What do you consider "Rich"

[LS20]

Wealth is not needing to 2nd guess any purchase. Habitual impulse shoppping.... WITH NO CONSEQUENCE... thats my definition of wealth

 

[Amused]

"Rich" is relative and subjective. It is hardly quantitative.

 

[TheAdvocate]

Rich isnt defined by income, but by the lack of a need to earn an income to live a life of luxury. As long as you work for your money, instead of the other way around, you are not rich. Salary=slavery - someone owns you.

 

[Chunkee]

with love in your heart, and breath in your lungs...you are wealthy...

/thread

money has nothing to do with it...please learn that

 

[RichUK]

I consider someone being rich, when that someone doesn?t have to think to themselves how expensive an item might be.

 

[Amused]

Originally posted by: TheAdvocate
Salary=slavery - someone owns you.

Completely absurd.

Employment is a mutual agreement. An employee can quit his job and/or bargain for a better one. A slave cannot.

 

[Dirigible]

Originally posted by: spidey07
Rich is wealth.

Has nothing to do with income.

Yup. If my income right now were $1M/year, it wouldn't mean I'd be rich. It could be that I just started earning this amount and have huge debts from getting to that earning power.

Rich = wealth you already have.

Perhaps you're asking what income level, if continued indefinitely, would allow one to be rich, assuming no debts to start?

 

[TheAdvocate]

Originally posted by: Amused

Originally posted by: TheAdvocate
Salary=slavery - someone owns you.

Completely absurd.

Employment is a mutual agreement. An employee can quit his job and/or bargain for another one. A slave cannot.

Being able to change masters doesnt make you any less of a slave. Financial independence is the lack of a need for anyone to support you whatsoever. C'mon, get your talking points out.

 

[Amused]

Originally posted by: TheAdvocate

Originally posted by: Amused

Originally posted by: TheAdvocate
Salary=slavery - someone owns you.

Completely absurd.

Employment is a mutual agreement. An employee can quit his job and/or bargain for another one. A slave cannot.

Being able to change masters doesnt make you any less of a slave. Financial independence is the lack of a need for anyone to support you whatsoever. C'mon, get your talking points out.

So is the businessman a slave to his customers?

An employer "supports" his employees? Funny, I could have swore an employer compensates his employees for services rendered.

Your comparison is absurd. And speaking of talking points, yours come straight from the communist playbook.

 

[TheAdvocate]

Originally posted by: Amused
And speaking of talking points, yours come straight from the communist playbook.

And there we have it folks, the ideologue turning this into his own political obsession.

Way to miss the point, moron.

You are not rich until your money works for you, rather than you working for your money.

 

[fitzov]

Income isn't really the best measure. Better is overall assets minus debts. For example, if I had a ka-billion dollars and made some poor investments and took a loss, I would have negative income, but I'd still be rich enough to buy your wife for the night.

 

[jimbob200521]

Around here, I'd say that triple digit income is doin pretty well.

 

[SarcasticDwarf]

For the most part, at least 3+ million/year. At about 1-3 million you have a considerable income, but your expenses will likely be close to that. It isn't until you get above 2-3 million that you start to have very large amounts of disposable income.

 

[spaceman]

this thread.

 

[rh71]

Originally posted by: PrinceofWands

Originally posted by: rh71
$100k isn't close to being rich. $300k+ and you can probably separate yourselves from the majority of families.

Except that the majority of families make less than 50k a year. So if you make well over that, say double, then you're actually seperated from the majority.

Yeah I wasn't clear / wrong word choice. Majority in my mind at the time of the posting was like > 90% of families... making you within top 10%. I don't know what the actual numbers are... it's my feeling that that's definitely rich though, being that far above that many families.

 

[Rage187]

anything less than 1mill a year I would consider lower upper class. over a mill I would consider rich.

 

[DaShen]

That is a very subjective question. You might as well ask people their average household income, and you will probably find that the bell curves match except that the one you posted is skewed toward the higher range.

 

[Descartes]

Originally posted by: SarcasticDwarf
For the most part, at least 3+ million/year. At about 1-3 million you have a considerable income, but your expenses will likely be close to that. It isn't until you get above 2-3 million that you start to have very large amounts of disposable income.

That's ridiculous. If you make 1M a year and you can't manage your finances well enough to have an incredible amount left over, you probably wouldn't have made it to such an income in the first place. A $1M salary can buy you an exceptional home in almost any city.

 

[Ameesh]

if you make over 1 million a year then i think you are rich

 

[Garet Jax]

Originally posted by: Mwilding
rich is when you don't need to work to pay your bills...

If you can live on a nickle a day, it doesn't take much to be rich.

Yup. Rich isn't how much you make.

It's how much you spend monthly plus how much you make.

Look at MC Hammer and Tyson. They made millions, but they spent more so they are poor.

 

[FoBoT]

i voted for 2x my income, if i ever get to that level, i'll be rich

 

[ViviTheMage]

Originally posted by: Kwaipie
A couple of factors that need to be included:

Do they own their home?
Where in the country do they live?

which did the come from too ^_^

 

[Al Neri]

How would I define rich? Let?s look at two examples:

A friend of mine spent 8 years investing his money. His portfolio yields him around 42 grand a year. In some areas that?s chump change; but in his area that?s comfortable. He works maybe 3 or 4 hours a week balancing his numbers, making bank deposits, phone calls, (that?s sort of thing) poolside with a corona in his hand. If he wants to go skiing in Colorado for a few months, he goes. If he wants a newer car, he pays cash. If he wants to spend his morning loafing around his house in a pair of slippers, he does. He lives his life with minimal time constraints, almost zero stress, and he works as often or as little as he wants. He?s happy, calm, and comfortable. He?s rich.

Another friend of mine has a combined household income with her husband of over 450 thousand a year. They are in debt up to their eyeballs after blowing all their money on obnoxious status symbols. Between their mortgage, private school tuition for the kids, country club memberships, and other living expenses, they are just barely keeping their heads above water. It is not uncommon for them to be dead broke by the end of the month and they?ve even had to borrow money from their parents a couple of times when things got really bad. My friend has to work 60 hours and week and barely ever sees her children. She is being treated for depression and sometimes complains that the stress is so bad that she often has panic attacks. She?s poor.

 

[Descartes]

Originally posted by: Don Rodriguez
How would I define rich? Let?s look at two examples:

A friend of mine spent 8 years investing his money. His portfolio yields him around 42 grand a year. In some areas that?s chump change; but in his area that?s comfortable. He works maybe 3 or 4 hours a week balancing his numbers, making bank deposits, phone calls, (that?s sort of thing) poolside with a corona in his hand. If he wants to go skiing in Colorado for a few months, he goes. If he wants a newer car, he pays cash. If he wants to spend his morning loafing around his house in a pair of slippers, he does. He lives his life with minimal time constraints, almost zero stress, and he works as often or as little as he wants. He?s happy, calm, and comfortable. He?s rich.

That's a romantic way to picture it, but being constrained to a $42k/yr income hardly seems rich. The only capacity he'd have to increase his income is to continue working. Buying a car in cash draws down your account, so I'm doubting that he can simply go out and do so unless he's willing to reduce his total income.

Not trying to be negative or anything as it does sound like a relaxing lifestyle, but $42k is awfully restrained, imo.

 

[Dritnul]

according to most ppl so far my parents are about 10K a year short of being rich :Q