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At one time, this was a much easier task, but today people of varying levels of education and business interests can have extraordinary assets. The guy with the shaggy beard and tattered coat sitting at the next table at the coffee shop could be a Bitcoin millionaire for all I know.
At one time, this was a much easier task, but today people of varying levels of education and business interests can have extraordinary assets. The guy with the shaggy beard and tattered coat sitting at the next table at the coffee shop could be a Bitcoin millionaire for all I know.
My son said that if he won big on the lottery, he'd buy a newer pick up.
^^5 year old thread but people still don't understand the difference between high income and rich. Tax returns look only at income, not wealth.
Also defining "rich". Most people probably drive through a random nice suburb or neighborhood of whatever metro area they live in and say "the rich people live here", meaning various higher level professionals who earn, say, several hundred thousand a year, and who (let's assume on average, although there will always be a few who live beyond their means) have net worths in the low seven figures.
But those people might say "oh, we're doing well but we're not *RICH*. The rich people are [SVP's at companies and senior partners at large law or accounting/consulting firms], who make [800K to 2M per year, with proportionately higher net worths. Assume that latter for all of these.]. They're RICH!"
And those partners and such will go "sure, we're making a great living, but we're not *RICH*. The rich people are the investment bankers and EVPs [and CEOs of small to mid-size companies] who make [upper 7 figures to low 8 figures per year]. Now those people are RICH!"
and THOSE people will say "well, maybe we're kinda rich, but the REAL wealth, you're talking [Hedge fund managers and CEOs of certain very large companies, who make 9 figures a year]. Now that's who's really, truly RICH!"
And the hedge fund managers and CEOs will probably point to Bezos and Gates and Zuckerberg and Buffett and whoever else as they real, true Movers and Shakers. Or something.
I'll also reiterate that if you ask anyone "how much income would you need to be financially secure/comfortable", their answer will virtually always be 30-50% more than they're making currently (whether that's $20,000 or $200,000).
Also defining "rich". Most people probably drive through a random nice suburb or neighborhood of whatever metro area they live in and say "the rich people live here", meaning various higher level professionals who earn, say, several hundred thousand a year, and who (let's assume on average, although there will always be a few who live beyond their means) have net worths in the low seven figures.
But those people might say "oh, we're doing well but we're not *RICH*. The rich people are [SVP's at companies and senior partners at large law or accounting/consulting firms], who make [800K to 2M per year, with proportionately higher net worths. Assume that latter for all of these.]. They're RICH!"
And those partners and such will go "sure, we're making a great living, but we're not *RICH*. The rich people are the investment bankers and EVPs [and CEOs of small to mid-size companies] who make [upper 7 figures to low 8 figures per year]. Now those people are RICH!"
and THOSE people will say "well, maybe we're kinda rich, but the REAL wealth, you're talking [Hedge fund managers and CEOs of certain very large companies, who make 9 figures a year]. Now that's who's really, truly RICH!"
And the hedge fund managers and CEOs will probably point to Bezos and Gates and Zuckerberg and Buffett and whoever else as they real, true Movers and Shakers. Or something.
I'll also reiterate that if you ask anyone "how much income would you need to be financially secure/comfortable", their answer will virtually always be 30-50% more than they're making currently (whether that's $20,000 or $200,000).
Yes. Very well said. I think another poster said the same thing in that we almost always "compare up" but not down.
Oh, and by the way, I've read that most people think all their financial problems would be solved if their incomes were 20% higher (not even 30% to 50% that you mention) than what they currently earn. But the thing is, everyone thinks that very same thing no matter what income level they're at.
Last edited by mysticaltyger; 04-01-2018 at 12:35 AM..
You can't tell how rich someone is by their outward appearance/lifestyle.
Rich doesn't just mean annual income.
There are different levels of rich in the USA and in the world.
Quote:
Originally Posted by synchronicity
Also defining "rich". Most people probably drive through a random nice suburb or neighborhood of whatever metro area they live in and say "the rich people live here", meaning various higher level professionals who earn, say, several hundred thousand a year, and who (let's assume on average, although there will always be a few who live beyond their means) have net worths in the low seven figures.
But those people might say "oh, we're doing well but we're not *RICH*. The rich people are [SVP's at companies and senior partners at large law or accounting/consulting firms], who make [800K to 2M per year, with proportionately higher net worths. Assume that latter for all of these.]. They're RICH!"
And those partners and such will go "sure, we're making a great living, but we're not *RICH*. The rich people are the investment bankers and EVPs [and CEOs of small to mid-size companies] who make [upper 7 figures to low 8 figures per year]. Now those people are RICH!"
and THOSE people will say "well, maybe we're kinda rich, but the REAL wealth, you're talking [Hedge fund managers and CEOs of certain very large companies, who make 9 figures a year]. Now that's who's really, truly RICH!"
And the hedge fund managers and CEOs will probably point to Bezos and Gates and Zuckerberg and Buffett and whoever else as they real, true Movers and Shakers. Or something.
I'll also reiterate that if you ask anyone "how much income would you need to be financially secure/comfortable", their answer will virtually always be 30-50% more than they're making currently (whether that's $20,000 or $200,000).
At some point in this ladder, (maybe 2nd or 3rd to the last rung) I think many will stop defining people simply by their wealth (with likely exception of the top echelon like Gates/Buffett/Bezos/etc. and the many billionaires whose names we dont' even recognize as household) but by their life accomplishments and positions of power/influence/ Ie, high level politicians, scientific greats, nobel laureats, well-known artists (including musicians and performance art), well-known people with fame/notoriety for charitable/great work and true passion for certain causes.
If you're a top C-level executive of a large company clearing high 7 figure to 8 figures a year and potentially worth 50-100M++, I'm not sure if you're THAT impressed by more wealth as much as figures/peoples who are truly achieved/did alot with themselves in science/politics/music/humanitarian-work/etc. and not just because they made a boat load of money.
It's certainly very very difficult to sit shoulder to shoulder with wealth that has names such as Gates/Buffett/Bezos....but to be recognized in history to be true shakers/movers with names such as:
Einstein, Armstrong (astronaut and musician). Gandhi, Fleming, Mandela, MLK Jr, Elvis, Picasso, Freud, Speilberg, Sinatra, etc. etc. these, imo, are MUCH harder to achieve than making lots and lots of money.
i think it goes like this.
-they have nice teeth. poor's can't afford dentist.
- they drive a Mercedes-Benz.
- they have nice clothes such as Gucci and Ralph Lauren etc.
Anything else im missing?
Two and three don’t equal wealth they are more indicative of spending. Which could result in the absence of wealth.
It is all in ones definition. While I am comfortable my girl friend, single mother of two and does not have two nickels to rub together, thinks I am wealthy.
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