A Poll about being "Rich"

[TempusVox]

I don't think 1 million per year or higher actually defines rich for me. I think "rich" is much higher. Of course some people obviousy define being "rich" in other ways. Regardless it's all relative to your own experience.

Some of you stated earning over 100K each year means you're rich. What about two people with equal $100,000/year incomes? What if one has $100,000 in credit card debt? Is he still rich? What if one has higher expenses because they are paying for college for one of their kids? Are they still rich?

Personally, I earn more money than anyone in the history of my family. I can afford to travel when and to where I want. I pay cash for most of my purchases. We have multiple homes. My family wears nice clothes, and we have nice things. I have a few "toys" that I've treated myself to through the years. I don't "worry" about having liquid assets to pay my basic bills with. I don't have "run out and buy a 747 kind of money", but I don't want one anyway. 

Most people would define the rich as people who don’t think about what it means to consume in the way they’re consuming. When most people think of rich people, there’s a negative connotation. People think rich people are selfish. If I shared my portfolio with you, most of you would say I'm rich. But I wouldn't do that. I'm blasted for sharing practically anything on this site. But I wouldn't say that I'm rich.

Does being rich mean having a large income? Does it mean having a certain net worth? If so, then I think Warren Buffet is rich, from a financial perspective. Don't get me wrong...I'm not complaining by any means, but I'm still the same person who grew up with no money. I am frugal with my money. No one is sittin' around lighting cigars with 50's at my house. And I DO things with my money. I annonymously give to about a dozen or so charities each year. And I publically support others both physicaly and financially.

Now, if were talking about social capital, then I'd agree that I am indeed rich. I have a very full life, and many, many close friends that I enjoy. To me that's more a definition of rich than financial considerations.   

[lordxizor]

Some of you stated earning over 100K each year means you're rich. What about two people with equal $100,000/year incomes? What if one has $100,000 in credit card debt? Is he still rich? What if one has higher expenses because they are paying for college for one of their kids? Are they still rich?

This is why this is such a personal question really. I would be rich with $100k a year because of my spending habits and my debt situation. If I made the equivalent of $100k a year for the rest of my working life adjusting for inflation, I would be able to save about $3000 a month after my typical expenses, say $2500 just to be safe. If I invested $2000 of that, I'd have close to $3 million dollars in today's money at age 60. Plenty for me to retire comfortably. I'm the type of person who will quit working as soon as I'm financially able to, so this is how I define rich.

[Sir GuitarCozmo]

Well, actually, I do have a wood-burning stove 

No serenade?  No fire brigade?

[kirksnosehair]

Well, actually, I do have a wood-burning stove 

No serenade?  No fire brigade?

Come on, what do you want?  What DO YOU want? 

[Sir GuitarCozmo]

I WANT $500k Per Year or Higher.

[kirksnosehair]

I want Rock & Roll, long live Rock & Roll 

[Scheavo]

So unlike how many people here seem to be discussing, "rich" is not a subjective term - relative is not subjective - and there is a very concrete definition.

https://dictionary.reference.com/browse/rich

having wealth or great possessions; abundantly supplied with resources, means, or funds; wealthy: a rich man; a rich nation

https://www.etymonline.com/index.php?term=rich&allowed_in_frame=0

wealthy, powerful, mighty," from P.Gmc. *rikijaz (cf. O.N. rikr, O.H.G. rihhi "ruler, powerful, rich," O.Fris. rike, Du. rijk, Ger. reich "rich," Goth. reiks "ruler, powerful, rich"), borrowed from a Celtic source akin to Gaulish *rix, O.Ir. ri (gen. rig) "king," from PIE base *reg- "move in a straight line," hence, "direct, rule" (see rex). The form of the word influenced in M.E. by O.Fr. riche "wealthy," from Frank. *riki "powerful," from the Germanic source. The evolution of the word reflects a connection between wealth and power in the ancient world. Of food and colors, from early 14c.; of sounds, from 1590s. Sense of "entertaining, amusing" is recorded from 1760. The noun meaning "the wealthy" was in O.E.

It's relative, because he has to do with your sway in society - as in, in each society, a "rich" person is going to have differing wealth's - but this is not subjective. Either you have a lot of possessions, or you do not; either you have social power, or you do not.                       

[antigoon]

I think the takeaway here is that people, even those with a lot of money, are reluctant to call themselves rich.

[emindead]

"I'm not talking about rich, I'm talking about wealth."

[yeshaberto]

I think the takeaway here is that people, even those with a lot of money, are reluctant to call themselves rich.

just last week my daughter said that her friends at school call her the rich kid.  I was pretty shocked when I heard that.  Our family is very blessed right now, but "rich" is usually someone else.

[lordxizor]

Either you have a lot of possessions, or you do not; either you have social power, or you do not.                       

Basically everyone in America has a lot of possessions, so that's really a moot point. And what is a lot of possessions? It's still pretty subjective. I doubt too many people would have social power as a prerequisite to being rich in America today.

[PlaysLikeMyung]

I don't think 1 million per year or higher actually defines rich for me. I think "rich" is much higher. Of course some people obviousy define being "rich" in other ways. Regardless it's all relative to your own experience.

Some of you stated earning over 100K each year means you're rich. What about two people with equal $100,000/year incomes? What if one has $100,000 in credit card debt? Is he still rich? What if one has higher expenses because they are paying for college for one of their kids? Are they still rich?

Personally, I earn more money than anyone in the history of my family. I can afford to travel when and to where I want. I pay cash for most of my purchases. We have multiple homes. My family wears nice clothes, and we have nice things. I have a few "toys" that I've treated myself to through the years. I don't "worry" about having liquid assets to pay my basic bills with. I don't have "run out and buy a 747 kind of money", but I don't want one anyway. 

Most people would define the rich as people who don’t think about what it means to consume in the way they’re consuming. When most people think of rich people, there’s a negative connotation. People think rich people are selfish. If I shared my portfolio with you, most of you would say I'm rich. But I wouldn't do that. I'm blasted for sharing practically anything on this site. But I wouldn't say that I'm rich.

Does being rich mean having a large income? Does it mean having a certain net worth? If so, then I think Warren Buffet is rich, from a financial perspective. Don't get me wrong...I'm not complaining by any means, but I'm still the same person who grew up with no money. I am frugal with my money. No one is sittin' around lighting cigars with 50's at my house. And I DO things with my money. I annonymously give to about a dozen or so charities each year. And I publically support others both physicaly and financially.

Now, if were talking about social capital, then I'd agree that I am indeed rich. I have a very full life, and many, many close friends that I enjoy. To me that's more a definition of rich than financial considerations.

You can be humble all you want Temp, but based on things you've said over the years, I'd say you're pretty rich

[kirksnosehair]

I think the takeaway here is that people, even those with a lot of money, are reluctant to call themselves rich.

just last week my daughter said that her friends at school call her the rich kid.  I was pretty shocked when I heard that.  Our family is very blessed right now, but "rich" is usually someone else.

Which is why I think it's such a relative/subjective thing.  Look at the poll responses.    I have what most here would consider "a lot of money" but I am nowhere even remotely close to what I would consider rich, yet, I am sure that from the perspective of some who are reading this thread, they'd consider me "rich."

[kirksnosehair]

Either you have a lot of possessions, or you do not; either you have social power, or you do not.                       

Basically everyone in America has a lot of possessions, so that's really a moot point. And what is a lot of possessions? It's still pretty subjective. I doubt too many people would have social power as a prerequisite to being rich in America today.

"Social Power" (I think "influence" is a better word) is a result of being wealthy, not a prerequisite, IMHO.

[lordxizor]

Either you have a lot of possessions, or you do not; either you have social power, or you do not.                       

Basically everyone in America has a lot of possessions, so that's really a moot point. And what is a lot of possessions? It's still pretty subjective. I doubt too many people would have social power as a prerequisite to being rich in America today.

"Social Power" (I think "influence" is a better word) is a result of being wealthy, not a prerequisite, IMHO.

I would agree with that. Especially for the ultra rich.

[bosk1]

Thanks to Barry and Coz, I've now got that song stuck in my head for probably the rest of the day.  Thanks, guys.  I think for everyone's safety, this needs to be declared a Lep-free zone.

EDIT:  And I'm surprised and disappointed that I cannot seem to find a standalone graphic of the Def Lep Pryomania "scope" that I can turn into an emoticon. 

EDIT2:  Well, the upside is, I'm listening to Mirrorball now, and it's pretty good.

[obscure]

I'm sorry if someone else mentioned this before but being rich has nothing to do with monies... that's what life has taught me......

[Sir GuitarCozmo]

Thanks to Barry and Coz, I've now got that song stuck in my head for probably the rest of the day.  Thanks, guys.  I think for everyone's safety, this needs to be declared a Lep-free zone.

EDIT:  And I'm surprised and disappointed that I cannot seem to find a standalone graphic of the Def Lep Pryomania "scope" that I can turn into an emoticon. 

EDIT2:  Well, the upside is, I'm listening to Mirrorball now, and it's pretty good.

Mission accomplished.

[emindead]

I don't think 1 million per year or higher actually defines rich for me. I think "rich" is much higher. Of course some people obviousy define being "rich" in other ways. Regardless it's all relative to your own experience.

Some of you stated earning over 100K each year means you're rich. What about two people with equal $100,000/year incomes? What if one has $100,000 in credit card debt? Is he still rich? What if one has higher expenses because they are paying for college for one of their kids? Are they still rich?

Personally, I earn more money than anyone in the history of my family. I can afford to travel when and to where I want. I pay cash for most of my purchases. We have multiple homes. My family wears nice clothes, and we have nice things. I have a few "toys" that I've treated myself to through the years. I don't "worry" about having liquid assets to pay my basic bills with. I don't have "run out and buy a 747 kind of money", but I don't want one anyway. 

Most people would define the rich as people who don’t think about what it means to consume in the way they’re consuming. When most people think of rich people, there’s a negative connotation. People think rich people are selfish. If I shared my portfolio with you, most of you would say I'm rich. But I wouldn't do that. I'm blasted for sharing practically anything on this site. But I wouldn't say that I'm rich.

Does being rich mean having a large income? Does it mean having a certain net worth? If so, then I think Warren Buffet is rich, from a financial perspective. Don't get me wrong...I'm not complaining by any means, but I'm still the same person who grew up with no money. I am frugal with my money. No one is sittin' around lighting cigars with 50's at my house. And I DO things with my money. I annonymously give to about a dozen or so charities each year. And I publically support others both physicaly and financially.

Now, if were talking about social capital, then I'd agree that I am indeed rich. I have a very full life, and many, many close friends that I enjoy. To me that's more a definition of rich than financial considerations.

You can be humble all you want Temp, but based on things you've said over the years, I'd say you're pretty rich

I normally don't agree with PLM but this. Dude... it's self evident.

[lordxizor]

One of the big things this thread proves is that very few people probably believe themselves to be rich. There's always someone who has more money. That guy's rich, not me.

[bosk1]

One of the big things this thread proves is that very few people probably believe themselves to be rich.

I do.  And I still voted the lowest option ($50,000).

[kirksnosehair]

Can I borrow $80k Bosk? 

[lordxizor]

One of the big things this thread proves is that very few people probably believe themselves to be rich.

I do.  And I still voted the lowest option ($50,000).

I work next to people all day that make about $12 an hour and take all the overtime they can just to make ends meet. I think I'm very well off, though I did vote $100k which is a bit higher than my actual salary.

[bosk1]

Can I borrow $80k Bosk? 

If by "borrow," you mean you want to give me $420k and are asking for change back for $500k, then yes.

[AcidLameLTE]

Location is definitely a factor.

My parents live on an island on the north-west coast of Scotland and they are considered to be paid quite well there but on the mainland, their salaries would only be about the average salaries for their job positions.

[Scheavo]

Either you have a lot of possessions, or you do not; either you have social power, or you do not.                       

Basically everyone in America has a lot of possessions, so that's really a moot point. And what is a lot of possessions? It's still pretty subjective. I doubt too many people would have social power as a prerequisite to being rich in America today.

How is that a moot point? Relative to any third world country, every single America is very rich. Even I could "live like a King" in several countries around the world.

You're also still conflating relative with subjective. Having "a lot" of things is not subjective, you can physically count them, and then to make it relative, you can compare that number with every one else's number, and you get a very accurate portrayal of how rich you are.