How Much Does It Take to Be Wealthy In America? | ZeroHedge
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i wonder where alabama ranks.....
Only for the ELITE....
- Thread starter Mdfgator
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www.zerohedge.com
i wonder where alabama ranks.....
i managed wealthy peoplses money for a living. clients worth 10mm plus would tell me with a straight face they were not rich, people are smart @FresnoGator, dont be one of those...
Since you were 100% outed the other day...do you mind just using ONE screen name. The sock accounts are very childish. I mean if you want to keep the illusion up...rock on. But I am 100% SURE I know EXACTLY who you are.
There's a big difference between not being wealthy and not feeling wealthy. it highlights the difference between coddled millenials and the "it will never be enough" mindset of boomers more than anything else. Age is a huge factor in perception or should be. A 30 year old with 1 million net worth is much wealthier than 55 year old with the same ...
Most people are completely clueless, completely unaware. My experience was with rich liberals that didn’t think they were rich because a few billionaires had more, the financial illiteracy in this country is mind numbing. Debt deficits and stimi, from the government all the way to the populace .
Hard to disagree with any of that. It's sad and pathetic that most people have LeBron level IQs when it comes to money ...
I wanted to laugh cause this was funny but I liked to too much…
And the ironic part is that LeBron is really good at 3 things: 1 - hoops, 2 - marketing, 3 - monetization
yet horrifically bad at critical thinking, like sub 75 IQ level bad ...
My net worth is above $10M, but I am not "rich".
Rich = (in my view) you can fly a private jet and do not need to sweat the expense. If you cant afford a PJ flight, then you are not rich.
You’re in the top 1% if you’re not rich what does that say about the 99% below you? It’s fairly simple maff.
Yes, I am in the top 1%, but that is not the gauge if you are "rich".
Let's define rich
Being rich means the following:
1. You can live, a very robust lifestyle ($750K to 1M)+/year...
2. ....on your passive income.
So, that means that you need $20M, liquid to generate the above. My expensive real estate is great, but unless I drive some significant STR income, net of taxes, maintenance, fees, etc., I will be focused on generating $500K/plus.
I am a partner in a global consulting firm and we talk about this all the time. There is near universal consensus on the above.
It is why at a KPMG, Deloitte, EY, etc. the ones who truly retire "rich", are the ones who were making $1.5M/plus by age 45 or 48 and are 20M+ liquid.
Take an Accenture, and the pre-IPO partners, who made $10M (or some $30M) in stock after in granted in 2001 and vested in 2006 and now LIVE OFF OF THE DIVIDENDS.
That is being rich.
Am I comfortable, sure?
Do I worry a TON about your "just the tip" stuff? You bet. Deficits, inflation erode all of the above. It destroys economies - see Argentina, Venezuela, etc.
See the below from the Economist and a few days ago:
Do I believe that Trump was just as bad on deficits as others? Yes. Was his hand further forced by Covid-19? Absolutely. The Democrats wanted to WAY outspend him.
So, let's see if we can come to some reasonable discussion points here. Ghost says it is pointless, and likely he is right, but I have a glimmer of hope.
What is says that is the while we, as a globe, have done AMAZING things to lift people out of poverty, more work is needed.
I agree - at a high level, with Bernie, that having Billionaires is not a good thing. Why? Per other contexts, I abhor concentrations of power.
I generate 1+ million passive you don’t need 20mm to do that you simply need to think a bit out of the box. And top 1% is rich, the difference between the top 1 and the top .1 is massive so I get what you’re saying but from a statistical standpoint you and I are both rich. Not mega rich but rich, that’s just math.
If you generate 1M passive through things like dividends, covered calls, etc. then congratulations. In this interest rate environment, it also easier to get 7% returns, but you get inflation on the other side.
I have 7 more years of working and have very active income, so we will see.
Again, I have worked hard, did not, to quote Urban, "wake up on third base" and am happy with where I am at and the potential of where to go.
It sounds like you are the same.
I am a private lender that’s where I generate outsized terrines relative to the risk I am taking. I own a few real estate investments that’s more a 6-7% clip. I do real estate renovations that I charge 18 points on. Have to be careful but there is opportunity there. Life is good.
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