How do you define rich/wealthy?

[Newell Steamer]

Rich / Wealthy is liquid cash, readily available, in the high six digit figures. And, millions in tied up assets that yield said liquid cash.

Then, that liquid cash is used to pay for the lavish lifestyle (vacations, cars, etc.).

 

[jaedaliu]

An airplane is cheap.

A $65 Million Gulfstream is a different story.

My definition of wealthy is having a driver (in America. I could easily afford a driver and 3 maids in Asia.)

 

[purbeast0]

i consider someone "wealthy" when they can basically spend any amount of money and not worry about it. but they have to be able to spend it on extravagant things.

they can go out to eat at $1k dinners and not bat an eye. they can stay at villas on vacation that run $100k for a week or so. they have luxury yachts and can hire staff to work on it for them. they can sustain this lifestyle forever.

professional athletes and actors aren't wealthy in my book ... the guys who can actually pay those guys are the wealthy ones.

 

[Hugo Drax]

When you have to return your Hobby NBA team and get 1 billion dollars in cash for your troubles. 🙂

Thats Rich.

Also when you can have a whole staff earning millions a year to scout out underage virgins so you can rape/deflower them.

Thats Rich.

http://en.wikipedia.org/wiki/Larry_Hillblom

 

[Golgatha]

Wealthy is never having to ask what something costs.

Wealthy people ALWAYS ask what something costs.

 

[smackababy]

Wealth is only the abundance of resources or money. So, you could say those with tons of farm land, live stock, and fresh water are wealthy.

I prefer to be more idealistic and go with the Pharrell Williams definition: Wealth is of the heart and mind, not in the pocket.

 

[Golgatha]

Yeah, I dunno. Even if you plan on paying for your kid's college, that's what, a max of $250k per kid for a good degree? So $500k for two kids? Although if you wanted to retire early & live off $50k a year, being a millionaire would give you 20 years of that lifestyle...so even if you quit your job at 50, you had better plan on being dead at 70 or the money will run out. That's what's funny about being a millionaire...it's really not a lot of money if you plan on actually living on it...

Because you can't make 5% on a million dollars? Millionaires live off of compounding interest that's now working in their favor.

Personally, I would say someone is wealthy when they can live the lifestyle they desire off of that 5% interest. So, for example, if your lifestyle requires $100k/year, then you have $2M invested earning at least 5%. If your lifestyle requires $1M/year, then you have $20M invested earning at least 5%. etc. etc. etc.

 

[Golgatha]

Wealth is only the abundance of resources or money. So, you could say those with tons of farm land, live stock, and fresh water are wealthy.

I prefer to be more idealistic and go with the Pharrell Williams definition: Wealth is of the heart and mind, not in the pocket.

I wouldn't confuse wealthy with happy. Happiness will vary widely from person to person and may have nothing whatsoever to do with being wealthy.

 

[Scotteq]

Rich is some number, which is at least a thousand dollars a year more than your wife's sister's husband.

 

[Sonikku]

When you no longer have to obey the law.

 

[TXHokie]

Wealthy is when you don't even see the bills anymore. You just tell people what you want to do, where to go or eat and it happens.

 

[BoberFett]

I think in general though, being rich means either:

1. Being a multi-millionaire
2. Making 5 or 6 figures with no debt & good money management (ex. cars & house paid off, no serious financial vices that cause a constant drain on the piggybank)

Spoken like someone without kids. 😛

 

[Train]

That just sounds ridiculous. Why have money if you're not going to spend it? Not even buy soda? That's ludicrous.

And I thought I was a tightwad.

I started doing this. What a difference it makes. Best to ask for "water with a lemon"

Most restaurants now charge at LEAST $1.50 for a soda. I'd say average is $2.00. Applebee's literally charges $2.69 for a drink, and I might get one refill. The Pepsi's/ginger ales/etc. I keep in the fridge average less than 25 cents a can.

I eat out for lunch probably 4 times a week. Have dinner with wife and/or kids at least twice a week. That's at least 7 sodas, $2 a pop, 52 weeks a year. ~ $728

Not to mention I'm just trying to drink less soda overall.

 

[Kaido]

Spoken like someone without kids. 😛

I have kids 🙂

 

[Train]

Wealthy is when you don't even see the bills anymore. You just tell people what you want to do, where to go or eat and it happens.

Unless you are Bill Gates kind of rich, you should always keep track of where your money is going or how much things cost, else the prices will increase until you are broke.

 

[BoberFett]

I have kids 🙂

And you think you can be rich with a 5 or 6 figure income? Unless that's a high 6 figure income, you have a strange notion of rich.

 

[smackababy]

And you think you can be rich with a 5 or 6 figure income? Unless that's a high 6 figure income, you have a strange notion of rich.

A 5 figure income starts at one dollar over $9,999 a year. Someone can be making 5 figures and be below the poverty line. That in itself means you cannot be rich unless you add figures.


I'd argue you wouldn't qualify until you are in the high 6 figures. Making $250k a year would be nice, but you aren't exactly buying Ferraris for your kids.

 

[BoberFett]

Shit, I make right around $100k/yr. By the time I pay taxes and child support, I'm hardly saving any money each month. I rent a decent place and have a relatively new car. But rich? LOL!

 

[alkemyst]

I have kids 🙂

I would learn about compound interest and just interest in general and pass that along.

If I had $1-5MM, I'd be set. I'd pull out no more than $500k for a decent house with intercoastal access off the beaten path here and live off the rest with the interest at the lower end maybe leveraging it with a "hobby job".

At $2MM and above I can just stop working based on my simple needs.

 

[alkemyst]

Shit, I make right around $100k/yr. By the time I pay taxes and child support, I'm hardly saving any money each month. I rent a decent place and have a relatively new car. But rich? LOL!

QFT, $100k/yr doesn't go far when that's the entire household income and you are supporting 2+ dependents and trying to make a decent life for them.

My income just significantly went up due to my fiancee working again. I like nice clothes (Robert Graham stuff especially), but even at closer to $150K+ a year I am shopping at the outlet or on clearance at Saks rather than paying the full price.

I am trying to stay happy with my Mazda 3, although I will probably hand this car down to my fiancee next year and get back in a BMW or something similar (thinking a 335is), and try to do at least a week family vacation.

I need to rebuild my retirement a bit and refill my liquid savings that has been raped over the past year.

I know people are living on $40k in families, but the lifestyles aren't want I want and in my area cost of living is high. If I was in the midwest, I could probably live my same lifestyle on about $50-60k less money.

 

[alkemyst]

Best to ask for "water with a lemon"

In most sub $10 entree places I will not ever ask for a lemon with anything except at the bar.

If you saw how those lemons were handled, it gets scary. They usually leave them out in the open and I have seen people throw straw wrappers, their gum, flick an ash off into them.

The waitstaff never did crap to fix it and kept serving the lemons.