Define "Rich" by Getbig's Standards in 2021.

[njflex]

 

[FitnessFrenzy]

[robcguns]

Hahahhaha

[ThisisOverload]

A lot of good responses here. Wealth is very relative. It's not how much you make, but how much you spend.

I know people who make way more than i do that are in debt up to their ears and have little or no retirement plan.

There are a lot of flashy rich people around these days, but i think for most of them it's going to be temporary. It's not easy to maintain true wealth over a long period of time unless you are good with money.

One of my best friends works as a Drilling Engineer and makes ~$250k a year, his wife also works part time making around 50k. They have two kids. In the last 10 years i've loaned them money 3 times and paid their mortgage twice. They live in a 4k+ SF house with all the fancy things; they have a bedroom furniture set worth more than a new car. Both drive $100k cars that are financed. She gets a new Aston Martin every 2-3 years. I drive a used truck with 100k+ miles on it and make a fraction of what they do, but i learned very young to manage money correctly.

Most people would say they are rich, but they aren't. They essentially live paycheck to paycheck, they are always stressed out about money. It's crazy to me, but they simply cannot stop spending money. For them it's about status and showing off how rich they are, but it's all for nothing.

Truly wealthy people are typically very smart with money and don't spend it on silly things, but some of them do. I've met some very wealthy developers through work connections over the years; they are all different. Some are humble people and some are arrogant douchebags who throw money around to impress people. One of the wealthiest young builders in Houston is a complete fucking tool, at 42 years old he's making millions a MONTH. Complete asshat, but hey he is truly "rich". He grew up dirt poor and worked his way to the top with just a high school education. When he started making money he went back to his home town and bought as many houses as he could near the people he grew up with, just so he could put a yard sign with his name and picture on it. That is true arrogance, but he's filthy rich. But will NEVER be happy.

[Walter Sobchak]

BUMP….strictly for entertainment purposes.    😂

The first few pages are classic Getbig.

[Taffin]

BUMP….strictly for entertainment purposes.    😂

The first few pages are classic Getbig.

I see you...



 

[Kwon]

Mattymelt


Don't let Walter make you melt


Instead, make some Pattymelt, Enjoy Life


Be happy you are loved and alive.

[deadz]

Does getbig consider 5.5 million wealthy???

[Never1AShow]

Think about this:  In 1990 access to what is available daily for FREE on Getbig would have made you kinda rich. 

Today, with all that is accessible here historically, the years and years of accumulated knowledge and wisdom and with the censored social media policed curated internet, we are still all rich to have such a place to gather and exchange information and such.  It's a rare commodity.

We should all thank Ron for this (thanks Ron!!!).

[robcguns]

Does getbig consider 5.5 million wealthy???

Yes very.

[Never1AShow]

Wealthy, at least means not having to work and still having enough to live a good upper middle class lifestyle if you so choose.

On the male hierarchy not having to work puts you higher than anyone who has to work.

[pamith]

Rich is 10 million dollars, no less

[Vince G, CSN MFT]

Im pretty well off nowadays but my true wealth is in knowledge...being able to create and make my own income along with my extensive vocabulary to verbally trash people like Shizzo and Matt when they say something stupid....

[Flexacon]

Rich is 10 million dollars, no less

I feel you.

Having a $200k or $2M doesnt really change your life. You can just buy nicer things.

It's when you get to $10M that things start to get interesting

[Theoak*]

I retired 2 years ago early 30s, could of late 20s but market drew 85% down turn. Whilst it's euphoric to be making life changing money at a young age, be nice to the people you meet on the way up. You'll cross them again on the way down. I'm able to retire my kids and their kids. It's a weird feeling but the more I make, the less I want.

Being hungry in your 20's & 30's is essential, at this age you're gonna want all the things.  Later in life you'll learn that wealth is derived from what we don't need, not what we have. Don't base your personality on your possessions.

The only people who talk about money are those that don't have any. Don't measure yourself by another's success  You'll only end up risking more and losing. Many will bait you into this to protect their primacy.

Take time off, travel, live your life and enjoy it. It's later than you think.

[Humble Narcissist]

Wealthy, at least means not having to work and still having enough to live a good upper middle class lifestyle if you so choose.

On the male hierarchy not having to work puts you higher than anyone who has to work.

^This

[IroNat]

A lot of good responses here. Wealth is very relative. It's not how much you make, but how much you spend.

I know people who make way more than i do that are in debt up to their ears and have little or no retirement plan.

There are a lot of flashy rich people around these days, but i think for most of them it's going to be temporary. It's not easy to maintain true wealth over a long period of time unless you are good with money.

One of my best friends works as a Drilling Engineer and makes ~$250k a year, his wife also works part time making around 50k. They have two kids. In the last 10 years i've loaned them money 3 times and paid their mortgage twice. They live in a 4k+ SF house with all the fancy things; they have a bedroom furniture set worth more than a new car. Both drive $100k cars that are financed. She gets a new Aston Martin every 2-3 years. I drive a used truck with 100k+ miles on it and make a fraction of what they do, but i learned very young to manage money correctly.

Most people would say they are rich, but they aren't. They essentially live paycheck to paycheck, they are always stressed out about money. It's crazy to me, but they simply cannot stop spending money. For them it's about status and showing off how rich they are, but it's all for nothing.

Truly wealthy people are typically very smart with money and don't spend it on silly things, but some of them do. I've met some very wealthy developers through work connections over the years; they are all different. Some are humble people and some are arrogant douchebags who throw money around to impress people. One of the wealthiest young builders in Houston is a complete fucking tool, at 42 years old he's making millions a MONTH. Complete asshat, but hey he is truly "rich". He grew up dirt poor and worked his way to the top with just a high school education. When he started making money he went back to his home town and bought as many houses as he could near the people he grew up with, just so he could put a yard sign with his name and picture on it. That is true arrogance, but he's filthy rich. But will NEVER be happy.

I would modify this to: It's not how much you make, but how much you keep.

Wealth is measured by assets, not by income or spending.  If you make a lot but spend yourself into debt, you are not wealthy.

Question TIO...

Why did you keep loaning your friend money when he made much more than you, was over-spending, and being foolish with his money, while you were being conservative and living within your means?

[IroNat]

I retired 2 years ago early 30s, could of late 20s but market drew 85% down turn. Whilst it's euphoric to be making life changing money at a young age, be nice to the people you meet on the way up. You'll cross them again on the way down. I'm able to retire my kids and their kids. It's a weird feeling but the more I make, the less I want.

Being hungry in your 20's & 30's is essential, at this age you're gonna want all the things.  Later in life you'll learn that wealth is derived from what we don't need, not what we have. Don't base your personality on your possessions.

The only people who talk about money are those that don't have any. Don't measure yourself by another's success  You'll only end up risking more and losing. Many will bait you into this to protect their primacy.

Take time off, travel, live your life and enjoy it. It's later than you think.

Wisdom.

[IroNat]

"I make myself rich by making my wants few." -- Refrigerator magnet.

[GymnJuice]

I feel you.

Having a $200k or $2M doesnt really change your life. You can just buy nicer things.

It's when you get to $10M that things start to get interesting

What do you do with 10M that you don't do with 2M? Plane? I have a friend that has one and he leases it out to a company but uses it himself a few times a month. It's nice to fly out of the private airport but you can't do very long trips in it. I don't know if I'd consider that life changing though... kind of a nice perk.

I retired 2 years ago early 30s, could of late 20s but market drew 85% down turn. Whilst it's euphoric to be making life changing money at a young age, be nice to the people you meet on the way up. You'll cross them again on the way down. I'm able to retire my kids and their kids. It's a weird feeling but the more I make, the less I want.

Being hungry in your 20's & 30's is essential, at this age you're gonna want all the things.  Later in life you'll learn that wealth is derived from what we don't need, not what we have. Don't base your personality on your possessions.

The only people who talk about money are those that don't have any. Don't measure yourself by another's success  You'll only end up risking more and losing. Many will bait you into this to protect their primacy.

Take time off, travel, live your life and enjoy it. It's later than you think.

This

[Flexacon]

What do you do with 10M that you don't do with 2M? Plane? I have a friend that has one and he leases it out to a company but uses it himself a few times a month. It's nice to fly out of the private airport but you can't do very long trips in it. I don't know if I'd consider that life changing though... kind of a nice perk.

This

Domestic help. Nanny, house keeper, personal chef, gardener/grounds keeper, driver, PA, PT (not needed for getbiggers) etc.

A couple of hires depending on your needs changes life quite dramatically.

Potential issue however is that people who built their own wealth are usually people who can't sit still and live life in the slow lane, so tend not to consider a lot of these things.

[ThisisOverload]

I would modify this to: It's not how much you make, but how much you keep.

Wealth is measured by assets, not by income or spending.  If you make a lot but spend yourself into debt, you are not wealthy.

Question TIO...

Why did you keep loaning your friend money when he made much more than you, was over-spending, and being foolish with his money, while you were being conservative and living within your means?

I agree with your modification. You have to hang on to what you have to stay wealthy. So many people will make a big chunk of money or inherit money, just to blow half of it in a few years. You will never get it back.

When i worked in big oil, i was getting quarterly bonus checks in the 30-40k range. I invested 80% of those funds over a period of 5 years. I knew the big oil money was temporary, it's not a good job market to be in, but it pays very well if you can manage the ups and downs. While everyone else was buying boats and fancy cars, i bought two houses and several tracts of land that will multiply in value over the next 20 years.

I make a decent salary today, definitely not considered rich, but i have a lot of assets. Three rental houses (two are already paid off) and over 50 acres of land in prime areas. I've spent the last 20 years living frugal and buying things slowly that will have a large return. I may not retire at 50 but i don't have to worry about money at all as long as i'm smart. It opens up a new lifestyle when you don't stress about finances. I travel a lot, but i travel cheap. There are ways to make money go a long way if you plan well.

My friend has paid me back, which i didn't mention. I've known him since i was 8 years old and since i have the ability to lend him money i do. He's one of maybe three people on the planet that i would help financially, because i know he's a good person who is honest, he's just stupid with money. If he was gambling or something there is no way i'd help him.

[robcguns]

Getbig really is the land of the rich. Half of this board can retire at 30. Fucking smart bunch. You all need to teach me the ways.

[GymnJuice]

Domestic help. Nanny, house keeper, personal chef, gardener/grounds keeper, driver, PA, PT (not needed for getbiggers) etc.

A couple of hires depending on your needs changes life quite dramatically.

Potential issue however is that people who built their own wealth are usually people who can't sit still and live life in the slow lane, so tend not to consider a lot of these things.

I think lots in the 2M range do nanny (if au pair counts), maid service, and gardener. I don't know any who do a personal chef or driver though. Maybe they aren't getting to the 10M range because of all those services 

[pamith]

Getbig really is the land of the rich. Half of this board can retire at 30. Fucking smart bunch. You all need to teach me the ways.

I guess I'm the only one here who is poor af, smh