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BeepBlipBlapBloop t1_j6bb9c7 wrote

To me "rich" means you can choose not to work for the rest of your life and still have enough money to be comfortable.

A million dollars already won't cut it by that standard.

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Aspy343 t1_j6d7wam wrote

My house is worth around $800k (5 bedrooms). I have about 25k in the bank. I haven't worked for years (mental health issues) but can comfortably live because I have lodgers in the house. I enjoy living with the other people so it works great.

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I-dont-rickroll t1_j6ctp1a wrote

If you have a million dollars and do not invest them to rest and still have enough money to be comfortable but only spend them, I doubt you’d be able to get that million in the first place.

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Previous_Call_7215 t1_j6cahrd wrote

A millionaire is in the top 10% of earners. I think that’s pretty rich

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SCirish843 t1_j6cd5ta wrote

Super underestimate, making 600k puts you in the top 1%. When people get mad about all the greed and "the 1%" they're actually thinking of the 1% of that 1% but it's just such an unfathomable amount of money that it gets blurred together

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Previous_Call_7215 t1_j6cdt9u wrote

Are you talking about the world or in the US? I was talking about the US.

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SCirish843 t1_j6ce3g9 wrote

The US, I think the confusion is I think you're talking net worth where I'm talking yearly income. Usually when the 1% discussion happens it's "how much do you have to make in a year to be in the 1%" but if you were talking about the net worth of the 1% then yea it would be a much higher number

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Previous_Call_7215 t1_j6ceb3u wrote

Ya i was just taking 22 million millionaires and dividing that by the US population and saying they have a higher net worth than 90% of the population

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iamr3d88 t1_j6cgpaf wrote

A millionaire is someone with a million in assets. It has nothing to do with what you earn. People could make 250k per year and never be a millionaire, while others can do it on 60k.

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DarkSoulFWT t1_j6coxu0 wrote

By his standard that you can choose not to work and still be fine, no, it isnt. Not even close to rich. You will need like 3-4 million iirc just to make it through your whole life with a good standard of life. Just having 1m isnt enough.

Ofc if you continue to work and you get to that 1m mark early then yes you are quite well off, but again, it is hard to say you are really rich imo. Its good money, but its not "fuck my job, i do what i want" money.

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BushyOreo t1_j6f1wm5 wrote

I mean, just 1 million is already 50k at 5% interest a year. That's plenty to live off of for a lot of people. It may not give you round the world trips and yacht parties, but most people already live that life and are happy. Now take that same life and remove the work aspect and you are retired

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