Yes. Someone may have a net worth of a couple of million dollars, but it is tied up in retirement accounts and other assets such as home equity. They may struggle to pay regular bills at times and feel poor. They probably drive a beater car, but it’s paid for. The truth of their situation is they’re very good savers but don’t leave themselves much working cash. They feel like they’re living paycheck to paycheck even though they may have a little cash in the bank for emergencies. They may not make six figures but they retain a good percentage of what they earn. They don’t have debt except for perhaps a small mortgage on a modest home.
Someone may feel rich and spend freely on lavish things like dining out, a fancy car, boat, or other things but do not save anything in any appreciable amount. They may live in an apartment, mobile home or worse, a McMansion purchased at the wrong time with bad terms and they’re upside down. All their money is tied up in other assets that go down in value. They have a negative net worth. They have no money in the bank for emergencies, and they really do live paycheck to paycheck. They have car payments and credit card debt, along with other debt on luxury items. They’re upside down on the car too. Does not matter if they make six figures, they spend it all. By all measures, they’re poor or will be poor the day they lose a job or get slapped with medical bills or some other unforeseen expense.