What does it take in terms of assets, abilities, and/or income for you to consider them wealthy?

  • Bronzebeard@lemm.ee
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    12 days ago

    Are old retirees rich, then? I wouldn’t consider that accurate.

    If you’re not pulling in upper 6 figures from those investments, you’re still not rich.

    • schnurrito@discuss.tchncs.de
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      12 days ago

      If I ever manage to earn ~3000 euros (my current net salary) a month from just investments and interest, I will definitely consider myself rich. There may still be richer people than me even in that scenario, which is why I wrote that “rich” is a relative descriptor.

          • ComradeMiao@lemmy.dbzer0.com
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            12 days ago

            If you max out your ROTH IRA every year until retirement that is possible (for the US). Yes, I believe one can easily save and invest in index funds. Based on compound interest with a return rate of 3-7% one could expect 450,000-1.05 mil after 35 years of working. That’s 583$ post tax dollars a month.

            Post kids it’s been more difficult but I even picked up an extra job to make sure I can max out my retirement investments.

            For everyone? Absolutely not. It is obtainable though. Even half of that per month would result in similarly good returns. The problem is investment education. Reminds me of my local communist reading group who to my surprise didn’t know anything about investing even though capital is like their whole thing.

            • themeatbridge@lemmy.world
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              12 days ago

              Max contributions to a ROTH IRA is $7,000. Most people don’t have an extra $7,000 lying around. If you do, chances are you’re already in the top 10%.

              • ComradeMiao@lemmy.dbzer0.com
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                12 days ago

                I would still say that’s not true… I probably make half as much as you but I just try to be extremely frugal… just saying it’s doable

                • themeatbridge@lemmy.world
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                  12 days ago

                  I do make maximum contributions, but I also have two kids with college funds and a mortgage that I’m paying down. We’re comfortable, and I consider myself extremely fortunate for the life I’ve built for myself.

                  Unfortunately, it took me a while to pay off college debts, and then the 2008 crash wiped out a lot of our savings. I don’t expect to ever have enough saved to actually retire.

          • bluGill@fedia.io
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            12 days ago

            For most of us reading this it is an obtainable retirement income. On the world stage if you can read this you are probably rich. A little bit of savings can get you 3k inflation adjusted once you reach “old age”.

            • ComradeMiao@lemmy.dbzer0.com
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              12 days ago

              Of course on the world stage this varies per country but I agree that a big of savings can get you there by retirement, especially if done early.

              In China a common goal is to save 140k USD then invest it and retire by one’s mid 30s living a simple life.

              • bluGill@fedia.io
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                12 days ago

                That would be achievable in the US as well - 140k US saved and living a “simple life”. Those some people who try it go back to work in a few years because it turns out they value a more complex life. YMMV.

    • themeatbridge@lemmy.world
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      12 days ago

      Old retirees that don’t need to work to live are rich, yes. If they can afford their rent and food and healthcare, they are doing better than 90% of humans on Earth.

      • Bronzebeard@lemm.ee
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        12 days ago

        No. Not being destitute doesn’t automatically make you rich. Things are not black and white. There’s a wide spectrum that is very flat until you get to the top 0.1%.

        Bring in the top 10% doesn’t mean much when the different between top 99 and top 90 is multiple orders of magnitude larger than top 90 to top 10.

        • themeatbridge@lemmy.world
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          12 days ago

          If your definition of “destitute” is having to work for a paycheck, you and I are not on the same page.