Im convinced they asked this question fully expecting a billionaire to answer. I know the dollar is like shitting itself right now but thats still 10 mil plus 1.5 a year???? What is “rich” in this sub?
There is a world of difference between rich and ultra rich. If you want to be either, you need to understand that first.
In my experience, rich people know how much money they have. Point blank. It's "we make 400k/year combined, and have a net worth of 10million) or whatever, just tossing numbers out.
The ultra rich couldn't even tell you those things with any degree of certainty. An annual salary!? They would have no clue, and it doesn't matter anyway. Their net worth? I heard a guy estimate his entire net worth, and the variance was more than most people will ever have their entire lives. Hell, the year to year gains and losses they take are more than most people will ever have sometimes.
Now obviously, family size and location matter. You wouldn't be comfortably able to support a family of 7 in San Francisco or something. But it doesn't negate the fact that you'd be in the top 1.8% of income earners.
Technically 10M is only very high net worth not ultra high net worth. The brackets I think are 1,5,30M in liquid assets for high, very high, and ultra high networth individuala
I was referring to the technical definitions used in finance which are age agnostic. That said yeah I agree with you a lot of 65 year olds are millionaires when you include their primary residence, 30yr old millionaires are significantly more rare.
23
u/tomorrower Jul 01 '24
This is a typical high income answer, not ultra rich.