Discussion in 'The Lounge' started by BranndonC, Nov 22, 2006.
How much money does someone have to make to be concidered rich?
If you buy things you don't need for spurious reasons, you have too much money
Otherwise, it's just how shiny your refridgerator is
For me to be "rich" all I would need is a secure job, good family, decent house and reliable vehicles, and a retirement fund.
I learned a lot of lessons from my parents. I'm not as good with my money right now as I would like, but I still follow one important rule "Live within your means." If I can do that comfortably and support a family, I'd consider myself rich.
I find it interesting that one person voted 3 times, different selections each time,,,,
anyways, minumum was at $75k, i made $50 last year, granted that's still $25k less, but i am still FAAAAAR from that wealthy rating even if i did make the 75k,,,with what i made, i am still in debt up to my booty with crap.
I guess to that paying alomst $3/gallon for fuel and driving a 10mpg vehicle doesn't help either
I agree, rich is a funky term, that's why I also said wealthy. I was alluding to money matters. Someone could make 10 million a year, and live down the street from you.
Dood I could live in a box under an over pass and still be rich. I know that sounds cheesy but I got a good woman and some good kids, no amount of money would ever make me happier...
well with mortgages here averaging 1400/mo for nothing special you have to make bank to be wealthy or rich... i figure 200k a year and yer wealthy and 500k a year and yer rich... and im naked so check out these thighs...
multiple choice is fun eh?
It breaks down like this for me.
75k is ok
100k is doing good
200k is pretty comfortable
500k is rich
1 mil is wealthy
rich is more a subjective term than wealthy. in my mind, wealthy has always been scrooge mcduck bucks while rich was spending without worrying. it's all a matter of perspective and locale too. If i lived in my hometown making what i make now in a medium sized city, i'd be "rich" but certainly not wealthy. also has to do with how you're brought up. I had a more priveleged childhood than many kids (by the above scale, we were'nt even doing ok) but the neighborhood was a pretty low income area so relatively i was comfortable.
what a ramble...
I make $7000 - 8000 a year, tops, so 75 000 strikes me as incredibly rich :P I could do anything with that amount of money, lol
However, my father brings in about 140 000 a year, and I'd consider our family well off, so anything over 200 000 would be rich in my opinion.
personally, much less: if you have a roof over your head, and food to eat, clothes on your back, your wealthier than 90% of the world.
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I am losing my job next month with Delphi.I have been there 21yrs.I made good money there but money isn't everything.HEALTH INSURANCE!!!!!Now that is important.What I am saying is that to me as long as you have your health,a roof over your head,food on the table and a family who loves you,
that is more than any amount of money can buy!
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$200k from my point of view. Right before they retired, my parents made about $160k combined... I've always considered them "well off". If you were making $200k a year... year after year for any period of time, and you ain't rich, you're probably an idiot.
is this money made per year?
if so i voted 100k
if not, over 1 million in a lifetime, i would consider rich
yeppers, poll says "yearly income"... of course it doesn't say individual or a married couple combined. My $200k answer assumed a dual income household. Of course other circumstances could change that answer... a couple in Southern California that had 8 kids and an insane mother to take care of would probably be living in an old refrigerator box and eating alpo.
That's why those "but they only make $500 a year" commercials are so gehy. A better measure of wealth is disposable income and leisure time.
That said I'm going w/ $200k because that would put me in a good way in Atlanta's housing/food/entertainment market. If I was back in Cleveland it would be less. If I was stuck in southern CA again it would be more.
Uhh...dude, you know the average income in the US in like $44k. Household that is, so in a lot of cases, thats 2 people combined.
You'd be insulting some people with your 75k at the bottom end. Remember, if the average is 44k, lots of people make way less than that.
Personally, it's all what you do with it. I know people who make $200k and are in debt big time, and constantly fighting about $$$, and live check to check. (because they are idiots and think because they make 200k, they can afford everything)
I also know people who make $40k, aren't in debt $1 ,save for perhaps a mortgage, have a good car, take vacations, buy a few simple luxuries...
It's all what you do with it.
Pareto's Principle... 20-80 rule
20% have 80% of the money.
I screwed up in my answer and didn't notice the "per year", I was thinking net worth so I opted for the highest which is still low.
As several people have said; it's all relative. Both from yor personal perspective and where you live.
It also seems that with age and inflation that "magic number" grows exponentially. I can remember thinking that if I could just make $50K me and my family would be set, my personal expectations aside, I could not own a home or enjoy any "perks" (vacations, decent cars, guns, a K5 that's not a DD, nice dinners etc) in my area and economy for that.
All that being said I think $500K/yr is wealthy and $1M is rich.
I voted 3 times cause I think being wealthy starts around $200k, and if I didn't check everything above it, I'd feel like I didn't consider those options wealthy... Dang technicality...
For some people, wealth is unattainable. Every time they start to make a little more, they start to spend a little more, and they're always chasing the carrot on the stick...
I actually consider wealth to be living debt-free and having a little spending money while socking away retirement money at the same time. If you could do that on $50k, I'd consider you somewhat wealthy. I guess in my mind wealth=health; if you have health, physically and financially, you're wealthy. If you have lots and lots of money and can buy large ticket items without a loan or lots of fretting, you're probably rich.
Rich is having financial freedom plain and simple .
Wealthy is having financial freedom for subsequent generations of your family .
HUGE A$$ difference there man
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