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

[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?

Today 18% of Americans make over $100K. They are rich.

 

[Richard-H]

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?

Being "Rich" is a state of mind.

Some people believe that they are a "Rich Person" and that they deserve to be rich because the are a "Rich Person". Despite how little money they have.

Other people believe they are a "Poor Person" no matter how much money they have ("The Priestess with the Leastest")

I'd consider myself wealthy if I didn't have to work for a living, had enough money to support myself & my family for the rest of my life, and help my kids launch successful careers.

If I had extra money beyond that, I'd probably eat at more Restaurants and do some (but not too much) traveling.

Maybe I'd consider buying a Gibson Guitar - but I can't even imagine being that wealthy!

 

[Richard-H]

Today 18% of Americans make over $100K. They are rich.

No, They are middle class unless they're single.

 

[sealybobo]

No, They are middle class unless they're single.

Well thank you because I'm single and make $100K. I'm upper middle class.

But no, they are rich. Or, the top 18%. Just never forget that. You are in the bottom 82% not the top 18%.

I feel rich. It's easy to save money. I have everything I want. I'm saving more than enough for retirement.

You are correct that a household making over $100K isn't rich. 34.4% of households make $100k per year or more.

 

[Richard-H]

It isn't about how much money you have or how much income.

It's how much debt you're allowed to take on. That's what really determines if a person is "Rich".

 

[Richard-H]

Well thank you because I'm single and make $100K. I'm upper middle class.

But no, they are rich. Or, the top 18%. Just never forget that. You are in the bottom 82% not the top 18%.

I feel rich. It's easy to save money. I have everything I want. I'm saving more than enough for retirement.

You are correct that a household making over $100K isn't rich. 34.4% of households make $100k per year or more.

So your measure of being "Rich" is by comparing yourself with other people, correct?

I worked for a lawyer, back in the 1970s, that made about a million per year. He was constantly angry because his clients - who were his friends - were far wealthier than him. They had bigger yachts than his, more expensive cars and houses etc...He was miserable.

You should base your evaluation of your wealth against your own aspirations, not others - their will always be people wealthier than you.

On the other hand when some people receive far more money than they deserve while others receive far less than they deserve and can barely survive, it's a BIG problem.

 

[sealybobo]

It isn't about how much money you have or how much income.

It's how much debt you're allowed to take on. That's what really determines if a person is "Rich".

Really? What does that matter to us? I define rich as having enough money to retire and maintain your high standard of living. Not worry about inflation. Not need social security. Die and leave your family money.

Who says it's about how much debt you're allowed to take on? If that doesn't matter to me, that is even more evidence I'm rich.

How about being able to go a year without work and not having to tap into long term savings?

Being able to pay for your kids college, wedding and still retire at 65. That's rich to me.

Being retired and your bank account still goes up.

Okay I can't afford a house next to Trump but I could still be "rich"..

 

[sealybobo]

So your measure of being "Rich" is by comparing yourself with other people, correct?

I worked for a lawyer, back in the 1970s, that made about a million per year. He was constantly angry because his clients - who were his friends - were far wealthier than him. They had bigger yachts than his, more expensive cars and houses etc...He was miserable.

You should base your evaluation of your wealth against your own aspirations, not others - their will always be people wealthier than you.

On the other hand when some people receive far more money than they deserve while others receive far less than they deserve and can barely survive, it's a BIG problem.

Your whiner millionaire friend was rich. He just had rich people problems. You'd know nothing about that.

I don't get more money than I deserve. I am paid what everyone should be making. Unfortunately Republican broke unions so collective bargaining isn't an option and they've made it all but illegal to discuss what you with co workers.

All I know is what I predicted would happen. I'm doing just fine under every man for himself rules. I'd probably have to sacrifice if my company unionized and everyone got a raise every year.

I can argue for collective bargaining while benefiting from every man for himself. Just because I benefit from it doesn't mean society benefits from it. It'd be like me benefiting from Republicans under funding and under staffing the IRS. That may benefit me if I'm a tax dodger but that doesn't mean it's best for America. And that's what I'm arguing for. Merica.

 

[Richard-H]

Really? What does that matter to us? I define rich as having enough money to retire and maintain your high standard of living. Not worry about inflation. Not need social security. Die and leave your family money.

Who says it's about how much debt you're allowed to take on? If that doesn't matter to me, that is even more evidence I'm rich.

How about being able to go a year without work and not having to tap into long term savings?

Being able to pay for your kids college, wedding and still retire at 65. That's rich to me.

Being retired and your bank account still goes up.

Okay I can't afford a house next to Trump but I could still be "rich"..

If I remember correctly, some time in the 1980s when Trump's business was going under, the banks demanded that he pay back his millions in debts.

Instead he threatened to declare bankruptcy if they didn't loan him millions more. The banks realized that if he declared bankruptcy they'd lose millions. So they loaned him the millions that he asked for - and on the books it showed no loss.

 

[Richard-H]

Really? What does that matter to us? I define rich as having enough money to retire and maintain your high standard of living. Not worry about inflation. Not need social security. Die and leave your family money.

Who says it's about how much debt you're allowed to take on? If that doesn't matter to me, that is even more evidence I'm rich.

How about being able to go a year without work and not having to tap into long term savings?

Being able to pay for your kids college, wedding and still retire at 65. That's rich to me.

Being retired and your bank account still goes up.

Okay I can't afford a house next to Trump but I could still be "rich"..

Or you could buy like a drunken sailor using credit, just pay the minimum each month and die owing a huge amount.

You'd live like a millionaire until you die and they're is nothing they could do about it.

 

[Mr Natural]

Richard-H

If I remember correctly, some time in the 1980s when Trump's business was going under, the banks demanded that he pay back his millions in debts.

Instead he threatened to declare bankruptcy if they didn't loan him millions more. The banks realized that if he declared bankruptcy they'd lose millions. So they loaned him the millions that he asked for - and on the books it showed no loss.

He’s a clever motherfucker.

 

[Richard-H]

Your whiner millionaire friend was rich. He just had rich people problems. You'd know nothing about that.

I don't get more money than I deserve. I am paid what everyone should be making. Unfortunately Republican broke unions so collective bargaining isn't an option and they've made it all but illegal to discuss what you with co workers.

All I know is what I predicted would happen. I'm doing just fine under every man for himself rules. I'd probably have to sacrifice if my company unionized and everyone got a raise every year.

I can argue for collective bargaining while benefiting from every man for himself. Just because I benefit from it doesn't mean society benefits from it. It'd be like me benefiting from Republicans under funding and under staffing the IRS. That may benefit me if I'm a tax dodger but that doesn't mean it's best for America. And that's what I'm arguing for. Merica.

I didn't say that you are getting more money than you deserve, I'm saying that their are a lot of people that get more than they deserve and a lot that get less.

Contrary to your assumption, both my wife and I make around $100k, I also argue not for myself but for all the Americans who are being cheated.

Of course I'm raising a family, and the cost of college is absolutely lunatic as is the cost of medical care.

I also remember when I was young and worked my ass off making other people wealthy while I lived in near poverty. I was never able to gain enough financial traction to do what I wanted with my life. I lived pay check to pay check. So I know what it's like for so many Americans.

 

[Richard-H]

Richard-H

He’s a clever motherfucker.

Me Thinks a little too clever for his own good.

 

[Flash]

Most middle class people nowadays are "millionaires" or will be one before they retire. A million dollars in assets is not that much nowadays.

To me the real measurement is how much disposable income do you have.

For instance, my wife and I are retired and at the end of the month we have a good amount of money left over from paying bills to spend on whatever we want. Even with Biden's massive inflation.

Meantime my older son and his wife are both CFOs and have a very substantial income. However, they spend a ton of money on their standard of living and have little extra money at the end of the month. We drive Hondas and they drive high end Teslas and Mercedes. We live in a $500K Florida retirement home and they live in a $1.8 million Atlanta home. They have more expensive things but we actually live a more financially comfortable life.

 

[sealybobo]

If I remember correctly, some time in the 1980s when Trump's business was going under, the banks demanded that he pay back his millions in debts.

Instead he threatened to declare bankruptcy if they didn't loan him millions more. The banks realized that if he declared bankruptcy they'd lose millions. So they loaned him the millions that he asked for - and on the books it showed no loss.

What's the saying? If I owe you $1000 you have power over me but if I owe you $1 million then I have power over you.

 

[Richard-H]

Most middle class people nowadays are "millionaires" or will be one before they retire. A million dollars in assets is not that much nowadays.

To me the real measurement is how much disposable income do you have.

For instance, my wife and I are retired and at the end of the month we have a good amount of money left over from paying bills to spend on whatever we want. Even with Biden's massive inflation.

Meantime my older son and his wife are both CFOs and have a very substantial income. However, they spend a ton of money on their standard of living and have little extra money at the end of the month. We drive Hondas and they drive high end Teslas and Mercedes. We live in a $500K Florida retirement home and they live in a $1.8 million Atlanta home. They have more expensive things but we actually live a more financially comfortable life.

Many Americans financially hang themselves by being mindless consumers.

 

[Mr Natural]

Many Americans financially hang themselves by being mindless consumers.

The peace of mind that comes with having “money in the bank “ is worth far more than anything you can buy with it.

 

[Richard-H]

The peace of mind that comes with having “money in the bank “ is worth far more than anything you can buy with it.

While I agree with you, the fact that women instinctively practice hypergamy, causes many men to do anything they can to maintain the appearance of being wealthy - often times getting themselves into massive debt.

Even though I hate Trump, what he said on the 'Access Hollywood Bus' tape - however crude it was - is essentially true of most women. Women's Lib hasn't changed that.

 

[sealybobo]

Many Americans financially hang themselves by being mindless consumers.

You're making me think of that Adam Sandler movie where he sells jewelry and has a gambling habit. That guy was buying, trading and selling millions of dollars worth of shit every day but was he rich? Certainly not. He was in debt. And with the wrong people. Great ending.

 

[MarathonMike]

Well thank you because I'm single and make $100K. I'm upper middle class.

But no, they are rich. Or, the top 18%. Just never forget that. You are in the bottom 82% not the top 18%.

I feel rich. It's easy to save money. I have everything I want. I'm saving more than enough for retirement.

You are correct that a household making over $100K isn't rich. 34.4% of households make $100k per year or more.

It's not just income, tho. What if you are a young professional making $100K per year but have $200K in school loans?