China Posted February 13, 2020 Share Posted February 13, 2020 2 hours ago, PleaseBlitz said: I would say having a $1 million NET worth makes you rich. No. How long could you live at your current lifestyle/spending without any source of income, just living off your $1 million net worth? I guess I consider rich to be Independently wealthy, as in I could just live off of my wealth without having to work. Link to comment Share on other sites More sharing options...
PF Chang Posted February 13, 2020 Share Posted February 13, 2020 20 minutes ago, China said: I guess I consider rich to be Independently wealthy, as in I could just live off of my wealth without having to work. I think that's about how I view it. If you have $5 million invested even if you only earn 2% annually that's $100K. If a conservative return on your assets is a good annual 'salary' I think you're rich. Though it's a matter of perspective. The Chris Rock joke comes to mind - Shaq is rich, the guy signing his checks is wealthy Link to comment Share on other sites More sharing options...
PleaseBlitz Posted February 13, 2020 Share Posted February 13, 2020 22 minutes ago, China said: No. How long could you live at your current lifestyle/spending without any source of income, just living off your $1 million net worth? I guess I consider rich to be Independently wealthy, as in I could just live off of my wealth without having to work. If I had a million dollars (taxes paid) and no debts, I could probably live off of that at my current level for 15 years if I sent my kids to public school and made them pay for their own college educations. However, I do not want to live at my current lifestyle level for the next 15 years. I also don't think of rich in terms of "can I not work." Rich people to me have already made a lot of money and will continue to do so because having money is pretty great and if you've figure out how to do it, you should keep doing it. Link to comment Share on other sites More sharing options...
Springfield Posted February 13, 2020 Share Posted February 13, 2020 Having $1,000,000 makes you rich. Having $1,000,000 does NOT make you wealthy. It does not make you moneyed. You can be rich, but it take a lot more money to be wealthy. Wealth involves being able to support generations of families. Wealth involves being able to support not only your own family, but the families of others as well. Wealth involves multiple homes, or as the wealthy will call them, estates. Link to comment Share on other sites More sharing options...
GhostofSparta Posted February 13, 2020 Share Posted February 13, 2020 Yes. But as techboy alluded to, if you're close to that amount, you don't think so, because that's your normal and most people don't think of themselves as "rich." A million bucks (in assets) probably doesn't seem like much if you're trying to send 3 kids to a good out-of-state college while living in a large house in the NOVA/DC/MD area. Or, if you're married with no kids in a smaller house in Western PA, that same million dollars would make you quite rich. Sure, not "never have to work again" wealthy, but certainly not "2 missed paychecks or a single doctor visit means bankruptcy" poor either. Just like "Northeast corridor or California coast" poor isn't the same as "Tornado Alley" poor, so it is with being "rich." Link to comment Share on other sites More sharing options...
Sacks 'n' Stuff Posted February 14, 2020 Share Posted February 14, 2020 Link to comment Share on other sites More sharing options...
PokerPacker Posted February 14, 2020 Share Posted February 14, 2020 The buying power of a million dollars is not what it used to be. Link to comment Share on other sites More sharing options...
twa Posted February 14, 2020 Share Posted February 14, 2020 I've paid out about the federal poverty level in taxes, fees, and permits ect in the last month......I was feeling near rich till then. the good news is I have nearly two months before April 15th. the bad news is I better get back to work.....the govt needs fed. Link to comment Share on other sites More sharing options...
skinswillwin06 Posted February 14, 2020 Share Posted February 14, 2020 No. Rich means you could stop working at any time and still have enough money to do whatever you want without any concern you'll run out of money. $1 million does not accomplish that these days. Link to comment Share on other sites More sharing options...
TheGreatBuzz Posted February 14, 2020 Share Posted February 14, 2020 I'll throw a wrench in the question. I used a calculator the other day that said my retirement plan is worth $2.6m. That is assuming I lived to 85. However, I'll start getting it paid at 40 (in two years) so it is spread out over a very long time. Am I rich? Link to comment Share on other sites More sharing options...
Corcaigh Posted February 14, 2020 Share Posted February 14, 2020 Depends entirely on your lifestyle. If your job covers your expenses and retirement contributions, for many people the income on $1M (without touching the principal) would allow you to leave a pretty damn good life. Without necessarily being financially independent. But decide that you deserve that vacation property or that yacht ... not so much. 6 minutes ago, TheGreatBuzz said: Am I rich? How will the additional income allow you to change/upgrade your lifestyle? Link to comment Share on other sites More sharing options...
twa Posted February 14, 2020 Share Posted February 14, 2020 5 minutes ago, TheGreatBuzz said: Am I rich? Yes, you have a sweet trailer and a truck to move it. I'm thinking houseboat on the intercoastal....but damn a nice one is steep Link to comment Share on other sites More sharing options...
TheGreatBuzz Posted February 14, 2020 Share Posted February 14, 2020 5 minutes ago, Corcaigh said: How will the additional income allow you to change/upgrade your lifestyle? I'm in a unique situation where I probably won't have to work, or at least not hard but there are a lot of other factors there. But most people estimate it as their mortgage payment once retired. Link to comment Share on other sites More sharing options...
Corcaigh Posted February 14, 2020 Share Posted February 14, 2020 Just now, TheGreatBuzz said: I'm in a unique situation where I probably won't have to work, or at least not hard but there are a lot of other factors there. But most people estimate it as their mortgage payment once retired. Sounds like enough of an upgrade to make you ‘rich’ if that’s the lifestyle that satisfies you. For some people (not me) a nice vacation house on the shore is the definition of rich. Link to comment Share on other sites More sharing options...
Vilandil Tasardur Posted February 14, 2020 Share Posted February 14, 2020 I don't know if I still qualify as a "young" person, but as someone who turns 30 next month, I fall squarely in that group of millennials that graduated high school when the recession hit and watched the world fall apart around them. From my perspective, a million dollars ain't ****. I've got about 200K in real estate—first house paid off and being rented out, second half partially paid. I've got other decent assets (one one car outright, a healthy middle range savings, etc.), and healthy (if a bit fledgling) retirement accounts (wife and I both have Roths in addition to the employer plans, etc.). I see the question of whether or not a million dollars is "rich" is being confounded by people trying to figure out the value of their property and retirement stuff. So perhaps let's ask it a different way. If you think you are currently not rich, and someone handed you a million dollars tomorrow, do you think that makes you rich? Because I don't. If someone handed me a million dollars tomorrow we'd probably put aside a half for retirement, and another quarter for our "forever" house. The remaining quarter? Well sure, we'd do some nice **** with it, but I don't think that makes us rich by any means. It's certainly not "retire at 30" money, nor is it "support your family forever" kind of money. It's barely that much more than "if someone got cancer we'd be okay" money. Link to comment Share on other sites More sharing options...
Corcaigh Posted February 14, 2020 Share Posted February 14, 2020 And speaking personally, I’ve yet to work out how to feel ‘rich’, even though I’m now financially independent. 🤓 Yeah, I can sense your sympathy for my predicament. 😂 Link to comment Share on other sites More sharing options...
China Posted February 14, 2020 Share Posted February 14, 2020 3 minutes ago, Corcaigh said: And speaking personally, I’ve yet to work out how to feel ‘rich’, even though I’m now financially independent. 🤓 Yeah, I can sense your sympathy for my predicament. 😂 You could give to the less fortunate. I'm sure you could find a number of people on this board who would be willing to help you feel rich by taking your money. Link to comment Share on other sites More sharing options...
twa Posted February 14, 2020 Share Posted February 14, 2020 Must be nice to be relatively young.....I'm finding myself envying a friend living in a trailer getting 1,000 a month disability . I'm tired of the grind. Link to comment Share on other sites More sharing options...
Corcaigh Posted February 14, 2020 Share Posted February 14, 2020 1 minute ago, China said: You could give to the less fortunate. I'm sure you could find a number of people on this board who would be willing to help you feel rich by taking your money. Yeah ... but that wouldn’t make ME feel rich. And they should not underestimate the joy of earning it for themselves and it would be wrong of me to deny them that fulfillment. And aren’t you retired at a young age? Link to comment Share on other sites More sharing options...
China Posted February 14, 2020 Share Posted February 14, 2020 Just now, Corcaigh said: Yeah ... but that wouldn’t make ME feel rich. And they should not underestimate the joy of earning it for themselves and it would be wrong of me to deny them that fulfillment. And aren’t you retired at a young age? I am. And some would consider me rich. I'm not one of them though. Link to comment Share on other sites More sharing options...
Corcaigh Posted February 14, 2020 Share Posted February 14, 2020 3 minutes ago, China said: I am. And some would consider me rich. I'm not one of them though. If we can’t feel rich, maybe we can meet up for coffee in our unlimited leisure time and shake our fist at the clouds, or something. Link to comment Share on other sites More sharing options...
China Posted February 14, 2020 Share Posted February 14, 2020 1 minute ago, Corcaigh said: If we can’t feel rich, maybe we can meet up for coffee in our unlimited leisure time and shake our fist at the clouds, or something. You could go for the Kopi Luwak, that might make you feel rich. Link to comment Share on other sites More sharing options...
Corcaigh Posted February 14, 2020 Share Posted February 14, 2020 Funny how drinking coffee made from rodent excrement is a sign of wealth. Link to comment Share on other sites More sharing options...
twa Posted February 14, 2020 Share Posted February 14, 2020 4 minutes ago, China said: You could go for the Kopi Luwak, that might make you feel rich. Now that is a grind. Link to comment Share on other sites More sharing options...
Sacks 'n' Stuff Posted February 14, 2020 Share Posted February 14, 2020 1 hour ago, skinswillwin06 said: No. Rich means you could stop working at any time and still have enough money to do whatever you want without any concern you'll run out of money. $1 million does not accomplish that these days. Depends on how much “whatever you want” costs. 13 minutes ago, Corcaigh said: If we can’t feel rich, maybe we can meet up for coffee in our unlimited leisure time and shake our fist at the clouds, or something. Meh... rich people aren’t happy. Oh sure, they think they’re happy. They feel happy all the time. But trust me, they ain’t happy. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.