Quote:
Originally Posted by Ineedaride2
Maybe we should try defining lower-rich instead of upper middle class.
Lower-rich = golf club membership of greater than 50k/yr., a gardener, and a wife (or husband) that wears funny looking hats.
Alternatively, rich begins when you could not work, and live off investments.
Rich people have a yacht, 3 homes, nice cars for everyone over 16, 2-4 full time household staff depending on if they have small children living at home or not. They spend well into six figures a year on entertainment excluding travel each year. Travel budget is also well into six figures per year. Mid six figure trust funds for all children. A rich guy can also divorce his wife and start a new family with a younger woman and support the same lifestyle for both families with no trouble. Should have eight figures liquid outside of retirement accounts by the time they are mid fifties.
Not sure what that translates to in yearly income but probably 3 million a year or so?