{"id":109054,"date":"2025-08-31T17:18:07","date_gmt":"2025-08-31T17:18:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/109054\/"},"modified":"2025-08-31T17:18:07","modified_gmt":"2025-08-31T17:18:07","slug":"what-does-it-mean-to-be-rich-we-asked-3-people","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/109054\/","title":{"rendered":"What Does It Mean to Be Rich? We Asked 3 People"},"content":{"rendered":"

A six-figure salary used to be the benchmark of wealth and success. But now, it\u2019s not uncommon for high earners to feel financially stretched<\/a>.<\/p>\n

That raises the question: What does it actually take to be rich? We asked a few six-figure earners to share their thoughts.<\/p>\n

\u201cRich\u201d is subjective<\/p>\n

For many high earners<\/a>, being rich isn\u2019t about hitting some magic number, driving a flashy car or buying a mansion. It\u2019s about living the lifestyle you want without giving money a second thought.<\/p>\n

Rob Bacharach, a certified financial planner near Charlotte, North Carolina, says being rich means having the freedom to spend without incurring debt. Wealth traditionally comes from building assets, he says, but having the time to do as you please while still covering your bills can make you rich, too.<\/p>\n

A high income doesn\u2019t always guarantee those circumstances.<\/p>\n

\u201cI work with a few young surgeons. They are mid-30s, they make over $1 million per year, they live in large houses, but their net worth is negative $1 million between mortgages and student loans,\u201d Bacharach says. \u201cThese individuals are not rich.\u201d<\/p>\n

\u201cIf they are good savers they may be rich in the future, but for right now, they work a lot, they spend a lot,\u201d he says.<\/p>\n

Kim Rippy, a licensed professional counselor in Burke, Virginia, considers \u201crich\u201d a state of being rather than a dollar amount earned.<\/p>\n

In Rippy\u2019s view, being rich is having the ability to stop working without having to change your lifestyle. It\u2019s the mentality that you don\u2019t have to worry about money or make adjustments due to lack of it, she adds.<\/p>\n

Patrice Williams-Lindo \u2014 a business consultant and CEO of Career Nomad, a career coaching company near Atlanta \u2014 says it takes about $20,000 a month to support her version of a rich lifestyle.<\/p>\n

That\u2019s enough to comfortably cover household expenses, help her three kids through college and stay on top of debt payments.<\/p>\n

But it\u2019s not just income that makes you rich, she says. \u201cIt\u2019s having a sense of peace, having a sense of accomplishment.\u201d<\/p>\n

For Williams-Lindo, being rich is also about building generational wealth. She and her husband want their daughters to have the freedom to make decisions that aren\u2019t money-driven.<\/p>\n

\u201cIf they wanted to take a gap year, what does that look like? If they got laid off from their jobs as they started working, do they have to find a job in the next month or will they have a three-month or six-month emergency fund?\u201d Williams-Lindo says. \u201cThat\u2019s what we\u2019re setting them up for.\u201d<\/p>\n

Not all high earners feel rich<\/p>\n

Rippy doesn\u2019t consider herself rich despite earning six figures and owning her own therapy practice. Living in the high-cost Washington, D.C. area, much of her income is tied up in housing, student loans and child care costs for her two children. She and her husband call themselves \u201cday care broke.\u201d<\/p>\n

\u201cI think if the debt wasn\u2019t there, then that actual joy and feeling of being rich would probably be more prevalent,\u201d Rippy says.<\/p>\n

Bacharach doesn\u2019t feel rich at this point in his life either.<\/p>\n

\u201cI have a good income that allows me to live very comfortably, but I\u2019m in my mid-30s. I\u2019ve only been making that income for so long and so I have not had the accumulation of assets outside of my business,\u201d he says.<\/p>\n

Bacharach wants to build a pool at his home, but would need to take on debt to make it happen.<\/p>\n

\u201cI could put a little cash down, I could borrow from my HELOC to do the rest if I want,\u201d he says. \u201cBut I think that that feeling of wealth or richness really comes from the ability just to write the check and do whatever it is that you want to do.\u201d<\/p>\n

Williams-Lindo, on the other hand, does feel rich \u2014 not only because she\u2019s setting her family up for success, but because she finds purpose in building a legacy through her work.<\/p>\n

\u201cI am helping people that have either been laid off or that work in toxic workplaces, specifically, Black women like myself, find their next season,\u201d she says.<\/p>\n

\u201cI consider myself wealthy, because I have the capacity to dream,\u201d Williams-Lindo adds.<\/p>\n

For many, net worth is key<\/p>\n

We sifted through Reddit forums to get a pulse check on how users define \u201crich.\u201d We used an AI tool to help analyze the feedback. People post anonymously, so we cannot confirm their individual experiences or circumstances.<\/p>\n

There isn\u2019t a clear consensus in the comments on exactly how much money makes a person rich. But it\u2019s obvious that income is just one part of the equation. Redditors say there are other factors to consider, such as a person\u2019s location, debt load<\/a>, lifestyle costs, family situation, age and career stage.<\/p>\n

Users generally agree that being rich requires:<\/p>\n

Having a\u00a0high net worth<\/a>\u00a0that includes significant assets beyond a primary residence.The ability to maintain a high standard of living without working.\u00a0Having no major debt obligations.<\/p>\n

Many users say they won\u2019t consider themselves rich until they have at least a few million dollars in net worth and are financially independent.<\/p>\n

Everyone has their own definition of \u201crich.\u201d If you\u2019re striving for wealth, it\u2019s worth taking a moment to ask yourself: What does being rich mean to you?<\/p>\n

More From NerdWallet<\/p>\n

Lauren Schwahn writes for NerdWallet. Email: lschwahn@nerdwallet.com. Twitter: @lauren_schwahn.<\/p>\n

The article What Does It Mean to Be Rich? We Asked 3 People.<\/a> originally appeared on NerdWallet.<\/p>\n

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