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A LOT more than what it takes to fund the middle class life that nearly every
post in this thread describes as being 'rich"... which is the real point.
Being able to play a few rounds of golf or take your kids to Disneyland or to install a
new water heater without having to rejigger your investment portfolio... is NOT rich.
Having that investment portfolio... is NOT rich.
Having an investment portfolio of adequate size that it (and some SS) could support
something close to the life you're used to when at retirement age... is NOT rich.
These are or should be considered nothing more than a common middle class American life.
hth
Good post. I tried to say the same earlier on. I think it's disturbing that so many think having more than enough is rich.
I think it's disturbing that so many think having more than enough is rich.
I actually agree, but I hate to break it to you guys that median family income in the US is about $55k, and invidiual income is $32k for those over 25 years old. That means that half of the people in the US who are over age 25 and employed make less than $32k a year. Being broke if the water heater goes out is middle class in the US; therefore "rich" begins at the point where a broken water heater plus a vacation is no big deal and ends at the point where you have a higher net worth than something like 1/7 (~30 million) of the working people in the entire country.
I think that the US's horrible income disparity is disturbing; not that definitions of "rich" are disturbing.
Thanks for all the responses guys! It looks like most people view rich as being able to cover anything that comes their way, no matter how big of a cost it is so it gives you that peace of mind. I know people disagree on that definition but like the previous poster said, with all that info on incomes, that's prob. what it feels like.
Talking money is something I was taught to never do, so, no, I never ask someone about their financial situation (unless I'm assisting them with their finances).
Besides, the majority of truly (financially) wealthy people you'd never know by looking at them to even think to ask.
I actually agree, but I hate to break it to you guys that median family income in the US is about $55k, and invidiual income is $32k for those over 25 years old. That means that half of the people in the US who are over age 25 and employed make less than $32k a year. Being broke if the water heater goes out is middle class in the US; therefore "rich" begins at the point where a broken water heater plus a vacation is no big deal and ends at the point where you have a higher net worth than something like 1/7 (~30 million) of the working people in the entire country.
I think that the US's horrible income disparity is disturbing; not that definitions of "rich" are disturbing.
This means they don't have a rainy day fund to cover that broken water heater.
If you were more visionary you would get out of Chicago while you still can. With the government there it is only a matter of time until it becomes Detroit.
Right. Still lots of paying big corp./govt. customers here for my product lines. There is a lot of business to go after in this town. Though the State of IL. is broke and paying very late, but we have a workaround for that one. And Chicago w/the high taxes, regulations, unions, and imprisoned governors...there are definitely problems... But I'm used to playing the machine and have networks in place. Also helps to have offices in neighboring county w/lower r.e./sales taxes, easy transportation, less reg./politics, and a well-connected corp. attorney. But my customers are all over the world, so there is always the potential for a relocation if deemed necessary.
A LOT more than what it takes to fund the middle class life that nearly every
post in this thread describes as being 'rich"... which is the real point.
Being able to play a few rounds of golf or take your kids to Disneyland or to install a
new water heater without having to rejigger your investment portfolio... is NOT rich.
Having that investment portfolio... is NOT rich.
Having an investment portfolio of adequate size that it (and some SS) could support
something close to the life you're used to when at retirement age... is NOT rich.
These are or should be considered nothing more than a common middle class American life.
hth
Agree... These people are "comfortable," but not rich in the financial sense. I have no idea whether a person is rich as I base it on net worth. I would never ask (nor assume) about a person's wealth.
I don't assume designer-dressed, charity-ball attending, members of the country club are rich. I know too many social climbers who are into this and have high debt. Though sometimes I'll see an old, coverall-wearing farmer on his tractor and (knowing of the valuable acreage/mineral rights he owns and his frugal ways) think - that guy is probably rich.
For me, "rich" (in the strict financial sense) is based on market value of owned assets (corp. shares, properties, businesses, land/mineral rights) minus liabilities. I consider income from investments as well as the ability to continue to create wealth (based on assets, individual abilities, risk factors, etc.). The net worth number that defines whether someone is "rich" is subjective. And individual wealth can be very fluid as I've known several who were "rich" one day and then bankrupt the next.
Last edited by GoCUBS1; 07-28-2012 at 01:03 AM..
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