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How much money does it take to be rich?
- Thread starter Rodimus Prime
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I live in Moscow, one of the most expensive city in the whole world!
This fact could be illustrated if I say that 1 month ago my parents bought a 2-room flat (54 square meters - area) in outlying district for... $500 000...
But however I think that $10 000 per month (ok, not $ but euros) ($ 200 000 per year) would be enough for me to feel rich in Moscow...
This fact could be illustrated if I say that 1 month ago my parents bought a 2-room flat (54 square meters - area) in outlying district for... $500 000...
But however I think that $10 000 per month (ok, not $ but euros) ($ 200 000 per year) would be enough for me to feel rich in Moscow...
Not only that but no kids = no humans, which makes it a necessity not a luxury but there you go.
I still haven't voted on this because I wanted to read other people's opinions.
I would say really being rich depends on where you are, what you value, and what your expenses are. I think to truly be rich you have to be able to afford things without worrying about being in debt. I just toured the Vanderbilt Mansion in Hyde Park and was amazed to see how rich those people lived.
These are my definitions of social classes
- Middle Class: Enough money to get by with relatively low luxuries
- Upper Middle Class: Enough money to get by, still pays a mortgage, affords more luxuries- vacations, nicer cars if they choose, better than average house if they choose
- Upper Class: Enough money to get by, still pays mortgage, can afford more luxuries, less concerned with the cost of things
- Rich: Can afford basically anything, no mortgage, very very very cushy lifestyle
I would also like to note that there are rich people that don't even show it. I know the VP of Gulf Oil and his family and they lead a very modest lifestyle considering the amount of money the guy makes and the amount of stock he has. He drives a lincoln continental, his wife a ford explorer. They have a well finished fairly large house and a house on cape cod, but nothing that looks showy or ostentatious. I know people that make not nearly as much as that guy and they drive around in BMW's and build McMansions.
I would say really being rich depends on where you are, what you value, and what your expenses are. I think to truly be rich you have to be able to afford things without worrying about being in debt. I just toured the Vanderbilt Mansion in Hyde Park and was amazed to see how rich those people lived.
These are my definitions of social classes
- Middle Class: Enough money to get by with relatively low luxuries
- Upper Middle Class: Enough money to get by, still pays a mortgage, affords more luxuries- vacations, nicer cars if they choose, better than average house if they choose
- Upper Class: Enough money to get by, still pays mortgage, can afford more luxuries, less concerned with the cost of things
- Rich: Can afford basically anything, no mortgage, very very very cushy lifestyle
I would also like to note that there are rich people that don't even show it. I know the VP of Gulf Oil and his family and they lead a very modest lifestyle considering the amount of money the guy makes and the amount of stock he has. He drives a lincoln continental, his wife a ford explorer. They have a well finished fairly large house and a house on cape cod, but nothing that looks showy or ostentatious. I know people that make not nearly as much as that guy and they drive around in BMW's and build McMansions.
To be rich you need to have enough ca$h to clear out the stock of a Apple Store... Or have enough to convince Steve to hand you over the 3G iPhone before it comes out!
Let's use this as the benchmark.
And let's say that I have enough to do this.
Then what?
Well yes, for a while anyway.Now, you enjoy!
But what happens next Tuesday when new whatever is introduced?
Would you still be content?
I see. Guess eBay would be your friend!
Yup
Now that would be the life! Especially if the stock included the TVs used to demo the Apple TVs!
Steve Jobs official salary of $1 per year seems to be working out for him.
Yup, as long as he has enough iStock!
Your wealth is gauged by how you spend/save money, not your annual income. I know many that make in the neighborhood of $250,000+ annually, but can't afford a lifestyle beyond that of, say, the middle-class. The truly wealthy are those with practical knowledge and capability to spend without really losing money.
In addition to $$$ being a deciding factor in being "rich" I think that time is also just as important. Some of my best friends buddies are on the fast track to working at iBanks and hedge funds which means they'll be pulling in huge incomes when I'll still be in professional school.
But I'll be working 10-25hr weeks, spending time raising the kids and taking care of the family while making an respectable upper middle class salary (100-300k) and living a fairly low stress lifestyle. My best friend will be working 80-100hr weeks and pulling down my yearly income in a weeks and will be much more stressed b/c of the nature of the business. Who will be happy? Probably both of us. Who will be richer? Depends.
But I'll be working 10-25hr weeks, spending time raising the kids and taking care of the family while making an respectable upper middle class salary (100-300k) and living a fairly low stress lifestyle. My best friend will be working 80-100hr weeks and pulling down my yearly income in a weeks and will be much more stressed b/c of the nature of the business. Who will be happy? Probably both of us. Who will be richer? Depends.
I voted $200k+ based on what I have seen around me (USA/Canada).
There is a difference between rich and living a good lifestyle, in my opinion that is. I feel that living a good lifestyle is what meets your own standars (the house you envision, the car you drive, the luxuries you purchase that make you happy within a constraint amount of cash).
However, being rich is when you can afford big houses in the most expensive areas of wherever you live (usually a decent house costs upward of $1million in urban areas), you can buy any car you wish (high-end...whatever you consider), can purchase clothes/accesories without worrying about paying off other bills, etc. I am very privilaged to have come from a "rich" family and having just about everything I wanted bought for me (I am not trying to brag or anything, its just how I grew up), but gaining working experience and learning how much luxuries costs really helps one appreciate hard-earned $$$.
I am a univeristy student and my expenses are already crazy (just necesities/year):
-$10,000 tuition
-$550/month for apartment with 2 friends ~ $6,500
-$150 cable, internet, cell phone, utilities ~ $1,800
-$1000 textbooks
-$150/month for gas or coming home to visit ~ $1,800
-$250-300/month for food ~ $3,000
so thats already $24,000 without shopping, going out, etc. I guess I am a kid and that is the largest expense for a family, but just showing ballparks of how living alone can be seen.
With that being said $100-200k can lead you a good life, but being considered "rich" will take a lot more. But also once again, depends on your definition of rich (income) plus health, family, love, etc.
Please don't bash, just my opinion.
Cheers
There is a difference between rich and living a good lifestyle, in my opinion that is. I feel that living a good lifestyle is what meets your own standars (the house you envision, the car you drive, the luxuries you purchase that make you happy within a constraint amount of cash).
However, being rich is when you can afford big houses in the most expensive areas of wherever you live (usually a decent house costs upward of $1million in urban areas), you can buy any car you wish (high-end...whatever you consider), can purchase clothes/accesories without worrying about paying off other bills, etc. I am very privilaged to have come from a "rich" family and having just about everything I wanted bought for me (I am not trying to brag or anything, its just how I grew up), but gaining working experience and learning how much luxuries costs really helps one appreciate hard-earned $$$.
I am a univeristy student and my expenses are already crazy (just necesities/year):
-$10,000 tuition
-$550/month for apartment with 2 friends ~ $6,500
-$150 cable, internet, cell phone, utilities ~ $1,800
-$1000 textbooks
-$150/month for gas or coming home to visit ~ $1,800
-$250-300/month for food ~ $3,000
so thats already $24,000 without shopping, going out, etc. I guess I am a kid and that is the largest expense for a family, but just showing ballparks of how living alone can be seen.
With that being said $100-200k can lead you a good life, but being considered "rich" will take a lot more. But also once again, depends on your definition of rich (income) plus health, family, love, etc.
Please don't bash, just my opinion.
Cheers
I don't know if it's how much money you make, than how much you have. I would consider rich to be that you don't have to work.
That's very true, and it's an important point to make, but there's a couple of aspects you're neglecting in your analysis.
The only people that can last at high stress jobs for more than a decade without dying of a heart attack are the people who really enjoy the rush of constant high stakes deals. And for people that are unhappy working that hard at their uber-paying job, if they're smart they'll work for a decade and save up a few million in the bank and then retire after 10 years of work. Then they'll be working zero hours a week and have oodles of cash on top of it.
Everyone has their own path that's right for them, there's no one right answer.
once you get past 200,000 grand a year I don't see how you could DARE complain about not being rich. Seriously, doesn't making more then ~85% of the rest of the people on the earth count for something?