At what point are you considered rich?
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05-02-2015, 04:26 PM
RE: At what point are you considered rich?
(05-02-2015 11:42 AM)BnW Wrote:  
(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.

I'm missing the point. A stream of water makes you rich? I have a lake in my backyard. That's not a joke, I have an actual lake just past my property line. If a stream makes you rich, my lake must make me Bill Fucking Gates.

It's a good thing, too, because the stupid flood insurance the bank makes me get for my mortgage ain't cheap.

The insurance company is rich.

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05-02-2015, 05:25 PM
RE: At what point are you considered rich?
(04-02-2015 07:11 PM)GirlyMan Wrote:  
(04-02-2015 07:01 PM)earmuffs Wrote:  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?

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You need money for the food bill. Munchies.

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05-02-2015, 05:29 PM
RE: At what point are you considered rich?
(05-02-2015 01:27 PM)dancefortwo Wrote:  
(04-02-2015 12:24 PM)Full Circle Wrote:  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 would rather be a lower middle class intelligent, open minded, well read person than a upper class, money making, bigoted, homophobic, religious simpleton. So yeah, I feel rich in the brain and I like that. It makes me happy.

But if you were an upper class, money making, bigoted, homophobic, religious simpleton, you wouldn't think that. Weeping

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07-02-2015, 10:00 AM
RE: At what point are you considered rich?
I think the way most Americans (or maybe people) manage their money is a joke. Anybody making 70k+ as a single person or 150k+ as a family looks foolish to me when they complain about money (college debt aside). But for those who choose to buy million dollar properties, or live in 2k or 3k a month rentals, or buy useless 60k cars when a 20k one does just as well, just please don't complain about money. It's your choices that are making you "feel poor" or even "feel middle class". It's not your income. If you were making a million on salary, you'd probably take out a 5 million dollar loan because you feel you've "earned" that lifestyle.

I'm earning more than I thought would be possible in my lifetime, but earning more doesn't mean my lifestyle changes. I live in the less expensive suburbs in a modest home. I don't eat out on a regular basis. I don't throw any significant percentage of my money away on disposable luxuries. And if you do those things, and it makes you happy, that's great. I have no issues with people doing what they want. Just don't pretend you aren't rich just because you're using your huge wad of money up faster than you might like. My parents earned/earn less than me and I don't even appear to live as luxurious as them (freakin recreational motorhomes, boats, and a giant house, and not to mention having 8 kids). Maybe it was watching their financial irresponsibility that made me this way. I'm probably "rich" and my damn taxes are a somewhat depressing thing to look at. But I at least want to use what I make wisely, and hopefully retire at 50 into a modest, happy, carefree lifestyle.

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07-02-2015, 10:05 AM
RE: At what point are you considered rich?
(07-02-2015 10:00 AM)Adrianime Wrote:  I think the way most Americans (or maybe people) manage their money is a joke. Anybody making 70k+ as a single person or 150k+ as a family looks foolish to me when they complain about money (college debt aside). But for those who choose to buy million dollar properties, or live in 2k or 3k a month rentals, or buy useless 60k cars when a 20k one does just as well, just please don't complain about money. It's your choices that are making you "feel poor" or even "feel middle class". It's not your income. If you were making a million on salary, you'd probably take out a 5 million dollar loan because you feel you've "earned" that lifestyle.

It seems rather superficial to so characterise the actions of others as mere foolishness. People do what they do for reasons, and it is far more interesting to examine those reasons than to simply conclude that "they are fools".

Even ignorance is not the same as foolishness.

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07-02-2015, 10:10 AM (This post was last modified: 07-02-2015 10:25 AM by Adrianime.)
RE: At what point are you considered rich?
(07-02-2015 10:05 AM)cjlr Wrote:  It seems rather superficial to so characterise the actions of others as mere foolishness. People do what they do for reasons, and it is far more interesting to examine those reasons than to simply conclude that "they are fools".

Even ignorance is not the same as foolishness.

Their choices are less foolish than them *pretending* they aren't incredibly wealthy. Live the life you want, I agree with that. But measure your means and act in accordance.

I guess to elaborate: Somebody making 25K a year with no debt and a positive net worth is somebody I would consider "not rich".
Somebody making 150K a year with major debt and a negative net worth is somebody I would consider "rich", but making poor financial decisions (unless there are some tragic circumstances that were unavoidable like medical debt or something). Edit: there are actually many circumstances where a person/family may have negative net worth without making poor financial decisions. Depends on the job stability, type of debt and what percentage of their income per pay period it's taking.

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07-02-2015, 10:24 AM
RE: At what point are you considered rich?
(07-02-2015 10:10 AM)Adrianime Wrote:  
(07-02-2015 10:05 AM)cjlr Wrote:  It seems rather superficial to so characterise the actions of others as mere foolishness. People do what they do for reasons, and it is far more interesting to examine those reasons than to simply conclude that "they are fools".

Even ignorance is not the same as foolishness.

Their choices are less foolish than them *pretending* they aren't incredibly wealthy. Live the life you want, I agree with that. But measure your means and act in accordance.

I guess to elaborate: Somebody making 25K a year with no debt and a positive net worth is somebody I would consider "not rich".
Somebody making 150K a year with major debt and a negative net worth is somebody I would consider "rich", but making poor financial decisions (unless there are some tragic circumstances that were unavoidable like medical debt or something).

I am rather confident that their reasons for being in debt are probably more complex than "lol I wanted more stuff".

Not that this has been brought up as anything but a pure hypothetical. Do you, personally, know someone in that sort of situation? Or is it just third-hand anecdata that they must be out there somewhere?

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07-02-2015, 10:45 AM
RE: At what point are you considered rich?
(07-02-2015 10:24 AM)cjlr Wrote:  I am rather confident that their reasons for being in debt are probably more complex than "lol I wanted more stuff".

Not that this has been brought up as anything but a pure hypothetical. Do you, personally, know someone in that sort of situation? Or is it just third-hand anecdata that they must be out there somewhere?
Well, my parents for one. I know people who lost their homes that they couldn't afford after losing their job . I have a friend (who has told me his income) who prefers luxury over financial stability. He's a great and smart guy. But he's "leasing" a very expensive car, Eating out in the city as his regular meal plan, and living in expensive downtown apartments and probably spending almost everything he earns on "lifestyle". And that's great, he rarely complains about money and knows how fortunate he is. In general, most people I know live modestly though.

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07-02-2015, 11:12 AM
RE: At what point are you considered rich?
(07-02-2015 10:45 AM)Adrianime Wrote:  
(07-02-2015 10:24 AM)cjlr Wrote:  I am rather confident that their reasons for being in debt are probably more complex than "lol I wanted more stuff".

Not that this has been brought up as anything but a pure hypothetical. Do you, personally, know someone in that sort of situation? Or is it just third-hand anecdata that they must be out there somewhere?
Well, my parents for one. I know people who lost their homes that they couldn't afford after losing their job.

Somehow I doubt losing their job was part of their financial planning...

(07-02-2015 10:45 AM)Adrianime Wrote:  I have a friend (who has told me his income) who prefers luxury over financial stability. He's a great and smart guy. But he's "leasing" a very expensive car, Eating out in the city as his regular meal plan, and living in expensive downtown apartments and probably spending almost everything he earns on "lifestyle". And that's great, he rarely complains about money and knows how fortunate he is. In general, most people I know live modestly though.

What's money for, if not spending? Yes, you'd spend it differently, but so what? Even then you're not suggesting him to be foolishly living beyond his means, the way you were just referring to...

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07-02-2015, 12:02 PM
RE: At what point are you considered rich?
If I ever made it to the point where I didn't have to budget in order to maintain things as they are now, I would consider myself rich.

C'mon lottery. Tongue

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