<p>I didn't say you were wrong....maybe you just misunderstood my post. I said, specifically, JPMorgan Private Bank, which has a minimum deposit of $50 mm.
As far as my source goes...lets just say I know from experience. </p>
<p>My citibank source is a private banker there who was trying to solicit some business (a lot of the larger private banks take pride in their minimum deposit, the higher, the more prestigious they consider themselves). </p>
<p>The BofA number was something I heard, but definitely not a source like yours so thank you for correcting me. </p>
<p>I'm not sure about smaller banks, but I meant JPMorgan private bank in my earlier post. I wasn't referring to any smaller, more local banks. So you might say, "why not just say $50 mm in investible assets," which is a good question, and the reason is that having an acct there means more than having a lot of cash. It's prestigious. Not anyone can just walk in there and open an account, their due dilligence is a long process and generally you have to be referred by a current client. JPMorgan Private bank isn't just anyone with money, it is someone with that much cash + connections and a name. There is a reason why you they don't have offices anywhere except for LA and NY. The inside of their offices in New York look like an Ivy League school, big dark brown leather couches and large oil paintings hanging on the wall. You get assigned a team, who handles everything for you. They take you to dinner and offer tickets to cultural events taking place that might interest you. it's the whole nine yards. </p>
<p>The experience at another private bank may be similar, but on top of the experience is the name. When you hand your debit card to the waitress and she sees that JPMorgan Private Bank on it her eyes light up and you smile because you know what she's thinking: "This guy is ****ing minted."</p>
<p>So to make my previous post more clear, in my own opinion, "rich" means JPMorgan Private Bank.</p>
<p>that would be believable before jpmorgan merged with chase, back when it was a company was known to deal mainly with "blue bloods", but not anymore. There are different levels of service for private banking, family wealth being the highest, the most exclusive before opening your own office to manage your money. </p>
<p>And your previous comments just make 50mm sound even more doubtful. "offices only in los angeles and nyc" I dont think they are that stupid considering the wealth in miami, houston, silicon valley, etc. And then you have the fact that they do indeed have offices in</p>
<p>Los angeles
San Fran
Denver
Indy
Arlington
Dallas
Miami etc</p>
<p>And "Their offices look like ivy league schools - they take you out to dinners etc" Usual affair for any office is to look upscale and client outings, including those with a mere million or two get perferential treatment inlcuding boxed seats at laker games with $800 bottle of wines and catered meals.</p>
<p>i don't know why you keep arguing with me. I'm telling you, without a doubt, that the minimum deposit at JPMorgan Private Bank is $50 mm. If you really really don't want to believe it, then that's fine, but the difference is that your disbelief is based on pure speculation, and I know for a fact that the minimum you have to have in investible assets to open an account at JPMorgan Private Bank is $50 mm. If you have so many friends in private banking ask them about it.</p>
<p>the fact is that you are wrong, as you have already stated jp morgan is so exclusive it only has offices in la and nyc. Since that information came from your so very reliable source, yet the jp morgan private banking homepage says something to the contrary, i will never be inclined to believe 50mm is the minimum investible account. And to your response, i have asked people that work in private banking and they have said it is in no way near 50mm but as they dont work at jp morgan, they cant tell me a specific number, nor do i care to find out and call, so i guess my speculation can be left as is as they are based off the statements of people that actually know the business</p>
<p>OK so does any of this matter? Who cares if the minimum deposit at JPM is $50mil or $10mil? The fact is, both amounts are A LOT of money, if you take out the value of your primary residence. Either way, you're really rich. </p>
<p>Oh and by the way, I change my mind. I'm getting a maserati when I get ridiculously rich.</p>
<p>why doesnt anyone want a nice custom motorcycle considering some customs cost as much as 150k. OR something simple like a crx that you can gut and turn into a fun race car to race on the NASA circut. Or build a kit cobra and have a nice car to cruise around on the weekends.</p>
<p>I'm sick and tired of you people putting a number on what is rich. While some might argue it's relative, I would tend to define wealth as the ability to live the same quality of life everyday with no new paycheck.</p>
<p>SGdaWg, you are sick and tired of people putting a number on what is rich, so how is that when you are copying the rest and giving a numerical value to the term wealth instead or rich, but when you are using them, they are the same, and thus you just did exactly what you are tired of others doing. </p>
<p>We have no idea of wealth? It is an infinite statement and changes person to person, for you to say we as a whole have no idea, then you are wrong and we, even with our varying answers are right as each individual determines on their own what wealth means</p>
<p>I believe they meant the median income rather than average.</p>
<p>Think about the Ferrari problem this way: if you are a car lover do you need a ridiculously income (i.e. $10 mil) to warrant buying a Ferrari? There's someone living down the street from me who has an older Testarossa and likely makes around $250,000 per year. It all depends on what you want. Many people buy a car like a Ferrari or Lambo because they want an overall opoulent lifestyle, and the car is just an after thought.</p>
<p>I don t why ppl keep throw out numbers,it is really depends on your financial situation.
It you made million annually but you get them from paycheck,it is not smart for you to purchase super cars,since market changes,and you may get fired.but if you get your money from business you founded or owned which have potenitial to grow in the future,it is okey to spend big.</p>
<p>And if you really own a supercar,it is reasonable to spend over 250k on living,that s an average number from survey,and we are just talking about the working class,not yacht or jet owners.</p>
<p>It depends on where you live and whether you invest your money or just sit on it. </p>
<p>Someone making 500k/year salary in coastal California and sitting on it may not live as “rich” of a lifestyle as someone making 200k/year salary in the dirt cheap midwest or south, actively investing and cutting their tax rate.</p>
<p>“Like the other posters said, you can’t exactly drive to Applebee’s for dinner in a Ferrari wearing a Polo shirt. Just doesn’t fit…”</p>
<p>This is actually incorrect. Every Ferrari owner I’ve ever met has been a polo shirt fanatic. Ferrari even makes its own line of polo shirts.</p>
<p>Oh yeah, and don’t forget that raising a kid costs roughly the same as owning multiple Ferraris. If everyone stopped reproducing then they’d sell Ferraris at JC Penny.</p>
<p>(Don’t choose a Ferrari though. Low IQ dropouts out-breed high IQ college grads 10-1. Go have kids to preserve civilization.)</p>