Quick, answer this question with the first number that comes to mind: How much money does it take to be rich?
Of course, you may argue, there’s more to being rich than having money—there’s love, health, freedom, etc. All true. But for the purpose of this blog, and in the spirit of research, let’s stick with a specific figure.
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According to Robert Frank’s blog, The Wealth Report: no one can agree on a specific amount. The Federal Reserve claims you’re in the top 5% of Americans if you have a net worth of $4.9 million.
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Spectrem Group, in a poll of affluent people, only 22% said $1 million makes you rich.
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The majority (45%) of this poll said it took at least $5 million to qualify.
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A quarter of the respondents swore that you need a minimum of $25 million.
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A few (8%) even put the winning number at $100 million.
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Other studies find that people “always give a number that is twice their current net worth or income. Those with $100,000 in income say $200,000, while those worth $5million say $10 million.”
The best definition I’ve ever seen for “rich” goes like this:
Rich is when you work because you want to, not because you have to.
I don’t know who said it, but it makes the most sense.
Anyone have a better definition than that?? Leave me a comment below.
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