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There is no one, single definition of "rich." One man's rich is another man's poor. I know some people I would consider as being rich but they do not have $ 5, 000,000 worth of artwork hanging on their bedroom walls, nor do they have 500 foot luxury yachts. But they do have the financial ability to not worry about where their next meal is coming from, and if they want to purchase a new home or expensive car they write a check for the full amount. They have enough money in the bank to do things most of us working stiffs can only dream about.
Rich is like porn..........I can't define it , but I know it when I see it.
They are either born into it, married into it, invented something, found a niche that was lucrative, networked with the right people, worked their A$$ES OFF day and night... and invested their money wisely. It also helps to live below your means.
Still remember an elderly Italian Immigrant I knew through my parents...
He was a real character in all the best ways.
If you got him talking about America and life here he would proudly proclaim how he came here a poor man and now is rich beyond anything he could have imagined.
Money in the bank, a pension, a home and car paid for and no debts...
He worked 41 years as a trash collector and his 1150 square foot 1920's home with beautiful garden and grape arbor made him a rich man.
The term 'rich' can be applied loosely to apply to a very wide range of economic capability. The national median household income is $52,762 (source: US Census Bureau District of Columbia QuickFacts from the US Census Bureau). If you make more than this, then you are considered to be in a situation that is more economically advantaged than the majority of the population. But cost of living is not standard throughout the nation, nor is household income. Washington D.C., for example, has a median household income of $61,835, which is nearly $10K more than the median household income (source: US Census Bureau, same link).
But anyone that lives in very large, expensive cities can attest that just because one may have an inflated income does not mean they are economically more capable to support themselves than someone making far less income but living in a very low cost area. That is why one must utilize more metrics than simply assessing raw income numbers to determine how 'rich' someone is. These factors should be [1] Gross Monthly Savings (how much they can save/invest after deductions from regular living expenses), [2] The amount of one's assets as measured in estimated value, and [3] How large is one's monthly discretionary spending as executed (one that consistently spends a lot on non-necessities indicates wealth).
Bam. This post just blew the minds of the 9 pages of posts that came before it.
A mayoral candidate for NYC, John Catsimatidis, is a billionaire, and I looked him up to find out what he did to become a billionaire. He started off as the of a greek busboy. He went to college, and worked with his friend's uncle in his grocery store. Eventually uncle sold his shares to John. I guess back then shares in an NYC grocery store were not too much money for an employee to buy. Then he brought another, and another, and another. Until he had a whole lotta assets. And apparently he did this with virtually no bank debt. His stroke of business genius is to stay open late, deliver and accept checks. Once he had enough real estate assets he just kept buying and starting companies. He has an airline and an oil refinery.
A friend of mine owns a custom cabinet company that specializes in putting in a million bucks worth of cabinets into your ten million dollar house. He always asks potential clients in a roundabout way how can you afford me. What he has found is the people that can afford his services tend to be professional athletes, guys who had their own business (usually blue collar like trucking, manufacturing or distribution) and lastly people who picked a good set of parents. He rarely sees a doctor, lawyer or other professional that makes enough money to be able to drop $500,000-$1,000,000 on custom cabinets.
Alternatively, the professionals might just not be dumb enough to drop $500,000 on cabinets.
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