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

Discussion in 'Economy' started by MikeK, Aug 8, 2011.

  1. Skull Pilot
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    Skull Pilot Platinum Member

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    Of course they do. They just know they can make the payments.
     
  2. rightwinger
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    rightwinger Award Winning USMB Paid Messageboard Poster Gold Supporting Member Supporting Member

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    They never default on their business loans? I must have missed something the last ten years
     
  3. Skull Pilot
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    Skull Pilot Platinum Member

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    Businesses are not people.

    Your sentimental puke fest quote from "It's a Wonderful Life" was about individuals not businesses.
     
  4. rightwinger
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    rightwinger Award Winning USMB Paid Messageboard Poster Gold Supporting Member Supporting Member

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    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
     
    Last edited: Aug 9, 2011
  5. Skull Pilot
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    Skull Pilot Platinum Member

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    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"
     
  6. MikeK
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    MikeK Gold Member

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    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.
     
    Last edited: Aug 9, 2011
  7. LordBrownTrout
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    LordBrownTrout Gold Member

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    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.
     
  8. LordBrownTrout
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    LordBrownTrout Gold Member

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

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    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.
     
  10. Care4all
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    Care4all Warrior Princess Supporting Member

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    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 :D, 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! :lol:
     

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