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post #1 of 36 (permalink) Old 01-04-2020, 04:31 PM Thread Starter
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What is rich?

How much wealth or income would it take for you to feel that you're "rich"? This conversation came up at dinner over the holidays and I was amazed at the variation.

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post #2 of 36 (permalink) Old 01-04-2020, 04:38 PM
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Re: What is rich?

Obviously depends on where you live. San Francisco etc vs rural America is completely different.
And I think you got the amazing variation due to peoples definitions of "rich". What some consider rich others would find simply ok or "well to do". There are some who have very high standards for what constitutes "rich".

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post #3 of 36 (permalink) Old 01-04-2020, 04:39 PM
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Re: What is rich?

To feel rich, I really wouldn't need much more income/assets than I already have. As a benchmark, I would definitely feel rich if I could afford to fly first class whenever I travel, without thinking twice!

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post #4 of 36 (permalink) Old 01-04-2020, 05:11 PM
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Re: What is rich?

Money would never make me feel rich I don’t believe. Anyone who wants to give me a million to test the theory is more than welcome.

Friends and loved ones who are loyal would.

Monetarily It’s been shown in studies people who amass $$$ fortunes Think they will be happy or feel well off at a certain point and once they reach that point they set another one. Basically it’s never enough.


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post #5 of 36 (permalink) Old 01-04-2020, 05:16 PM
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Re: What is rich?

Being rich means you can pay people to do the things that you donít want to so you can spend your time doing whatever you enjoy doing.
I know some very wealthy people and this is the answer you get when the topic of having money comes up in conversation.

When someone says itís not the money itís the principle,itís always the money.
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post #6 of 36 (permalink) Old 01-04-2020, 06:24 PM
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Re: What is rich?

If you want to know just how rich you are, on a world-scale:

Global Rich List

It really "hit home" to me when I went to the mission field the first time at age 32. Wow. I was indeed quite rich compared to most of those folks.
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post #7 of 36 (permalink) Old 01-04-2020, 06:45 PM
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Re: What is rich?

Quote:
Originally Posted by TJW View Post
If you want to know just how rich you are, on a world-scale:

Global Rich List

It really "hit home" to me when I went to the mission field the first time at age 32. Wow. I was indeed quite rich compared to most of those folks.
What he said. People in Haiti would consider America's poor to be rich.
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post #8 of 36 (permalink) Old 01-04-2020, 07:04 PM
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Re: What is rich?

I grew up very poor by US standards but we never went hungry like many people do in the world.

Today my husband and I have very little money according to most people's standards but we do just fine. We both went to college and that has made our lives much "richer". I am not really preoccupied with "what is rich" to be honest and have no interest in throwing numbers around if that's what is sought.
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post #9 of 36 (permalink) Old 01-04-2020, 07:50 PM
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Re: What is rich?

I am richer than I used to be. But... I'm not rich.


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post #10 of 36 (permalink) Old 01-04-2020, 07:51 PM
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Re: What is rich?

I wrote this on another thread about wealth but I think itís worth repeating.
When I was younger I had a job that paid an absolute fortune but also entailed a lot of travel.I traveled to Dubai almost every week and I met an English woman and we had a fwb relationship for a while. This relationship continued when she returned to live in England.
She asked me once would I attend a wedding with her in her familyís home village. It was a relative who was getting married and the plan was to stay at her parents and return to London the day after the wedding.
I stayed with her on the Thursday night and on Friday we set off on the train to get to her parents place. We changed trains twice and we ended up at a very rural station where I heard her asking the guy in charge ďDid Daddy callĒ. He said yes and she slipped him some money.
I asked her what was going on and she said there was a disused station on her fathers land and arrangements had been made for the train to stop and let us out and her fathers chauffeur would be waiting to bring us to the house.
This guy was so wealthy and owned so much land he had his own private station!


When someone says itís not the money itís the principle,itís always the money.
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post #11 of 36 (permalink) Old 01-04-2020, 07:51 PM
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50x my salary in savings/retirement I’d feel rich. 20x my salary, I’d feel comfortable. Real estate excluded.
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post #12 of 36 (permalink) Old 01-04-2020, 08:19 PM
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Re: What is rich?

We can live on very little as neither of us are that bothered about 'things'. We could live happily on about £16,000-£17,000 a year(about $20,000) bearing in mind our mortgage is paid off.

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post #13 of 36 (permalink) Old 01-05-2020, 05:16 PM
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Re: What is rich?

I don't think the word "rich" is very useful.

"Comfortable" may be a better term - taken literally. I feel "comfortably wealth" because I have enough money saved that even if I lost my job, I could continue my life with everything I need, including things to make me happy, just with a reduction of luxuries.
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post #14 of 36 (permalink) Old 01-05-2020, 07:23 PM
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Re: What is rich?

I do pretty well as an actuary, but to my broke don't want to work want to mooch sister I might as well be Trump.

It's a matter of perspective.
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post #15 of 36 (permalink) Old 01-05-2020, 09:12 PM
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Re: What is rich?

Our washer and dryer broke unexpectedly about a month ago. They were still limping along, with a few annoying new traits that meant we had to literally babysit them during the entire wash and dry cycle to help things along. In previous times of our lives, we would just resign ourselves to "well, I guess this is our life now", knowing it would be many months until we could figure out a way to finance a new set to replace them. Especially right before Christmas when we'd already spent all available funds on gifts for our kids.

I was already mentally planning out how the heck we were going to handle the new time commitment our laundry was going to take each week, since we had to be home when the washer and dryer were going and had to be watching it the whole time.

Unlike previous times, the same day they broke we were able to go online and order replacements (that we actually chose because we *liked* them, not because they were the cheapest thing available). Within two days the replacements were installed and old ones removed. Didn't even make a dent in our weekly laundry schedule.

I am still astonished at how easy that was. The fact that we could afford to do that, fix a problem so quickly and effortlessly - I feel like a rich person for sure! In fact, I remember looking at the new washer and dryer and thinking "omg, is this what it feels like to be rich?"

On paper we are solidly middle class. But I am happy at this level. Feeling rich is just as good.

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