San Diego “Landed Poor?”

[phaster]

Here’s how much money it takes to be considered wealthy in 13 major U.S. cities
To feel wealthy, Americans say you need a net worth of at least $2.2 million on average, according to financial services company Charles Schwab’s annual Modern Wealth Survey.

But even if you have that much in the bank, it might not be enough to be considered rich in certain places, the survey found.

In San Francisco, you need a net worth of $4.7 million to be considered wealthy. That’s down from $5.2 million since last year’s survey, but still well above the U.S. median household net worth of $121,700, according to the Federal Reserve’s most recent data.

San Francisco had the highest total in the survey, which examined 12 of the biggest metropolitan areas in the country, covering 13 major cities. Here’s the net worth you need to be considered wealthy in various places across the U.S.

San Francisco: $4.7 million
New York City: $3.3 million
Southern California (includes Los Angeles and San Diego): $3.5 million
Seattle: $3.1 million
Washington, D.C.: $3 million
Chicago: $2.3 million
Houston: $2.1 million
Boston: $2.9 million
Dallas: $2.3 million
Atlanta: $2.3 million
Phoenix: $2.4 million
Denver: $2.5 million

Net worth is a measure of the value of the assets a person or corporation owns, minus the liabilities they owe.

Despite these lofty numbers, 48% of Americans say they feel wealthy. However, of those that do, their average net worth is $560,000.

Perhaps relatedly, 7 out of 10 Americans polled say wealth is more about not stressing over money, rather than net worth.

Wealth is also a subjective term. Nearly two thirds of survey respondents say enjoying relationships with loved ones better describes what wealth means to them, rather than having a lot of money. And nearly 66% of respondents say having time is more important than having money.

The online survey was conducted in March [2023], with a sample of 500 to 750 local residents for each metropolitan area, between the ages of 21 and 75.

https://www.cnbc.com/2023/06/15/how-much-money-it-takes-to-be-considered-wealthy-in-major-us-cities.html

 

 
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[svelte]

Well.  I applaud many saying being wealthy has nothing to do with money.

But from a financial standpoint, I’d say quite a few of us here are north of the mark they show for San Diego.   I know I don’t feel wealthy.  Financially secure yes, but wealthy – which to me means someone who can afford to do what they want without considering cost – no.

I’d say perhaps twice the figure they give is someone who is wealthy.  Maybe.  Triple for sure.

[JPJones]

$3.5 million is definitely wealthy in San Diego.  If anything, that number could come down a bit and still qualify as wealthy.

[an]

Many sport stars have triple/quadruple/etc that.  They will also spend without considering cost.  They also end up bankrupt as well.  So, if you spend without considering cost, then you need a few hundred million at least.  A billion to be safe.

[JPJones]

I would argue those are outliers.  “Sport star” isn’t a statistically significant career.

[Coronita]

What about “porn star” being a statistically significant career? I mean, with the availability of OnlyFans these days, it’s not really porn in the strictest definition. Some of these people make a fortune and cut the middleman producer right out these days.

 

[barnaby33]

FLU, other than your time on onlyfans what statistically significant data are you bringing to this post?

Josh

[an]

Doesn’t matter what your profession is. If you spend more than you make, then you’ll be broke when your career ends.

Just look at Nicholas Cage.

[JPJones]

Athletes, actors, and musicians are all in the same bucket.  For every 1 that makes bank, there are thousands that make next to nothing and fade into obscurity.  If you’re looking for a new side hustle, please, for all of our sakes, steer clear of the OnlyFans.

[an]

And what does the small probability of making bank any anything to do with what you said?

“but wealthy – which to me means someone who can afford to do what they want without considering cost – n0”

I pointed out many who have tens to hundreds of millions and can afford to do what they want without considering the cost and end up broke.

I was simply saying those who spend without considering the cost tend to end up broke.  Doesn’t matter if they have tens of million.  Maybe that will change when you get to a billion, but you can ALWAYS spend it all.

[JPJones]

Fair point.  My only thought was that stars, be it sports or otherwise, aren’t a great benchmark for how wealthy people behave.

 

e: aaaah I see what you mean.  I don’t agree that wealthy means “spend without worry”.  So I think that means I agree with you?  I need a nap.

[phaster]

…What about “porn star” being a statistically significant career? I mean, with the availability of OnlyFans these days, it’s not really porn in the strictest definition. Some of these people make a fortune and cut the middleman producer right out these days.

…Doesn’t matter what your profession is. If you spend more than you make, then you’ll be broke when your career ends.

 

FWIW after reading the comment(s) about a “porn star” and long term financial planning, first thing that I thought of is the comedy scene

 

 

“…I’ve saved 42 grand, its in treasury bills earning interest, figure I have three more years on my back, I’ll have enough to retire on”

Ophelia (Jamie Lee Curtis)

https://videocelebs.net/jamie-lee-curtis-nude-trading-places-1983.html

perhaps Hollywood should make a comedy sequel to the movie (kinda like “risky business”) where Ophelia is the “millionaire/madam next door”

borrowing from real life news, the movie sequel plot would have Ophelia running an aspiring “teen” modeling agency

the comedy (aspect) would be the shenanigans of three amigos,…(a financier who is a good friend of a software company billionaire AND the last character in the movie is a no talent ass clown politician who is a sex addict and big narcissist),… trying to cover up their sexcapades

 
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