s/o How Much Many Makes Someone Rich?

[cdrumm4448]

Is it yearly income, or total net worth? And how much of each would you consider rich? I think that people who live off their investments are rich. I'm curious to see the responses.

 

ETA: Sorry, that was supposed to say MONEY, not many. It was early.

Edited March 29, 2010 by cdrumm4448
I was typing asleep.

[nono]

Net worth.

 

I would say that if one can continue to build net worth year-over-year, that person is wealthy or at least well on their way to being so. I can't assign a figure to your question, as people have different sized families, different financial obligations, deal with different costs-of-living, etc.

[Parrothead]

I will consider myself rich when we no longer have to pay for more than monthly utilities.

[Guest Virginia Dawn]

Well, I prefer to think it is what you have the ability to do with your money, not how much you have that makes you rich. In other words it is relative.

 

When I was first married we were banking 1/4 of dh's pay and I felt rich. However, we also were only paying $160 a month to live in a Sicilian apartment. We were not in debt, we had few financial requirements or obligations, we were sending money home, and traveling whenever we could. That was rich. :-)

 

Now we make a lot more, but we have a mortgage, 5 kids at home, a car payment, and parent loans. We can't just do anything we want with our money.

 

My Dad feels rich right now. He just retired and is single. He's got SS, government retirement, and a 401K. Many people would not call him rich, but he is able to do what he wants with his money.

Edited March 29, 2010 by Virginia Dawn

[ConnieB]

Ok...I consider myself rich, but in love from my friends and family. While wonderful and something I couldn't live without, I don't think that's exactly what you were looking for, lol.

 

I agree that rich or wealth will be different for everyone....family size, location, and what each person considers essential would play into it big time.

 

My personal definition doesn't have a dollar amount....it has a goal. To be able to do what we love rather than what pays the bills would be my definition of wealth. I don't need to own McMansions or jet planes or to throw my kids a birthday party by buying Disneyland for a night, lol.....but I would like to never have to worry if I can pay the bills at the end of the month and to buy something frivolous because I want it without thinking about how it fits in the budget.

 

I can't imagine my DH living a life of luxury....he'd probably not work for someone else anymore so that he had total freedom to do as HE thinks best for each project, but if we were to suddenly find a long lost relative who leaves us a fortune, I think my DH would still have to find some type of work to do each day. Me, though, I'd be happy to let the housekeeper do the work while I spend all day exploring life with my kids. While DH's career has allowed us to live in many different locations in the world, I would love to be able to travel more....to visit and learn first hand about things rather than from books and the internet. A couple of years just wandering around Europe would be a good start, lol. So, basically I probably wouldn't need a new house, because I wouldn't be there much. So I guess that would mean DH would need to find his work as something portable enough to do at the cafe in Paris this week or the chalet in Switerzland next week.

 

Ok...landing back home, it's time to go make breakfast and get started on chores.....unless that rich uncle's lawyer calls first!

[cdrumm4448]

Me, though, I'd be happy to let the housekeeper do the work while I spend all day exploring life with my kids.

 

That is my dream!

[ElaineJ]

I think that if we were to look at it from a worldwide perspective, those who do not have to be worried about whether they will have enough to eat are rich. Adequate housing and food are sort of the dividing line in my thinking about it. And for me, thinking about myself as "rich" puts our financial concerns in a different light.

 

Elaine

[Mommyof4ks]

I agree with others. Being rich has more to do with being able to do what you want to when you want to rather than a dollar amount. If we could travel several times a year to exotic places, have a maid, and never worry about how we were going to pay for X Y or Z, then I would consider us rich. Currently we are comfortable most of the time, but we don't have the freedom that would come from being rich IMO.

[Brilliant]

Always:

 

Just a little bit more.

 

:D

[babysparkler]

I think that people who live off their investments are rich.

 

:iagree:

[Mejane]

I think Gates and Buffet when I think rich. For us, when our house is paid off and we can live on our investments, we will consider ourselves "comfortable."

[Carol in Cal.]

...to have plenty of money to maintain your lifestyle, while saving and donating regularly, and not to have to work to get this.

 

Rich is more than that, but I'm not sure how much more.

[MamaSheep]

I think most of the time "rich" to me would be not to have to worry about money. But some days I feel rich just because we live in a heated home with strong walls and a sturdy roof, and there is not only enough food to have three meals a day, it's different kinds of food at every meal and enough that nobody goes away hungry. Maybe rich is a state of mind more than a state of pocketbook.

[mysticamethyst]

like others I think its different for each of us. For me being rich will be being able to pay all our bills on time without having to rob Peter to pay Paul, and having a wee bit leftover for a movie or something fun with the kids.

[Wendi]

Try this: Global Rich list.

 

Wendi

[abbeyej]

It does seem to be all about perspective. I think we're "rich" -- we have the things we need (a solid home, good food, healthcare, a general sense of security) and many things we want (I can buy the books I want, my kids can participate in activities, we can even take family vacations)... We don't have debt besides our home. That's rich! Isn't it?!?

 

On the other hand, it's easy to compare to others. I can look at the way women at the kids' ballet school are dressed, their perfectly manicured nails and hair that is never, ever, ever raggedy... I can see newer, nicer cars... Or (a big one for us!) larger, nicer homes... On and on...

 

I can find plenty of things to envy. ;)

 

But I also know that, unless I'm comparing our family to the truly "rich" in a truly *Rich* country, the fact is, my family is pretty dang wealthy. ... And I'll admit I quickly lose patience when I hear people (whose income I happen to *know*) complaining about "not enough money" for this, that, or the other. Sure, there are choices to be made, priorities to be set, but...

 

Anyway, I'm not sure what cut-off I would use for "rich". Too much depends on the definition... (I'll admit that sometimes it sounds like fun to be super-wealthy though!) ;)

[KidsHappen]

To me it wouldn't be a specific number but the ability to live the life without regards to money.

 

I don't necessarily aspire to be rich but more of what I woud consider comfortable: no debt except for maybe mortgage, maybe a second car, ability to pay for the kids college, extracurriculars. I don't aspire to have nicer, newer cars, a bigger house, or vacations. If I won the lottery, my life would not change tremendously. I would live in the same house, drive the same car, wear the same clothes, etc.

[wapiti]

There's a book called "The Millionaire Next Door"

 

http://www.nytimes.com/books/first/s/stanley-millionaire.html

 

http://books.google.com/books?id=ldpaww5kkmoC&dq=the+millionaire+next+door&printsec=frontcover&source=bn&hl=en&ei=mNWwS5meGoWKswPp16WIDQ&sa=X&oi=book_result&ct=result&resnum=4&ved=0CCIQ6AEwAw#v=onepage&q=&f=false

 

food for thought!

[Heidi]

I think most of the time "rich" to me would be not to have to worry about money. But some days I feel rich just because we live in a heated home with strong walls and a sturdy roof, and there is not only enough food to have three meals a day, it's different kinds of food at every meal and enough that nobody goes away hungry. Maybe rich is a state of mind more than a state of pocketbook.

 

:iagree: I feel very rich. We have our needs met with plenty to share.

[rafgaf4]

I am teaching my kids that being "rich" doesn't actually have anything to do with money. Our family's philosophy is this; We are rich because we have a family who loves us. We are rich because we have a roof over our head, food to eat and a family to share it with. We are rich because God chose to save us. As you can see from the wide range of responses in previous posts, everyone has a different definition of "rich". :001_smile:

[Crimson Wife]

We'd be rich on DH's salary if we lived in an area of the country with a normal cost-of-living. But here in the S.F. Bay Area we're just regular middle-class.

 

This is why I get so fed up with the kind of "class warfare" that certain politicians foment. A given dollar amount has vastly different purchasing power depending on where a person lives.

 

Let's take $200k as an example because that's a number that gets thrown around a lot by politicians. Here's what it's worth in different places using the cost-of-living calculator from Kiplinger's:

 

San Jose, CA $84k

New York City $106k

Washington D.C. $124k

San Francisco $126k

Boston $142k

Chicago $174k

Pittsburgh $216k

St. Louis $226k

Tulsa, OK $230k

 

So is a family with an income of $200k/yr "rich"? As you can see by the above numbers, the answer is "it depends"...

[MariannNOVA]

We'd be rich on DH's salary if we lived in an area of the country with a normal cost-of-living. But here in the S.F. Bay Area we're just regular middle-class.

 

This is why I get so fed up with the kind of "class warfare" that certain politicians foment. A given dollar amount has vastly different purchasing power depending on where a person lives.

 

Let's take $200k as an example because that's a number that gets thrown around a lot by politicians. Here's what it's worth in different places using the cost-of-living calculator from Kiplinger's:

 

San Jose, CA $84k

New York City $106k

Washington D.C. $124k

San Francisco $126k

Boston $142k

Chicago $174k

Pittsburgh $216k

St. Louis $226k

Tulsa, OK $230k

 

So is a family with an income of $200k/yr "rich"? As you can see by the above numbers, the answer is "it depends"...

 

 

Very interesting - and thanks b/c I like to see #s.

 

Two weeks ago in a local newspaper, some place or another was quoted as saying that in Fairfax County, Virginia, $250k annually is the jumping off point for 'rich.' And, yes, it is certainly a regional parameter. $250k here? 'nuff said.

[wapiti]

In addition to geographic location, age and number of children are going to play a role.

 

I think that in most locations, $200k for a family with a few kids doesn't exactly mean jet-setters or people who frequent the spa. Many people at that income level are still shopping at Target and Walmart a lot of the time. If they spend their money un-wisely, they will not ultimately be able to live off their investment income, at least not much prior to retirement age.

 

Just today I realized that our youngest (baby #6) will go off to college when DH turns 60. So much for his dream of early retirement :tongue_smilie: