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Old 01-05-2011, 12:15 AM
 
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Quote:
Originally Posted by stan4 View Post
Back to the op question...I don't know if ALL rich people are frugal, but I sure do see a lot of middle class people frittering their money away on stupid sh*t.
Its the middle class wannabees that act like rich and spend the money, live paycheck to paycheck. Good thing is that they are the ones who are stimulating the economy and making the rich more richer.

 
Old 01-15-2011, 11:43 PM
 
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Quote:
Originally Posted by user_id View Post
Then free feel to clarify it as I did my position. But I'll do it again, if you're going to allow the "well they can sale their house and move someone cheaper" then the vast majority of Americans are rich. After all, even the average American has more than someone in an African village.

You want to define rich relatively, yet not really.


You've provided definitions, but how exactly are you verifying them? How about you explain how you've "verified" definitions.



Sadly, you're not getting the point. I'm not trying to give a benchmark, I suggested a very rough guideline and that is all ($1 million in net worth once you exclude home equity and retirement accounts). I was in no sense suggesting that "living in a wealthy community" was a benchmark, rather pointing out the oddity of someone rich not being able to live in a wealthy community. Seems like something a rich person should be able to do right?



Should I cite some data on the mating habits of swans? That would be just as relevant as the data you are citing, you are arbitrary defining rich by some benchmark, yet that isn't how people use the word. The vast majority of people don't consider themselves "rich", instead the rich are those above them socioeconomically. For example, the working-class are likely to think the upper-middle class are "rich". Yet, if you ask the middle-class if they think they are rich they are likely to say no because they are looking up to the upper-class. In this sense, its only the socio-economic group that has nobody above them that thinks of themselves as rich. They are at the top. So the question is what is the net worth of the upper-class? Easily more than $1 million.

Anyhow, I haven't been trying to define "rich", this started because I suggested that the meaning of "millionaire" in popular opinion as moved away from financial reality due to the effects of inflation. In the 60's a million was a lot of money, today its not nearly as much. One also has to consider the shift from pensions to retirement accounts as well.

Now, you can try to define rich by whatever benchmark you want, but I find doing this fairly pointless.

I like 'The Millionare Next Door' defination...

If you can live for 10 years with no income, you are rich.

Appearances can be decieving... Alot of people who 'look rich' arn't.


To the OP: Yes.

THere are exceptions who are widely popularised... Actors, singers etc. They are rare despite their appearance in the news.
 
Old 01-16-2011, 01:39 AM
 
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Quote:
Originally Posted by Themanwithnoname View Post
I like 'The Millionare Next Door' defination...

If you can live for 10 years with no income, you are rich.

Appearances can be decieving... Alot of people who 'look rich' arn't.


To the OP: Yes.

THere are exceptions who are widely popularised... Actors, singers etc. They are rare despite their appearance in the news.
Also be happy within those 10 years also. I've heard celebrities go broke also. MC Hammer, etc.
 
Old 01-19-2011, 11:11 AM
 
Location: Aurora, Colorado
2,212 posts, read 4,507,539 times
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I only know 2 people who are truly "rich" and what I found out from them is that it's about HOW you spend your money, not necessarily the amount you have. Both of them live in very nice homes (and by "nice" I mean N-I-C-E) and have slightly nicer things than most of us, but the truth is that unless you saw their homes, you'd have no idea they were truly wealthy. They don't have a lot of "bling", they aren't in your face about it.

The big thing I learned from them, however, are the "tricks". My friend's dad uses his AMEX for everything and then uses his points to take the family to Italy every year to see his family. He also buys tons of stuff on sale (though he doesn't really need to). He clips coupons yet can fly first class to Europe.

Finally, there is a difference between those who try and pretend they're rich and those who actually are. The key is to understand what the term "live within your means" actually means to you. The people I know who are truly rich will stay that way because they don't do risky things with their money. But they also understand what they can afford. A $10,000 mortgage payment may be well within their means where a $1,500 mortgage payment is well within mine, but the basic math is the same.
 
Old 01-19-2011, 01:25 PM
 
12,671 posts, read 20,550,471 times
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Whats up with the guys showing off their trims with their cars? What are they trying to prove?
 
Old 01-24-2011, 12:29 PM
 
Location: Pikesville, MD
5,229 posts, read 11,540,159 times
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Quote:
Originally Posted by mysticaltyger View Post
This is a false choice....Most people don't have to go to such extremes (at least not their whole lives) to be financially comfortable or rich in their old age.

I think your post is also a bit holier than thou.
It was supposed to be, as a response to that sort of thing. The fact that you noticed it means it worked. It's like insulting someone for being insulting, to see if they like having it dealt to them the same way they were dealing it out.
 
Old 01-24-2011, 12:31 PM
 
Location: Pikesville, MD
5,229 posts, read 11,540,159 times
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Quote:
Originally Posted by Texas User View Post
A House isn't always an asset if you owe more then its worth.
It's still an asset. You need to look up the definition. Whther you can turn it into as much money as you ow is a compeltely separete matter.. The point was that if you have a house, the value of that house is not a liquid asset. Now, use that definition in what I was saying to see if you understand it.
 
Old 01-24-2011, 12:32 PM
 
Location: Pikesville, MD
5,229 posts, read 11,540,159 times
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Quote:
Originally Posted by Texas User View Post
Whats up with the guys showing off their trims with their cars? What are they trying to prove?
Speaking of definitions, are you using that as the slang I think you are? And what exactly, in non-colloquial english, are you trying to prove with that post?
 
Old 01-24-2011, 02:37 PM
 
12,671 posts, read 20,550,471 times
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Quote:
Originally Posted by Merc63 View Post
It's still an asset. You need to look up the definition. Whther you can turn it into as much money as you ow is a compeltely separete matter.. The point was that if you have a house, the value of that house is not a liquid asset. Now, use that definition in what I was saying to see if you understand it.
It an asset in terms of accouting but if your house is underwater then it isn't.
 
Old 01-24-2011, 02:41 PM
 
12,671 posts, read 20,550,471 times
Reputation: 2619
Quote:
Originally Posted by Merc63 View Post
Speaking of definitions, are you using that as the slang I think you are? And what exactly, in non-colloquial english, are you trying to prove with that post?
I am just talking about what I am seeing on the road.
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