What do you consider being "rich"?
01-27-2004, 06:50 PM
#1
I miss my 03 CL-S :(
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What do you consider being "rich"?
Is it making over a certain amount of $ a year? Is it your total savings in your bank account? Is it the net worth of everything you own (minus credit/loans)? What's the threshold?
Or is it so subjective that someone making $30k/yr, in a low income housing project can consider themselves rich while someone making $100k/yr, struggling to make credit & mortgage payments may be seen as rich by others?
And don't say it's about being a playa wearing diamond dollar signs around your neck, and I'm not talking rich in some bullshit spiritual context either.
Or is it so subjective that someone making $30k/yr, in a low income housing project can consider themselves rich while someone making $100k/yr, struggling to make credit & mortgage payments may be seen as rich by others?
And don't say it's about being a playa wearing diamond dollar signs around your neck, and I'm not talking rich in some bullshit spiritual context either.
01-27-2004, 06:52 PM
#2
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a "comfort level" would be to have the money to pay the bills and have extra to buy whatever comes up with out stressin.
but still able to affordto pay cash for an appliance and not having a balance on a credit card.
i am comfortable!!!
but still able to affordto pay cash for an appliance and not having a balance on a credit card.
i am comfortable!!!
01-27-2004, 06:56 PM
#3
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robb m.
robb m.
the definition of rich is this:
it's defined by how long a person can go, without any income at all, and maintain, the exact same standard of living, without having to sell assets.
it's defined by how long a person can go, without any income at all, and maintain, the exact same standard of living, without having to sell assets.
01-27-2004, 07:36 PM
#4
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Originally posted by Astroboy
the definition of rich is this:
it's defined by how long a person can go, without any income at all, and maintain, the exact same standard of living, without having to sell assets.
the definition of rich is this:
it's defined by how long a person can go, without any income at all, and maintain, the exact same standard of living, without having to sell assets.
01-27-2004, 07:56 PM
#5
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I would say that the definition of rich is the point at which you can buy anything you feel like within reason without needing to go into debt to pay for it.
01-28-2004, 02:35 PM
#7
it tastes like burning
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god, how CAN you answer that? Personally, I think I would feel rich if I could buy property that would appreciate, own at least 2 performance cars and have enough money to do what I want at my leisure. As long as I feel comfortable I think I could consider myself rich. Meaning I didnt have to skimp on anything at any time. But that doesnt mean that I wouldnt shop around for a good deal. I just dont think that I could ever throw away money just because I could do it. I will pay for convenience, but to a certain extent. Can I be rich now?
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01-28-2004, 03:01 PM
#8
Yeehaw
rich people bargain shop more than middle or lower class people. haven't you read the millionaire next door or who moved my cheese? 
Seriously, 'rich' is defined differently by every single person. Someone who grew up with nothing might feel rich if they are making $50k, but someone who grew up in a wealthy family might need 7 figures to feel rich.
Seriously, 'rich' is defined differently by every single person. Someone who grew up with nothing might feel rich if they are making $50k, but someone who grew up in a wealthy family might need 7 figures to feel rich.
01-28-2004, 03:56 PM
#10
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Originally posted by Astroboy
the definition of rich is this:
it's defined by how long a person can go, without any income at all, and maintain, the exact same standard of living, without having to sell assets.
the definition of rich is this:
it's defined by how long a person can go, without any income at all, and maintain, the exact same standard of living, without having to sell assets.
Rich folks have expensive things, but can't maintain that lifestyle for long.
Wealthy folks are able to keep living at a their lifestyle almost indefinately.
Not all rich folks are wealthy and not all wealthy folks live richly.
01-28-2004, 04:29 PM
#12
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I think you're rich if you can buy alot of the things that you want....but don't own rediculous things like chrome plated Bentlys or have 63" plasma TVs in every room of you 9000 square foot house.
01-28-2004, 04:33 PM
#13
Yeehaw
My uncle just built a 15,000 square foot house. He gave my aunt a $25,000 diamond ring and a $30,000 rolex last year for mothers day. He has a $50,000 rolex and gets 2 new top of the line Lexuses every year, and a new Navigator every year.
He's fuckin rich.
He's fuckin rich.
01-28-2004, 08:59 PM
#15
Senior Moderator
Originally posted by Beetroot
rich people bargain shop more than middle or lower class people. haven't you read the millionaire next door or who moved my cheese?
rich people bargain shop more than middle or lower class people. haven't you read the millionaire next door or who moved my cheese?
I really don't know what wealthy or rich is really.
I'd like to be in the position where the house is paid off, and I can semi-retire. Work a shit job with little or no responsibilies (gotta have some cash-flow). Maybe take some short term programming contracts every once and awhile to travel the country.
Yeah, that's it. I want to not have to work for someone else if I don't want to. If a job is giving me grief, I can tell 'em to shove it. If I could do that, I'd be rich.
02-06-2004, 07:30 PM
#17
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Rich = Net worth is 75% assests.
75% assests = 5 mil +
thats living very nice. i consider anyone doing that someone who has alot of net worth in either real estate, rights, a trademark, or other negotiable instruments.
75% assests = 5 mil +
thats living very nice. i consider anyone doing that someone who has alot of net worth in either real estate, rights, a trademark, or other negotiable instruments.
02-06-2004, 09:29 PM
#18
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honestly
IMO, rich is going anywhere u want and buying anything u want w.o ever having to ask how much it costs
but dets respone is one i believe in as well
IMO, rich is going anywhere u want and buying anything u want w.o ever having to ask how much it costs
but dets respone is one i believe in as well
02-07-2004, 10:05 PM
#19
Race Director
Originally posted by Astroboy
the definition of rich is this:
it's defined by how long a person can go, without any income at all, and maintain, the exact same standard of living, without having to sell assets.
the definition of rich is this:
it's defined by how long a person can go, without any income at all, and maintain, the exact same standard of living, without having to sell assets.
my mom wasnt happy he drained our savings account.
02-16-2004, 01:26 PM
#24
Moderator Alumnus
You know, I've been thinking a lot about this.
I have various friends all over the extremes.
Of course, Rich is all relative, which make that difficult, but in my eyes, it's the 'average' level of items you can afford.
Poverty: Nothing. (or a bit above that). Sucks to be you.
Poor: Only Food/Shelter. Life is still a struggle.
Decent: Items of high bang/buck (Bargain/on sale stuff)
Well off: Item of medium bang/buck (More expensive stuff that is worth the money)
Rich : Low bang/buck: Quality of item, price not important.
Filty Rich: You buy whatever you want, whenever you want. In bulk.
Now, there's nothing to stop say, a person who is 'well off' buying a typical 'rich' item, but it's generally outside their budget and they take a serious financial hit and may even drop down a level for a while.
The thing is, I think 'bang/buck' tends to be defined not by money, but how many week's spending money. So if person A makes twice as B, then their bang/buck line is much lower than person B, since it is only two week's salary versus, say, a month.
And THAT line is different, because person A and person B could make the same salary, but if person A lives cheap, in terms of food, rent/mortgagne and car, they may have more spending money/week than person B (for now......)
I have various friends all over the extremes.
Of course, Rich is all relative, which make that difficult, but in my eyes, it's the 'average' level of items you can afford.
Poverty: Nothing. (or a bit above that). Sucks to be you.
Poor: Only Food/Shelter. Life is still a struggle.
Decent: Items of high bang/buck (Bargain/on sale stuff)
Well off: Item of medium bang/buck (More expensive stuff that is worth the money)
Rich : Low bang/buck: Quality of item, price not important.
Filty Rich: You buy whatever you want, whenever you want. In bulk.
Now, there's nothing to stop say, a person who is 'well off' buying a typical 'rich' item, but it's generally outside their budget and they take a serious financial hit and may even drop down a level for a while.
The thing is, I think 'bang/buck' tends to be defined not by money, but how many week's spending money. So if person A makes twice as B, then their bang/buck line is much lower than person B, since it is only two week's salary versus, say, a month.
And THAT line is different, because person A and person B could make the same salary, but if person A lives cheap, in terms of food, rent/mortgagne and car, they may have more spending money/week than person B (for now......)
05-06-2009, 07:28 PM
#25
I feel the need...
More Millionaires Don’t Feel Wealthy, Fidelity Finds
How much money does it take to feel wealthy these days? About $1.8 million in investable assets, according to a study by Fidelity Investments released today.
The survey found that 46 percent of Americans who described themselves as millionaires don’t feel wealthy, twice as many as last year, Boston-based Fidelity said. Stock market losses were cited by 42 percent of the respondents as the main reason, according to Fidelity’s third annual “Millionaire Outlook.”
“While many millionaires recognize they are doing better than the average investor, last year’s market volatility and loss of assets have forced them to reassess what the term ‘wealthy’ really means to them,” said Gail Graham, executive vice president of Fidelity Investments in a statement.....
The survey found that 46 percent of Americans who described themselves as millionaires don’t feel wealthy, twice as many as last year, Boston-based Fidelity said. Stock market losses were cited by 42 percent of the respondents as the main reason, according to Fidelity’s third annual “Millionaire Outlook.”
“While many millionaires recognize they are doing better than the average investor, last year’s market volatility and loss of assets have forced them to reassess what the term ‘wealthy’ really means to them,” said Gail Graham, executive vice president of Fidelity Investments in a statement.....
05-07-2009, 09:02 AM
#27
And I'd have to remove "within reason" from Deathlok's reply b/c my wife and I can go buy a lot of things within reason and not have to go into debt... but we are not rich.
Lastly, not worrying about money. If I don't have to work (retire or semi-retire) but can continue my lifestyle... then I would say that qualifies as rich.
05-09-2009, 10:46 AM
#28
Safety Car
300/400k in most areas of the states.
but it truly depends on the cost of living. i have friends and family that live in manhattan (as do I). after taxes, mortgage, and 30k tuition K-12 PER CHILD, 500k gets you breaking even. so again, its in relation to location
but it truly depends on the cost of living. i have friends and family that live in manhattan (as do I). after taxes, mortgage, and 30k tuition K-12 PER CHILD, 500k gets you breaking even. so again, its in relation to location
Last edited by ThermonMermon; 05-09-2009 at 10:49 AM.
05-09-2009, 10:57 AM
#29
Safety Car
and also, i dont consider lump sum $$ to be rich, but more so cashflow. a lot of idiots are walking around with big bank accounts and little salary. that is not rich, that is pissing away $$ over the span of one lifetime.
05-09-2009, 08:43 PM
#30
Burning Brakes
i think being rich is not having to work (at least not by the standard full time definition) and still being able to maintain a good standard of living, indefinitely. so if you own a bunch of rental properties which provide you 150k in income i would say that you are rich, because if you are incapacitated for some reason, even though those properties would not be run as efficiently in your absence, they would continue to generate income 
in absolute terms...5 mil?
in absolute terms...5 mil?
05-09-2009, 08:57 PM
#31
Whats up with RDX owners?
iTrader: (9)
Being able to retire at any time, and know that no matter how bad the economy may be, you, your kids, and your kids kids will always have money.
05-09-2009, 09:00 PM
#32
Burning Brakes
So basically, having enough investments (in whatever form) that provide you with high enough income that you can maintain a good lifestyle without working.
If you have 5 million in investments and get 5% return on them, that is $250,000 a year (minus taxes). I'd be more than content with that.
If you have 5 million in investments and get 5% return on them, that is $250,000 a year (minus taxes). I'd be more than content with that.
05-09-2009, 10:07 PM
#33
You're "rich," when you are happy, even though it could be better. not something ephemeral, but some kind of true happiness. for me, I'd be rich when i start up my own garage and own two or three cars, that I truly love. Money really doesn't matter. Speaking from experience, it's not that money will make you happy. In fact, IT WON'T. However, if money is a key to one of your joys and passions, like mine is cars and traveling, then you gotta do what you gotta do to get that money, right? Yeah, but to an extent where you control it, and it doesn't control you. And if money is your ultimate priority in life, you gotta work your way up. You have to suffer how many years of buying used or bargain items, you have to put your hobbies or wants aside and really save that money. Determination is the only thing holding you from getting "rich." From suffering comes prosperity, you have to work for it.
05-09-2009, 10:40 PM
#34
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Can you retire now?
If so, you're rich
If so, you're rich
05-13-2009, 09:02 PM
#36
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Is it making over a certain amount of $ a year? Is it your total savings in your bank account? Is it the net worth of everything you own (minus credit/loans)? What's the threshold?
Or is it so subjective that someone making $30k/yr, in a low income housing project can consider themselves rich while someone making $100k/yr, struggling to make credit & mortgage payments may be seen as rich by others?
And don't say it's about being a playa wearing diamond dollar signs around your neck, and I'm not talking rich in some bullshit spiritual context either.
Or is it so subjective that someone making $30k/yr, in a low income housing project can consider themselves rich while someone making $100k/yr, struggling to make credit & mortgage payments may be seen as rich by others?
And don't say it's about being a playa wearing diamond dollar signs around your neck, and I'm not talking rich in some bullshit spiritual context either.
The same sorts of tiers with distinct top outs seem to show up everywhere, $75k luxury sedans, $3500 plasmas, $900k houses, etc.
I think that if you find yourself buying from that higher tier right before the selection gets exceptionaly thin and you don't need to credit to make the purchase then you're probably rich in most people's eyes.
