What is rich?

[samhass]

More than once I have seen a reference to "rich people" on this site. What constitutes rich?
Please don't answer with "good health, good friends" etc. I'm talking purely money or one's net worth. What would your net worth have to be for you to consider yourself "rich"?

[poromo]

I would consider someone whose investments net between $250,000 to $300,000 rich.

[Bucco]

Isnt RICH a relative term that takes into account your background, upbringing, etc ?

Someone who lived their youth with very little may think one number is being RICH...while those who may have grown up with advantages would consider another RICH.

I would doubt this could be defined in a general way. I, for one, am not impressed with wealth and not sure what it means other than you can buy more "stuff"

[Mintjulep]

:clap2: I consider people rich when they have more money than month... :hot:

Seriously tho, have always thought the million $ mark of net worth as being "rich".
But it's all relative, what's rich to one person may be poor to another...

[samhass]

Buc, You are correct. It is a relative term. I just keep hearing about "rich people" and I'm curious about how someone falls into that category.

[samhass]

Mint, I love that line "more money than month!!!"





:clap2: I consider people rich when they have more money than month... :hot:

Seriously tho, have always thought the million $ mark of net worth as being "rich".
But it's all relative, what's rich to one person may be poor to another...

[jadebox]

I don't feel rich but I buy want I want when I want it. I really don't want or need anything that is too expensive. I have "more money then month" (LOve that too) and only balance my checkbook when I feel like it. There are some who would say we are rich.
I say we are comfortable.

[SteveFromNY]

Chris Rock the comedian does a hilarious comparison of Rich vs. Wealthy. He claims Oprah is rich, while Bill Gates is wealthy. He says if Bill Gates woke up one day with Ophrah's money, he'd jump out a window.

By his standard, I'd say I don't think I know any rich people (although I've met a few through my life).

But back to the topic - what is rich? I'd probably say a net worth of $5 million. So the earlier comment about $250K to $300K would require around $5 million in worth to generate that $250 to $300 annually at 5% to 6% return.

I like that "more money than month" too, and will feel free to use it.

[chelsea24]

I think rich is:

Having your health and/or making the most of the health you have.

Having a strong, deep spiritual conviction and believing in something greater than yourself.

Having a strong emotional base, a fabulous childhood to draw from (as I did) or overcoming and moving past it if you did not.

Having a wonderful loving spouse that adores you, through all the highs and lows that come with the years.

Having exciting and creative children that make you more proud with each new day.

Having loyal and true friends that will love you and stand by you whether you're throwing a party or crying in the bathroom, or ranting about the buffaloes, or baying at the moon!

Having enough money to live out your life comfortably, and still be able to give to others. And if the money isn't quite there, you can give of your time.

Having a solid work ethic (that my parents taught me) combined with my terrific husband that allows me to wake up every morning in this beautiful place called The Villages.

As I look over this list and see that I have every one of them, I am truly rich indeed.

Thanks for the post Sam and allowing me to count my blessings.

Sorry Sam! I didn't see that you were strictly talking about money! LOLOLOL
I go with Minty! More money than month!

[poromo]

If you live in the Village of Bridgeport at Lake Sumter or the Village of Bridgeport at Lake Miona, you are considered rich by other villagers.

[Shirleevee]

To our grandchildren, we are rich!

To Blue Cross, I am rich!

At times we have more month than money, and that is fine as long as we have our health.

Great topic ...........makes the wheels spin.

Shirleevee

[Russ_Boston]

I would think that net investment earnings of 250K annually is certainly in the 'rich' category. 'Rich' is very much a relative term and for news reporters, governments etc. the term probably means someone whose income or net worth is well above the norm. By that defintion I would think that anyone whose annual income from any source(s) over 150K would be considered rich although I know many people who seem to struggle on that amount (the person in the mirror maybe?) SteveNY says 'wealthy' is another story and I completely agree with that.

Good discussion point.

[Lil Dancer]

Chris Rock the comedian does a hilarious comparison of Rich vs. Wealthy. He claims Oprah is rich, while Bill Gates is wealthy. He says if Bill Gates woke up one day with Ophrah's money, he'd jump out a window.

By his standard, I'd say I don't think I know any rich people (although I've met a few through my life).

But back to the topic - what is rich? I'd probably say a net worth of $5 million. So the earlier comment about $250K to $300K would require around $5 million in worth to generate that $250 to $300 annually at 5% to 6% return.

I like that "more money than month" too, and will feel free to use it.


From a finanancial perspective, I guess that is an amount I would consider as rich. I'd probably say $3 or $4 million on up as far as net worth (not considering homes owned). I don't think its too uncommon to have at least $1 million which to me seems to be upper middle class income.

What do you think SamHass?

[njgranny]

I'm sure my brother has a million socked away, but you'd never know it. He would do anything to keep from taking a penny out of the bank. :) :) :)

I love the more money than month saying, too. That's a great one.

[Mintjulep]

My husband makes a good income as a bank prez, but more importantly, he is a big saver and chooses to live well below his means.
He's seen too many of his clients make disastrous mistakes by pushing their income to the limit.

Are we rich??? To some yes, to some no. Are we comfortable??? Yes.
Outsiders see us differently than we see ourselves.

What house you can afford means nothing really.
I'd rather have a paid for Designer that a Premier that's mortgaged to the hilt any day...

Since we just sold our house, we were Horrified at the size of the mortgage the buyers are getting! Are they rich???????????
Even if we could qualify for that size loan, NEVER in our wildest dreams would we consider it...

Again, it's all relative.....

[Russ_Boston]

Just found this statistical definition from the WSJ:

A net worth of $1.4 million will put you in the top 5% of Americans, according to the Federal Reserve. Yet to the wealthy today, having $1 million (including the value of your homes and certain retirement assets) seems like chump change.

[samhass]

It's a tough question and one that has changed dramatically for me over the years.
Let's assume you have no other income like pension,SS, etc.
In my thirties I thought 50 mil was the number. This was a time of world travel, fine dining, very fine shoes and clothing, etc. In my forties I started needing less. I figured 25 was a good number. At the end of my 50's I find I need very little and am content to say put except for the mandatory trips to our northern home. If there were no other income, houses don't count and you have to live off the nest egg, I would say 8-10 mil. Remember, your investments could tank. Nope, that's not rich. That's really comfortable. Bill Gates is rich.
I think our developer is rich. I'm not sure how many "rich" people live in TV. I think they're on the coasts. I don't need to be that wealthy. I'm happy right where I am.
Mint, I'm with your husband. I am a saver and also choose to live below my means. I just don't need all that "stuff". I'd rather play mahjong than shop. I have no interest in "the ladies that lunch" club. I'd rather go dig in the dirt and plant flowers.

[Muncle]

A rich person can wake in the morning and decide spur of the moment to fly off to an island for relaxation. A seriously rich person flies off to an island he owns.

As most have said, it's relative. I've a bit over half the income I had 6 years ago in the DC area. My home has 1/2 the worth. I was "comfortable" then and there. I'm "comfortable" here and now. If I compare my situation to the average person in Wildwood or Lady Lake, I'm probably "well to do."

Among your direct peers (all fellow villagers), if your income is in the 90th percentile, you're rich, 70-90 = well to do, 40-70 = comfortable, 20-40 = doing okay, and 05-20 = struggling, below 05 = "Bar the door, Mama. It's the bill collectors again."

And contrary to the demographics published about TV, I'd guesstimate that the average household income for fulltime residents is about $50K --- pure SWAG. No stats to back.

[samhass]

Poromo, I think that is a misconception. I know many people outside of Bridgeport with more money than some in Bridgeport..





If you live in the Village of Bridgeport at Lake Sumter or the Village of Bridgeport at Lake Miona, you are considered rich by other villagers.

[samhass]

Shirleevee..my BC/BS went up almost 30% last year. I had one trip to the DR to meet him
and one to the dermatologist for a check. They raised my premium twice in a year. Said they had to play "catch up". I had those 2 Dr visits all year. Those stinkers!! Oops, hijack!
Yep, they think we're rich!




To our grandchildren, we are rich!

To Blue Cross, I am rich!

At times we have more month than money, and that is fine as long as we have our health.

Great topic ...........makes the wheels spin.

Shirleevee

[sschuler1]

Check out this link to see how rich you are compared to the rest of the world...

http://www.globalrichlist.com/


I have heard that if you have $20 to your name that you are richer than 80% of the world's population. It is humbling to see that figure when we put so much store in how much money we each have or don't have. God has blessed us with enough of everything we need.

[islandgal]

I was taught that rich is new money and wealth is old money.

I think that is passé these days with our increased population, advanced technology, science, etc. etc.

[JohnnyM]

Just the other night I heard during a televison show what the definition of rich was:

Anyone earning one million dollars in interest and dividends, annually, is "Rich"

[samhass]

Woohoooo. You could throw one heck of a party with that annual income!

[poromo]

Samhass,
I'm not saying that rich people do not live through out TV. It's possible that a multi-millionaire lives in a patio villa. But if you live in Bridgeport, you are considered rich by many villagers.

That being said, the cost of even the most desireable home in TV would probably not buy a small one BR condo on Manahattan's upper east side.

As everyone seems to be saying, rich is relative.

[samhass]

Poromo said "That being said, the cost of even the most desireable home in TV would probably not buy a small one BR condo on Manahattan's upper east side."

Isn't that the truth!!!

[Mintjulep]

Mint, I'm with your husband. I am a saver and also choose to live below my means. I just don't need all that "stuff". I'd rather play mahjong than shop. I have no interest in "the ladies that lunch" club. I'd rather go dig in the dirt and plant flowers.



Sam, we are big dirt diggers too...

I feel very fortunate to have the good husband I have and a nice life. And many friends.
But I also learned how to live on a shoestring during some of my rough young years.
My goal now is just to settle in and enjoy the time that I can spend with friends, doing fun simple things. I don't need alot of 'stuff' anymore either...

That's so much more important to me than being 'rich'....

But I do like to go to lunch occasionally... :bigthumbsup:

[samhass]

I do too, Mint. I like to eat out often with my husband and friends. I was referring to the "Ladies that Lunch" that hail from NY, Palm Beach etc. You might call them "the jet set".
Wow, does that sound dated?

[Barefoot]

what is rich? I'd probably say a net worth of $5 million. So the earlier comment about $250K to $300K would require around $5 million in worth to generate that $250 to $300 annually at 5% to 6% return.


Just imagine if someone from an impoverished country could read this thread, they'd think we're all nutters.

:agree: with Steve's definition of rich. Having one million dollars in the bank used to seem like a lot! With today's interest rates, it is barely subsistence for us spoiled North Americans.

[Mintjulep]

[quote
:agree: with Steve's definition of rich. Having one million dollars in the bank used to seem like a lot! With today's interest rates, it is barely subsistence for us spoiled North Americans.
[/quote]




At the bank my hubby works for they have a checking account paying 6% interest!
We've had it for awhile... Better than a CD... And free atm charges, any atm...

[mcelheny]

Check out this link to see how rich you are compared to the rest of the world...

http://www.globalrichlist.com/


I have heard that if you have $20 to your name that you are richer than 80% of the world's population. It is humbling to see that figure when we put so much store in how much money we each have or don't have. God has blessed us with enough of everything we need.

I agree with this. When I taught,my children thought I was so rich because I didn't sleep in my car.
Where I grew up, rich is having health insurance or gas money. It is the poorest county in NY. Everyone in that area thinks I am super wealthy.
The good news is some of these people will never know anyplace but there hometown, never will fly, never take a vacation but will be proud, salt of the earth people who are happy.

[mcelheny]

Bare,
I really agree with your post. :agree:

[samhass]

Mc, It's wonderful that they are happy. I'll bet many rich people will never know the same happiness.



I agree with this. When I taught,my children thought I was so rich because I didn't sleep in my car.
Where I grew up, rich is having health insurance or gas money. It is the poorest county in NY. Everyone in that area thinks I am super wealthy.
The good news is some of these people will never know anyplace but there hometown, never will fly, never take a vacation but will be proud, salt of the earth people who are happy.

[barb1191]

There are those who think anybody living in TV is monitarily rich!! HA Hardly. Yes, it's all relative, for sure. Great expression......"more money than month."

Great post, Sam....thx

barb

[Barefoot]

Part of feeling "rich" is also people fortune enough to have an indexed private pension plan with health care in addition to bank savings.

[samhass]

I have heard it said that everyone living in TV is rich. Ain't we jest lucky????

[784caroline]

I always thought Ed McMahn was "rich" until I saw his house was recently foreclosed on.

[mcelheny]

Sam,
The key word is "Some" are happy as there are others who suffer terribly because of poverty.
Compared to the people in Allegany Co, NY people in the villages are rich.

Bare,
Once again I agree with you. Sometimes I wish I was Canadian to have health care coverage. Yes, I am one who is luckily enough to have the money to pay for insurance but it is getting very expensive.

Gotta go. Everyone have a good night!

[samhass]

After reviewing all the answers so far, I am most delighted with Mint's "more money than month" quote. Ultimately I guess that's all we need! :) (along with the health care Bare mentioned)

[Blondie]

I am retiring on June 30th, and a little nervous b/c I really want to live full time in TV one of these days----so ----hopefully, I can afford it. One thing I know is that I am not rich at least not economically.

Funny, when I was first married, I was very young and we were very poor...but the best thing about that time was that we had no idea we were poor. :)

Thanks for this post (and all of them) I love getting to know you all through TOTV.
md blondie

[Muncle]

But back to the topic - what is rich? I'd probably say a net worth of $5 million. So the earlier comment about $250K to $300K would require around $5 million in worth to generate that $250 to $300 annually at 5% to 6% return.



Back in the days when I was making decent money (a bit under $100K) I thought winning the lottery could be a curse. (Forgetting taxes) Win the Mil and that's okay -- just some bonus money to do stuff with, doesn't really affect your lifestyle and you can do some things you've wanted to do for yourself and others -- but win 2 or 3 Mil and you're in trouble. Win that much and you'd be expected to make major changes in your life, e.g., quite your job, buy a new house, fund numerous relatives, respond to every charity in existence, take care of all your near and dear friends. And we're talking about doing this on $100-$200K a year. I always kinda thought if the payoff was less than 7Mil, it was best to burn the ticket, though I might have been able to force myself.

[redwitch]

I've never defined "rich" by how much money someone had but rather what they could do with their money. If someone could afford to buy a Lexus as an impulse purchase for cash and still have enough money to live for the rest of the year, they were at the very least comfortable. If they could buy matching luxury vehicles just for the fun of it, they were definitely very well off. If they could buy my dream car (a Testarossa), they were rich.

Right now, I'd be happy with more money than month (but I'm getting there again).

[thegreenerside]

My daughter always told people that Mommy was Rich because Daddy gives her all of his money.

[another Linda]

What an interesting question! My husband and I both grew up in poor families. But, we both got good educations, have good jobs, have saved much and spent wisely. I guess I just assumed we had gotten to the "rich" point, and compared to the rest of the world we are. But after reading the responses here, I guess there are people who wouldn't agree.

[BUC]

I really want to retire, but after reading this thread I'm more than a little concerned if my wife and I will ever be able to retire. we really want to live in the TV but it may only be a dream. I, like everyone have worked and saved most of my life. I'm retired from the military,so health insurance is not an issue for us, if I was to retire in the next couple of years, sell out and move to the TV We'll have a monthly income of about 4,000 per month, will this be enough for a reasonable lifestyle in the TV. We're not fancy folks, but would like to eat out a couple of times a week, bowl one night, golf a couple times a week(par 3s Ok with me I'm not very good),and of course fish often.We have no outstanding debt. One of my concerns is that once a quit my job, and if something happens, the kids may need somthing or anything, I won't be earning at the level I am now, and if I was to go back to work who would hire an old fat guy. I'm not wineing just a little nervous.

[redwitch]

Buc, I think you'd do fine here financially. Depending on the size house you purchase and if you end up with a mortgage will obviously make a huge difference in how much "play" money you'll have but if you don't go overboard you'll have more than enough to do the things you want.

The risk for your kids would be the same regardless of where you retired, which you will have to do sooner or later. I know it sounds heartless, but there comes a time that kids really do have to learn how to survive on their own. We won't always be there. Sometimes circumstances take over and we can't help them out regardless of our desires.

So, as they say, "Come on down!"

[samhass]

Buc, please don't misunderstand this thread. People are not saying they have this kind of money. The question was about what (in your mind) constitutes being rich. I've heard some pretty negative comments about "rich people" and I wondered at what point a person would be considered rich. I simply do not understand the mindset of disliking someone due to their wealth or lack of same.

[Russ_Boston]

BUC - I would think that you could do fine in TV assuming that you can buy the house you wish without a mortgage. As you know many things in TV are free or low priced. Once you've factored in the monthly fees for amenities, energy, taxes etc. you should have enough play money to enjoy yourself fully.

Note: There are many threads on this site that can detail the anticipated monthly fees. Just do a search.

[another Linda]

I simply do not understand the mindset of disliking someone due to their wealth or lack of same.


Sam, don't you think it is just jealously?

[samhass]

I guess so, Linda. Our developer seems to incite an inordinate amount of dislike towards himself. I have nothing but admiration for the man. I think many people dislike/hate him because he is rich. Why? Of course I wish I had been as brilliant as he was and is, and in the right place at the right time. Resenting someone because they are rich
is just backward and disgusting. If they are evil, that's different, but the idea of disliking
someone based on wealth alone defies comprehension.

[Mintjulep]

BUC,
Since you have the health care covered, you are ahead of the game.
We expect that to be our biggest expense, as we are 7 and 9 years away from Medicare.

We've found that our utilities are very reasonable (except Comcast).
Also most of the restaurants we like are reasonable too.

My budget crazy husband has estimated our monthly stuff there, and it will be much less than it is currently in NC. Partly because of so many free things to do there that we pay for here.
And the house is smaller, so less taxes, ins., utilities, yard care, etc...
And now with gas prices, the golf cart will be a huge saver.

As stated before, your mortgage will determine how much 'fun $' you will have left...

[Barefoot]

BUC

You said you have no outstanding debts, so I assume that means no mortgage. You also said you have health coverage. You're laughing my friend! I think you will do extremely well on $48,000 a year in TV. No worries. And enough money for eating out and having fun.

Welcome to the good life. :bigthumbsup:

[Frangyomory]

I know that unless I win the lottery I'll never be financially rich but I am rich in the goodness of family and friends. I am rich in the spirit and love of the Lord and I have a good life. I have what I need and I am old enough for my wants not to hurt me!

I'd rather be content than be financially rich and I really will not believe that being financially rich will make anyone totally content. I've known some people who had a lot of money who were miserable in their spirit life and that was and is sad.

If you are financially rich you can become content by helping those who have needs, real needs and not just satisfying wants like having the newest and most expensive car on the block.

Tell me why a retired couple need a 2008 Hummer anyway????? I just don't get it!!!!

[Rokinronda]

I am rich, in the sense, that I own my home, unlike so many others. It isn't much, but it is mine and I don't have to worry about shelter. I have a roof over my head and food to eat. Sure, sometimes we eat hot dogs and beans, soup or eggs, but we do eat every day, unlike so many others. I am rich with health, unlike so many others, and I thank God every day. I am rich with peace of mind... knowing that hard work, struggling and financial difficulties are less now that the children have grown and I've been rewarded with my home in Florida and no worries of an oil bill or a slip on an icy driveway. I am rich with sunshine and beauty all around, unlike so many others. I am rich with the love from my family and friends, unlike so many others. What more does one need? Yes I am rich even though sometimes there is more month than money. No healthcare, no pension, no retirement, but don't feel bad because, I am rich in life, unlike so many others! I wouldn't trade my life for anything!

[marianne237]

All of this conversation reminded me of something my dad used to say, "I'm working on my second million (Just gave up on the first)."

[chelsea24]

:bigthumbsup: marianne. Very optomist! I like that. ;D

[nONIE]

Ronda,

Thanks for posting your dads picture. You can see the kindness of spirit in his face. I wish more people would do what you did in honor of their dads memory for Fathers day.

[tucson]

I really want to retire, but after reading this thread I'm more than a little concerned if my wife and I will ever be able to retire. we really want to live in the TV but it may only be a dream. I, like everyone have worked and saved most of my life. I'm retired from the military,so health insurance is not an issue for us, if I was to retire in the next couple of years, sell out and move to the TV We'll have a monthly income of about 4,000 per month, will this be enough for a reasonable lifestyle in the TV. We're not fancy folks, but would like to eat out a couple of times a week, bowl one night, golf a couple times a week(par 3s Ok with me I'm not very good),and of course fish often.We have no outstanding debt. One of my concerns is that once a quit my job, and if something happens, the kids may need somthing or anything, I won't be earning at the level I am now, and if I was to go back to work who would hire an old fat guy. I'm not wineing just a little nervous.

[tucson]

I live on 2500.00 per mo. in TV and live very comfortably here. My husband and I are retired and have no mortgage or credit card bills. We golf almost everyday (executive courses) and go on vacations every year, we go to restuarants probably 1-2 wk, and feel very rich .

[njgranny]

Buc,

I agree with what the other people said. You'll do fine, especially if you don't have a mortage (or a large one).

My husband retired at 54 (the federal agency he worked at closed, and he had enough years in to retire counting his service time). He's been retired for 15 years, and I've been retired for 10. The point of what I'm rambling on to say is that we haven't changed our standard of living from when we worked. And, it's probably cheaper in Florida.

Retire and enjoy it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Jan

[chuckinca]

I live on 2500.00 per mo. in TV and live very comfortably here. My husband and I are retired and have no mortgage or credit card bills. We golf almost everyday (executive courses) and go on vacations every year, we go to restuarants probably 1-2 wk, and feel very rich .



My mother and step father lived in Country Club Hills on about $1500 a month. No mortgage, no credit cards, no debt, paid up UAW medical, golfed, ate out, and probably saved around $300 a month.

[The Great Fumar]

Thanks Chels

based on what you say, I'm loaded ...........


fumar esq.