What’s your definition of being rich?

[sdduuuude]

Several people said that being rich is relative. I think that is because they think of being rich in terms of money and posessions, not freedom and control.

[mixxalot]

Simple,

Net worth over $20 million in liquid assets.

With 20 million in cash and liquid assets one can live well for a life time without ever working again.

Unfortunately only movie stars, rock stars, execs, pro athletes and choice business folk ever make it to this level.

[mixxalot]

Simple,

Net worth over $20 million in liquid assets.

With 20 million in cash and liquid assets one can live well for a life time without ever working again.

Unfortunately only movie stars, rock stars, execs, pro athletes and choice business folk ever make it to this level.

[mixxalot]

Simple,

Net worth over $20 million in liquid assets.

With 20 million in cash and liquid assets one can live well for a life time without ever working again.

Unfortunately only movie stars, rock stars, execs, pro athletes and choice business folk ever make it to this level.

[mixxalot]

Simple,

Net worth over $20 million in liquid assets.

With 20 million in cash and liquid assets one can live well for a life time without ever working again.

Unfortunately only movie stars, rock stars, execs, pro athletes and choice business folk ever make it to this level.

[mixxalot]

Simple,

Net worth over $20 million in liquid assets.

With 20 million in cash and liquid assets one can live well for a life time without ever working again.

Unfortunately only movie stars, rock stars, execs, pro athletes and choice business folk ever make it to this level.

[OC Burns]

Asianautica:

“I think someone who have a monthly expensive of $2k, a modest job and $1M in the bank, which is more than enough for them to just live off the interest”

If the economy were going to be totally stable forever this would be true. But, given taxes on your cap gains, and REAL inflation (as in the stuff we actually buy…including food and energy), how would you ever generate enough to live on with only a million in principle?

And how would you ever keep your bills steady knowing that the reported and real inflation numbers are light years apart?

1 Million in the bank would be enough to live on if you were 85 perhaps, but long term planning would require much much more given inflation.

[OC Burns]

Asianautica:

“I think someone who have a monthly expensive of $2k, a modest job and $1M in the bank, which is more than enough for them to just live off the interest”

If the economy were going to be totally stable forever this would be true. But, given taxes on your cap gains, and REAL inflation (as in the stuff we actually buy…including food and energy), how would you ever generate enough to live on with only a million in principle?

And how would you ever keep your bills steady knowing that the reported and real inflation numbers are light years apart?

1 Million in the bank would be enough to live on if you were 85 perhaps, but long term planning would require much much more given inflation.

[OC Burns]

Asianautica:

“I think someone who have a monthly expensive of $2k, a modest job and $1M in the bank, which is more than enough for them to just live off the interest”

If the economy were going to be totally stable forever this would be true. But, given taxes on your cap gains, and REAL inflation (as in the stuff we actually buy…including food and energy), how would you ever generate enough to live on with only a million in principle?

And how would you ever keep your bills steady knowing that the reported and real inflation numbers are light years apart?

1 Million in the bank would be enough to live on if you were 85 perhaps, but long term planning would require much much more given inflation.

[OC Burns]

Asianautica:

“I think someone who have a monthly expensive of $2k, a modest job and $1M in the bank, which is more than enough for them to just live off the interest”

If the economy were going to be totally stable forever this would be true. But, given taxes on your cap gains, and REAL inflation (as in the stuff we actually buy…including food and energy), how would you ever generate enough to live on with only a million in principle?

And how would you ever keep your bills steady knowing that the reported and real inflation numbers are light years apart?

1 Million in the bank would be enough to live on if you were 85 perhaps, but long term planning would require much much more given inflation.

[OC Burns]

Asianautica:

“I think someone who have a monthly expensive of $2k, a modest job and $1M in the bank, which is more than enough for them to just live off the interest”

If the economy were going to be totally stable forever this would be true. But, given taxes on your cap gains, and REAL inflation (as in the stuff we actually buy…including food and energy), how would you ever generate enough to live on with only a million in principle?

And how would you ever keep your bills steady knowing that the reported and real inflation numbers are light years apart?

1 Million in the bank would be enough to live on if you were 85 perhaps, but long term planning would require much much more given inflation.

[Trojan4Life]

Being able to live the lifestyle you want without having to work is my definition of rich. A homeless person, who is homeless by choice (there are some) may be rich.

A family that can afford to have one or both parents home without working is rich. But, I’d like to caveat that by saying I bet they work hard at managing their finances. If I wanted to move to the mid-west or southeast I could probably afford to not work anymore…but I choose to live in LA and must work to afford my lifestyle. I make a handsome living, but do not consider myself rich.

Trojan4life

[Trojan4Life]

Being able to live the lifestyle you want without having to work is my definition of rich. A homeless person, who is homeless by choice (there are some) may be rich.

A family that can afford to have one or both parents home without working is rich. But, I’d like to caveat that by saying I bet they work hard at managing their finances. If I wanted to move to the mid-west or southeast I could probably afford to not work anymore…but I choose to live in LA and must work to afford my lifestyle. I make a handsome living, but do not consider myself rich.

Trojan4life

[Trojan4Life]

Being able to live the lifestyle you want without having to work is my definition of rich. A homeless person, who is homeless by choice (there are some) may be rich.

A family that can afford to have one or both parents home without working is rich. But, I’d like to caveat that by saying I bet they work hard at managing their finances. If I wanted to move to the mid-west or southeast I could probably afford to not work anymore…but I choose to live in LA and must work to afford my lifestyle. I make a handsome living, but do not consider myself rich.

Trojan4life

[Trojan4Life]

Being able to live the lifestyle you want without having to work is my definition of rich. A homeless person, who is homeless by choice (there are some) may be rich.

A family that can afford to have one or both parents home without working is rich. But, I’d like to caveat that by saying I bet they work hard at managing their finances. If I wanted to move to the mid-west or southeast I could probably afford to not work anymore…but I choose to live in LA and must work to afford my lifestyle. I make a handsome living, but do not consider myself rich.

Trojan4life

[Author]

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