Would you consider me rich?

  • Posted by a hidden member.
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    Nov 19, 2011 2:00 PM GMT
    My friend is really stressed out about debt and was telling me last night about all her financial troubles. Then she asked me don't you have the same problems. I said not really. She said are you rich? I said no. I said I have 60,000 in my 401k and 40,000 in my savings account. She started flipping out saying too bad I'm gay because she'd marry me because I am rich. I said i'm not rich.

    Am I rich for being 28? What do other people around my age have? I thought I was just average. I know if I quit my job I could be out of money in two years icon_sad.gif.
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    Nov 19, 2011 2:09 PM GMT
    She just has lower standards because she's drowning in debt. When she's got your money she won't think she's rich either.
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    Nov 19, 2011 2:18 PM GMT
    Do you feel rich? If so, you are rich.
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    Nov 19, 2011 2:40 PM GMT
    TheGuyNextDoor said
    TheChrisGuy saidShe just has lower standards because she's drowning in debt. When she's got your money she won't think she's rich either.
    This.... +100
    Better question... Do YOU think you're rich?
    I know rich. I work with rich. I'm not rich but definitely well off.
    BTW.. from what you described, you're merely on the road to being well off.
    Rich is a whole nuther' world brother!


    If I am on the road to being well off that makes me happy. She was just like annoying me going how did you save all that....I'm like well the 401k they just take the money and I put extra in and I get 500 a month transferred into my savings and don't touch it.
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    Nov 19, 2011 2:44 PM GMT
    Personally, I wouldn't consider you 'rich' per-say but from the sounds of it you are well off. You are just smarter with your finances than your friend is.
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    Nov 19, 2011 3:00 PM GMT
    I would say you arent. but I am guessing you come from a wealthy family or had a lot of stuff paid for by someone else. That you are started life in a very high profile job. If your name is Richard...then yes, I would say you are Rich however.
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    Nov 19, 2011 3:19 PM GMT
    Dallasfan824 saidI would say you arent. but I am guessing you come from a wealthy family or had a lot of stuff paid for by someone else.


    I wasn't in as good of a position as the OP when I was 28 but not too far off. I didn't come from a wealthy family. The trick for me was to go to a state school and not graduate with gross amounts of debt (Maybe I should be glad Northwestern University didn't accept me). I never owned a car. I went on reasonable vacations. Didn't eat out all the time. And didn't and still don't have a $75 a month phone bill. (I cannot believe how kids getting out of college think nothing of getting a smart phone and a $70-90 a month plan.)

    The simple trick is play your credit card every month and only charge what you can pay for. No wealthy family or sugar daddy needed.


    As to the original question, no you are not rich. You are financially comfortable. I'm particularly jealous of your 401k. The trick is to get more money in it as early as possible. I wish I had maxed out my contributions when I was younger.
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    Nov 19, 2011 3:29 PM GMT
    hahaha no. You're not rich don't worry. Sounds pretty normal actually.
  • wellwell

    Posts: 2265

    Nov 19, 2011 3:51 PM GMT
    Live in the USA?

    Got your Health?

    Can count the People who Love you on the fingers of one hand?

    ... Then, you are as rich as you will ever be !
  • toybrian

    Posts: 395

    Nov 19, 2011 4:14 PM GMT
    For your age to have that much saved is good and smart. Just figure that by the time you are ready to retire and that may then think you are rich. How much do you hope to retire with to be comfortable?? Have a good one..
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    Nov 19, 2011 4:23 PM GMT
    Yup, for 28 I'd say you're rich compared to me and everyone else my age I know in real life. Sure there are always people online who say they do as well and have saved, avoided big debts that are necessary for many people, etc., but I don't know anyone like that in real life.

    Also, to have earned that much money tells me you've had a stable job and salary, something most of my peers also can't say for themselves.
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    Nov 19, 2011 4:28 PM GMT
    Well you certainly are in a good position. But as you said, that money can disappear pretty quickly.

    Your post makes me think of lot of people in this country who are very poor. It is common in the USA right now for someone your age to have no assets, and instead of having 100k in the bank, to have 100k in debt. It's really easy to get there. All you need are some student loans and/or a trip to the hospital.
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    Nov 19, 2011 4:33 PM GMT
    Asuguy2005 said
    TheGuyNextDoor said
    TheChrisGuy saidShe just has lower standards because she's drowning in debt. When she's got your money she won't think she's rich either.
    This.... +100
    Better question... Do YOU think you're rich?
    I know rich. I work with rich. I'm not rich but definitely well off.
    BTW.. from what you described, you're merely on the road to being well off.
    Rich is a whole nuther' world brother!


    If I am on the road to being well off that makes me happy. She was just like annoying me going how did you save all that....I'm like well the 401k they just take the money and I put extra in and I get 500 a month transferred into my savings and don't touch it.



    people that use like in their sentence when their is no need for the word. oy!



    kid, you're fucking annoying for blasting you little savings account on here. I haven't bothered to look at your profile but it sounds like you might live a sheltered life outside a big city. I and all my friends have professional jobs and what you described as you being well off sounds more like a regular joe shmoe! rish is one of my closest friends who owns tons of property, doesn't lift a finger to get income, runs around the world like its his playground. the guy spends 200+ on lunch as if it were petty cash which to him it is.
  • disasterpiece

    Posts: 2991

    Nov 19, 2011 4:34 PM GMT
    Do you feel that the value of your ownings is higher than your life values ? Then you're rich.
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    Nov 19, 2011 4:44 PM GMT
    A million here, a million there, and pretty soon you're talking about real money.

    icon_cool.gif
  • HndsmKansan

    Posts: 16311

    Nov 19, 2011 4:47 PM GMT
    Nope, you're not rich... you have a good start.. And finances are only one aspect in evaluating whether you are "rich".

    icon_biggrin.gif
  • Posted by a hidden member.
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    Nov 19, 2011 4:49 PM GMT
    Btw IMO - most people rich at any age will not publicly label themselves as rich.
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    Nov 19, 2011 4:50 PM GMT
    HndsmKansan saidNope, you're not rich... you have a good start.. And finances are only one aspect in evaluating whether you are "rich".

    icon_biggrin.gif


    Correct. Good health is a major part of it.
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    Nov 19, 2011 5:02 PM GMT
    freedomisntfree said
    HndsmKansan saidNope, you're not rich... you have a good start.. And finances are only one aspect in evaluating whether you are "rich".

    icon_biggrin.gif


    Correct. Good health is a major part of it.

    Considering the quality of healthcare down there is entirely dependent on the size of your wallet, I agree.

    -Doug
  • Posted by a hidden member.
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    Nov 19, 2011 5:06 PM GMT
    Doesn't "rich" mean you make $250K a year or more?

    Haha
  • Posted by a hidden member.
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    Nov 19, 2011 5:12 PM GMT
    40k in cash at 28 is very well to do, but not rich. You are rich when you and your children don't have to work anymore.
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    Nov 19, 2011 5:19 PM GMT
    Whenever someone talks about how much money they have on a public forum (especially when they're faceless/anonymous) I assume it's complete bullshit.

    I see posts like this once in a while and they always strike me as self-aggrandizing disguised as "merely wondering". Again, I assume it's bullshit so it's false self-aggrandizing at that.

    Is it really that hard to assess how others in your peer group are doing? In my experience most people suck at saving and building wealth and it's apparent in almost any daily conversation about the cost of day care or figuring out how to pay for a car repair.
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    Nov 19, 2011 5:20 PM GMT
    It's rather gauche to discuss wealth but I can understand how you are proud of yourself. Good job.

    Just a helpful hint: Others may perceive your accomplishments differently.icon_wink.gif
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    Nov 19, 2011 5:25 PM GMT
    No.
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    Nov 19, 2011 5:25 PM GMT
    Compared to me, a college student with thousands in debt and only a couple hundred in my checking account, you are very rich. But compared to some of the homeless people I pass in the streets, I am very rich. Then compared to many CEO's and celebrities, you and I are not rich. I think being "rich" is relative to whom you are compared.
    That being said, compared to your friend, yes, I would consider you very rich.