As it relates to financial wealth...

[MindSpin]

...what is your definition of being "rich"?

[tweeter]

$10M+ net worth

[240 is Back]

Being able to work when you want, and not work when you want.

Being able to undertake projects, have fun, and own the things you want, with zero worry.

[joelocal]

Being able to work when you want, and not work when you want.

Being able to undertake projects, have fun, and own the things you want, with zero worry.

I agree......you can't take it with you!!

[the Pure Majestic]

$10M+ net worth

So, roughly 1% of America is rich?  And much, much less than 1% of the world is rich?  

[Pete Dimano]

So, roughly 1% of America is rich?  And much, much less than 1% of the world is rich?  

the rest of the worls are scrubs.

i wipe my ass with dozens of albanians daily.

[the Pure Majestic]

I agree......you can't take it with you!!

I hear this all the time.  
This is the most asinine statement imaginable when it comes to finances.  
If people would be smart with their money for a short time frame early in their career, they could enjoy an almost exponential increase in money the rest of their life.  

If people would put a few grand a month into investments in their 20's, they could then live like they wanted to live now in a year or two.  
At that point, they could still put money away, and in another year or two could live much better than they would if they had never put money away.  
By the time they reached their 40's, they could be living much better than they would had they not taken that initial year to be smart.  And, despite spending much more money they could still invest and allow all their previous investments to grow.  

[dov]

$250k <    ....per year

[the Pure Majestic]

the rest of the worls are scrubs.

i wipe my ass with dozens of albanians daily.

Please.  Albanians make horrible toilet paper. 

[dr.chimps]

...what is your definition of being "rich"?

Probably one that does not include any financial criteria.

[joelocal]

I hear this all the time. 
This is the most asinine statement imaginable when it comes to finances. 
If people would be smart with their money for a short time frame early in their career, they could enjoy an almost exponential increase in money the rest of their life. 

If people would put a few grand a month into investments in their 20's, they could then live like they wanted to live now in a year or two. 
At that point, they could still put money away, and in another year or two could live much better than they would if they had never put money away. 
By the time they reached their 40's, they could be living much better than they would had they not taken that initial year to be smart.  And, despite spending much more money they could still invest and allow all their previous investments to grow. 

I did that.........I still can't take it with me, however, I can leave it to my family!

[the Pure Majestic]

I did that.........I still can't take it with me, however, I can leave it to my family!

If you did, then good on ya'. 

Most Americans feel some innate urge to blow every penny they make before they make it. 
If people could just hold their gluttony for a year or two when they first begin making money, they could set themselves up for more financial freedom the rest of their lives. 

[SF1900]

When you can buy an island if you choose to ....I think Bill Gates has enough money to buy an island!

[Deadpool]

rich...having every necessity then some money left over.  This means left over money, not huge credit card debt

[MindSpin]

rich...having every necessity then some money left over.  This means left over money, not huge credit card debt

the problem with that definition is that, for most, the more you make the more you want. 

[NarcissisticDeity]

...what is your definition of being "rich"?

being healthy 

[joelocal]

the problem with that definition is that, for most, the more you make the more you want. 

Not if you're smart and have some control and discipline!

[Deadpool]

I said every neccesity. not every want.

[G o a t b o y]

...what is your definition of being "rich"?

The definition is different for everyone. It really depends on your point of view, which is determined by a combination of what you and your peers are currently making, as well as what your family made while you were growing up.


You also can't use the definition some have given i.e. "all your bills are taken care of, can work when you want, etc, etc, etc", because exactly where this level is money-wise really depends on the minimum standard of living you would be comfortable with.

[joelocal]

I said every neccesity. not every want.

Yes, difference between wants and needs.

[Deadpool]

things you own, end up owning you

Tyler Durden

[MindSpin]

Not if you're smart and have some control and discipline!

Like I said "for most".  Me?  I'm happy living in a shack & driving a hoopty as long as I get to do what I love and spend time with my girls.  

But that's off topic.  The question is what do you consider financially rich?  For me, I agree with a $10 million net worth...

[G o a t b o y]

I said every neccesity. not every want.

One person's want is another person's necessity.

Not only that, but while things like shelter & transportation are necessities for everyone, these items come in a variety of price ranges, and everyone's minimum standard is different.  For example, both you and I need a place to live, and while I wouldn't consider a mansion a necessity, I certainly wouldn't consider living in a place like where you live.

[Deadpool]

yeah.  but I call it home and live happily there. 

"live simply, so that others may simply live"

[YoungBlood]

Being able to work when you want, and not work when you want.

Being able to undertake projects, have fun, and own the things you want, with zero worry.

I may not have said it in as many words, but pretty much spot on definition for me...