Rich?

  • StevieB0402

    Posts: 159

    Sep 29, 2012 1:41 PM GMT
    Yesterday I was chatting with my brother and he called me 'rich'. He said it so casually in conversation that I knew he really believed it. The basis for his assumption: I have no debt.

    We also have Mitt Romney trying to convince us that he's just like everybody else, but I'm pretty sure we can all agree, Romney=Rich.

    So what's the cut off? What's the number or circumstance where you can finally say " I'm rich"?
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    Sep 29, 2012 2:15 PM GMT
    Rich to me has always meant a couple of things, debt free, own your own home or homes and the ability to not work at all and live comfortably for the rest of your life. I have friends who can live on 20 grand a year, a small cabin and no electricity. They are not wealthy, but they are rich. I have a relative who was one of the first 100 employees at a Redmond based software firm and retired a decade ago with more money than he can ever imagine spending, he is rich.
  • thadjock

    Posts: 2183

    Sep 29, 2012 3:46 PM GMT
    StevieB0402 saidYesterday I was chatting with my brother and he called me 'rich'. He said it so casually in conversation that I knew he really believed it. The basis for his assumption: I have no debt.


    So what's the cut off? What's the number or circumstance where you can finally say " I'm rich"?


    "no debt" isn't my definition of rich, homeless people are debt free. the problem is, the only assets they have are whatever fits in a broken shopping cart and a cardboard box.

    the conventional definition of rich is based on your balance sheet, and debt is just a business tool, i guarantee you Mitt Romney has plenty of debt.

    but for me "rich" is a quality of life issue, not a material wealth issue. I'm a minimalist, food, clothing (not many) and shelter, and i'm happy. People who measure themselves by their bank account tend not to be very interesting to me.
  • CuriousJockAZ

    Posts: 19133

    Sep 29, 2012 3:52 PM GMT
    "Rich" is such a relative and subjective term. To many people in the world, most Americans would be considered "rich" by their standards. Here in America, even many people who would be considered poor have cell phones....especially if they voted for Obama (JUST KIDDING!!!!) icon_lol.gif
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    Sep 29, 2012 4:08 PM GMT
    Everything I have is paid for, and I still have a few bucks in the bank, therefore I'm rich.

    But because I never use credit, my credit rating is so low that I can't get a loan or even a credit card. Therefore, in modern society, I'm poor.
  • CuriousJockAZ

    Posts: 19133

    Sep 29, 2012 4:17 PM GMT
    paulflexes saidEverything I have is paid for, and I still have a few bucks in the bank, therefore I'm rich.

    But because I never use credit, my credit rating is so low that I can't get a loan or even a credit card. Therefore, in modern society, I'm poor.



    Paul, as long as you make sure you pay your bill down to zero each month, using a credit card actually has many advantages --- especially if you get a card that you get POINTS for everything you purchase. I actually have one card that I charge pretty much everything I buy on, and all my bills like phone, cable, etc are charged to that card. I pay it down every month, but over the course of a year those points can really add up. I bought a plane ticket to NYC and stayed in a hotel for a week on points I accumulated on my card. Obviously, the other advantage is that you show good credit history and your credit rating goes up so in the event you want to buy a house or finance a car you can do that.
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    Sep 29, 2012 4:29 PM GMT
    Words like rich and wealthy would never apply to me. Dollar-wise, I don't think they apply at all to anyone until you have at least a few 10s of millions. Up until then and from being out of debt, I'd consider it comfortable or well-off, maybe very well off. But rich & wealthy to me is a $30 million dollar yacht, say, 10% of your net, requiring about another $90 million just to bankroll its operating costs. That's wealthy. That's rich. Everything else is, well, not rich.

    But also I think wealthy and rich is not just a matter of money but a matter of attitude and values. Even if I had a hundred million dollars I would not consider myself either wealthy or rich. I'd still consider myself to be a middle class American.

    Here's a Feadship. That's rich (Oh, and that $30 mil? Couldn't even touch this.)
    Feadship-Predator.jpg
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    Sep 29, 2012 6:50 PM GMT
    This reminds me of another yiddish proverb which says "One always thinks others are happy".
  • StevieB0402

    Posts: 159

    Sep 29, 2012 7:57 PM GMT
    last weekend the hubby and I were watching an old movie called Black Widow with Theresa Russell and Debra Winger and there was a line that went something like : "the thing about being rich is you're never quite sure you're there".

    perhaps to my brother who, while I love him dearly, has zero ambition and work ethic I would be considered rich. I have a client with $100 million dollars in assets but everything is mortgaged or borrowed. She's one stock market drop or bad businesss quarter away from losing it all. To me she's not rich. I may not have what she has but it's all mine.

    My personal number that I would consider myself wealthy is around $50 million. That would allow me to buy the homes I want in the places I want, all the toys I've dreamed about, travel to everyplace on my bucket list, keep my family comfortable, and continue to work with the charities I support. Financial points of view vary but I was raised that you dont aquire debt. I work to pay things off so I own them outright.

    Flip side, I have everything I need. I love my work and I have the best husband in the world. My friends are true and (most of) my family is very supportive. My heart and soul feel rich. The rest is just stuff, but it's fun to dream.