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No, I've never asked a rich person what it's like to be rich. I'm too busy trying to join them in the 1%. I'll let you know what it's like when I get there.
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.
I can do the same and I'm not rich. In those circumstances I may have the same sewing issue so I understand your problem. I don't think that is rich. Being able to pay your bills and upkeep on your house should be expected of everyone. Too many people think that is rich and that may be part of the problem.
I would say you're rich if the passive income from your investments (real estate, stocks, business, etc.) allows you to live the life you want to live.
By this definition I guess I am rich! But I have to replace water heaters myself so it's not exactly passive income. But I feel rich because I don't worry about money.
It helps that the life I want doesn't require much income.
Have you ever asked rich people what it's like to be rich?
Yes.
Our scheduling guy is Rich. The other day I asked him what it was like to be Rich; he said it was alright for the most part but being a 60ish Yankee fan he sometimes wishes he had been named Michael so people would call him Mickey.
I'm in my early 40s and for years and years I was in low pay dead end jobs, then put myself through college in my 30s. Worked p/t for living expenses (very frugal) and grants and scholarships payed tuition (no loans). So I've been debt free all along, getting by ok on a razor slim budget.
Now I have a decent job making 30k. Feels like a fortune!
This is how both my husband and I were raised. Our parents did it this way. They saved x amount of dollars each check, and if a vacation was coming up they put away y dollars on top of that. You keep a check on things and know when you need new tires and put away a little each check...
Until Suze Orman, I had never heard the term emergency fund. None of the books I read used the term emergency fund. To me, it's a symbol of everything negative in financial planning. It sets you up to go from putting out fire after fire, and then saving for the next fire, and you never get to the business of setting up a financial life.
This is how I was raised too. I always saved a little from every check since HS. I didn't know it was an emergency fund at the time but that's what I was doing.
I'm not sure I understand what you mean. It's good to have cash for emergencies.
Quote:
Originally Posted by Info Guy
There are rich folks who are unhappy because money does not buy all hapiness like family, kids, spouse, health in a lot of cases, etc.
This is true. Look at steve job's. His money couldn't save him from pancreatic cancer.
I don't know any rich people. Maybe I do and I just don't know they're rich lol. I would love to have enough to live a decent lifestyle. I don't have be to a multi-millionaire. Just enough to be able to take care of myself and not worry about bills.
I'm surprised posters here are open about being well off. I'm used to people being hush hush about that sort of thing.
Rich is relative. There are some that might love to make 100K and I've heard other people say that's pennies.
I don't know any rich people. Maybe I do and I just don't know they're rich lol. I would love to have enough to live a decent lifestyle. I don't have be to a multi-millionaire. Just enough to be able to take care of myself and not worry about bills.
I'm surprised posters here are open about being well off. I'm used to people being hush hush about that sort of thing.
We have some friends that probably have a bunch of money. He's a retired doctor. They have a nice house/property that they work on a lot. They go to Europe and NZ every year. They seem kind of frugal on their own level, but I know they like to buy the Best. I think they must have at least a few mil on hand to support their lifestyle. It's a little strange that they befriended my SO & I, we are much less well off (poor!).
We met them just before I graduated college. They wanted to give me a graduation party at their place. They provided food for all the guests (20). Very generous of them.
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I don't think that is rich. Being able to pay your bills and upkeep on your house should be expected of everyone. Too many people think that is rich and that may be part of the problem.
