How rich?

Many people thought they are rich but are actually not. If they have below $3m networth, they are only borderline rich.

Here's why:

1. Start a family with 2 kids. Need at least $250k -$400k to bring up each child till university
2. Stay in a reasonable size condo say 1,300sq ft will set you back $1.5m or more
3. Get a good jap car or continue car will set you back another $150k-$230k
4. Household expenses with maid - $120k-$150k pa
5. Annual holidays for family of 4 - $15k-$20k pa

After all this, not much left for retirement sustenance. Some more at 40s, 50s, there is not much time to earn more.

So toto, don't settle for an old man with less than $3m networth. Minimally should be $5m to give yourself margin of safety for financial security when the old man can no longer work.