The Actual Net Worth To Be Considered Wealthy | Not What You Think

Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.

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#networth

[libertarian]

It's a matter of perspective. I grew up poor, and I felt FABULOUSLY WEALTHY when my net worth hit $10k at age 23. $10k in the bank was, to me coming from nothing, the realm of rich folks. When my net worth hit $1 million, I thought I had finally made it. But I wasn't sure it was enough to be financially independent. Now at age 60, my wife and I are decamillionaires, we donate our salaries to charities. In my mind, I know we are pretty rich. But in some ways, I feel less wealthy now than I did at 23. Kinda weird, isn't it?

[drcatrinaking]

Health is wealth. "If you have your health, you have everything." Words of wisdom spoken by a truly great Dad. 💛

[patrickbolmeyer]

Being retired for 5 years now, my wife and I consider 'wealthy' as being able to pay our monthly bills (utilities, insurance, food, mortgage, etc), have excess left after paying the aforementioned, have a well-funded slush fund, and plenty of cash invested in our 401K's. We have no credit card debt or car payments.

[MORRIS]

Being wealthy means you pay your bills on time, have a roof over your head and can go to a grocery store and buy what you want without having to look at the prices.

[MrDoelrivera]

No mortgage, no debt. 1.5 million in 401k and 200 k income. Happy and healthy.

[stevemueller]

Sorry to hear about your cancer and continuing seizures. It’s hard to be grateful when those things have happened to you, yet I still hear your gratefulness in every video. Be Well!!!

[rickchandler]

I’m retiring this Friday! I’m somewhat young at 54 but like you said Erin, health is everything. I’ve always been a very fit person but fit and healthy doesn’t always equate. 2 years ago I was diagnosed with heart disease and had to have a triple bypass. I’m fine now, but it immediately changed my view of things and decided since I have the money already, it’s time to call it quits. I doubt I would have even been thinking of retiring if it wasn’t for my health issues. Life is short and way too short to dedicate more than half of it to make other people rich.

[floydestelle]

House paid, zero debts, goid health, been retired 6 years, wife is given all documents and knowledge usage of accounts for the time i might not be here. This last step to me is possibly the most important step!

[johnnysimes]

Wealthy = living below your means. Poor = spending beyond your means. An unstoppable appetite cannot be filled with any amount of money. Banking 20% of your take-home pay is a pretty safe measure of secured wealth for those in their working years.

[chipthigpen]

I find it interesting that most folks consider that it takes over $2 million to be considered wealthy. I am nowhere near that and I feel wealthy, but I live a simple, frugal lifestyle, only debt is a little left on my mortgage, and have a decent chunk saved and invested. I have a good job with not a lot of stress, I’m active in my church and community, and I try to exercise every day. I guess my wealth feeling goes beyond strictly finances.

[wa]

Had to retire early at 58, but finally got SSDI at 62. Planned to work till 67. Was topped out in pay at my airline job with high seniority. Planned on banking big money those 9 years. So HEALTH is what matters most, as money doesn't matter in the grand scheme of life, if one can't enjoy spending it. Colleague of mine took airline buyout like I did that finally paid us all off last Sept. 1. She was 6 years older than me I believe and she just died of pancreatic cancer.

Money helps cushion life, but whether one has 2 Million or 200K, without health, numbers are just numbers.

[lmr]

You are an amazing young woman!
Didn’t have information you have here in working years. However, somehow, growing up without money I was always aware to plan to have enough money to survive without struggling too much. Thus, have always had a paper-pencil plan. Now 25 years retired, I feel wealthy because it’s not a struggle. Your posts are great for young people starting out. Great proven road map.

[scottg]

Erin, I really liked the comments at the beginning about getting a bit away from $ to assess wealth! As someone who's 58 years old and getting near retirement, I'm always observing people 5-10 years ahead of me, and the stark difference is along the lines of health. I know a 70 year old who's in fantastic health and exercises daily to ensure that. I know someone a bit younger than that who doesn't look after his health and that places profound limitations on what he can and cannot do. I know what category I want to end up in! Excellent subject overall!

[capohd]

Wealth to me is not having to worry about having to work. I'm 62, I still plan to work until 65. But if I lost my job and never worked again I would be just fine. I don't feel that I'm forced to work a job I don't enjoy. I've had to do that in my younger days.

[rhondavigil]

Tracking our net worth was a game changer for us.

[mommytradertube]

Health is so important and I thank you for being so open Erin! ❤

[shade]

First, I am happy to hear that you are healthy again 🎉! Personally, my wealth journey started later in life. I have always been one to put others needs ahead of my own. Paying my own way through college with no financial help from my parents got me into what I considered huge debt $20, 000 - looking back it seems tiny now - but at the time it seemed huge. Working three jobs through college helped and growing up on a farm - where there was always work to do taught me the value of work. It also taught me that there was no way I wanted that life for myself! Then came marriage and a child who I wanted to 'have everything' I did not have- but mainly I wanted my son to graduate college with no student debt. So, after he graduated and after an amicable divorce that cut my net worth in half (not complaining - just facts- I decided (at age 50) that it was (and is) my turn. Now, 12 years later I am 2/3 of the way to the 'wealth' barometer that Forbes lists. I AM NOT a smart man... so if I can do it ANYONE can!

[PH-mdxp]

Yes, it’s often said that “Health is wealth”. Without good health, wealth seems somewhat less important.

[mymax]

Wow! Very personal reveal. I can relate and validate your approach to life. You really don't know how valuable life is until you almost lose it.

[donnuyen]

Having great relationships with your family and friends is next on the wealth list over health and time.