Book 1 again: Not wealthy Prosperous (can consistently add to savings from employment income) Significant Net Worth (but not independently wealthy) Wealthy (independently wealthy) How do we classify a retired person who has no employment income?
depends on their wealth level and perception of wealth
I think it’s all pretty obvious… For instance, if they have 250k in pension and that’s it’s (1), 1.2m and fair expense or something around there (2), serveral million, fair expenses, but a chance that a retarded investment move could wipe it out then (3) and if they have a ton of cash then (4).
Generally speaking though it’s all relative.