Although I’m back home, you’ll have to bear with me while I get back into the swing of things. I haven’t had a lot of motivation to blog lately.
According to this week’s Barron’s (UPDATE: here’s a free version of the article), it now takes a net worth of at least $25 million to be considered “Beer & Pretzels rich,” which is what Barron’s considers entry-level rich.
Think about that for a minute. A net worth of $25,000,000 should easily be able to kick off an income of $750,000 per year at 3%.
I think “rich” is a frame of mind. Personally, I would be happy with a net worth of $5 million (not including home equity). Sure, I could make it on a lot less, but $5,000,000 would give my wife and me enough income to be able to enjoy the things we like.
What about you? How much would you need for you to consider yourself “rich?”
Oh, and in case you’re interested, here’s how Barron’s breaks down the rich: