(NerdWallet) – Earning a six-figure salary was once considered a sign of wealth and success. However, today even those with high incomes often feel financially strained.

That raises the question: What does it actually take to be rich? We asked a few six-figure earners to share their thoughts.

“Rich” is subjective

For many who earn well, wealth is not just about reaching a specific income level, owning a luxury car, or purchasing a grand home. Instead, it’s about being able to live the lifestyle you desire without having to worry about finances.

Rob Bacharach, a certified financial planner based in Charlotte, North Carolina, explains that being wealthy means having the financial freedom to spend without falling into debt. While wealth is often attributed to asset accumulation, having the liberty to enjoy life while managing expenses also signifies richness.

A high income doesn’t always guarantee those circumstances.

“I work with a few young surgeons. They are in their mid-30s, earn over $1 million annually, live in large homes, yet they have a negative net worth of $1 million due to mortgages and student loans,” Bacharach notes. “These individuals are not considered rich.”

“If they are good savers they may be rich in the future, but for right now, they work a lot, they spend a lot,” he says.

Kim Rippy, a licensed professional counselor in Burke, Virginia, considers “rich” a state of being rather than a dollar amount earned.

According to Rippy, true wealth is the capability to cease working without altering your lifestyle. It’s about maintaining peace of mind regarding money and not having to make changes because of financial constraints, she explains.

Patrice Williams-Lindo, a business consultant and Career Nomad CEO near Atlanta, estimates that she needs around $20,000 monthly to sustain her version of a wealthy lifestyle.

That’s enough to comfortably cover household expenses, help her three kids through college and stay on top of debt payments. But it’s not just income that makes you rich, she says. “It’s having a sense of peace, having a sense of accomplishment.”

For Williams-Lindo, being rich is also about building generational wealth. She and her husband want their daughters to have the freedom to make decisions that aren’t money-driven.

“If they wanted to take a gap year, what does that look like? If they got laid off from their jobs as they started working, do they have to find a job in the next month or will they have a three-month or six-month emergency fund?” Williams-Lindo says. “That’s what we’re setting them up for.”

Not all high earners feel rich

Rippy doesn’t consider herself rich despite earning six figures and owning her own therapy practice. Living in the high-cost Washington, D.C. area, much of her income is tied up in housing, student loans and child care costs for her two children. She and her husband call themselves “day care broke.”

“I think if the debt wasn’t there, then that actual joy and feeling of being rich would probably be more prevalent,” Rippy says.

Bacharach doesn’t feel rich at this point in his life either.

“I have a good income that allows me to live very comfortably, but I’m in my mid-30s. I’ve only been making that income for so long and so I have not had the accumulation of assets outside of my business,” he says.

Bacharach wants to build a pool at his home, but would need to take on debt to make it happen.

“I could put a little cash down, I could borrow from my HELOC to do the rest if I want,” he says. “But I think that that feeling of wealth or richness really comes from the ability just to write the check and do whatever it is that you want to do.”

Williams-Lindo, on the other hand, does feel rich — not only because she’s setting her family up for success, but because she finds purpose in building a legacy through her work.

“I am helping people that have either been laid off or that work in toxic workplaces, specifically, Black women like myself, find their next season,” she says.

“I consider myself wealthy, because I have the capacity to dream,” Williams-Lindo adds.

For many, net worth is key

We sifted through Reddit forums to get a pulse check on how users define “rich.” We used an AI tool to help analyze the feedback. People post anonymously, so we cannot confirm their individual experiences or circumstances.

There isn’t a clear consensus in the comments on exactly how much money makes a person rich. But it’s obvious that income is just one part of the equation. Redditors say there are other factors to consider, such as a person’s location, debt load, lifestyle costs, family situation, age and career stage.

Users generally agree that being rich requires:

• Having a high net worth that includes significant assets beyond a primary residence.
• The ability to maintain a high standard of living without working. 
• Having no major debt obligations.

Many users say they won’t consider themselves rich until they have at least a few million dollars in net worth and are financially independent.

Everyone has their own definition of “rich.” If you’re striving for wealth, it’s worth taking a moment to ask yourself: What does being rich mean to you?