What is your definition of rich?
- Thread starter rugrat
- Start date
Financially?
That is pretty much my definition too
Oh also...there has to be a cleaner to do the boring bits of the PPOR. I HATE housework!!! I will cook when I want to...not just because it is 6:00 and everyone is hungry..let the "staff" do that
I'm with Moyjos and Skater...
Rich = Big passive income so no need to work at all.
If that means I need $5M in net assets generating that passive income then that is an asset based measure you could apply. Otherwise, I'll settle for $200K pa gross passive income for my household. Tax can come out of that and I'll still have enough to do what I want to do. Oh, but I'll need a paid off PPOR and a nice big ocean going yacht unencumbered too. Not much to aspire to really...
Cheers,
Michael
Rich = Big passive income so no need to work at all.
If that means I need $5M in net assets generating that passive income then that is an asset based measure you could apply. Otherwise, I'll settle for $200K pa gross passive income for my household. Tax can come out of that and I'll still have enough to do what I want to do. Oh, but I'll need a paid off PPOR and a nice big ocean going yacht unencumbered too. Not much to aspire to really...
Cheers,
Michael
Having any passport you want for whomever you want.
Having one of your personal assistants in US or UK tell Obama or Brown you'll call back and them immediately worry about the election.
Having more than 10 in the Chinese delegation that comes to request your advice.
Being invited to Chair the Bilderberg group.
The rest of us are working class proles.
Having one of your personal assistants in US or UK tell Obama or Brown you'll call back and them immediately worry about the election.
Having more than 10 in the Chinese delegation that comes to request your advice.
Being invited to Chair the Bilderberg group.
The rest of us are working class proles.
How can you really define & quantify "rich", it's not only about money and mainly an attitude imo.
This is more along the lines of "how much money are you after?".
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Looks like JulieW aspires to be Rupert Murdoch lol
This is more along the lines of "how much money are you after?".
wow your easily pleased!
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Looks like JulieW aspires to be Rupert Murdoch lol
Others jsut s strongly view much less as 'rich'.
I agree, I thnk the defintion of the word rich would imply mor thn you need to be content & I get the feelign tht' s hwts being described too, contentment.
Me personally, I dont thkn $1k / week pssive income cuts it. But I hope shoudl I get there, that I'll be hapy of my accomplishments and keep going cause I see the opportunity to and more of wht I want out of life.
I find that sad
There's only 1 Michelangelo or Da Vinci or I dounno Elvis Presley, does that mena these few stars are the only ones who are good at what they do ?
(Not teh best analogy)
Those people are the, or at elas some of the richest... like saying strong is the the strongest man in n the world and his comeptitors... what about all the others who are miles ahead of the genral proles - there are degrees to everything.
I think it is interesting that so many people here mention a 'passive' income as part of being rich. Personally I don't feel that is a requirement, nor is the ability to save or spend your money wisely. DH works with someone who eats at restraunts every night, flys overseas for holidays at the drop of a hat, drives a couple of nice cars (she has a porche and an alfa), has a really exxie nice house. She earns about $100k pa and her partner earns about $100k pa. They have no dependants. Their individual salarys are not 'rich' in my opinion, but when looked at as a combined income, they do definitely fall into the 'rich' catagory to me. This isn't a passive income, it is earned (although admittedly she is a public servant ).
).The thing is though, that if either of them lost their job, they suddenly take a big hit to their lifestyle.
We live simply, don't hanker for anything fast, shiny or terribly expensive. Rich for me is hubby being able to stop working (which may happen in a few months) when he chooses.
Our lifestyle will change if he stops working in his job (not just financially), but we will manage somehow. I would hate for him to have to keep working just to keep food on the table. We are not "rich" by many peoples' standards, but being able to stop work is "priceless".
We live simply, don't hanker for anything fast, shiny or terribly expensive. Rich for me is hubby being able to stop working (which may happen in a few months) when he chooses.
Our lifestyle will change if he stops working in his job (not just financially), but we will manage somehow. I would hate for him to have to keep working just to keep food on the table. We are not "rich" by many peoples' standards, but being able to stop work is "priceless".
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Happened to me about ten years ago,after my old accountant said something very simple to myself and my wife,while fixing up theThere 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?
TAX paperwork,this is what he said--It's ABOUT TIME YOU STOPPED WORKING right now,and keep more rather then go back to work and lose more money in tax,took a few weeks for that to sink in..
Fast track that up too today,and several property booms where some properties we control were going up 10k a month year in year out,but it's only money,being rich to me is quite simple,"Time"a,nd being happy is more important that money,you can always make serious money but not matter
was any fast buck soap box snake oil humanitarian selling secerts speaker
tells you for 5k,it is something you can never buy-time-and being happy and free..willair..http://www.youtube.com/watch?v=L6GzVCYqoyY
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Wylie - you are of course right. But just because you are rich, doesn't mean you cann't be stupid and blow it all. If I had that kind of income, there is no way I would ever be 'not rich' again, but then I am reasonably smart with finances - alot of people aren't, or just don't care and live with the attitude of "it will never happen to me".
The sad thing is although I would consider that kind of income 'rich', I know people on that kind of combined income with little or nothing to show for it - they are broke and live paycheck to pay check. So maybe I should qualify it as 200k income with no or little "bad" debt???
If I had that kind of income, there is no way I would ever be 'not rich' again, but then I am reasonably smart with finances - alot of people aren't, or just don't care and live with the attitude of "it will never happen to me". The sad thing is although I would consider that kind of income 'rich', I know people on that kind of combined income with little or nothing to show for it - they are broke and live paycheck to pay check. So maybe I should qualify it as 200k income with no or little "bad" debt???
When I was young I did work experience at the florist shop at the bottom of the Sofitel hotel here in Collins Street. I ran around delivering flowers to other lucky ppl (I was 16 and I had never received flowers ) I got bossed around and swept up and basically did all the cruddy jobs. At one point I had to take the garbage out and it involved going past the fancy doorman of the hotel and through the bottom entrance.
There was some relaxed and nicely dressed people coming down the escalator from the hotel chatting about where to have lunch. I wiped the sweat away and dragged the huge garbage bags along. "Right, one day I'm going to be one of those RICH people", I muttered to myself.
Guess what? Late last year my husband and I stayed there (for the first time in my life) for a precious night away to celebrate his 40th. We spent money on things we wanted (not what we needed) and I walked around feeling like Princess Posh.
Sure it was only night but man I felt rich.
) I got bossed around and swept up and basically did all the cruddy jobs. At one point I had to take the garbage out and it involved going past the fancy doorman of the hotel and through the bottom entrance. There was some relaxed and nicely dressed people coming down the escalator from the hotel chatting about where to have lunch. I wiped the sweat away and dragged the huge garbage bags along. "Right, one day I'm going to be one of those RICH people", I muttered to myself.
Guess what? Late last year my husband and I stayed there (for the first time in my life) for a precious night away to celebrate his 40th. We spent money on things we wanted (not what we needed) and I walked around feeling like Princess Posh.
Sure it was only night but man I felt rich.
I am somewhat stunned by the course of this thread.... I never wuld have thought that so many ppl would define 'rich' as I have just read here....
I have chosen to make a very clear distinction between RICH and WEALTHY. Most ppl have described what I (and I know this is not my idea) would term as WEALTHY not as RICH.
RICH = $
WEALTHY = Happiness, contentment, freedom, time, etc...
$ can't buy time
$ can't buy happiness
$ can't buy contentment
$ can't regenerate themselves
Note: I caveat the above 'can'ts' with the fact that they 'can' under certain self-controlling circumstances, but these are active measures we must instigate.
So, my definition of RICH is simply having $ and lots of them. I don't want to be RICH.... I want to be WEALTHY, and part of that is not being obssessed and/or overly concerned about $....
Have a nice day!
I have chosen to make a very clear distinction between RICH and WEALTHY. Most ppl have described what I (and I know this is not my idea) would term as WEALTHY not as RICH.
RICH = $
WEALTHY = Happiness, contentment, freedom, time, etc...
$ can't buy time
$ can't buy happiness
$ can't buy contentment
$ can't regenerate themselves
Note: I caveat the above 'can'ts' with the fact that they 'can' under certain self-controlling circumstances, but these are active measures we must instigate.
So, my definition of RICH is simply having $ and lots of them. I don't want to be RICH.... I want to be WEALTHY, and part of that is not being obssessed and/or overly concerned about $....
Have a nice day!
I support your definition Indifference. Kudos to you.
We become rich when we allow ourselves to thrive.
I am wealthy, healthy and happy but the richness of my life comes in the continual pursuit of these things as well as in the manifestation of them.
Life is more fun when I remember to enjoy the thrill of the chase!
Cheers
Julie
I am wealthy, healthy and happy but the richness of my life comes in the continual pursuit of these things as well as in the manifestation of them.
Life is more fun when I remember to enjoy the thrill of the chase!
Cheers
Julie
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