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he likely does but that would only make sense up to retirement . if that 300k was earned income it may not exist anymore . the 300k has to come from somewhere .
So this is a really a description of what different people believe financially rich means.
1. I have everything i need
2. I can pay all my bills and I have a little left over for emergencies
3. I can pay all my monthly bills, and if necessary I could pay any installments(like cars and house) from assets.
4. I pay all my bills with a problem, have money left over each month, and I have no long term installment payments since I can buy these things outright without a problem.
5. I am like #4 but I have enough assets to buy anything I want, or go anywhere I want without any dent on my finances
6. I am like #5, but I can also give away large amounts of money to organizations in the vicinity of $10K to $40K and it will have no impact on my finances at all.
All of you who consider yourself wealthy will fit into these categories.
he likely does but that would only make sense up to retirement . if that 300k was earned income it may not exist anymore . the 300k has to come from somewhere .
Two earner couple each with pensions, annuities and SS taken at 70 living in a high income area with pensions and SS based on high income and each being at near the top of their employment food chain or one really being at the top with a little help from the spouse.
Location: Formerly Pleasanton Ca, now in Marietta Ga
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Quote:
Originally Posted by City Guy997S
When you spend your social security check on a single bottle of wine every month!
I have an uncle that is "rich".....great health, lives on the water, plays golf at the best courses in the world. He looks at his status as a accumulation of hard work and good lifestyle choices. He wouldn't want to be seen as "rich" but rather "comfortable." Paris Hilton or Kardashian type "rich" is an insult to him, frivolous spending to him is just about the worst thing people with money can do.
One of the things he loves to do is random acts of kindness. He will get behind a family with a few kids hanging off a grocery cart, cart loaded up with groceries and he will pay for them. Obviously he doesn't do this for the women carrying the $700 purse who just came from the nail salon. To him the "cost" might be the price of a good dinner but the benefit can really make a difference for that family.
He may be rich now but grew up very blue collar with hard working immigrant parents. You can't believe how a few hundred bucks can affect a stranger. Pay it forward......
He was clearly mortified when my cousin "outed him" on his grocery store gifting during dinner. He wants no recognition for his deeds.
Of course I told him I would "stack the deck" next time I see him at the grocery store (filling cart with expensive things, putting cheap stuff on the top) then having a poor looking stand in wait with the cart.....after he pays I'll pop through the door and collect my free groceries!
....And many of the people at the level you describe will say they're not rich because they look up at people with even more than they have. At what point do we say this is insane?
People should do what they want. If someone wants to keep working to get richer than what I've described, we should all be grateful for the contribution to the economy and the tax base.
“Many people think that being rich and being wealthy are the same thing,” said rich dad. “But there is a difference between the two: The rich have lots of money but the wealthy don’t worry about money.”
I am wealthy based on the above definition.
I also like several statements in his article
Quote:
The definition of wealth is the number of days you can survive without physically working (or anyone in your household physically working) and still maintain your standard of living.
So retirees with moderate incomes to cover their moderate standard of living for the rest of their life like us can be considered wealthy.
Quote:
Ultimately, it’s not how much money you make that matters but how much money you keep—and how long that money works for you.
Retirees like us are no longer working but if we had managed to save some money, and don't need to exhaust our saving to supplement our fixed income, I think we are quite wealthy.
I am very lucky to not having to worry about money. I am still quite frugal but only pinch pennies out of habit and not concerns so I am still quite wealthy ;-)
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