Obviously "rich" can mean different things based on your family/upbringing but also on whether interpreted as annual comp/net worth as well as your age/relationship status/prestige of job/friends/relative to whomst/connections/perception of w/e. Feel free to interpret how you will.
Me: 1m total comp at age 30 -> position yourself for upside through ages 35-45 -> 100m+ net worth at 50
| +87 | Bathroom War Crimes | 22 | 9h |
| +56 | for you youngins (under 40, ideally under 30), what do you want out of life? | 34 | 21m |
| +36 | We all should've gotten in tech | 25 | 11m |
| +29 | Stealth-Listening Devices | 8 | 12h |
| +13 | Totally random question | 6 | 19h |
| +12 | Companies with products that track terminal/analytics desktop usage | 1 | 3d |
| +12 | Pickleball Manhattan | 4 | 15h |
| +9 | Ordering Valium Online: Key Considerations | 0 | 3d |
| +8 | LinkedIn Shitposts | 3 | 2d |
| +7 | my advisor looks a little too good | 7 | 1d |
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Man, do you think its a joke to hit 100 mill?
Interns planning on 100 mill net worth by 50. Smfh.
These kids think 1m a year is nothing. Just another naive kid who watches the movies and thinks he’s the next Buffet. Next topic.
This might sound all sappy and crap, but I think rich is when you can comfortably afford your lifestyle. If you want to put a number to it, I'd say earning 3-5x your monthly expenses. For some that might mean the need to earn millions and for others, low six figures is fine. I say this because we have family friends who made very good money (low millions) but have come close to financial ruin because they inflated their lifestyle too much.
"I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. "
Yes Gordon.
Wall Street came out in 1987, inflation adjusted $50MM is $131MM. I’ve always defined rich as being a position to tell anyone to fuck themselves, but High Net Worth is generally $5MM and Ultra High is $25MM. I’d argue $25MM is rich.
I felt rich when I didn't wince when getting guac at Chipotle…
Must be nice. I'll get there 1 day..
Ah yes, Rich Piano - my favorite natural long/short equity investor
he wasn't natty - he used leverage. He was jacked to the tits with leverage
RIP.
RIP
Rich is all relative. To me a billionaire with loan guarantees who has to answer to analysts making 75k who spends his time impressing fund managers who make maybe 150 grand quarter to quarter is not rich.
IMHO the richer you get, the more F you time and F-you you should be able to do.
A multimillionaire with enough residual income/passive income with no debts and full equity > billionaire like Musk who has got lots of obligations, pensions, debts, quarters, and company finances to fix.
You can clearly distinguish the marginal devaluation in proper dollar value as you see the body differences from a guy worth 50 million with no obligations and Musk who looks like he's about to explode.
-
Start a business -> Scale it up -> Exit strategy -> Rinse repeat (Acquire for scale) + Sell off strategy -> Buy income properties/family trust = Go to the beach and take it easy.
Musk can walk away from everything today with billions of dollars, post-tax to boot.
Elon is a bad example but I agree with the point. These cash poor startup founder “billionaires” are probably worse off than someone who got has $50 MM in cash and is drawing down 4% each year while letting it grow in safe investments.
But it’s a great problem to have tbh and they can always cash out even at a much lower valuation and have generational wealth.
My definition of being rich is being to do what ever the fuck I want legally (and morally preferred) and tell opps to stfu
Lmao at some of these comments. $5M is rich no matter what time of life you’re in. Hell even a net of say $3M is rich when you retire at say 60 years old.
Of all you saying like “$100M isn’t bad”, DO YOU EVEN KNOW ANYONE THIS RICH? Highly unlikely.
I remember one time my younger brother came home saying he wants to drop out of school because his friend had a sure fire way to make 50m a year with his business idea selling water treatment equipment then selling the franchises to different people. I didn't want to burst his bubble but I told him if making over 500k a year was so easy they wouldn't call people that make that the 1%, hell to be among the 1% of earners in NYC you need to make 700k a year. Suddenly making 50m rarely happens especially at that age with a brick and mortar business. Believe it or not one of his bros dropped out of school to pursue it and isn't doing too well now.
The idea that people who aren't mega rich are just twiddling their thumbs is so prevalent with the rise of instagram throwing obscene wealth in the faces of young men all the time, I remember saying I wanted to buy a Lambo at 30 years old and everyone said it "would be too late" and that it was for younger people, I don't know whether they think the average lamborghini owner is an 18 year old youtuber but it isn't, its actually 47 years old so getting one at the age I am planning is extremely early on average but people don't see that.
Most people are delusional
Honestly as a single guy rn I make more than enough to retire very well off. Throw in kids and I need my comp to 2-3x at least (maybe the wife works too). I used to have a target of 40ml by 60 (now more realistically 30ml by 60...which is not easy but more doable) but not sure I want to make sure targets anymore....they force sub-optimally high levels of risk taking and maybe even unhappiness. I guess after all is said and done w/ kids (till they get their first job) -- making sure they have the best education and no debt -- I'd love to leave my kids each with the equivalent of $5ml in today's dollars. W/ 2 kids it's hard but doable, with 3 this might just be unrealistic
This one local guy in his early 20s hit the jackpot with crypto. YOLO'ed $50k on some altcoin when it was $0.0003, and sold 80% of it when it peaked around $0.5 last fall. He netted around $50M on that sale. He bought a lambo, spend $5M on a house, put rest of his money on index funds.
I know it's pretty much like winning the lottery, but damn, the last bull run really made some people for life.
Not to be too greenpeace here, but..
Bob: Money? I mean how much is a lot of money to you?
Interviewer: That's a good question. Have you made, say, millions of dollars?
Bob: No
Interviewer: Are you a rich man?
Bob: When you mean rich, what do you mean?
Interviewer: Do you have a lot of possessions, lot of money in the bank?
Bob: Possession's make you rich? I don't have that type of richness, my richness is life, forever
GOAT
My number to define rich is $30 million
Living without roommates in NYC… that’s rich
To hijack this thread, does anyone else dream of being a minimalist someday?
I could be 'rich' having less than 300 things in my life while enjoying the experiences life gives me.
What's stopping you from being a minimalist now big dog. Less is more.
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