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Old 01-03-2011, 03:01 PM
 
Location: Conejo Valley, CA
12,476 posts, read 16,969,159 times
Reputation: 4304

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Quote:
Originally Posted by Keim View Post
As I said elsewhere, if nothing else money buys you options. This person has the option to sell that million dollar house, and go somewhere cheaper.
And someone with $200k has the option of moving to Thailand and having much more than the vast majority of people there, so is $200k also rich?

Going somewhere cheaper is just going to be sacrificing one thing for another. If $1 million was really "rich" then its a bit odd that someone with a net worth of $1 million can hardly buy a home in areas that are considered wealthy.

 
Old 01-03-2011, 03:08 PM
 
Location: Conejo Valley, CA
12,476 posts, read 16,969,159 times
Reputation: 4304
Quote:
Originally Posted by Keim View Post
Actually, when you talk about the meaning of a word and how people perceive it, you are talking about two separate things. You are referring to denotative (dictionary) and connotative (what people feel a word means, taking into account personal biases, context, etc) meanings.
These two things aren't separate, they are connected. But I'm more so speaking about the denotation of the word not the connotation, that is what comes to mind in the average person when one says "rich".
 
Old 01-03-2011, 03:34 PM
 
Location: Moscow
2,078 posts, read 2,904,157 times
Reputation: 2523
Quote:
Originally Posted by user_id View Post
And someone with $200k has the option of moving to Thailand and having much more than the vast majority of people there, so is $200k also rich?
I'm not familiar with the economy in Thailand. As compared to 90 or 95% of the population in Thailand, that $200k may very well qualify as rich as I've defined it above.

Quote:
Originally Posted by user_id View Post
Going somewhere cheaper is just going to be sacrificing one thing for another. If $1 million was really "rich" then its a bit odd that someone with a net worth of $1 million can hardly buy a home in areas that are considered wealthy.
As you've said, that all depends on location. A person w/$1m could buy a house in any neighborhood where I live.

Can a millionaire buy a house in a neighborhood where the folks w/$50m live? Probably not! But they can afford to live in some very nice neighborhoods. And, provided they were smart in their purchase, they can live worry-free in that house. Meanwhile. their neighbors (who haven't been frugal) are living hand to mouth so they can have a similar trophy house.

I don't argue that $1m is uber-wealthy. I contend that it is the bottom threshold of what the average Joe considers as rich. I've provided data supporting my opinion. Do you have any data to support your different opinions? Or, are we simply to continue trading opinions?
 
Old 01-03-2011, 03:47 PM
 
Location: Vancouver, BC
547 posts, read 1,367,199 times
Reputation: 508
What's the point of having money if you aren't going to spend it?
 
Old 01-03-2011, 04:53 PM
 
12,671 posts, read 20,489,997 times
Reputation: 2618
Quote:
Originally Posted by Malkiel View Post
What's the point of having money if you aren't going to spend it?
You can spend a lot of money but still live frugally.
 
Old 01-03-2011, 05:08 PM
 
Location: Troy, Il
764 posts, read 1,386,379 times
Reputation: 527
Quote:
Originally Posted by Malkiel View Post
What's the point of having money if you aren't going to spend it?
The poor work to make money and the rich make money work for them.
 
Old 01-03-2011, 05:15 PM
 
12,671 posts, read 20,489,997 times
Reputation: 2618
Quote:
Originally Posted by maschuette View Post
The poor work to make money and the rich make money work for them.
Yes, thats from Robert Kiyosaki.
 
Old 01-03-2011, 06:39 PM
 
11,891 posts, read 14,359,727 times
Reputation: 7526
Ever hear the story of a rich man who goes to a Cadillac dealer wearing shabby clothes, driving there in a beater and seeing how well they treat him. If they treat him well he buys a new Caddy.
 
Old 01-03-2011, 06:52 PM
 
8,268 posts, read 10,374,989 times
Reputation: 4748
Quote:
Originally Posted by Malkiel View Post
What's the point of having money if you aren't going to spend it?
If I could figure out how I'd drop dead waiving my very last dollar, but given the difficulty of making that calculation accurately I feel compelled to squirrel away some money to spend later when I don't work.
 
Old 01-03-2011, 10:03 PM
 
Location: Conejo Valley, CA
12,476 posts, read 16,969,159 times
Reputation: 4304
Quote:
Originally Posted by Keim View Post
that $200k may very well qualify as rich as I've defined it above.
You're not getting the point, if going to play the "well if they moved..." game then why stop at moving within the US?


Quote:
Originally Posted by Keim View Post
Can a millionaire buy a house in a neighborhood where the folks w/$50m live? Probably not! But they can afford to live in some very nice neighborhoods.
Again, not the point. You're claiming that $1 million is "rich", yet someone with a mere million would have trouble buying a home in any wealthy community. So, they are rich, yet have to buy a home in a middle-class community?

Quote:
Originally Posted by Keim View Post
I don't argue that $1m is uber-wealthy. I contend that it is the bottom threshold of what the average Joe considers as rich. I've provided data supporting my opinion.
You've provided data, but it doesn't support anything. All you've done is state that "well those in the top 10% sound rich to me", but this just begs the question. You're going about it from the wrong direction, you need to first decide what sort of things a rich person should be able to do and then you look at what sort of income/wealth you'd need to do those things.
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