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When can you say that you are wealthy?

When can you say that you are wealthy?

Before you can talk about becoming wealthy we have to define what wealthy is. How much money do you need in order to be wealthy? Everyone might have a different idea of what wealthy is but the true meaning of wealth means that you can do whatever you want to do and it never hurts you financially. So you might say if you win the lottery and win all that money you are wealthy! Wrong….. You are rich but not wealthy. The true definition is you can spend as much money as you desire in a given year and the interest you earn still out weighs the total amount of money you spent. So lets break down how much money you could have and how much interest you would be earning yearly!

Since we are in 2010 and it is still a recession with interest rates in safe government CD’s we are going to go with a 2% annual interest rate.

This is how much money you have in the bank!

$1 Million – $20,000 Yearly Income
$10 Million – $200,000 Yearly Income
$100 Million – $2,000,000 Yearly Income
$200 Million – $4,000,000 Yearly Income
$300 Million – $6,000,000 Yearly Income
$400 Million – $8,000,000 Yearly Income
$500 Million – $10,000,000 Yearly Income
$600 Million – $12,000,000 Yearly Income
$700 Million – $14,000,000 Yearly Income
$800 Million – $16,000,000 Yearly Income
$900 Million – $18,000,000 Yearly Income
$1 billion – $20,000,000 Yearly Income

So now saying this where do we draw the line? When are you actually wealthy? I believe true wealth begins at $500,000 million in the bank. Spending $10 million a year could be an easy task the first 2-3 years but after you will run out of space to put your stuff and money will just be piling up on top of each other. Yes it is possible to spend that money by giving it away or just throwing out the money out of your hands but that will still take a great deal of effort.

So when do you define someone as being wealthy?

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