ST Alpha - "I think if you have $1 million in cash or cash equivalents, you count as rich" (Reading a Post)

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In response to "If you had x-amount of dollars, you'd be rich. What is your x-amount? $2 million? $12 million? More? How rich is "rich?" -- (link)" by JaxSean

I think if you have $1 million in cash or cash equivalents, you count as rich

Posted by TWuG Aug 13 '10, 06:26

This doesn't include houses or cars, but includes stocks and bonds.

But that $1 million will not feel rich if you live where the cost of living is high.

As for the level of rich where you can chuck in working and just live off the interest? That's probably around $5 million. But you'd need to spend wisely.

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And having read the article, what I'd expect versus that guy's experience is not too far off for some areas of the country -- nm - TWuG Aug 13, 06:29 1
- I really like the last line quote: "Income relates to lifestyle," he said. "Wealth relates to balance sheets." -- nm - JaxSean Aug 13, 06:32

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I think if you have $1 million in cash or cash equivalents, you count as rich

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