxist government or rampant money printing to cause sky-rocketing inflation. But really, the U.S. isn't that different in this sense either.

If you can’t retire with 2.2million whether in N.Y or SF then you doing something wrong and living waay above your means especially if you have your house Paid off. Don’t care where you live, at 2.2million u can live anywhere in the U.S

It really comes down to cash flow, how much $ is your NW generating for you to live on?

But you can't "find" happiness living under a blue tarp on a cold street in a large city. You can die trying though.

Yes. The painful lesson i learned is that “wealthy” is living off of 1/4 of the interest of your investments. It doesn’t matter is that is $30k/year, you are more wealthy than someone spending all of $1 million a year supporting their “lifestyle”.

@@Partysize2some people do that very thing. What’s more is that study after study shows that after a certain point, more money doesn’t make you happier. And that number isn’t very high. Pre pandemic, it was around $70k per household in the US.

You need wealth honestly to have the time to find happiness and all that. Honestly, time is the most important commodity and money buys access to time. Free time that is. Where you have the luxury to focus on random problems that are not your own

Wealth really is subjective but I assure you when you see poverty the goalposts will move.

We are in our mid 60's and still working part time with a net worth of 4.4 million. We still don't feel wealthy, drive used cars and spend sensibly.

It of course all depends on your definition of 'wealthy'. And I feel like people get 'rich' and 'wealthy' mixed up and aren't sure which one they are shooting for... which is important as they often work against eachother. In my mind, and I freely admit that this is a personal definition, "Wealth" is an asset you have, and "Wealthy" is having enough assets that it can pay for your lifestyle independant of your ability or willingness to work. How much money you need to be wealthy then depends on your level of lifestyle, and being rich and being wealthy are 2 totally different things. You could have $200k invested while having a lifestyle at the poverty line of $12.5k and be both wealthy and in poverty. Today I would need ~$700k to consider myself wealthy, but in 25 years I expect to need $2M to be wealthy after considering inflation and lifestyle creep. Someone with a rich lifestyle of $500k/yr might need $7M+ to have enough wealth to sustain that lifestyle. Meanwhile, lifestyle is decoupled from wealth. I could sustain a rich lifestyle... for a few days just on my income, a few months with my assets, and maybe a full year if I tapped into my available debt. But because it is a lifestyle, it doesn't matter how it is paid for, just that it is paid for. The majority of rich people sustain their lifestyle based on their income and the burn rate on a windfall asset (inheritance, lotto, sale of a business, etc). A lot of upper middle class people sustain a rich lifestyle by digging themselves into debt over time. But only a few sports stars, actors, and business tycoons have the multiple millions to tens of millions to have a rich lifestyle that is supported by their wealth alone. Just better define what your goals are. What is success, what is satisfying, what level of richness do you require, and do you want to pursue wealth or richness? There is no right or wrong answer. There is no afterlife, and even if there was we can't take our riches with us, so as long as you aren't leaving a burden to your family, then there really isn't a wrong answer to if you want to pursue richness of expierence and lifestyle, or sustainable wealth. Personally, I have had a lot of bad luck early on in life, and now am facing chronic mental and physical issues in the family which aren't likely to put us in the grave early, but will make life far more exciting than the average person will exierence. Because of this, the right answer for myself is to go full pedal-to-the-metal towards the wealth building side of things. My lower middle class lifestyle is perfectly comfortable for me and my family, and as we know that we will have increasing interruptions to work and income generating capacity later in life, we need to build wealth as fast as possible to decouple our lifestyle from our work. It would be foolish to expand our lifestyle, only to have our life interrupted 10 years from now and no longer be able to sustain it. But not everyone has those same kinds of struggles. My best friend has a comprable income to me, but doesn't have the same hangups and headwinds, and so he lives a much richer lifestyle, and is very generous with it. He is still feeling young enough perhaps that he hasn't realized that he isn't going to live forever, so he has been on a cycle of getting into debt, and then panicking and doing a cash-out refi on the house, and cashing out his retirement to pay down the debt... and then the debt slowly grows, until it comes to a head, and then cycle, rinse, repeat. I think he is doing a bit better this go-aorund and is actually building some assets he will be able to keep this time, but as long as he figures it out before he is a burden on his kids, then there is really nothing wrong with what he is doing. And he genuinely enjoys his life, so I am not about to stop him unless he really gets reckless with his spending and is obviously getting to a fiscal point of no return. I couldn't enjoy what he is doing because I would be racked with guilt and worry, but that is why I am on a different path from him. When he does save money, he manages to save much more agressively than I am capable of because his basic costs of living are much lower. So I suspect he will be able to catch up and pass me pretty quickly once he finds the motivation to do it.

​@@philc.9280how could you possibly envision burning through 4.4 million by the time you die?!?!

@@philc.9280 i strongly recommend you start to donate some of that money to your favorite charities. The feeling will be enriching

$2.5M in coastal CA without a mortgage = wealthy! You live where people vacation. I understand what you're saying though. The wealth here can get extreme (that's why we look at median).

Understand. My brother-in-law is worth a couple of millions and owns his own business, yet he is currently single after two divorces, never had children (all of the ex-wives had children when they married him), has very few friends because he is a workaholic. He has had a parade of “relationships” with obvious gold diggers who hang around until they learn he will not be taking them on exotic vacations, buying them expensive things or letting them move into his million dollar home.

Wow it is awesome not only do you perceive this but also being able to admit it!!! That's 2/3 of the way there with the last and most important step being to do something about it!!!

preach

That is a huge $ , congrats. From $ standpoint, the REAL measure is how much is your NW generating for you in monthly/annual cash flow to live on. For example, if you have a net worth of $2.5M, according to the two studies talked about here, you are Wealthy! But, if $2.3M is in your home equity and you only have $200k in liquid assets that can generate you cash to live on, I'd say you are NOT wealthy. However, if you had $1.5M in liquid assets plus $1M home equity, you would be a lot more wealthier than the guy above with the diamond and gold home.

⁠​⁠​⁠@@FIRED13since you brought up annual cash flow or future income flow then in reality social security income should be counted as an “asset” and part of net worth. All the numbers reported by Azul seem low because SS income and pension income are excluded. My SS will be 3,500 as is. My wife half of mine. This is 5,250. Medicare will need to be backed out. But let’s just say 5k per month. Monthly factor of 12 of course then a 20 factor or so as SS is inflation adjusted. If one wants to be more conservative use 15. 5k x 12 x 15 = 900k SS Asset.

Agree. I have a net worth of $6M and I know that is very good, but I don't feel wealthy. Compared to most people, I am, but in my mind, it would need to be $10M to where I think no matter what happens I have the lifestyle I want.

@@ms8742 are you cash poor? Is it tied up in the house, car or investments?

@@ms8742, If you have $6 million sitting around in fairly liquid assets, you are wealthy.

Really, come on.

Seems strange. I think I feel that way because I grew up dirt poor, and sometimes I look at the numbers and can't believe I really own it. So not logical for sure. @@aldeserrano5490

Good question. You're doing pretty well, but you can blow 2 mil pretty quickly. I'd say spend, carefully.

I think your pension makes you rich because you will not need to touch your money. I quit my job last year, but I can't not work as 51 year old, I don't want to spend my savings yet. I can live off of incone from dividend/interest but then I won't have any growth in my savings and medical insurance( 600 dollars on market for single person). So, I will enjoy my break until mid 2024 and then might look for work. I m in same net worth range as you, but can't fully retire yet. Great job..

Certain stocks and commodities are a good hedge against inflation, however you need to know what the heck you're doing or better still, seek help from a money coach/invt-advisor

The markets and the real economy are not the same, one has to be cautious for the amount of time it will take rate-cuts to reflect on the market. was way easier for me to navigate the markets not until 2020 stock market crash, I had to source for a portfolio-coach to revamp my entire portfolio and hedge against inflation.

Concisely, I’ve pulled off around $850k after subsequent investments, since using a coach 3 years and counting. I might sell to the tune but not without the approval of my broker as usual I hedged up again in 2022. With guidance I have raked in 140% on a managed portfolio run under a hedge fund by Monica.

this is huge! can you be kind enough with info on the coach that guides you please? I’m in dire need of one as I approach retirement

Monica Mary Strigle, you can do your research for basic info. Sh is often consulted via web site.

If you are still wondering, don't because tomorrow may never come. The time is now "no regrets". Enjoy wants left , you can't buy a single minute in your death bed with a million dollars. Time will not be for sale when you decide to try to buy it.

@@paulsmith2279😊❤😂

Yes, home equity is used when adding up your net worth.

You need to subtract liabilities, by definition

Unrealized equity means nothing. You can’t just sell a house for what a website says it’s worth, then have that money tomorrow. Tying your net worth to an unsold house is tenuous at best. In theory I have a decent amount of equity in my home, but I don’t count it as anything. Hopefully, many years from now, it’s 700k-1m in extra money… but I don’t count it as being worth a penny.

My house is half of my net worth of one million. My location is perfect for my retirement years. My pension and SS is enough for my living expense. What not to like? I'm 91 years old.

Do you have $2.2 million? Do you know the percentage of people in the US with $2.2 million? Of course it's wealthy.

I agree. 2.2M is nowhere close to wealthy. Let’s say they have $500k paid off house and 1.7 in liquid investments. That leaves you with 70k in income. That’s comfortable, but not wealthy! I am 50 with networth close to $7M. I do not feel wealthy at all!

diversification is the key, that way your investment is balanced and you don’t get to make so much risks or losses

Truth is, not everyone can be a successful trader/investor, my job doesn’t permit me the time to properly analyze my holdings or evaluate stocks myself, so I've had a trusted advisor actively restructuring my portfolio over the past 5 years now, summing up nearly $1m in return on investments ... maybe you should do the same.

Aileen Gertrude Tippy'' is her name. She is regarded as a genius in her area and works for Empower Financial Services

The secret that most financial advisors don’t tell you is to push to reach the $1M level in investments so you can shift into the high yield world of private investments that won’t subject your portfolio to ups and downs. You’d ride along with the wealthy at 12-15% a year, every year. They just figure you’ll never get to $1M portfolio in the first place.

Stock market is higher than it has ever been. your ivestments must be in the wrong place. Go Joe.

Obviously u have expensive taste. Anyone could retire on a million bucks alongside of Social Security. If everything is paid off . The mindset has to shift from savings mode to spend down mode . Most people aren't gonna make it more than 20 years in retirement. And u don't owe anyone a dime as far as a legacy. Have fun

​@@MW-bz1qeFair enough.There are so many different scenarios.

Way off from reality for 99% of people. Saying 5m is working class wealth is being tone deaf.

Greg: I'm good, anyway, cuz, uh, my, so, I was just talkin' to my mom, and she said, apparently, he'll leave me five million anyway, so I'm golden, baby. Connor: You can't do anything with five, Greg. Five's a nightmare. Greg: Is it? Connor: Oh, yeah. Can't retire. Not worth it to work. Oh, yes, five will drive you un poco loco, my fine feathered friend. Tom: The poorest rich person in America. The world's tallest dwarf. Connor: The weakest strong man at the circus. For what it’s worth, I agree with you.

I totally agree. A few million (in addition to your home) is very comfortable in most cities but not wealthy. Pretty mediocre in expensive cities like here in Denver. The question was "wealthy". Only 1-2% can be wealthy.

😂

50 and early retirement. I'm very worried about the future and where we're all heading, especially in terms of money and how to get by. I'm considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?

Having an lnvestment advser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K so far, that made it clear there's more to the market that we avg joes don't know

I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?

Her name is “Vivian Carol Gioia” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.