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Author Topic: Define rich  (Read 1703 times)

LordBucket

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Define rich
« on: September 01, 2013, 12:48:45 am »

What condition(s) would have to be true for you to consider yourself rich? Would it be a certain amount of money? A certain amount of income? How much? Property? A certain lifestyle? What would it take for you to consider yourself rich?

Important:
This is not what conditions other people could have for you to look at them and think of them as rich. What would have to be true for you to be able to casually look yourself in a mirror and say "yeah, I'm rich" and really believe it?

Flying Dice

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Re: Define rich
« Reply #1 on: September 01, 2013, 12:51:16 am »

In my book, "rich" is the point where you never have to worry about having the money to pay for anything you might conceivably need, as far as basic necessities (food, water, shelter, clothing, medical care) and relatively simple luxuries (a good education, easy travel, a home in a good location, good opportunities for employment) are concerned. As in, you don't even have to think about it, because you know the money will be there.
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FuzzyZergling

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Re: Define rich
« Reply #2 on: September 01, 2013, 01:05:04 am »

I would consider "rich" to be the point where I have enough money to live comfortably for the rest of my life without having to ever acquire more money.
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Cthulhu

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Re: Define rich
« Reply #3 on: September 01, 2013, 01:13:55 am »

I'd consider being rich wealthy enough to maintain my desired lifestyle without having to work.  You know, that magic zone where your income is passive from investments and such, and you can live the way you want to off of that.
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Vector

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Re: Define rich
« Reply #4 on: September 01, 2013, 01:22:18 am »

Right now, I consider myself rich.  I literally look myself in the mirror and think: "Dude, I'm so fucking rich."

I have dental and medical coverage, a room in a house to live in, enough money to save 3/4 of my income (if I spend on nothing but necessities--and that's buying organic!), and a life-long pass to the UC Berkeley library.  I've pretty much made it.

EDIT: Uncomfortably rich would be "can spend $10 somewhere without really thinking about it."
« Last Edit: September 01, 2013, 01:24:04 am by Vector »
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LordBucket

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Re: Define rich
« Reply #5 on: September 01, 2013, 01:32:17 am »


good opportunities for employment

It's interesting to me that you would include this in your list. In my own worldview, being concerned with employment at all is probably an indicator that one is not rich.



I would consider "rich" to be the point where I have enough money to live
comfortably for the rest of my life without having to ever acquire more money.

What qualifies as "comfortable" for you personally?

What about self-sustaining environments that don't depend on money? For example, would you consider yourself rich if you lived in a homesteading community, owned a ranch property free and clear, and produced all your own food with enough surplus to trade with neighbors for the things you didn't make yourself? Would that qualify?



I'd consider being rich wealthy enough to maintain my desired lifestyle without having to work.  You know, that magic
zone where your income is passive from investments and such, and you can live the way you want to off of that.

What is your "desired lifestyle" in this case?

What qualifies as "work?" For example, if you owned enough rental property to generate all your required passive income, but were spending 10 hours per month communicating with property managers, writing and cashing checks, etc. would that qualify?



Quote
Right now, I consider myself rich.  I literally look myself in the mirror and think: "Dude, I'm so fucking rich."

I've pretty much made it.

Congratulations. May we all be so fortunate. :)

FuzzyZergling

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Re: Define rich
« Reply #6 on: September 01, 2013, 01:47:11 am »

I would consider "rich" to be the point where I have enough money to live
comfortably for the rest of my life without having to ever acquire more money.

What qualifies as "comfortable" for you personally?

What about self-sustaining environments that don't depend on money? For example, would you consider yourself rich if you lived in a homesteading community, owned a ranch property free and clear, and produced all your own food with enough surplus to trade with neighbors for the things you didn't make yourself? Would that qualify?
I would define "living comfortably" personally as: having stable living quarters (roof+walls); enough food for 3-4 meals a day; electricity, water, and an internet connection; and the appliances to make use of that electricity, water, and internet.

I wouldn't consider the environment you mentioned as being a situation where I would consider myself rich, since I would still be forced to produce items to trade for other items.
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Cheeetar

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Re: Define rich
« Reply #7 on: September 01, 2013, 01:48:13 am »

Probably somewhere in the region of 1 million dollars.
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WanderingKid

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Re: Define rich
« Reply #8 on: September 01, 2013, 01:57:37 am »

Rich: The point where I can go gambling in Vegas to impress enough women that they're buying me drinks in hopes of catching my attention and I know what I spent was pocket change.

Rich: When Bill Gates calls me to see if I need a Tax Break because he's got a new pet project.

Rich: When the IRS finally cares about what's in my 1099.

Neonivek

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Re: Define rich
« Reply #9 on: September 01, 2013, 01:59:33 am »

Well there is Rich and then there is Wealthy.

I consider Rich to be someone in the 6 digit range (or 7 I forget) either through cash or assets.
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alexandertnt

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Re: Define rich
« Reply #10 on: September 01, 2013, 02:59:12 am »

I would consider myself rich if I had enough money to reliably live off interest, or something similar to this. 9-to-5 jobs chew up enough time to make me wince when I think of the wonderful things I could have done instead.

"Reliably" would be housing, quality (i.e. healthy) food, quality medical care, the ability to pay off bills, along with a little left over for miscellaneous purposes.

Basically, if I can wake up in the morning and think "There is so many things I want to do, what should I do today?", and I have the means to pursue my desires, then I am happy.
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ChairmanPoo

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Re: Define rich
« Reply #11 on: September 01, 2013, 04:27:25 am »

I would consider myself rich if I had enough money to reliably live off interest, or something similar to this.

I vaguely remember from my high school Economic History teacher that the definition of rich (in his discipline, at least), is someone who can live off the interest of his interest.
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Aptus

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Re: Define rich
« Reply #12 on: September 01, 2013, 04:52:06 am »

I am going to agree with Flying Dice here. In my opinion, you are rich when you don't have to think about money even for luxurious items (by this I mean, buying a top of the line car without caring about the cost, not buying a private jet, doing the latter I would consider out of the realm of rich and more in the line of really fucking rich.)
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misko27

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Re: Define rich
« Reply #13 on: September 01, 2013, 08:07:39 am »

Webster's defines it as:
1 : having abundant possessions and especially material wealth
2 : well supplied or endowed

The lexicographer strikes again.
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GreatJustice

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Re: Define rich
« Reply #14 on: September 01, 2013, 09:54:20 am »

If I was making a six figure income with benefits and it wasn't due to future inflation, I'd consider myself to be rich. Making enough money from investments to not even need a job would be "super rich".
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