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1. Did you or the person you know visualize the amount of wealth obtained beforehand or was it a complete shock?
They visioned themselves to be wealthy and worked towards it (did well in school, became a doctor, moved around looking for the perfect spot to open practices).
Quote:
Originally Posted by stevechang103
2. If you were the one who obtained the wealth, how did it feel to have a seven or eight figure sum?
1 million makes seven figures. Certainly not wealthy today.
Quote:
Originally Posted by stevechang103
3. Did you or the person who obtained the wealth want it from the start or was a by-product that just came?
The only other option was to work hard and not become wealthy. And that seems less rewarding and stressful. So, obviously, he wanted it. Just like I do now.
I wouldn't call a seven figure net worth wealthy, at least not in the SF Bay Area.
Eh, having an $8/9 million net worth is considered wealthy by almost everyone except for those who have a lot more. It's not ultra wealthy, but you're in the top 1% and will never need to work another day in your life.
However, I do agree that having a net worth of $1-2 million is not wealthy.
They visioned themselves to be wealthy and worked towards it (did well in school, became a doctor, moved around looking for the perfect spot to open practices).
1 million makes seven figures. Certainly not wealthy today.
The only other option was to work hard and not become wealthy. And that seems less rewarding and stressful. So, obviously, he wanted it. Just like I do now.
Best of luck!
Quote:
Originally Posted by mdwstrnkid
I wouldn't call a seven figure net worth wealthy, at least not in the SF Bay Area.
If you have a million dollars in the bank or in assets and are under say 40 years old, you are wealthy. C'mon. Look up the statistics for median household income in the US. I have friends that argue that a $250,000 household income is not wealthy. Ridiculous. You can't compare yourself to the population of the Upper East Side of Manhattan. You have to compare yourself to the rest of the nation.
Eh, having an $8/9 million net worth is considered wealthy by almost everyone except for those who have a lot more. It's not ultra wealthy, but you're in the top 1% and will never need to work another day in your life.
However, I do agree that having a net worth of $1-2 million is not wealthy.
Agreed about the $8-9M net worth, but $1-2M net worth in a high COL area like the Bay Area is a good foundation, yet far from being wealthy.
Eh, having an $8/9 million net worth is considered wealthy by almost everyone except for those who have a lot more. It's not ultra wealthy, but you're in the top 1% and will never need to work another day in your life.
To anyone on this forum who has either gotten wealthy or known anyone who has gotten wealthy, I am wondering the following:
1. Did you or the person you know visualize the amount of wealth obtained beforehand or was it a complete shock?
2. If you were the one who obtained the wealth, how did it feel to have a seven or eight figure sum?
3. Did you or the person who obtained the wealth want it from the start or was a by-product that just came?
I would be tremendously interested in any replies.
Thanks
Most of the people I know who are wealthy have an Ivy League school undergrad education and then either went to medical school, dental school, Top 14 Law, or MBA and consulting. I also know a couple who do I banking. Almost all who except for the doctors went for wealth from the get go. A few of the doctors went into medicine to help people and just happen to be wealthy because of the nature of the profession.
"The cutoff for the top 1 percent of American households, in terms of net worth, is about $9 million, according to New York University Economics professor Edward N. Wolff. His estimate is based on his extensive analysis of the Federal Reserve Board’s Survey of Consumer Finances, which put the figure at $8.2 million in 2007, he said."
1. It was visualized
2. I meet your criteria with your 7-8 figure description, but do not "feel" wealthy. However, I do feel less anxious about common things such as home/car repairs or being able to handle family emergencies. The most interesting development for me has been the ability to be financially generous -- that is a luxury but also impacts relationships in complicated ways.
3. Hard work, some luck and some unexpected windfalls too.
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