How do you define rich/wealthy?

[Rinaun]

Wealthy to me is not having to think twice about average purchases like food, clothing, etc. More importantly the places you shop become more boutique and higher end. Most of my wealthier clients buy from only Whole Foods, go to designer malls, etc. I also think wealth ties with income made per year to a certain extent; my clients who make 130k+ a year are to me considered wealthy.

 

[Yuriman]

Ah, but what do you define as luxury?

$15 on sushi.

 

[Yuriman]

Wealthy to me is not having to think twice about average purchases like food, clothing, etc. More importantly the places you shop become more boutique and higher end. Most of my wealthier clients buy from only Whole Foods, go to designer malls, etc. I also think wealth ties with income made per year to a certain extent; my clients who make 130k+ a year are to me considered wealthy.

I shop almost exclusively at Whole Foods and our household income is under $15,000 per year. I don't buy things like ice cream, but it's not so much about cost as health and taste preference - I tend to buy bananas when they're on sale for making smoothies, and I stock up on the local and seasonal greens which tend to be cheaper in addition to tasting better. I do happen to know the price difference between most items at Whole Foods and other local groceries, but for the things I buy there is generally little to no premium anyway.

Last week my wife and I got $750 in groceries, almost all non-perishables, because we had the opportunity to buy them at 40% off. Oats at 6 cents per ounce? I'll take 20 pounds.

 

[ponyo]

Where would you define the boundary between rich and middle class (or not rich)? By one's family's inability to spend one's wealth? That's a pretty vague definition.

Rich is a relative term. By some of the examples in this thread, I could be considered rich as I'm debt free and generate certain income. But it's all relative. The rich live and play within their own similar social circle. If you're not rich, you're not in that club. That's how define the rich. And I'm definitely not in that club. The low figure millionaires are not in that club.

 

[Imp]

When you can buy your way out of trouble.

... and have a pink Bentley.
http://www.huffingtonpost.com/2014/02/06/paris-hilton-barbie-pink-bentley_n_4737432.html

Solid comfort would be $20 million American. That would yield an easy $1M in tax preferred capital gains/dividends. Enough to buy a new Porsche every year, security detail, stupidly big mortgage, and personal assistant. Inflation or lawsuit could wipe you out over time though.

 

[HeXen]

Your health is wealth. Money don't mean jack if you have health issues nor can it cure everything. I know a business owner who was pretty wealthy, had top of the line everything. His stomach started bothering him, went to doc. Stomach cancer stage 4, dead in 2 weeks. RIP

 

[IronWing]

Ah, but what do you define as luxury?

I have a set point for this year. If I do well on overtime I'm going to buy a Magnum bar. I've always wanted to try one. If not, then I'll stick to Snickers ice cream bars.

 

[Kaido]

I have a set point for this year. If I do well on overtime I'm going to buy a Magnum bar. I've always wanted to try one. If not, then I'll stick to Snickers ice cream bars.

Hey man, spread the wealth. The rest of us chumps are eating the lower-budget non-frozen Snickers bars :biggrin:

 

[ponyo]

I remember watching a show about people who came into wealth. The lady sold her company and netted $10 million of personal money from it. She called up her super-rich clients and asked what one thing she should splurge on before she invested & saved the rest. What she soon realized was how many different levels of "rich" there were - a lot of her clients were worth over $100 million, so they recommended things like 2-week yacht cruises that cost $1 million a pop, which was 1/10th of her new net worth - it made her realize that you have to be very careful about what you choose to spend your money on because it can disappear no matter what level of wealth you have.

That's why I don't really worry about what other people have. You only know what you're exposed to. Million might seem huge but after being exposed to billion, it kind of changes your perspective.

 

[alkemyst]

this thread is a sad example of wealth

 

[Yuriman]

Edited

 

[IronWing]

this thread is a sad example of wealth

We can't all drive Mazdas.

 

[brianmanahan]

We can't all drive Mazdas.

you mean we cant all drive M3s

 

[Majcric]

People who don't have to roll there ass out of bed almost everyday to go to work.

 

[brianmanahan]

People who don't have to roll there a** out of bed almost everyday to go to work.

my goal is to get to that point by age 45

edit: swares

 

[shortylickens]

People who don't have to roll there ass out of bed almost everyday to go to work.

:\


oh.....

 

[alkemyst]

We can't all drive Mazdas.

LOL bro, I was wealthy prior to taking on two divorces, a epic cat colony, my mortgage company fucking up my credit which $60K at 5% in school loans was sitting on that went to 24.99%, etc.

I am still not doing bad and haven't paid my mortgage for three years now.

So I make a decent 'entry level' six figure wage, no housing costs.

You can do you own math on that.

I am still putting money away for my retirement, heavily insured against potential risk, and the like. I like being able to go out on the weekends, take a cruise here and there, buy nice clothing, etc.

I could have kept my M3, however; part of my divorce was I pay off the Mazda 3 which I just bought new (it's only got 27k miles on it still) at the time. I had $10,000 in equity in my M3, the Mazda was still upside down since my ex wanted to pay it herself (she never did) and wanted a 72 month loan on it. It's a nice car. I didn't have room for an extra car at my current home, I was not going to build a garage for a place my payments were not being shown.

What do you drive?

 

[DrPizza]

Ah, but what do you define as luxury?

A lifestyle that the vast majority of people can't afford.

 

[alkemyst]

my goal is to get to that point by age 45

edit: swares

That's a bit far away, why not get through college first.

 

[brianmanahan]

That's a bit far away, why not get through college first.

pfft already got my masters brah

 

[brianmanahan]

LOL bro, I was wealthy prior to taking on two divorces, a epic cat colony, my mortgage company f***ing up my credit which $60K at 5% in school loans was sitting on that went to 24.99%, etc.

I am still not doing bad and haven't paid my mortgage for three years now.

So I make a decent 'entry level' six figure wage, no housing costs.

You can do you own math on that.

I am still putting money away for my retirement, heavily insured against potential risk, and the like. I like being able to go out on the weekends, take a cruise here and there, buy nice clothing, etc.

I could have kept my M3, however; part of my divorce was I pay off the Mazda 3 which I just bought new (it's only got 27k miles on it still) at the time. I had $10,000 in equity in my M3, the Mazda was still upside down since my ex wanted to pay it herself (she never did) and wanted a 72 month loan on it. It's a nice car. I didn't have room for an extra car at my current home, I was not going to build a garage for a place my payments were not being shown.

What do you drive?

^ this, ladies and gentlemen, is how you define rich/wealthy

 

[alkemyst]

pfft already got my masters brah

In what, Janitorial Service?

What school gave you a Master's degree?

 

[Yuriman]

A lifestyle that the vast majority of people can't afford.

So, like, plumbing or clean water?

 

[alkemyst]

^ this, ladies and gentlemen, is how you define rich/wealthy

Not rich, I said wealthy.

I never had to really sweat bills or check my bank account until my mortgage company fucked up.

I owned a house in a very well known equestrian area when I was only 22. I put $40k into it in other improvements.

A simple 3/2/2 pool home on a 1/3-1/2 acre on the water. A couple new $20k+ cars in 1993. My first wife was pulling down a $50-100 a day habit I was funding at the time indirectly.

I was out last night after buying more clothes (I love Robert Graham shirts, Clarks shoes, Hurley, Designer Denim, etc) on the ocean having a nice meal listening to a private band. This morning after church was at a nice place that is only open to 3pm each day also on the ocean having some chili and a nice BLT.

Now I am washing those clothes, putting my old ones in bags for pick up and relaxing here having some beers and getting ready to watch some movies and fuck my fiancee after or during or both...

What do you have to show for anything?

I don't have much to worry about.

 

[alkemyst]

So, like, plumbing or clean water?

We are talking America.