[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]

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!!!"

Originally Posted by Mintjulep

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]

Originally Posted by 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.

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.....