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What do you consider "Rich"
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TheAdvocate
Platinum Member
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.
Dirigible
Diamond Member
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
Platinum Member
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
Elite Member
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
Platinum Member
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.
jimbob200521
Diamond Member
Around here, I'd say that triple digit income is doin pretty well.
SarcasticDwarf
Diamond Member
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.
ViviTheMage
Lifer
which did the come from too ^_^
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.
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.
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.
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