What is wealth?

[sdduuuude]

[quote=briansd1]sdduuuude, some people love to work. That’s fun for them.[/quote]

’tis true.

[quote=briansd1]But wealth is just a word to describe something just like “table” or “computer”. It’s not a philosophy of life.[/quote]

Is it not possible to have a wealth of time ?

Time is money, after all.

I do agree, though, that when calculating wealth in dollars, you have to mark you assets to market and back out the debt. Because, if you can’t use your assets to buy time, they are worthless.

I also think that wealth has to be a sustainable condition, unlike the gentleman who borrowed his way into the high-life. UCGal’s comment about free from worries suggests this idea of sustainability as well.

[sdduuuude]

investor – I like that approach, too.

I was thinking about this today and it seems that wealth isn’t just what you have, it has something to do with where you are, physically, in the world, too, and what the purchasing power of your money is. 100K in India or Mexico is different than it is here. Then again, it may be more pleasant here in some sense.

A straight calc of net-worth just seems inadequate to me. It has to be a combination of cash, assets, debt, purchasing power, freedom/time, and lifestyle.

[sdduuuude]

investor – I like that approach, too.

I was thinking about this today and it seems that wealth isn’t just what you have, it has something to do with where you are, physically, in the world, too, and what the purchasing power of your money is. 100K in India or Mexico is different than it is here. Then again, it may be more pleasant here in some sense.

A straight calc of net-worth just seems inadequate to me. It has to be a combination of cash, assets, debt, purchasing power, freedom/time, and lifestyle.

[sdduuuude]

investor – I like that approach, too.

I was thinking about this today and it seems that wealth isn’t just what you have, it has something to do with where you are, physically, in the world, too, and what the purchasing power of your money is. 100K in India or Mexico is different than it is here. Then again, it may be more pleasant here in some sense.

A straight calc of net-worth just seems inadequate to me. It has to be a combination of cash, assets, debt, purchasing power, freedom/time, and lifestyle.

[sdduuuude]

investor – I like that approach, too.

I was thinking about this today and it seems that wealth isn’t just what you have, it has something to do with where you are, physically, in the world, too, and what the purchasing power of your money is. 100K in India or Mexico is different than it is here. Then again, it may be more pleasant here in some sense.

A straight calc of net-worth just seems inadequate to me. It has to be a combination of cash, assets, debt, purchasing power, freedom/time, and lifestyle.

[sdduuuude]

investor – I like that approach, too.

I was thinking about this today and it seems that wealth isn’t just what you have, it has something to do with where you are, physically, in the world, too, and what the purchasing power of your money is. 100K in India or Mexico is different than it is here. Then again, it may be more pleasant here in some sense.

A straight calc of net-worth just seems inadequate to me. It has to be a combination of cash, assets, debt, purchasing power, freedom/time, and lifestyle.

[NewtoSanDiego]

Well, a short update. A bit sobering for me.

My bro and law and sister are now getting a divorce.

The financial strain must have been too much.

I provided moral support thru the past few months, but no financial. After hearing how bad their financial situation was, I figured it was throwing good money after bad.

As a final kick in the gut, my bro-in-law had his BMW repo’ed. He apparently tried to hide it down the street. Got me wondering how many BMW driver on the streets are actual financial basket cases.

Also got me wondering what percent of divorces these days really have their root cause in financial distress. Is there a correlationb between foreclosure rate and divorce rate?

Sad NewtoSanDiego

[NewtoSanDiego]

Well, a short update. A bit sobering for me.

My bro and law and sister are now getting a divorce.

The financial strain must have been too much.

I provided moral support thru the past few months, but no financial. After hearing how bad their financial situation was, I figured it was throwing good money after bad.

As a final kick in the gut, my bro-in-law had his BMW repo’ed. He apparently tried to hide it down the street. Got me wondering how many BMW driver on the streets are actual financial basket cases.

Also got me wondering what percent of divorces these days really have their root cause in financial distress. Is there a correlationb between foreclosure rate and divorce rate?

Sad NewtoSanDiego

[NewtoSanDiego]

Well, a short update. A bit sobering for me.

My bro and law and sister are now getting a divorce.

The financial strain must have been too much.

I provided moral support thru the past few months, but no financial. After hearing how bad their financial situation was, I figured it was throwing good money after bad.

As a final kick in the gut, my bro-in-law had his BMW repo’ed. He apparently tried to hide it down the street. Got me wondering how many BMW driver on the streets are actual financial basket cases.

Also got me wondering what percent of divorces these days really have their root cause in financial distress. Is there a correlationb between foreclosure rate and divorce rate?

Sad NewtoSanDiego

[NewtoSanDiego]

Well, a short update. A bit sobering for me.

My bro and law and sister are now getting a divorce.

The financial strain must have been too much.

I provided moral support thru the past few months, but no financial. After hearing how bad their financial situation was, I figured it was throwing good money after bad.

As a final kick in the gut, my bro-in-law had his BMW repo’ed. He apparently tried to hide it down the street. Got me wondering how many BMW driver on the streets are actual financial basket cases.

Also got me wondering what percent of divorces these days really have their root cause in financial distress. Is there a correlationb between foreclosure rate and divorce rate?

Sad NewtoSanDiego

[NewtoSanDiego]

Well, a short update. A bit sobering for me.

My bro and law and sister are now getting a divorce.

The financial strain must have been too much.

I provided moral support thru the past few months, but no financial. After hearing how bad their financial situation was, I figured it was throwing good money after bad.

As a final kick in the gut, my bro-in-law had his BMW repo’ed. He apparently tried to hide it down the street. Got me wondering how many BMW driver on the streets are actual financial basket cases.

Also got me wondering what percent of divorces these days really have their root cause in financial distress. Is there a correlationb between foreclosure rate and divorce rate?

Sad NewtoSanDiego

[4plexowner]

I suspect that there are many people in San Diego who maintained their ‘rich and famous’ lifestyles by sucking the equity out of their real estate as the bubble grew

with growing equity and fog-a-mirror loans available, they refi-d every 9 to 18 months pulling out some or all of the available equity

now they are upside-down in a fancy house wondering how they will continue living the lifestyle they have become accustomed to

they have resources to draw on – retirement savings, investments, family, credit, etc so they are able to hold on longer than others might

their housing value is too high to qualify for the current govt-subsidized mortgages so their only refi option is an expensive jumbo loan from a private lender, assuming they can find one – and assuming they can address the underwater issue by negotiating the loan principle down or by bringing cash to the refi table

also, many of these ‘rich and famous’ people have complicated finances with no W-2 income – this is another challenge to obtaining a mortgage today

an old saying comes to mind, something about only finding out who is swimming naked when the tide goes out

I suspect there are many naked swimmers in La Jolla, Pt Loma, Mission Hills, etc and the tide is receding …

[4plexowner]

I suspect that there are many people in San Diego who maintained their ‘rich and famous’ lifestyles by sucking the equity out of their real estate as the bubble grew

with growing equity and fog-a-mirror loans available, they refi-d every 9 to 18 months pulling out some or all of the available equity

now they are upside-down in a fancy house wondering how they will continue living the lifestyle they have become accustomed to

they have resources to draw on – retirement savings, investments, family, credit, etc so they are able to hold on longer than others might

their housing value is too high to qualify for the current govt-subsidized mortgages so their only refi option is an expensive jumbo loan from a private lender, assuming they can find one – and assuming they can address the underwater issue by negotiating the loan principle down or by bringing cash to the refi table

also, many of these ‘rich and famous’ people have complicated finances with no W-2 income – this is another challenge to obtaining a mortgage today

an old saying comes to mind, something about only finding out who is swimming naked when the tide goes out

I suspect there are many naked swimmers in La Jolla, Pt Loma, Mission Hills, etc and the tide is receding …

[4plexowner]

I suspect that there are many people in San Diego who maintained their ‘rich and famous’ lifestyles by sucking the equity out of their real estate as the bubble grew

with growing equity and fog-a-mirror loans available, they refi-d every 9 to 18 months pulling out some or all of the available equity

now they are upside-down in a fancy house wondering how they will continue living the lifestyle they have become accustomed to

they have resources to draw on – retirement savings, investments, family, credit, etc so they are able to hold on longer than others might

their housing value is too high to qualify for the current govt-subsidized mortgages so their only refi option is an expensive jumbo loan from a private lender, assuming they can find one – and assuming they can address the underwater issue by negotiating the loan principle down or by bringing cash to the refi table

also, many of these ‘rich and famous’ people have complicated finances with no W-2 income – this is another challenge to obtaining a mortgage today

an old saying comes to mind, something about only finding out who is swimming naked when the tide goes out

I suspect there are many naked swimmers in La Jolla, Pt Loma, Mission Hills, etc and the tide is receding …

[4plexowner]

I suspect that there are many people in San Diego who maintained their ‘rich and famous’ lifestyles by sucking the equity out of their real estate as the bubble grew

with growing equity and fog-a-mirror loans available, they refi-d every 9 to 18 months pulling out some or all of the available equity

now they are upside-down in a fancy house wondering how they will continue living the lifestyle they have become accustomed to

they have resources to draw on – retirement savings, investments, family, credit, etc so they are able to hold on longer than others might

their housing value is too high to qualify for the current govt-subsidized mortgages so their only refi option is an expensive jumbo loan from a private lender, assuming they can find one – and assuming they can address the underwater issue by negotiating the loan principle down or by bringing cash to the refi table

also, many of these ‘rich and famous’ people have complicated finances with no W-2 income – this is another challenge to obtaining a mortgage today

an old saying comes to mind, something about only finding out who is swimming naked when the tide goes out

I suspect there are many naked swimmers in La Jolla, Pt Loma, Mission Hills, etc and the tide is receding …

[Author]

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