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#1 2017-03-05 18:51:03

willrocks
Silver Stacker
From: Yesterday
Registered: 2012-05-10
Posts: 7,629
Trades :   29 

What dollar amount is considered "Wealthy"?

If you had to put a number on it (in AUD) today.

What is the minimum amount you would classify as "Wealthy"?


"You can ignore reality, but you cannot ignore the consequences of ignoring reality." - Ayn Rand

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#2 2017-03-05 19:08:56

Ipv6Ready
Silver Stacker
From: North Sydney
Registered: 2016-01-08
Posts: 2,214
Trades :   39 

Re: What dollar amount is considered "Wealthy"?

Which ever is less

A property you own + $600k cash and stocks
Or
Enough to buy a property + $600k cash and stocks


WTB 4 to 6 grams of pure gold. Don't care if it is coin, bar or granules. Near spot, suits anyone who has been tempted to open a certicard or just have some granules to make a ring

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#3 2017-03-05 19:11:08

Killface
Silver Stacker
From: Nunya
Registered: 2016-01-06
Posts: 949
Trades :   14 

Re: What dollar amount is considered "Wealthy"?

I dunno but a million in assets doesn't seem like much at all any more.

Not that I'm there, by a long way..

How much would you need to live off the interest/dividends? And at what risk to your capital?


All that glitters is not gold...
...but all that is gold glitters!

Stacker formerly known as HoldMeTender

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#4 2017-03-05 19:11:45

Ipv6Ready
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From: North Sydney
Registered: 2016-01-08
Posts: 2,214
Trades :   39 

Re: What dollar amount is considered "Wealthy"?

^^
This is while earning an average salary.


WTB 4 to 6 grams of pure gold. Don't care if it is coin, bar or granules. Near spot, suits anyone who has been tempted to open a certicard or just have some granules to make a ring

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#5 2017-03-05 19:14:01

Killface
Silver Stacker
From: Nunya
Registered: 2016-01-06
Posts: 949
Trades :   14 

Re: What dollar amount is considered "Wealthy"?

If you have to work are you wealthy?


All that glitters is not gold...
...but all that is gold glitters!

Stacker formerly known as HoldMeTender

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#6 2017-03-05 19:33:42

sammysilver
Silver Stacker
From: Sydney
Registered: 2011-04-07
Posts: 5,482
Trades :   189 
Website

Re: What dollar amount is considered "Wealthy"?

I'm in my 60's, so my answer is meaningless to someone in their 30's.

I reckon you need at least $50,000 a year to live on, so if I live another 15 years, $750,000, unencumbered is wealthy.


The price we pay for the good life is public servitude.

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#7 2017-03-05 20:03:08

willrocks
Silver Stacker
From: Yesterday
Registered: 2012-05-10
Posts: 7,629
Trades :   29 

Re: What dollar amount is considered "Wealthy"?

I was thinking 2 million in liquid assets to be a minimum dollar amount.


"You can ignore reality, but you cannot ignore the consequences of ignoring reality." - Ayn Rand

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#8 2017-03-05 20:18:54

silverbait
Silver Stacker
From: Sydney, Kingsford
Registered: 2015-04-12
Posts: 590
Trades :   88 

Re: What dollar amount is considered "Wealthy"?

For me it means at least business class travel across the globe whenever you want for you and your partner  (s) smile
This would mean at least 50K in tickets.
Staying in any hotels every day of the year with $200 a day fee would be 73K.
Another 73K spending money everyday. Plus 50K extra for other expenses...

Looks like for my definition of wealthy I would need AUD250K per year disposable income. (Preferably from passive sources).

This would mean around 5 paid units in Kensington Sydney. Or 10 units in lower income areas...

Or silver skyrockets to $1000 oz


"The real question is not whether life exists after death. The real question is whether you are alive before death."  OSHO

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#9 2017-03-05 20:40:17

Jislizard
Silver Stacker
From: Australia
Registered: 2011-04-07
Posts: 7,471
Trades :   57 

Re: What dollar amount is considered "Wealthy"?

Yesterday I bought two coffee's at the Sunday market. I have decent coffee at home but I can still afford to pay someone else to make me one, that is pretty wealthy in my book.


Now stacking: World Junk Silver Coins.
Swap your older, worn, dirty fractional silver coins for fiat, .999 rounds or legal tender. 
Individual coins, mixed lots or bulk. 
Not looking for Australian, bent, holed or damaged coins, thanks!

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#10 2017-03-05 21:31:46

Ipv6Ready
Silver Stacker
From: North Sydney
Registered: 2016-01-08
Posts: 2,214
Trades :   39 

Re: What dollar amount is considered "Wealthy"?

Is wealthy and rich the same, I rank rich higher than wealthy.

If ine is rich, wouldn't work so to cater for a 7 day weekend plus nicer things in life.
Requirement would be at least $500 a day requiring a passive income of $300,000 per annum before tax
That is on top of owning your own premises.

About 5 million in investments and mortgage free hime for a 45 year old.
Though at a certain age ie 65 you could start eating into capital and might need more if you want to leave inheritance for your kids

Last edited by Ipv6Ready (2017-03-05 21:37:42)


WTB 4 to 6 grams of pure gold. Don't care if it is coin, bar or granules. Near spot, suits anyone who has been tempted to open a certicard or just have some granules to make a ring

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#11 2017-03-05 22:07:19

JulieW
Silver Stacker
From: Australia
Registered: 2010-10-14
Posts: 11,099

Re: What dollar amount is considered "Wealthy"?

A jug of wine, a loaf of bread, and thou.

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#12 2017-03-05 22:51:33

Ag bullet
Member
From: SE QLD
Registered: 2013-12-26
Posts: 533
Trades :   10 

Re: What dollar amount is considered "Wealthy"?

Don't you measure wealth in ounces?


'let's get physical!'

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#13 2017-03-06 00:03:32

yurana
Silver Stacker
From: australia
Registered: 2012-10-10
Posts: 348
Trades :   72 
Website

Re: What dollar amount is considered "Wealthy"?

i consider wealthy is to accumulate enough wealth where the rest of the world is at your disposal and be able to have choices


"NO FEAR" It has cost me dearly but it has  been fun.

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#14 2017-03-06 00:08:15

Bargain Hunter
Member
From: Sydney, Australia
Registered: 2010-07-11
Posts: 730
Trades :   18 

Re: What dollar amount is considered "Wealthy"?

To me this thread is asking the wrong question. The more relevant question is "How much do I need to be financially independent?". By financially independent I mean having enough passive income to live a lifestyle which you find enjoyable or at least acceptable without needing to work (you can still work if you want but be in a position where you do not need to work). For me personally that would currently be $1.5 Million AUD in net assets. I would then go to a cheaper country and retire and live comfortably.


"Paper is poverty,... it is only the ghost of money, and not money itself." --Thomas Jefferson
"You only find out who is swimming naked when the tide goes out" --Warren Buffett
"These days man knows the price of everything, but the value of nothing" --Oscar Wilde

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#15 2017-03-06 00:27:45

billybob888
Silver Stacker
From: Australia
Registered: 2014-01-08
Posts: 1,514
Trades :   154 

Re: What dollar amount is considered "Wealthy"?

Given how expensive houses are in sydney, my definition of wealthy is 4million+ in assets And also having income in the top tax bracket

If housing prices come down, then i would redefine that figure

Last edited by billybob888 (2017-03-06 00:29:07)

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#16 2017-03-06 04:03:03

Stoic Phoenix
Silver Stacker
From: little things big things grow.
Registered: 2014-11-12
Posts: 2,950
Trades :   183 
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Re: What dollar amount is considered "Wealthy"?

"Everyone has their own definition of "wealthy." ... But a survey from UBS shows that most investors say "wealthy" means USD$5 million—with at least USD$1 million of that in cold, hard cash. ... It means having plenty of cash on hand to handle any expense."

Source: http://www.cnbc.com/id/100904381


www.searchnstay.com    ....for all your accommodation needs worldwide

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#17 2017-03-06 04:31:37

Greg Williams
Silver Stacker
From: QLD, Australia
Registered: 2013-02-08
Posts: 2,882
Trades :   176 

Re: What dollar amount is considered "Wealthy"?

More than I have & more than I'm ever likely to get.

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#18 2017-03-06 06:32:04

col0016
Member
From: Australia, Melbourne
Registered: 2011-01-04
Posts: 2,652
Trades :   20 

Re: What dollar amount is considered "Wealthy"?

I reckon once you own a house and have $1 million in other assets you're probably wealthy.

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#19 2017-03-06 06:50:23

robertc400
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From: Hobart
Registered: 2012-03-19
Posts: 1,097
Trades :   298 

Re: What dollar amount is considered "Wealthy"?

Wealthy to me is when your time is your own.  As ^^^ it would mean owning your PPOR and having enough investment properties or stocks or any other from of passive income that allows your time to be your own.

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#20 2017-03-06 18:29:11

bubblebobble2
Member
From: Seedeneey
Registered: 2012-02-06
Posts: 1,038
Trades :   64 

Re: What dollar amount is considered "Wealthy"?

Darn.... does it have to be USD?

Stoic Phoenix wrote:

"Everyone has their own definition of "wealthy." ... But a survey from UBS shows that most investors say "wealthy" means USD$5 million—with at least USD$1 million of that in cold, hard cash. ... It means having plenty of cash on hand to handle any expense."

Source: http://www.cnbc.com/id/100904381

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#21 2017-03-06 19:12:12

Gullintanni
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From: New Zealand
Registered: 2016-06-15
Posts: 360
Trades :   

Re: What dollar amount is considered "Wealthy"?

Ipv6Ready wrote:

Which ever is less

A property you own + $600k cash and stocks
Or
Enough to buy a property + $600k cash and stocks

I think this sounds reasonable at the moment as is should be attainable for the everyday folk.
Lost house and partner because of break up 7 years ago and lost my job in the heavy drinking aftermath.
Well 7 years down the track have the new house + rental and cars and my other toys.
If i can put it all back together FROM NOTHING in just a few years then everyone working their arses off should be able to do the same.

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#22 2017-03-06 20:41:55

silverbait
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From: Sydney, Kingsford
Registered: 2015-04-12
Posts: 590
Trades :   88 

Re: What dollar amount is considered "Wealthy"?

I remembered this saying ;
Shaq is rich; the white man that signs his check is wealthy...
Rich is still directly depended on their ability to make money while wealthy can relax more knowing they dont physically need to work.


"The real question is not whether life exists after death. The real question is whether you are alive before death."  OSHO

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#23 2017-03-07 03:10:14

col0016
Member
From: Australia, Melbourne
Registered: 2011-01-04
Posts: 2,652
Trades :   20 

Re: What dollar amount is considered "Wealthy"?

Gullintanni wrote:
Ipv6Ready wrote:

Which ever is less

A property you own + $600k cash and stocks
Or
Enough to buy a property + $600k cash and stocks

I think this sounds reasonable at the moment as is should be attainable for the everyday folk.
Lost house and partner because of break up 7 years ago and lost my job in the heavy drinking aftermath.
Well 7 years down the track have the new house + rental and cars and my other toys.
If i can put it all back together FROM NOTHING in just a few years then everyone working their arses off should be able to do the same.

That's impressive. What field are you in?

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#24 2017-03-07 04:00:27

willrocks
Silver Stacker
From: Yesterday
Registered: 2012-05-10
Posts: 7,629
Trades :   29 

Re: What dollar amount is considered "Wealthy"?

col0016 wrote:

That's impressive. What field are you in?

The corn field!


"You can ignore reality, but you cannot ignore the consequences of ignoring reality." - Ayn Rand

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#25 2017-03-07 04:55:22

renovator
Member
From: QLD
Registered: 2011-01-20
Posts: 7,530
Trades :   

Re: What dollar amount is considered "Wealthy"?

robertc400 wrote:

Wealthy to me is when your time is your own.  As ^^^ it would mean owning your PPOR and having enough investment properties or stocks or any other from of passive income that allows your time to be your own.

i agree with you robert . living life as a slave to work is hardly a life . Having a little money in your pocket & the time to enjoy it is wealthy in my books .

Work hard invest/save when you are young & enjoy the benefits when middle aged . Dont wait until you are too old to enjoy it.


i used to be disgusted now im just amused

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