How do you consider yourself wealthy?

[masayako]

Off-topic:

Something to discuss about:

How do you consider yourself wealthy?

Masayako

[Anonymous]

I’d say you are wealthy if you don’t have to work to support your normal lifestyle.

I guess, this definition includes bums, though… 🙂

[sdrealtor]

I’d say truth wealth comes from being surounded by a loving/supportive family, friends and community. All the money in the world wont make and keep you happy without that.

When you are lying in bed taking in your last breathes you’ll be thinking about that not your investments.

[PerryChase]

sdrealtor, I would agree with your definition if we were talking about happiness/contentment/satisfaction. Wealth, on the other hand is a matter of dollars.

Since wealth is always relative to others, then I’d say that a wealthy person is one in the top 10% — in terms of net-worth, not earnings.

[kev374]

Wealthy is all relative. Someone making $100,000/yr and has $50,000 in the bank is very wealthy compared to the guy earning minimum wage and $100 in savings.

[Critter]

On that note, somebody making $100K a year with $110K a year expenses is living a nightmare.

I have a couple of friends who make a lot and spend it all, and a little bit more. They LOOK rich but in my mind, they are impoverished mentally and physically.

[nla]

True, it’s all relative. I’m making six figures and have more than 50K in the bank, but I don’t feel wealthy. In fact, everytime that I go to the mall I feel that most of San Diegans is way wealthier than me.

[ibjames]

nla,

You are doing well, easy access to credit cards makes everyone seem wealthy. Not many people have 50k in the bank

[mydogsarelazy]

I worked for a man in the early 80’s who was very determined to become wealthy. He talked about money and wealth quite a bit, and after much though he arrived at the figure of $20 million dollars in net worth as “wealthy.” He defined wealth as never having to worry about money again.

This was a very serious thing to him.

Of course, that was twenty plus years ago, so would you have to say $30 or $40 million now?

My former employer, by the way, has outdone himself, and is certainly worth more than $100 million now.

For me personally we have no debt except a year left to pay on our Saturn and a modest 15 year fixed mortgage. That makes me feel wealthy.

JS

[PD]

You are wealthy if your life is comfortable and happy. Many people have one without the other. A lot have neither.
I would like to be rich, as that makes a person’s life more comfortable. However, it is pretty hard to buy “happy.”

When it comes to being comfortable, the #1 most important thing is to get rid of all debt. Lots of people think buying expensive clothes and cars will make them happy but the bills just end up making them less comfortable.

[Critter]

“He talked about money and wealth quite a bit, and after much though he arrived at the figure of $20 million dollars in net worth as “wealthy.” He defined wealth as never having to worry about money again.”

I dunno…. sounds like this guy worried about making it so much that when he finally did, he probably worried just as much about keeping it, or making more.

I’d rather make a comfortable amount and enjoy life more, than focus completely on financial gain and enjoy life less during the process.

A distant relation claims her lifetime goal is to make five million dollars, then she will feel accomplished.

Meanwhile, she’s a total bore at our family get-togethers because her conversation is all about money… making it, keeping it, and what others are spending. She repeatedly asks what things cost (like when my brother bought a new car) which makes me wonder if she thinks dollars are the only indicator of quality.

[pka4lif]

Kiyosaki had a definition I liked. (Love him or hate him!) It was that being wealthy meant you could cover all of your expenses with income from your assets. This mean that you simply had positive free cash flow now and forever if you lived at your current means or below.

The great thing about this definition is that it is all relative. It takes into account what money is really meant to provide, a means to an end. If you have enough means to meet your ends, and you don’t have to work to do it…that is wealthy!

[(former)FormerSanDiegan]

The poor have little,
Beggars none;
The rich too much
Enough not one.

– Ben Franklin

[North15]

One of my definitions of wealthy is the ability to:

Own new vehicles of your choice that if and when a breakdown occurs, abandon the vehicle, walk away and purchase a new replacement the same day.

No repairs, no mechanics, no towing, no reselling……even for a flat tire or whatever.

[LookoutBelow]

When you can afford the lifestyle you want to live with the money you have WITHOUT having to work for it anymore, is the definition of wealthy……Its a sliding scale and everybody has their own lifestyles they'd like to live.

[Author]

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