How much money do you need to be financially rich?
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M$6 Answers
For example, a 60 year old retired in Costa Rica can live like royalty for tens of thousands a year, while a 25 year old in New York City wouldn't be able to survive for long on the same amount of money.
Houses in Brentwood, Los Angeles and New York City cost $600 to $1,500 a square foot. So, a 3,000 square foot apartment in New York City is $3-5m, and a 5,000 square foot house in Brentwood is easily $3-4M as well.
At those prices you need a lot of money to be 'rich'.
Really the best thing to do is make a lot of money in a big city where making big money is easier, and then deploy that money in Thailand, Costa Rica or Mexico, where the cost of living is absurdly low.
I have a friend who told me that for $20 a day he lived like a king in Thailand!
Of course, big houses and fast cars don't make you "rich" or happy in the long term. The rich people in the world are, in my opinion, the people who live rich lives filled with experiences, friends and fun!
Focus on living modestly, but having a lot of time to do epic things with your friends and family.
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M$You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
M$
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M$
Personally I could live a lot richer than most here in L.A. because my life is as simplified as possible, and I'm always streamlining it. I have a super cheap apartment w/a roommate, and old car, cheap food, etc.
How much money you need to be rich will be determined by this primarily, in my opinion, but also the stability of your money. Is it it stocks, bonds, etc? If you have 1 million dollars to last you your life and it's protected, secure and all that, that would probably be enough for most.
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M$
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M$
You need $10m in liquid assets If you would like Goldman Sachs private wealth management to call you back.
The bottom line is to be considered rich by Wall Street you need an 8+ figure net worth. Being "comfortable" is how much do you need to live the in the way you choose. Being comfortable in a big city takes a lot more money than a small town or in a developing country.
If you are looking to live off of investment income only no dipping into the principle assuming a 4% return...
$1m = $40k
$5m = $200k
$10m = $400k
$25m = $1m
If you live on $40k/yr having a million bucks in the bank makes you rich.
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M$
How long you THINK YOU have left to live.