How much money you have to earn to be considered rich in DFW? (Dallas: homes, transfer)

[Nn2036]

Originally Posted by pipsters

1. Retirement savings are not illiquid. You can access them at any age without penalty via rule 72t when ready to retire.

2. My wife and I hit seven figures at age 35 with an average household income under $100k. Two years later we hit $2m (this year). Average income at that point was higher, roughly 130k. That's essentially two college grads nowadays. Age 59.5 is irrelevant to access those funds as discussed above.

3. College costs are not costs parents need to pay. My wife and I both paid for our education, wedding, cars (did you seriously include costs for parents to buy cars? Lol) save for a $2,500 gift from my wife's estranged father. And you forgot that daycare costs are a onetime cost that goes away early in the child's life.

4. You can factor anything in but your viewpoints don't match with reality.

And you nest egg can easily lost half or more in the future just like in the recent depression. Nothing is guarantee in the stock market

[Taub201]

I want to sell enterprise software.

[pipsters]

Originally Posted by cordata

On the bolded part, can you give some more detail on how you achieved this ? Pretty remarkable.


I do agree that there is a huge difference between "needs" and "wants" .. you're pointing out that things like paying for college are really wants.

You can read here, I've chronicled what we have done in the past and keep it updated every year.

https://www.city-data.com/forum/perso...y-we-32-a.html

I'm worried this year. I'm heavy into financials.

[pipsters]

Originally Posted by Nn2036

And you nest egg can easily lost half or more in the future just like in the recent depression. Nothing is guarantee in the stock market

That has nothing to do with the discussion at hand though.

Saying a household is struggling because they can only save $80k a year even with daycare costs is an asinine position to try to debate your point from. IMO. That was all I was trying to get across. Everything else is superfluous.

[UnfairPark]

If you can balance means and needs and have peace, you are rich. If you aren’t blessed, more money just creates more problems. You become a caretaker of possessions, trying not to become poor.

Well, that was for people with few millions. If you are a mega millionaire or wealthier, things are easier and you can relax and enjoy.

[hunternstewart39]

Any updates for the current inflation?

[crazyforger]

Originally Posted by UnfairPark

https://www.google.com/amp/s/amp.bus...y-state-2018-4

"Rich" is defined by some Americans as having an average of $2.4 million, according to a Charles Schwab survey. But how much money you need to earn to be considered "rich" by the government's standards depends on the city you live in.

1.74 Billion for me.

[ufcrules1]

I have some friends that live in North Dallas and they own 4 single family homes (All paid off) and they make 700k per year and have no debt and they do not consider themselves rich. I don't either. I think they are "Well off" but not rich.

I personally think rich means you live comfortably and don't have to ever worry about working for the rest of your life.

[Xalistiq]

Originally Posted by Taub201

I want to sell enterprise software.

Yes you do.

I’m in Enterprise software sales and it’s very lucrative, with pay grades that match/exceed investment banking/big law/big consulting.

Software sales can be very difficult to break into however, and you need to be a persuasive communicator who is also consultative and keen at building trust.

Moreover, you need to find a company that’s well funded, with a competitive product, and one that has attainable quarterly quotas. There are lots of mediocre, even downright subpar software companies out there plagued with poor leadership and no vision.

It’s certainly not for everyone.

[Xalistiq]

Originally Posted by ufcrules1

I have some friends that live in North Dallas and they own 4 single family homes (All paid off) and they make 700k per year and have no debt and they do not consider themselves rich. I don't either. I think they are "Well off" but not rich.

I personally think rich means you live comfortably and don't have to ever worry about working for the rest of your life.

I don’t care what they consider themselves. They are rich. A $700,000 household pre-tax income is in the 99th percentile of all US households.