The exact definition of a high-net-worth individual varies between financial institutions, but most commonly, the term refers to those with over $1,000,000 worth of liquid, investable assets.

Monkeybusinessimages / Getty Images Your net worth can say a lot about your financial life. It is easy to calculate and is a quick way to compare yourself to others at your income level.

Ramsey explained that his definition was simple: negative net worth. “The bottom line is your income doesn’t determine wealth,” he said. “Because if you make $200,000 a year and you owe $ ...