What Is "rich?" How Much Money Makes One "Rich?"

[Defiant1]

There's no such thing as too much. There is always a bigger jet, a faster sports car, a nicer yacht, a better mansion...

 

[editec]

The word "rich" is used almost as frequently as are conjunctive words in our discussions here but I believe many of us have different ideas of just what the state of being "rich" is.


How much money would you need to have in order to consider yourself wealthy?


How much wealth do you feel is excessive?


If you were wealthy what are some of the things you would do with your money?

4 million in the bank... that would be enough to live off of the interest.

Not right now it wouldn't. NOt at the banks where I keep my cash.

One savings account currently offers pays .25% the other 0.1%.

Could YOU live on the interest either of those is offering on $ 4 mil?

Of course if you had $4 mil, you'd probably have been rolling over some part of that sum into CDs.

The older ones, assuming you bought them with year long or longer maturations might give you enough to live off of....in a lower middle class kinda way.

I think 5 year CDs are currently probably offering something like 2.5% or so.

 

[martybegan]

The word "rich" is used almost as frequently as are conjunctive words in our discussions here but I believe many of us have different ideas of just what the state of being "rich" is.


How much money would you need to have in order to consider yourself wealthy?


How much wealth do you feel is excessive?


If you were wealthy what are some of the things you would do with your money?

4 million in the bank... that would be enough to live off of the interest.

Not right now it wouldn't. NOt at the banks where I keep my cash.

One savings account currently offers pays .25% the other 0.1%.

Could YOU live on the interest either of those is offering on $ 4 mil?

Of course if you had $4 mil, you'd probably have been rolling over some part of that sum into CDs.

The older ones, assuming you bought them with year long or longer maturations might give you enough to live off of....in a lower middle class kinda way.

I think 5 year CDs are currently probably offering something like 2.5% or so.

A 5% rate of return would get you $200,000 in income. For a 4 million investment finding something with a dependable 5% probably isn't that hard. A good bond mutual fund designed for monthly dividends as opposed to share value growth would probably be good.

You can live good on $200k, even in NYC

 

[Skull Pilot]

IMO one is not "rich" unless one does not have to work for a paycheck.

 

[rightwinger]

But he did help a few people get out of your slums, Mr. Potter, and what's wrong with that? Why... here, you're all businessmen here. Doesn't it make them better citizens? Doesn't it make them better customers? You... you said... what'd you say a minute ago? They had to wait and save their money before they even ought to think of a decent home. Wait? Wait for what? Until their children grow up and leave them? Until they're so old and broken down that they... Do you know how long it takes a working man to save $5,000? Just remember this, Mr. Potter, that this rabble you're talking about... they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath? Anyway, my father didn't think so. People were human beings to him. But to you, a warped, frustrated old man, they're cattle. Well in my book, my father died a much richer man than you'll ever be! - George Bailey

 

[Skull Pilot]

But he did help a few people get out of your slums, Mr. Potter, and what's wrong with that? Why... here, you're all businessmen here. Doesn't it make them better citizens? Doesn't it make them better customers? You... you said... what'd you say a minute ago? They had to wait and save their money before they even ought to think of a decent home. Wait? Wait for what? Until their children grow up and leave them? Until they're so old and broken down that they... Do you know how long it takes a working man to save $5,000? Just remember this, Mr. Potter, that this rabble you're talking about... they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath? Anyway, my father didn't think so. People were human beings to him. But to you, a warped, frustrated old man, they're cattle. Well in my book, my father died a much richer man than you'll ever be! - George Bailey

Sentimental clap trap.

It's better to be able to depend on yourself than to depend on others.

 

[rightwinger]

But he did help a few people get out of your slums, Mr. Potter, and what's wrong with that? Why... here, you're all businessmen here. Doesn't it make them better citizens? Doesn't it make them better customers? You... you said... what'd you say a minute ago? They had to wait and save their money before they even ought to think of a decent home. Wait? Wait for what? Until their children grow up and leave them? Until they're so old and broken down that they... Do you know how long it takes a working man to save $5,000? Just remember this, Mr. Potter, that this rabble you're talking about... they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath? Anyway, my father didn't think so. People were human beings to him. But to you, a warped, frustrated old man, they're cattle. Well in my book, my father died a much richer man than you'll ever be! - George Bailey

Sentimental clap trap.

It's better to be able to depend on yourself than to depend on others.

The wealthy don't borrow money at affordable rates?

 

[MikeK]

The word "rich" is used almost as frequently as are conjunctive words in our discussions here but I believe many of us have different ideas of just what the state of being "rich" is.


How much money would you need to have in order to consider yourself wealthy?


How much wealth do you feel is excessive?


If you were wealthy what are some of the things you would do with your money?

4 million in the bank... that would be enough to live off of the interest.

Not right now it wouldn't. NOt at the banks where I keep my cash.

One savings account currently offers pays .25% the other 0.1%.

Could YOU live on the interest either of those is offering on $ 4 mil?

Of course if you had $4 mil, you'd probably have been rolling over some part of that sum into CDs.

The older ones, assuming you bought them with year long or longer maturations might give you enough to live off of....in a lower middle class kinda way.

I think 5 year CDs are currently probably offering something like 2.5% or so.

The best bank I've found for a convenient online savings account is Emigrant. While it's nothing to get excited about it presently offers .80%. What I like most about it is the simple back & forth transfer ability between my checking account (which is at a different bank).

When I opened that account, which was back in '07, they were offering 7.5%. The decline began about six month later and has been consistent. But the rate is still better than any other bank I know of.

Another example of the decline is U.S. Savings Bonds, which is my mainstay. I have some that I bought at 7% and some as low as 3%. But even though the rates adjust for inflation the monthly interest rate has diminished significantly. Unfortunately, most of my higher interest bonds have matured and it would hurt to roll them over for 3% replacements.

 

[MikeK]

There's no such thing as too much. There is always a bigger jet, a faster sports car, a nicer yacht, a better mansion...

That is an oblique definition of greed. But not everyone is greedy. In fact the indications are that most people are content with relatively moderate comforts.

In contrast with Gordon Gecko's belief, greed is not good.

 

[Skull Pilot]

There's no such thing as too much. There is always a bigger jet, a faster sports car, a nicer yacht, a better mansion...

That is an oblique definition of greed. But not everyone is greedy. In fact the indications are that most people are content with relatively moderate comforts.

In contrast with Gordon Gecko's belief, greed is not good.

Because they've been conditioned to believe that they are happy doing without; that somehow it's noble to struggle.

They couldn't be more wrong.

 

[Skull Pilot]

But he did help a few people get out of your slums, Mr. Potter, and what's wrong with that? Why... here, you're all businessmen here. Doesn't it make them better citizens? Doesn't it make them better customers? You... you said... what'd you say a minute ago? They had to wait and save their money before they even ought to think of a decent home. Wait? Wait for what? Until their children grow up and leave them? Until they're so old and broken down that they... Do you know how long it takes a working man to save $5,000? Just remember this, Mr. Potter, that this rabble you're talking about... they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath? Anyway, my father didn't think so. People were human beings to him. But to you, a warped, frustrated old man, they're cattle. Well in my book, my father died a much richer man than you'll ever be! - George Bailey

Sentimental clap trap.

It's better to be able to depend on yourself than to depend on others.

The wealthy don't borrow money at affordable rates?

Of course they do. They just know they can make the payments.

 

[rightwinger]

Sentimental clap trap.

It's better to be able to depend on yourself than to depend on others.

The wealthy don't borrow money at affordable rates?

Of course they do. They just know they can make the payments.

They never default on their business loans? I must have missed something the last ten years

 

[Skull Pilot]

The wealthy don't borrow money at affordable rates?

Of course they do. They just know they can make the payments.

They never default on their business loans? I must have missed something the last ten years

Businesses are not people.

Your sentimental puke fest quote from "It's a Wonderful Life" was about individuals not businesses.

 

[rightwinger]

Of course they do. They just know they can make the payments.

They never default on their business loans? I must have missed something the last ten years

Businesses are not people.

Your sentimental puke fest quote from "It's a Wonderful Life" was about individuals not businesses.

What makes you think businesses are not people? You miss the last three years?

That's where the rich have an advantage over working Americans. If you work you have to put your personal finances on the line.

The wealthy set up a corporation or LLC, borrow money and if they default, just declare bankruptcy and start over

 

[Skull Pilot]

They never default on their business loans? I must have missed something the last ten years

Businesses are not people.

Your sentimental puke fest quote from "It's a Wonderful Life" was about individuals not businesses.

What makes you think businesses are not people? You miss the last three years?

That's where the rich have an advantage over working Americans. If you work you have to put your personal finances on the line.

The wealthy set up a corporation or LLC, borrow money and if they default, just declare bankruptcy and start over

I don't consider myself wealthy and I own an S corp and an LLC

Here's a hint for you: Anyone can own a corp or an LLC not just "the rich"

 

[MikeK]

There are millions of former middle class people now homeless? really?
Care to back that number up?

Go here: Facts and Figures: The Homeless . NOW on PBS

The figures are for homelessness in general, including the poor and drug addicted as well as formerly working middle class people who lost thier job.

Your claim is that " America has devolved to that of destitute homelessness for millions of formerly middle class persons." Which is in no way substantiated in the page you referenced.

While I couldn't prove it in court because of the present unavailability of published data the basis of my statement is empiracal but is predicated on common sense evaluation of things which are known, such as the following:

(Excerpt)

[...]

The most widely quoted government measure of unemployment leaves out 11 million people who were out of work or underemployed in November. The broadest government measure, known as U-6, includes more than 25 million people

[...]

Unemployed and Uncounted - BusinessWeek

(Close)

Those figures refer to the unemployed. Not junkies or crazies. Overall, the article refers to 25 million unemployed persons. Those numbers combined with reports of the recent emergence of tent cities, which it is reasonable to assume does not reflect a rise in the junkie and crazy population, refer to unemployed therefore formerly middle class persons.

Inasmuch as it is known that those who no longer qualify for unemployment benefits are no longer counted in the ongoing census of the categorical unemployed and are therefore an unknown quantity as far as government is concerned. From this we can assume one of two things; either those millions are living with relatives or friends, or are living off their savings -- or they are homeless and forgotten.

What I assume follows the logical path.

 

[LordBrownTrout]

They never default on their business loans? I must have missed something the last ten years

Businesses are not people.

Your sentimental puke fest quote from "It's a Wonderful Life" was about individuals not businesses.

What makes you think businesses are not people? You miss the last three years?

That's where the rich have an advantage over working Americans. If you work you have to put your personal finances on the line.

The wealthy set up a corporation or LLC, borrow money and if they default, just declare bankruptcy and start over

I own a holding company as a parent to two LLC's. I had to put my finances on the line and risk almost everything to start. There are no guarantees. You can't just declare bankruptcy and start over. A bank would look at me and laugh me right out of there if I had a previous bankruptcy.

Hell yes there are risks.

 

[LordBrownTrout]

500 billion.

ill come stay with you... i am sure you would have a lovely pool house for me to live in.

Well, as long as you don't mind overlooking the Madison River Valley in Montana, be my guest, lol!!

 

[sealybobo]

The word "rich" is used almost as frequently as are conjunctive words in our discussions here but I believe many of us have different ideas of just what the state of being "rich" is.


How much money would you need to have in order to consider yourself wealthy?


How much wealth do you feel is excessive?


If you were wealthy what are some of the things you would do with your money?

Politically rich is more money than you need. So much money that you are saving more than enough for retirement. But until you actually have the money stockpiled you aren't considered rich.

When you don't need to worry about money, you are rich.

I've been joking lately that I'm rich because I got a big raise. I'll probably make $2000 more a month than I can spend. After a year I'll have $24K saved up. In 10 years $240K. And that isn't taking into account my 401K.

So in 10 years I'll have about $600K and god forbid my dad ever passes away another $400K coming from him.

So at 56 years old I'll have a million dollars and hopefully I'll still be working. My home is already paid off too so money will be nothing but a thang to me.

I find a lot of Republicans are this kind of rich. They aren't really rich but they are comfortable enough to be selfish and not want things like higher minimum wage or healtcare for all.

 

[Care4all]

To me, being able to pay all bills, being able to save for a decent retirement, having one year's salary in your savings account that you can get to for emergencies, owning your home outright by your 50's, owning two decent cars for the hubby and me, being able to pay for two to three vacations a year, with money to spend on miscellaneous garbage and buy all the clothes and tech stuff you desire , and at the same time be able to donate 10% of your salary to the needy or the Church.... would be RICH enough to satisfy the American dream!