What is your definition of rich?

There has been much discussion over the attitude of the 'rich' and wether people here are aiming to become 'rich' or what not. By I think it is undeniable that we all have different ever evolving ideas of what 'rich' actually is.

When I was a uni student a six figure salary was extremely 'rich'. Nowday's, whilst I might acknowledge that as well off, it is no longer my benchmark for rich. I sometimes now think, that no matter how much someone has, they rarely consider themselves rich, even if the rest of the world does.

So how do you define 'rich'? And how would you know when you got there?
:)
 
Good post. I've been pondering this very issue in the context of my plans moving forward.
Do I keep growing as I have been, or is it time to start harvesting and enjoying the fruits?
I'm no closer to an answer, but I'm making progress.
I'll be interested in others thoughts ...
 
Its an ever changing goal Rugrat, well at least it is for me.

Being rich to me, is the ability to do what I want, when I want. work a little play a lot. or choose not to work at all.

This doesnt mean a house in Vaucluse and a gold frequent flyer card, It could mean as little as owning my own PPOR and having a few rentals coming in.

but as I say, its a movable feast, whilst I have the IP's, I want to DO more in property, like develop. so that might mean taking steps back to make leaps forward.

I dunno, check again next week and the answer will be different... :cool:
 
Being rich to me, is the ability to do what I want, when I want. work a little play a lot. or choose not to work at all.

Couldn't have said it better myself - that's how I'd personally define it. But who knows, ask me the same question in 20 years time and I'm sure I'll have a different answer. But right now, I'm working towards the ability to do what I want, when I want.....and hopefully help some others out along the way.

Cheers,

Jamie
 
Having a private jet, McDonalds store and my own bowling alley at home is richy rich....

Pretty cool :)

Dont think I will get there, however I am not one to dampen my own future so anything is possible.

In reality I think most people like to be comfortable and content having strong cashflow, a nice house, and freedom to enjoy life. The rest is for fun, weather that be owning a winery, overtaking the world, or flying to the moon in your own space shuttle.
 
I got two gorgeous daughters, a cool girlfriend and two great dogs.

I don't have a boss and do whatever I want near every day of the week.

I reckon I am a rich man.
 
able to pay for a nice life as you wanted, or more.

diffference is how one defnes nice and what level of richness may be required to fund it.

flying first class and holidyaing at Bora Bor requires more than someone who's happy plodding roudn town, with their families etc.
 
I think it's different for each of us. To me, it means a fully paid off PPOR and enough passive income to live on without the need to work for someone else and the ability to travel as much as I want.
 
To me being rich is being in a situation where I have the POWER to make my own decisions about what I want to do and when I want to do it. It means NEVER having to need one cent off the government in any form of benefit. It means that if something happens to me or my family (eg we need to urgently fly overseas for a dying relative) we can do it without worrying about the cost. It means means having CHOICES about what I want to do without having to compromise. And yes it means flying Business Class on overseas trips because for long flights it is just so much more enjoyable:D

Like the above posters, it is not a Ferrari/Mansion on the water lifestyle and the interesting thing is I am sure some who live that lifestyle do not really have any wealth. It is about having CONTROL about what happens in my life and not having worry day to day whether I can afford the basic comforts of life way into my retirement years.
 
i agree with the most .... it is having the passive income to give me the ability to do what i want, when i want. be able to ring the painter and have the house painted without thought. be able to travel and stay in good quality (not necessarily 5 star) hotels when i want.

i am nearly there!
 
It seems I go against the trend here.

To me 'rich' is not what is described above as being content with your life/income at a certain point.

I take the term 'rich' more literally. Rich is having millions to throw around, owning that Sunseeker yacht harboured in the marina, the mansion in the hills, the penthouse on the beach, jetsetting around the world whenever you fee like it etc.

That's rich. That's not to say everyone aspires to that, and many people will be happy with nowhere near that amount. But to me that's a different question more along the lines of what 'would you be happy/comfortable in life with?' They would both be equally as happy with their own lives, but to me Rupert Murdoch and the likes are rich, the cat lady down the street isn't.

That's 'rich' to me, and what I'm aiming for. If I don't get there, whilst I'll be happy, I wouldn't define myself as rich.
 
Where do you place RICH in the scale of how well off people are and what are you measuring?

Do we measure CASHFLOW how much income is left after expenses. Do we measure TIME do you have to wake up and go to work or can you choose what you do that day?

Poor
Average
Well Off
Rich
Filthy Rich

How many other tags do you want in the list?

I'm happy with WELL OFF cash wise but VERY RICH time wise. So to me RICH is someone that can choose to go to work or choose to go fishing. You don't work for cash you work because it's fun and you enjoy it, when it stops being fun you change.

So for me to be RICH I don't need a lot of cashflow, I do need a lot of Assets and I want a lot of freedom to choose what I do with my time.

Cheers
Graeme
 
I think it's different for each of us. To me, it means a fully paid off PPOR and enough passive income to live on without the need to work for someone else and the ability to travel as much as I want.
What she said, except substitute "buy as many cool electronic toys as we want" for "travel" :)
 
It seems I go against the trend here.

To me 'rich' is not what is described above as being content with your life/income at a certain point.

I take the term 'rich' more literally. Rich is having millions to throw around, owning that Sunseeker yacht harboured in the marina, the mansion in the hills, the penthouse on the beach, jetsetting around the world whenever you fee like it etc.

That's rich. That's not to say everyone aspires to that, and many people will be happy with nowhere near that amount. But to me that's a different question more along the lines of what 'would you be happy/comfortable in life with?' They would both be equally as happy with their own lives, but to me Rupert Murdoch and the likes are rich, the cat lady down the street isn't.

That's 'rich' to me, and what I'm aiming for. If I don't get there, whilst I'll be happy, I wouldn't define myself as rich.



Iam with you Steve, thats what I call rich

If I can make it to $50m then I should have every toy I want. but then again I might need $100m
 
It seems like a lot aspire to the RICH life but don't quite have the CASH or SMARTS to remain there for a long time. Was chatting with people on the weekend about boats and a lot of those that have had big expensive boats and lived the RICH life are now bankrupt and back to the average life.

Considering the amount of fraud committed it would appear that lots of average joes are happy to get RICH quick and do the time in jail later. Well maybe they don't think about the jail time at the start. :D

I do like Steve's RICH definition, I don't aspire to it anymore but I think he's answered the original question best because I think the original question was more inregard to money RICH.

Cheers
Graeme
 
The main thing I think about 'rich' is not having to look at price tags. That means first class flying, or chartered jets. Or being one of the lucky few to experience a very zoomed-out view of the earth, and still coming home richer than when you left.

These days if I had to put a figure on it, that figure would be getting close to $1bn.
 
Rich to me:

- Enrolling my daughter in ALL the dance classes she wants (5).
- Buying my son a Saxophone and Bass Clarinet. (Already has Alto Clarinet.)
- Buying my husband a very BIG boat for Christmas.
- Flying my sister over from WA at least once every year.
- Paying for all of my sister and my brother's hospital bills.
- Two-three O/S holidays a year - First Class of course.
- Girls weekends at least twice a year - paid for by yours truely.
- Knocking down my house and building my "dream" home.
- "Yes, I will have that $150 pair of shoes and wait....I'll take the other pair as well."
- Last but not least -Something I have dreamed of - being able to walk into a Hospital Cancer Ward and donating millions of dollars for upgrades and research. Now that is rich!:)


Regards JO
 
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