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What much money does someone need to have to be considered "rich"?

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ringmastery Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 08:28 PM
Original message
What much money does someone need to have to be considered "rich"?
Is someone who makes $100k a year rich? $200k? $300k? $500k?

I don't think it's as necessarily as cut and dry as that. There are people who make $200k a year that live paycheck to paycheck, since they live such an opulent lifestyle that they are up to their eyeballs in debt. If they lose their job, they can be bankrupt within months.

There are also people who have never made more than $50k a year, but since they lived a meager lifestyle and saved and invested wisely, that they could have $1 million in assets. Are they rich?
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unblock Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 08:31 PM
Response to Original message
1. depends on age and where you live
$250,000 in the bank upon leaving college and living in peoria is a ton of money, but $250,000 when you're 67 in manhattan ain't much.....
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lastknowngood Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 08:36 PM
Response to Original message
2. Many people thought they were rich when the stock market was
going sky high but found out otherwise. Here is the real test


If you live off interest on your money and the stock market crashes to 50%of it's value and you don't modify your lifestyle then your rich. If it causes you even to think about anythings value your just one of the sheep.
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leftyandproud Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 09:57 PM
Response to Original message
3. If you make more than me...
you're rich...and you gotta be taxed to da moon...bastard

;)
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leftyandproud Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 10:02 PM
Response to Original message
4. If you make more than me...
you are rich, and you gotta be taxed to da moon...bastard
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Cleita Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 10:06 PM
Response to Original message
5. It has nothing to do with what you make.
Edited on Tue Apr-13-04 10:07 PM by Cleita
It has all to do with your assets and how they work for you. When you get to the point that you don't need to work because your income comes from your investments, then your job is just a prestige accoutrement.

Most very rich people try to have jobs, like sitting on the board of directors of companies, or being the CEO, or other various ways of appearing like you actually have to work.

Believe me. I spent my life accounting for the riches of these people for a salary.
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mrtdot Donating Member (4 posts) Send PM | Profile | Ignore Tue Apr-13-04 10:18 PM
Response to Original message
6. When you have what you want
You're rich when you can get what ever you want. So some people who might be considered "poor" economically can actually be rich because they have whatever they want. A family, friends, a roof over their head, that's enough for some people.
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Cleita Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 10:36 PM
Response to Reply #6
9. It's only rich until they take it away from you.
You do have to watch out for that because when the roof over your head becomes desirable, it will be taken from you. You need unions and other "liberal notions" to help you keep what you have worked for.
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BillZBubb Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 10:27 PM
Response to Original message
7. The definition depends on the context
To be in the top 5% of wealth in this country you'd need about $3 million in assets. That would be rich in my view--the top 5%. Over $1 million is just well to do, but not rich.

Income alone doesn't mean one is "rich". I do think someone making over $125K a year should be expected to pay a significantly higher tax rate than someone making the median income of $32K. Although rich is not the right term when discussing just income, they have enough income to pay a lot more.
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Timefortruth Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 10:31 PM
Response to Original message
8. 20%-30% more than you have. nt
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DemoTex Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 10:43 PM
Response to Original message
10. A banker friend in Griffin, Georgia once told me ...
Edited on Tue Apr-13-04 10:44 PM by DemoTex
(...as I took out another 90-day note to finish Georgia Tech), that you would not believe the massive debt of the most prominent MDs in the town (his dad was a dead MD). I paid off that debt quick (at 15%!). We have eschewed consumer debt for the 30 years of our marriage. No car loans, no credit card balances, etc. So, our $500,000 per year incomes (Ha! I wish!) beats the hell out of the thoracic surgeon's $500,000 per, when she is in debt to her ears.

The $500k aside, and our real income a closely guarded secret, we are quite "rich" vis-a-vis lack of debt on the balance sheet. High salary does not equal riches, if high debt is along for the ride. Verb Sap.
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osaMABUSh Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-13-04 10:44 PM
Response to Original message
11. It's not how much you make - it's how much you spend
Just read a book about turning to debt into wealth and one of the biggest things I learned was it's not that we don't make enough money it's just that we spend too much.

In a few short months I already feel better off because I stopped letting money leak out of my life. I stopped wasting money on the daily coffee and bagel, bag my lunch, keep my old Honda in running order, say no to meaningless impulse buys, etc. The only debt I have is a mortgage (albeit, a big one) but three months ago for the first time ever I paid extra on the principal and now do that every month.

To answer your question though, to feel rich I think everyone would say that if they made 50% more.

I feel comfortable by spending 25% less.
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