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A girl who dated my son insisted that we were 'rich' - because we (and the bank) owned our own 1,000 sq foot home, and owned two operating cars (a 1979 Ford LTD and a 1984 Mustang II) - in 2001. We both worked 2 jobs and sent our kids to private school; her mother and father were on Welfare and lived in section 8 housing and "never got a break".
Folks insisted that we were 'rich' when we sold our house and meager portfolio, cashed out of everything, and bought a 60-acre farm and 100-year-old about-to-be-foreclosed-on farmhouse in the middle of Nowhere, Nebraska. We weren't rich - we just didn't blow our money on frivolous things; we saved and scrimped and bought only what we needed, invested little bits practically. When the time was right, we pounced. Yet folks said (and still say) we were/are "rich".
We don't consider ourselves rich or even 'comfortable'. Rich to us is being able to buy whatever we want, whenever we want, without having to save or cut back. 'Comfortable' is not having to wait until the next paycheck to get what we want, or to even go out to eat; or not having to budget for clothes or gas or grocery shopping trips.
But we eat well (we bake our own bread and grow much of our own food) and our bills are paid on time - which, if you read a lot of threads on here, is more than most people have or seem to be able to do.
BTW, if I DO win the lottery, I have plans... most of which consist of farm enhancements, even perhaps a trip somewhere; and a college scholarship set-up for local HS kids - but most of it will go right back into what WE like and want. Mainly because a lot of people (even members of our own family) have the entitlement mindset that the world and, especially we, 'owe' them - everything we have worked and sacrificed for, even though they had the same or similar opportunities and abilities, and continued to flush them down the toilet at every opportunity. We don't/won't pour money into the hands of those who use it solely for instant gratification, as if it grew on trees and they could go out and pick more, but it seems that a lot of people expect it. And those always seem to be the ones who think we're "rich".
IMO, rich people have accountants who pay their unlimited credit card bills for them, so they can do whatever they want.
A girl who dated my son insisted that we were 'rich' - because we (and the bank) owned our own 1,000 sq foot home, and owned two operating cars (a 1979 Ford LTD and a 1984 Mustang II) - in 2001. We both worked 2 jobs and sent our kids to private school; her mother and father were on Welfare and lived in section 8 housing and "never got a break".
Folks insisted that we were 'rich' when we sold our house and meager portfolio, cashed out of everything, and bought a 60-acre farm and 100-year-old about-to-be-foreclosed-on farmhouse in the middle of Nowhere, Nebraska. We weren't rich - we just didn't blow our money on frivolous things; we saved and scrimped and bought only what we needed, invested little bits practically. When the time was right, we pounced. Yet folks said (and still say) we were/are "rich".
We don't consider ourselves rich or even 'comfortable'. Rich to us is being able to buy whatever we want, whenever we want, without having to save or cut back. 'Comfortable' is not having to wait until the next paycheck to get what we want, or to even go out to eat; or not having to budget for clothes or gas or grocery shopping trips.
But we eat well (we bake our own bread and grow much of our own food) and our bills are paid on time - which, if you read a lot of threads on here, is more than most people have or seem to be able to do.
BTW, if I DO win the lottery, I have plans... most of which consist of farm enhancements, even perhaps a trip somewhere; and a college scholarship set-up for local HS kids - but most of it will go right back into what WE like and want. Mainly because a lot of people (even members of our own family) have the entitlement mindset that the world and, especially we, 'owe' them - everything we have worked and sacrificed for, even though they had the same or similar opportunities and abilities, and continued to flush them down the toilet at every opportunity. We don't/won't pour money into the hands of those who use it solely for instant gratification, as if it grew on trees and they could go out and pick more, but it seems that a lot of people expect it. And those always seem to be the ones who think we're "rich".
IMO, rich people have accountants who pay their unlimited credit card bills for them, so they can do whatever they want.
I grew up in a small town. My family owns and operates a small business, we had and have decent homes, my dad lives on 6.5 acres with a 3bd/2bath house, and our cars are always clean.
People thought I grew up rich back there. Then I moved to Michigan and had a house in the country, right by a lake, played golf weekly, etc.
Seems like everytime I do something that betters me a little, people call me rich.
I agree with a previous poster, if you don't have to work ever again, then you are rich. I have to work daily.
Do they mean just billionaires or anybody who earns over $100,000 per year?
And since "The Rich" pay most of the taxes in America and hire the most people then why are they always the target for jealousy and bitterness?
Finally, if you are a "poor" liberal or progressive and you win the lottery will you give away all of the winnings so you don't join the evil class of producers and innovators known as "The Rich"?
...because if you don't you're a hypocrite.
If you have assets above $10,000,000 not including your home and your income is above $500,000 a year you are considered "A high net worth" individual by most wealth management organizations.
Personally I thought the Democrats made a very poor argument in 2010 when they set the bar at $250,000 for not extending the Bush Tax Cuts. It would have been better to set it at $1,000,000 a year.
Last edited by JazzyTallGuy; 06-12-2011 at 10:27 AM..
I grew up in a small town. My family owns and operates a small business, we had and have decent homes, my dad lives on 6.5 acres with a 3bd/2bath house, and our cars are always clean.
People thought I grew up rich back there. Then I moved to Michigan and had a house in the country, right by a lake, played golf weekly, etc.
Seems like everytime I do something that betters me a little, people call me rich.
I agree with a previous poster, if you don't have to work ever again, then you are rich. I have to work daily.
There is a difference being being rich and being wealthy. Being rich means you've acquired substantial assets. Being wealthy means that your assets are invested and they are giving you substantial returns.
In other words there are some people that are rich that work for their money. For wealthy people their money works for them.
Do they mean just billionaires or anybody who earns over $100,000 per year?
And since "The Rich" pay most of the taxes in America and hire the most people then why are they always the target for jealousy and bitterness?
Finally, if you are a "poor" liberal or progressive and you win the lottery will you give away all of the winnings so you don't join the evil class of producers and innovators known as "The Rich"?
...because if you don't you're a hypocrite.
It is deliberately misleading because that is the way politicians can demonize someone who made $300,000 in one year due to a bonus as the equivalent of Trump.
The are people who make incomes over $250,000 a year and I would classify them as high income earners. Many of these people only earn that once or twice in their lives. These people own very few financial assets and are often heavily in debt but they have big houses, fancy leased cars and a lot of stuff.
There are rich people who earn high incomes regularly and have little debt, lots of financial assets, moderate homes and older paid for cars. You would never know they are "rich".
There are wealthy who have a lot for assets and possibly high incomes but not always due to the structure of their assets. Many of these people hit it big during the tech revolution.
There are the privileged wealthy elite who have very little in taxable income but have substantial assets, especial land or natural resources.
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