Hmm... I need to find out myself. I don't know what is the right answer to your question. I'll do some Googling and get back to you if I got an anything. You should email the people at Discover Card as they probably could give you an answer..

I bet there are many who would love to have that much in their account.

Try having.

$5.

Or.

$1.

Is more like it (just before pay day)..

There are a lot of millionaires out there, that don't even realize it. Retirement benefits ie pensions, extended insurance, and such can account for a lot of future income, you just don't see it...

If $100 is "rich" then that would make $5 lower middle class and $1 poverty level...

May be $10 Million mean something..

Ron..

This post has been edited by.

Ron1.

: 28 December 2009 - 02:57 PM..

I think there was a survey of millionaires, and $50 mil was the threshold...

The question is too ambiguous to provide a definitive answer. While having $1 Million liquid could provide a comfortable living offshore, perhaps $50 Million may not be enough within the USA if you covet all the toys such as a private jet, yacht, mansion, etc...

My functional definition of "rich" is having enough you don't need to work the rest of your life and don't feel constrained. This varies a lot with age and lifestyle. I've known some that have $200,000 in liquid assets, a modest paid for home, and SS income that consider themselves rich as they just don't desire to spend more than that provides. Even if they had another $5M they wouldn't change what they do...

DIDN'T DONALD TRUMP GO BK???.

Had.

$1,000,000,000's.

At one time.

Then there is our poster child "DR" who when BK on multi.

$1,000,000's..

Whatever, I don't know about you but I could make a million dollars stretch for a LONG time. It's not my fault if other people get greedy and blow it..

1 mil is easy, go work in the UK for 4 years, save and come back here. instant millionaire...

1 Million means you are still in the poor house.

That is chump change....NOW 15-20 YEARS AGO ohhhhh you were doing big things now that same Million will get you a decent starter home. Trust me I can speak first hand on this one...

Not really. People with $1m in assets are probably in the late 40's, early 50's earning $250k a year. 2 kids (+2 college tuitions), a modest home, and a decent nest egg..

After you factor in taxes, retirement contributions, and business expenses, the average millionaire probably only has a little.

Extra.

Spending money. It isn't like they are the jet setters of the 60's. Forbes has a good way of putting it, HENRY, High Earners Not Rich Yet...

I could do that easily on the interest $1mil could comfortably generate...

In Kentucky, maybe, not if you live on either of the coasts..

My definition of "rich" is having enough liquid assets that the price of literally anything is not a consideration. Only "do I want it?," "what color?," and "when can it be delivered?.".

Anything short of that might be comfortable or wealthy but definitely NOT rich. IOW, a level virtually nobody ever achieves..

DW and I have taxable income of ~$160K/yr plus bonuses/per diem/expense account. We live in an upscale community in the SE US where the cost of living is relatively reasonable. Our net worth (including real estate equity, unexcercised stock options, etc.) is roughly ~$1 mil right now. We are by no means wealthy, we've just been at it awhile..

We're an (upper?)-middle class couple who have worked for roughly 30 years and accumulated a fair amount of "stuff" (401K, IRA, real estate equity, savings, etc.). Of that ~$1 mil, about three quarters is liquid. I estimate we will need a total of AT LEAST $2 mil in retirement savings just to avoid a drop in lifestyle after we retire. So, we are about $1.25 mil short today..

However, given that retirement affords increased time available for activities that require discretionary spending, we are definitely not planning for a lifestyle drop. So, let's call the target savings number more like $4 mil. My guess is we'll both have to continue working until full SS retirement age (another 15+ years) and be fairly fortunate with our various investment strategies, to make that target...

And as someone who will retire in a few decades, I'd lower the estimate of incoming SS pmts and factor in a higher outflow for Medicare..

Well, one good thing about having a chunk of money/assets built up ( and assuming you don't need to be someone's servant to keep generating income) is that you aren't dependent on a specific job opportunity in a certain location. People talk about the cost of living or the "need" to live where houses cost a million dollars. That is a preference, not a need. I understand many people live "where the jobs are" but if you don't need a job you don't need to worry about that..

I know there are other things to take into account. Some people have to be where "the action" is. Some people "need" to live on a golf course or near a ski slope or on an island. Millions of people don't have such preferences..

I am fine where I live now. I am from a more costly area, and have also lived in low cost areas "on the coast." I am an introvert and care about things like family, safety,etc. I am a 30 minute drive from a decent sized city that has a lot going on as far as sports teams, concerts,events,etc. I have a house and a yard but not something I would need to downsize in the future..

If I had $1 million I could easily never have to "work" again, depending on the definition of "work." I don't know if I would consider that rich, though. Depending on cost of living and other factors, that would be possible with nowhere near $ 1 million, but would you want to?..