How much money does it take to be rich?

Year income to be rich

  • $30,000/year

    Votes: 7 2.8%
  • $40,000/year

    Votes: 2 0.8%
  • $50,000/year

    Votes: 3 1.2%
  • $60,000/year

    Votes: 4 1.6%
  • $70,000/year

    Votes: 6 2.4%
  • $80,000/year

    Votes: 8 3.2%
  • $90,000/year

    Votes: 3 1.2%
  • $100,000/year

    Votes: 32 12.9%
  • $150,000/year

    Votes: 32 12.9%
  • $200,000/year

    Votes: 44 17.7%
  • Great than $200,00 please post

    Votes: 107 43.1%

  • Total voters
    248
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?

If you earn 75% more money than the general population but you live in an area where everything costs 75% more than the general costs around the country then you're no richer than anyone else despite earning much more money than most other people. That's kinda been the point of this entire thread, that the specific number of dollars you earn per year actually has little to do with how rich you are.
 
Being rich is not dependent directly on the numbers, but on the conditions.

If you are able to buy everything you need and virtually everything you realistically want, and then have excessively large amounts of money left over, and this continues indefinitely, you're rich.
 
I'm not going to go into some metaphorical or figurative junk about love and friendship...financially, to be 'rich' it'd probably take about 250,000 a year or so minimum, with a good chunk invested, to be secure after taxes etc...
 
According to this site, I'm in the top 0.98% richest people in the world. Makes you think, doesn't it?

The problem is that we are living comfortable lives with gadgets, healthcare, gizmos, good food etc. etc., and still whine how we are not "rich", when in fact we are. We just don't know how good we have it and how lucky we are.
 
According to this site, I'm in the top 0.98% richest people in the world. Makes you think, doesn't it?

The problem is that we are living comfortable lives with gadgets, healthcare, gizmos, good food etc. etc., and still whine how we are not "rich", when in fact we are. We just don't know how good we have it and how lucky we are.

I am the 2,833,665,793st richest person in the world, according to that :D
 
Way more than $200k/year. I say $750k/year is basic rich. $2M/year is getting there and 3-4+M/year means you either bet on the track way too much or you robbed a bank.
 
Way more than $200k/year. I say $750k/year is basic rich. $2M/year is getting there and 3-4+M/year means you either bet on the track way too much or you robbed a bank.

or.

1). you traffic

2). you sell realestate in Perth Western Australia!
 
He who is happy with his lot in life.
A lot to be said for this.

Always just a little more than you already have. :rolleyes:
So true for many folks.

According to this site, I'm in the top 0.98% richest people in the world. Makes you think, doesn't it?
Wow, I am really surprised where I am on this scale. Unbelievable if accurate.

When you have more money than could reasonably be spent in a lifetime, then you're rich.
I don't know, I could spend a lot if I really wanted to! ;)
 
Wow, I am really surprised where I am on this scale. Unbelievable if accurate.


I don't know, I could spend a lot if I really wanted to! ;)

I figured it out 20 years ago that I would need $US23.110M.....
now, allowing for inflation that would come to ...

umm

hmmmmm

a lot, I think :)
 
I figured it out 20 years ago that I would need $US23.110M.....
now, allowing for inflation that would come to ...

umm

hmmmmm

a lot, I think :)
That's a fairly high amount to begin with. What did you figure it would be adjusted for inflation?
 
That's a fairly high amount to begin with. What did you figure it would be adjusted for inflation?

Recalculating intial amount (exchange rate US to AU 1998);
$AU20,110,000.00 = $AU30,627,474.87
Using inflation to 2007 (unable to calculate 2008 due to 12.2% variance) amount would come to $AU38,959,280.00
Recalculating amount (exchange rate AU to US end 2008);
$US0.02¢ nah, just kidding :)
$US40,389,052.45

Initial amount made up of the following expensive but neccessary items;
1). House in south west town of Bussellton Western Australia $1.7M
2). ditto in Subiaco $1.9M
3) ditto in York on 475 acres $0.4M
4). ditto in York town $0.75M
5). ditto in Hawaii $0.66M
6). ditto in Big Bear Lake $0.21M
7). 26' Searay Bow-rider with 6.0L Bravo Mercruiser duo-prop, water maker and thru-hull exhaust $0.121M [have that one :)]
8). 34' Ketch and tender $0.061M [had that one :(]
9). 65' Cruiser with twin V12 Cummins turbo diesels + tender and two jet-skis $6.91M
10). Porsche Cayenne 2006 V8 Titanium to tow Searay $0.11438 [pick that up 2moro :D]
11). 2005 CLK 200 Kompressor $0.109M [she has that one]
12). 2000 Lotus Exige $0.113335 [have that one]
13). 1986 Maserati Spyder 2.7L RED twin turbo $0.026 [have that one]
14). 1985 Porsche 928 5.0L S RED $0.0255M [have that one]
15). 1982 Porsche 928 4.7L RED $0.0105M [have that one]
16). 1997 Jeep Wrangler DVD, Warn winch, Sat-nav Tom Tom $0.0155 [have that one]
17). 2006 Harley 'V-rod' mat black $0.0255 with Tom Tom Rider 2nd gen. [have that one]
18). 1981 Honda 3 wheeler in original condition $0.0022M
19). 2 x 1988 250cc Honda ATV's not so original (ridden, on Sundays only, by my Mum and Dad (aged 89) $0.011M
20). 1991 250cc Honda Enduro $0.0095M
21). 1995 400cc Honda Fortrex $0.0074M
PLUS..........
$4.3M maintenance to Ex, not the current girlfriend with Merc :D
$1.7M maintenance on Boats, vehicles etc - very very conserevative.

Comes to the grand total of $20,349,480.00

I thank you for your attention during this lecture on the the life, times and spending habits of OzExige

and of course all this is for ***** for 2 reasons,

1). The absence of the love of a good woman
2). I SAID 20 YEARS - YOU BLOODY DROP-KICK!
 
I thank you for your attention during this lecture on the the life, times and spending habits of OzExige
Interesting.

One of the most valuable items that we all possess is our health. No matter how much you are worth, if you don't have your health, it really doesn't matter.
 
For me, rich means having a paid off house, no more debts, and enough savings to last longer than it takes for me to die. Definitely more than 200k per year.
 
Rich means you never have to ask how much something costs. If cost is ever a concern you are merely Wealthy.

Not true. Plenty of wealthy/rich/whatever-you-want-to-call-it people are still watchful of their spending. Often that is how they got to that status. "A fool and his money are soon parted" and all that.
 
Not true. Plenty of wealthy/rich/whatever-you-want-to-call-it people are still watchful of their spending. Often that is how they got to that status. "A fool and his money are soon parted" and all that.
So very true.

It takes effort for most folks to accumulate wealth as it does not come naturally.

BTW, I know some wealthy folks who still cut coupons and have very tight budgets.

It's easy to spend money. It's hard to save and invest.
 
I think you are rich when you make more than a million dollars a year, or have more than 10 million in assets.

Filthy stinking rich means more than 100 million in assets, though.
 
$30K/year shouldn't even be an option anymore. I make more than that and still can't keep up with bills and hobbies.

To me, $80k/yr would be wealthy and $200k+/yr would be rich. Anything below $60k/yr is just middle class.
 
$30K/year shouldn't even be an option anymore. I make more than that and still can't keep up with bills and hobbies.

A friend of mine has a £14k a year job (about $19k) and there's no way he could ever move out of his parents place with that kind of money. Unless he was going to rent.

The minimum amount to get on well in England I'd probably estimate to be around £25k. With a partner in a similar job that's around £50k which would get you a nice house and enough disposable income to keep up hobbies etc.
 
Always just a little more than you already have. :rolleyes:

Yep. One of my grandfathers was a banker. He said everyone is ten bucks short on the day before payday. He wasn't suggesting that all of us could borrow ten bucks each and cover that gap, either.

He was basically saying that one's perspective on what is "real money" tends to change over time, and that in the ordinary span of working years, one's spending habits tend to keep pace with (or exceed) pay increases.

So my "ten bucks short" on the day before payday might literally be ten bucks, if I'm 25 years old and a carpenter's helper, but you might find yourself $10k short right before payday and not be any more anxious about it than I am about my ten buck shortfall. Maybe you're an MBA in a tech startup that beat the BubblePop to an IPO. Maybe you just sold your pickup truck and the guy's bringing the bread for it tomorrow. Who wouldn't feel rich being handed $20k on a sunny Wednesday morning?

It all depends on what we have got round to thinking of as walking-around money. And it's not what we have right now that makes us feel rich or broke. The magic number is whatever we think we could come up with if we had to. Think minimum payment. If we can see a way clear to making that payment tomorrow or next week, we don't seem to mind being in debt up to our eyeballs. We are rich! We got it covered! Or, well.. we WILL have it covered, hey. And we will keep on spending because that's what rich people do, no? Being rich is... having something left in your credit line? It's insane, really, but I think that mindset is out there.

I think some of us don't even realize any more that we're actually in debt for the total amounts we owe. We may tend to think of our total debt as the sum of this month's minimums. Talk about Black Holes and Revelations...

Personally by time I save up $5k to $7k for another used vehicle, I feel like I'm rich. Has zilch to do with assets, income or debt, just what's in the bank for the next car in my price range for cars. And it doesn't faze me in the least that I might have shelled out $10k on computers and gadgets in the meantime. Go figure. I think it's that when I was a kid, people didn't have cars until they were out in the world with a full time job for a few years. When you had enough money for a used car of your own, you were rich!
 
^^ Reminds me of something my dad once said. He said $10,000 is a lot of money.

What he meant, as he taught me, is to think how long it would take you to save up this amount over time. For example, if I can save $100 per month, it would take me 100 months or 8 years & 4 months -- assuming no interest.

Kind of puts things into perspective.

Another tidbit he shared was to minimize your monthly expenses. Good defense as they say today.

Fees that come to mind under this category are cell phone, cable TV, and Internet fees. Of course newspaper and magazine subscriptions come to mind.

Just some food for thought.
 
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