What does it mean to be Rich??

[dryad73]

This question was pondered on a blog I read and I thought it was really interesting. There are certainly all kinds of things to consider. Here are a couple from the post

Comments

[jscro]

Rich to me means you're setup for the rest of your life, and can probably set your kids up as well. It doesn't matter what happens to your job, the economy, anything; you'll be fine. That is rich. Per year income has very little meaning when it comes to being "rich". There are just too many other factors, that it almost barely matters. Not to mention, yearly income can fluctuate greatly depending on ones career.

[n_o_m_i_c]

Thank you for writing my comment verbatim before I was even fully awake. Awesome.

[dryad73]

I think I understand what you are saying but being "setup for the rest of your life" is pretty subjective. What does that mean to you? Is it just that you don't have to rely on a job to make money to support yourself and your family?

[jscro]

Well, I assumed by throwing in also being able to set your kids up for life that would imply assloads of money. Is assloads nonsubjective enough?

[roughestgunark]

But what if somebody earns $20,000 a year, lives a frugal lifestyle, and is able to save $5,000 each year in a Roth IRA?

Then they would be flat broke right now. Heh.

[j_koch]

"rich" could have very many aspects....emotionally, experience, financial, etc but I imagine you are focused on the economic terms

[dryad73]

"but I imagine you are focused on the economic terms."

Not at all. That's why I gave examples of so many questions. For some, being rich has nothing to do with money. For others, that is the focus. I am mostly curious about how people would define it. In some cases it would show what is important to people.

[druid]

If you don't die due to being crushed under an avalanche of gadgets, you're not doing it right (:

1.6 Million Dollars

[druid]

Yes, I can be that specific. At 1.6 million dollars, when invested properly, you can reap at least $60,000 per year in interest and dividends, possibly more. That's a fairly decent annual salary, which means you no longer have to hold a job.

When you no longer have to hold a job and can continue to maintain at least a decent lifestyle, you're rich. If you have to work for a living, you're not. (:

Re: 1.6 Million Dollars

[druid]

Oh, and by "invested properly", I don't mean the stock market (: I'm talking about relatively safe, flat-rate return, FDIC-insured, etc. investments.

Re: 1.6 Million Dollars

[dirtywest]

With some blood-thirsty pit bulls to defend it.