At what point are you considered rich?
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03-02-2015, 10:49 AM (This post was last modified: 05-02-2015 04:07 PM by Bucky Ball.)
RE: At what point are you considered rich?
Depends. The point where the marginal utility of 1 more $ approaches zero.
http://en.wikipedia.org/wiki/Marginal_utility
It's different for everyone. Perhaps for those who need no large capital improvements, (already have a home etc), it could be rather modest.

Insufferable know-it-all.Einstein God has a plan for us. Please stop screwing it up with your prayers.
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04-02-2015, 06:50 AM
RE: At what point are you considered rich?
I think earning about 15% more than the person you are talking to makes you rich Wink

Give me your argument in the form of a published paper, and then we can start to talk.
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04-02-2015, 09:28 AM
RE: At what point are you considered rich?
A study found that given the following options:

A. Make $100,000/yr but be the poorest in your neighborhood

or

B. Make $75,000/yr and be the richest in your neighborhood

most respondents answered B...go figure. Undecided

Can’t find it now but did find this below:

http://qje.oxfordjournals.org/content/12...3.abstract

“I find that, controlling for an individual’s own income, higher earnings of neighbors are associated with lower levels of self-reported happiness."

http://www.sciencedaily.com/releases/201...092057.htm

"Money only makes people happier if it improves their social rank, according to new research. The researchers found that simply being highly paid wasn’t enough -- to be happy, people must perceive themselves as being more highly paid than their friends and work colleagues."

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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04-02-2015, 12:01 PM
RE: At what point are you considered rich?
(04-02-2015 09:28 AM)Full Circle Wrote:  A study found that given the following options:

A. Make $100,000/yr but be the poorest in your neighborhood

or

B. Make $75,000/yr and be the richest in your neighborhood

most respondents answered B...go figure. Undecided

Can’t find it now but did find this below:

http://qje.oxfordjournals.org/content/12...3.abstract

“I find that, controlling for an individual’s own income, higher earnings of neighbors are associated with lower levels of self-reported happiness."

http://www.sciencedaily.com/releases/201...092057.htm

"Money only makes people happier if it improves their social rank, according to new research. The researchers found that simply being highly paid wasn’t enough -- to be happy, people must perceive themselves as being more highly paid than their friends and work colleagues."

It's a little bit like being a big fish in a small pond.

I'm surrounded by blue collar workers... plumbers, construction workers and truck drivers. One guy down the street mows lawns for the city. My husband is a teacher and I have a small business. But some of the construction guys make more money than we do even though both my husband and I have masters degrees.

My one consolation is that my hubby and I are smart, intelligent, forward looking and literate people. We may not make as much money as the truck driver and his nutty religious wife but we're fuckin smarter. Thumbsup

Shakespeare's Comedy of Errors.... on Donald J. Trump:

He is deformed, crooked, old, and sere,
Ill-fac’d, worse bodied, shapeless every where;
Vicious, ungentle, foolish, blunt, unkind,
Stigmatical in making, worse in mind.
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04-02-2015, 12:24 PM
RE: At what point are you considered rich?
(04-02-2015 12:01 PM)dancefortwo Wrote:  
(04-02-2015 09:28 AM)Full Circle Wrote:  A study found that given the following options:

A. Make $100,000/yr but be the poorest in your neighborhood

or

B. Make $75,000/yr and be the richest in your neighborhood

most respondents answered B...go figure. Undecided

Can’t find it now but did find this below:

http://qje.oxfordjournals.org/content/12...3.abstract

“I find that, controlling for an individual’s own income, higher earnings of neighbors are associated with lower levels of self-reported happiness."

http://www.sciencedaily.com/releases/201...092057.htm

"Money only makes people happier if it improves their social rank, according to new research. The researchers found that simply being highly paid wasn’t enough -- to be happy, people must perceive themselves as being more highly paid than their friends and work colleagues."

It's a little bit like being a big fish in a small pond.

I'm surrounded by blue collar workers... plumbers, construction workers and truck drivers. One guy down the street mows lawns for the city. My husband is a teacher and I have a small business. But some of the construction guys make more money than we do even though both my husband and I have masters degrees.

My one consolation is that my hubby and I are smart, intelligent, forward looking and literate people. We may not make as much money as the truck driver and his nutty religious wife but we're fuckin smarter. Thumbsup

But are you happy with "only" being smarter? Angel

We can't help comparing ourselves to others, it is our favorite pastime. I know I constantly have to remind myself how lucky I am to have what I have when I see what others have in comparison.

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
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04-02-2015, 12:55 PM
RE: At what point are you considered rich?
[Image: f823b75e79e391f9521d4c2ae886e4f3.jpg]

This is a fifteen minute walk from my front door.

I am rich. Very rich.

So many cats, so few good recipes.
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04-02-2015, 07:01 PM
RE: At what point are you considered rich?
(04-02-2015 09:28 AM)Full Circle Wrote:  A study found that given the following options:

A. Make $100,000/yr but be the poorest in your neighborhood

or

B. Make $75,000/yr and be the richest in your neighborhood

most respondents answered B...go figure. Undecided

Can’t find it now but did find this below:

http://qje.oxfordjournals.org/content/12...3.abstract

“I find that, controlling for an individual’s own income, higher earnings of neighbors are associated with lower levels of self-reported happiness."

http://www.sciencedaily.com/releases/201...092057.htm

"Money only makes people happier if it improves their social rank, according to new research. The researchers found that simply being highly paid wasn’t enough -- to be happy, people must perceive themselves as being more highly paid than their friends and work colleagues."

That's like that study that took two people. They took $10 and split it between the two people. Each person had the option to keep their own share or both get nothing. They found when they split it $5 each people would keep. But the closer they got unfair splits, ie: $2 to one person, $8 to another. The person with the $2 would choose that nobody gets anything.
It doesn't make sense because you start with nothing so $2 is still $2 more than nothing.

#humansarestupid

(04-02-2015 12:55 PM)Stark Raving Wrote:  [Image: f823b75e79e391f9521d4c2ae886e4f3.jpg]

This is a fifteen minute walk from my front door.

I am rich. Very rich.

Boo that's a cop-out.

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04-02-2015, 07:11 PM
RE: At what point are you considered rich?
(04-02-2015 07:01 PM)earmuffs Wrote:  
(04-02-2015 12:55 PM)Stark Raving Wrote:  This is a fifteen minute walk from my front door.

I am rich. Very rich.

Boo that's a cop-out.

Nope. BuckingBall's definition is right. The marginal utility of money for the GrassMaster goes to zero pretty quick. How much money do you really need when you can do this?

[Image: bud.jpg]

#sigh
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04-02-2015, 07:23 PM
RE: At what point are you considered rich?
[Image: republican-jesus.jpg]

Atheism is NOT a Religion. It's A Personal Relationship With Reality!
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04-02-2015, 11:07 PM
RE: At what point are you considered rich?
It would only be a cop out if I'd never actually chosen that along with poverty. But I gave up money. In fact I gave up lots of it.

I know what it's like to feel hungry. I prefer it to monetary wealth any day of the week. I may be wired wrong, but it definitely isn't a cop out. Rich is how you feel. I've got the scars to prove it.

So many cats, so few good recipes.
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