Rich?

[Winchester67]

So what is rich? What is the tipping point? Don't ask me, I retired when I was 29. About a year later, I got a job type job. I was bored out of my mind. I don't consider myself rich...

[SEANSTRAIT]

In my opinion, being able to live your life as you see fit without the fear of being controlled by someone else. When you can work because you want to and have no fear that losing your job will cause a personal financial disaster then you are truly free. Not there yet but I'm working on it...

[jdonne]

Rich is more money than I've got, regardless of how much I have. With that mindset, I find I'm more likely to stay in the game :thumbup:
It's relative to where you are, what you do and what you want to spend.

For my FIL it was when his passive income (farm, dividends and stock gains) outpaced his labor income.
He retired recently at an age younger than I ever will. I don't think he's rich, but he'll be happy in what he's chosen to do unless he rolls his tractor on that "flat" ground of eastern KY.

I'd say it'd be more important to compare yourself to others in your area. For shits, I'd say 15x average household income is a good benchmark if you live a high consumption lifestyle. Obviously, the lower the consumption, the lower the number. But this is the Bon Vivant section and not the Dave Ramsey advice line.

For assets, it's whatever number would let you walk away from a job and support yourself and your family in whatever way you want.
I'll throw out 12m as a good number for me as it lets me buy the 4m cattle and corn farming operation and house I have coveted and another 8 to slow burn for the next forty years. More importantly, it cuts down on my obligation to interact socially with folks I don't ever want to see again... but that, my friends is wealth

[Gabriel Suarez]

The best definition was in the old TV Show - The Unit. One of the guys is getting married to a blonde chick that is rich....rich like several mansions, planes, etc. He voices concerns. She says..."Do you worry about money when on a mission?". He says, "No...I don't think about it". She says, "That is how I am all the time and about everything".


Now,,,its easy for the Bum on the street to say..."I am rich". "I have plenty of food and drink", as he gesture3s to the trash and the soup kitchen. "I have plenty of like minded friends", as he gestures to the line at the soup kitchen. "And I can vacation anywhere I want", as he gestures to the train he can hop on. Sorry...THAT iois not rich any more than Bill Gates is poor. Where "rich" starts, I do not know, but it has to do with money...not anything else that someone wants to use as a measure.

I do not consider myself rich...but my goal is to be that way. The quest for riches is a far greater goal than rationalizing the quest for quiet mediocrity.

[Mickey Rourke]

I had an tax attorney once tell me that no matter how much anyone has, they always want 15% more.

[JFSanders]

Money is a tool and it is well known that a real man can never have enough tools.

Money is also a trophy as it represents man's ability to succeed in competition with other men.

Money is also a double edged sword and can be as detrimental to your soul as any other sin, including murder.

Rich is a word used by those who are jealous of others and covet what is not theirs.

[OdieWon]

Skipping the term altogether, I'd say "enough" is a vague place that begins at the point where you could relocate OCONUS with zero notice, with your entire immediate family and still retire or begin a new venture with no worries of need or supply. That's a lot. But its also a lot of KNOWLEDGE. You don't just show up at the airport with a giant duffle bag full of cash these days.

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[michael]

Rich is being able to do or buy anything, anywhere, anytime, and for as long or much as you desire. You may work if you wish, but it is because you want to, not have to. If the economy imploded tomorrow, it would not affect you one bit, other than give you an opportunity to acquire more.

[bk2nrml]

somebody once said something to the effect of....rich is having all of the money you can. wealthy is being able to enjoy it. but without good health, neither is any good.

[BeardedPelican]

Rich people think like rich people, poor people think like poor people. If you tell yourself "I'll never be rich" you never will be

It's a mindset, you don't need 13M in the bank in order to enjoy life to the fullest with the best rum, guns, and friends. You simply need to know how to manage well and work smart. The rats of society will tell you "Oh all those rich people are miserable" not true in the least, you ever hear Steve Jobs complain that he had too much money?

[Saladin]

Rich is being able to do or buy anything, anywhere, anytime, and for as long or much as you desire. You may work if you wish, but it is because you want to, not have to. If the economy imploded tomorrow, it would not affect you one bit, other than give you an opportunity to acquire more.
This!
And I would add, "GFT" that are the largest part of my equation.

I can always,and have added more money. But that is just part of the formula.
Without "GFT" the money would be meaningless.

To me at least.

FWIW

[bae]

Rich is being able to do or buy anything, anywhere, anytime, and for as long or much as you desire. You may work if you wish, but it is because you want to, not have to. If the economy imploded tomorrow, it would not affect you one bit, other than give you an opportunity to acquire more.


In my opinion, being able to live your life as you see fit without the fear of being controlled by someone else. When you can work because you want to and have no fear that losing your job will cause a personal financial disaster then you are truly free.

That pretty much captures my thoughts on "rich" - freedom, resources, and power to carry out your will.


The rats of society will tell you "Oh all those rich people are miserable" not true in the least, you ever hear Steve Jobs complain that he had too much money?

Rich people who are miserable are not "rich" by my definition, they are being controlled by their wealth, rather than controlling it.

Some of the happiest people I know are quite rich.

[Goodspeed(TPF)]

So what is rich? I retired at 30 so you got me beat by a year. :) And "RICH" is: Just a little bit more.

[Silat Student]

Never been rich, but I sure as hell will be before I die.

To me, rich is having options. Not just crappy ones either, but good options. It's having Maslow's Hierarchy squared away and then having resources left over for not just a little reserve, but excess. It's being able to do for the folks I love.

[LawDog]

I think the comment about passive income was spot on. When you reach the point that you don't work for your money; instead, your money works for you--that's rich.

[Winchester67]

Roger that Colombianito...I guess that was what I was getting at when I first posted. A man with perspective does not have to work until he dies. All about understanding what matters.

[fldback]

I remember watching an interview with Jack Nicklaus, a man who appears to enjoy life very much.

He was talking about how he had gone public with Golden Bear Enterprises and he didn't feel it was providing the value to the investors he thought it should. So he bought it back, to the tune of nine figures. He also talked about having a Gulfstream 5 with a 6500 mile range and how much easier it made his life.

Later on in the interview he was asked if he was wealthy. He said no.

[SlowNClueless]

I believe it was Mickey Roony that said - I want to be rich enough to throw the soap away after the letters wear off- .


SnC

[Maddog6]

I had an tax attorney once tell me that no matter how much anyone has, they always want 15% more.

And the government wants their 50% too!

[Mjolnir]

In my mind Rush provided me with my definition of rich. He talked about flying on his jet and when he landed he realized he had forgotten something. Instead of doing without he had his 2nd jet bring his (it was a laptop or something of that nature) to him. Or if liberals hate you just because of your assets, that's a good place to be.


Boards don't punch back.

[nw-outlaw]

You guys who retired early, what do you do for health insurance? Or is the idea that youre rich enough to not have to worry about medical bills?:confused:

[RJW]

Health insurance is real simple after retirement....you pay about $10k per year for you and a spouse.

[bae]

Some buy insurance that basically only covers catastrophic occurances......... and everything else they pay out of pocket. ( Due to huge deductibles

I buy catastrophic insurance, about $12k/year for the family, and pay the rest out-of-pocket. I negotiate cash-on-the-barrel-head prices with my local doctors, and help fund one of their clinics in exchange for superior care and attention. (Like, I can get a house call...)

I've also discovered this last year that joining the fire department had an unexpected benefit - they have a psychotic "wellness program" which includes mountains of testing/monitoring work that I was previously laying out good $$$ for :-)

[Web Services]

To me, rich is simply doing what one wants to without a thought for cash. Enjoy your home, property, hobbies, go where you want, take a vacation when you want, the wife can shop when she wants, replace the car if you want, upgrade the home if you want, etc. That's not to be entirely selfish either, the idea also includes the ability to GIVE what you want, to church, to friends, to "help out", to charities, to buy dinners, host parties, etc. The the income which drives all this is varied and solid. It doesn't do any good to do all the above if there was a single point of income that, if lost, destroys it all. Lastly the idea involves the future, investments, retirement, and inheritance.

So "rich" (to me) is a varied multi-source, stable, income with sufficient growth and longevity, future-proof, which gives the ability to do what one wants to do at any given time without a thought for if the money is there.
If I don't require or want maids and butlers to do everything for me, I don't have to, or I can. I can do as I please, no more, no less. I may not be rich by strictly monetary numbers, but I'm sure I would feel like I was.

[The rifleman next door]

wealth: how long you can go without having to work for more money to support your lifestyle.

rich: having enough wealth acquired that you can support your lifestyle and build even more wealth from what you already have.

[TrojanSkyCop1]

I think the comment about passive income was spot on. When you reach the point that you don't work for your money; instead, your money works for you--that's rich.

Yeah, the version I heard is that your alarm clock goes off in the morning, but instead of gettng up to go to work, you go back to sleep and your money goes to work for you.

[Winchester67]

I got a Blue Cross policy to cover the big stuff just in case...it was pretty affordable at my young age back then. So affordable in fact I wondered what all the flap was about thinking we needed the Gub'ment to fund everything.

[RJW]

To me, rich is simply doing what one wants to without a thought for cash. Enjoy your home, property, hobbies, go where you want, take a vacation when you want, the wife can shop when she wants, replace the car if you want, upgrade the home if you want, etc. That's not to be entirely selfish either, the idea also includes the ability to GIVE what you want, to church, to friends, to "help out", to charities, to buy dinners, host parties, etc. The the income which drives all this is varied and solid. It doesn't do any good to do all the above if there was a single point of income that, if lost, destroys it all. Lastly the idea involves the future, investments, retirement, and inheritance.

So "rich" (to me) is a varied multi-source, stable, income with sufficient growth and longevity, future-proof, which gives the ability to do what one wants to do at any given time without a thought for if the money is there.
If I don't require or want maids and butlers to do everything for me, I don't have to, or I can. I can do as I please, no more, no less. I may not be rich by strictly monetary numbers, but I'm sure I would feel like I was.

Well said. You have summarized my life very well.

[rikkitikkitavi]

Rich: having the resources to spend more time with my children

[Mjolnir]

If you are talking about Limbaugh he has one Gulfstream. His crew forgot to load his bags not too long ago, so they returned to pick them up. Re-filed, re-fueled and were on their way.

I was speaking about Limbaugh, and thanks for clearing up the story. Still has to be my definition for rich. Haha


Boards don't punch back.

[michael]

Amen Rikki.

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