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GenPatton -- just this week our water heater went kaput and we had to get a new one. I called my plumber, who couldn't do it but recommended another guy, so I called him and he came out and put in a new water heater.
The worst part about this? I didn't feel I could sew while they were traipsing in and out of the house.
The cost was 900 bucks.
It did not phase me at all -- stuck it on the credit card and next month I will pay it off -- in full. Like I pay it off every month.
I don't have to "take it from my emergency fund" and then worry about my emergency fund, as I don't have an emergency fund.
I'm going to say something that flies in the face of all the conventional wisdom and will surely upset people, because it has in the past when I've argued about it -- but I've never quite put it this way ... Emergency funds are for poor people and people that lack the discipline to save money by living below their means, putting it away and learning a small amount about investing.
I will never have to worry about money again. I can sleep easy.
Am I rich? I have enough.
Poor people don't have emergency funds. They have to spend all there money on rent, and food, and survival in general and when an emergency comes around they either end up homeless or have to spend a month or two "cutting back" by not paying the light or water bill.
I grew up poor, I know what it's like to be poor, your not truly poor unless one mistake, or accident, or misfortune that would be a minor inconvenience for a rich person has the power to set you back 10 years. Many people claim to be poor when they know nothing about it, especially rich kids that are in college. They know nothing about being poor, if they screw up there parents will bail them out. When truly poor kids screw up they end up in a homeless shelter, in prison, or dead.
i always say the best thing about money is it gives you choices. i grew up in the woodside housing project in nyc. we really had nothing as a family.
well my best friend got in legal trouble and his family was just over the limit for legal aid. he couldnt afford a lawyer and had no choice but to plead guilty to something he didnt do.
i knew he didnt do it because me and him chickened out and didnt go with the group.
i learned early on you need money to have choices and i wanted choices in my life.
a relative mortgaged the house and so he pleaded not guilty and was found innocent.
... allows you to live the life you want to live ...
In addition to what mathjack says about different issues, I would add that a lot depends on personal ambition.
If you aspire to do basically nothing but hang out, then something like $500,000 in a low-cost area or rent-controlled apartment can be enough to be considered rich (I know a guy like that).
If, on the other hand, you aspire to political power, for example, then several hundred million $ may not be enough.
On another extreme, some aspire do to nothing and collecting welfare makes them rich (I know some people like that).
Somewhere in between, many aspire to running their own business, regardless of wealth, like your hairdresser (I know some people like that as well).
So even by your own definition, "rich" will vary widely on a person-to-person basis.
A very modest looking Turkish man hawking carpets on the streets of Istanbul once told me "rich is in the heart". I'll take that advice over any other, like by some financial consultant, for example.
There are some really messed up usages being thrown around in this thread.
Having enough to pay the common bills of life without drama or worry...
or to have enough set aside for a secure retirement is NOT repeat NOT rich.
This is the standard of what a common middle class life in America is supposed to be.
And even within that term (middle class)... there are gradations: lower MC to upper MC.
Lower MC still affords the 1500SF rancher over 25 years and a 2 year Ford every 4 years.
Upper MC affords the 3000SF split level and a new Buick every 4 years.
They both played golf at the public course even if one could do that more often.
And they each were able to send their kids to college.
One kid may have gone to "State" and the other to a nicer school... but they both went.
These examples are NOT describing a "rich" persons life.
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...owns 4 apartment buildings debt free.
He has more than enough to never work again...
After X years of working hard and building up those assets... Good for him.
But this still isn't "rich"
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The small things aren't an issue...
Hundreds or thousands or tens of thousands or dollars aren't a problem.
When hundreds of thousands aren't "a problem"... OK; you just may be there.
Last edited by MrRational; 07-23-2012 at 07:01 AM..
I wish every rich person acts like Warren Buffett, then this world is a much happier place. But the problem is too many rich people are acting like jerks.
There are too many perceptions of what "rich" is. Many folks define "rich" as someone that is a couple notches higher in the socio-economic ladder than them.
To a 16 year old that grew up in an older apartment complex with a single mom that drove a 20 year old car..... "rich" might be someone that lives in a newer 2000 sq ft home and drives a 2 year old car and goes to restaurants several times per month.
To someone that lives in a 2000 sq ft home in a cookie-cutter subdivision, "rich" might be someone that lives in a 5000 sq ft custom home on a lake and has a new boat and owns a business and the kids are in college.
To the family that lives in that 5000 sq ft lake home, they have a different definition of rich. They look at rich as someone that has several homes and travels the world and has housekeepers and buys big money classic cars for a hobby.
There are too many perceptions of what "rich" is. Many folks define "rich" as someone that is a couple notches higher in the socio-economic ladder than them.
To a 16 year old that grew up in an older apartment complex with a single mom that drove a 20 year old car..... "rich" might be someone that lives in a newer 2000 sq ft home and drives a 2 year old car and goes to restaurants several times per month.
To someone that lives in a 2000 sq ft home in a cookie-cutter subdivision, "rich" might be someone that lives in a 5000 sq ft custom home on a lake and has a new boat and owns a business and the kids are in college.
To the family that lives in that 5000 sq ft lake home, they have a different definition of rich. They look at rich as someone that has several homes and travels the world and has housekeepers and buys big money classic cars for a hobby.
I think you hit the nail on the head. I don't consider myself anywhere near rich, but people in lower income situations than me consider me as such. They can't wrap their head around why I don't spend my money like they would though. I drive less expensive cars, and don't buy all the gadgets and stuff.
There are some really messed up usages being thrown around in this thread.
Having enough to pay the common bills of life without drama or worry...
or to have enough set aside for a secure retirement is NOT repeat NOT rich.
This is the standard of what a common middle class life in America is supposed to be.
And even within that term (middle class)... there are gradations: lower MC to upper MC.
Lower MC still affords the 1500SF rancher over 25 years and a 2 year Ford every 4 years.
Upper MC affords the 3000SF split level and a new Buick every 4 years.
They both played golf at the public course even if one could do that more often.
And they each were able to send their kids to college.
One kid may have gone to "State" and the other to a nicer school... but they both went.
These examples are NOT describing a "rich" persons life.
After X years of working hard and building up those assets... Good for him.
But this still isn't "rich"
When hundreds of thousands aren't "a problem"... OK; you just may be there.
You seem to have the answers, what is rich?
It's a figure of speech with no definition. To a wino, having a dollar for the next bottle of TJ Swan will make him rich. So if you have enough that you think you're rich, then you are..
my definition of someone being rich is that they have more than enough to cover their expenses, it is mostly a derivative of the lifestyle.
a person A can have $200K salary and $180K worth of expenses (based on their needs). a person B can have $75K salary and $50K worth of expenses (based on their needs). in my books, they are about the same. I dont give two ****s if a guy has a latest Lexus model, as long as he is interesting to hang out with.
my boss makes like $20K more than I do, but he has 2 children and a boat. and I constantly hear him complaining how broke he is LOL.
Rich adj:
1. having wealth or great possessions; abundantly supplied with resources, means, or funds;
2. abounding in natural resources: a rich territory.
3. having wealth or valuable resources
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So if you have enough that you think you're rich, then you are...
No. That's called head trippin'. Somewhere between denial and hopeful.
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You seem to have the answers, what is rich?
As posted above... it ain't what anyone who actually works for their money will have from working.
(They may be able or just lucky enough to fall into a barrel of cash... but that's another story)
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