Just how rich is rich, really?

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So what do you guys think? This would be really interesting to know...

EDIT- I wrote "THESE" instead of "This" in the poll above...Not sure how to edit it. Please excuse the error.
  • Profile picture of the author seasoned
    I won't even take the poll, it is BIASED! #1, it has $! What does THAT mean? I ASSUME USD, but others may NOT! It makes a difference! ALSO, 1USD does NOT equal 1USD! When I was in highschool, I planned my life out to my career and yearly income. TODAY, I make MUCH more than that and it is NOT enough! I need, CURRENTLY, perhaps $2Mill to retire! That may SOUND like a lot BUT, at my current expected lifespan, that leaves me with a bit over $60K a year. After taxes, that is like $40K. That is FAR less than I make now, and only a BIT over my original yearly goal(GROSS).
    And that does NOT count inflation or risks!

    And WHAT does the number mean? You say YEAR, but THAT can't be right. How many have a HUGE residual income.

    OBVIOUSLY, I feel $1,000,000USD in savings is TOO LOW!

    My current GOAL is to save about $30K/year. AGAIN, it sounds like a lot, but really isn't. ESPECIALLY since I have gone so long with FAR less. Hey, this week in my kind of play account were I keep general investments, two iras, etc... I lost about $700USD! I'm not happy. Just a couple days ago, I invested another $7000. Just THAT lost $185.59 , and is now at $6,814.41! Do you think I am happy. 8-( Yesterday, it was UP!

    Steve
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    • Profile picture of the author ryanman
      Originally Posted by seasoned View Post



      My current GOAL is to save about $30K/year. AGAIN, it sounds like a lot, but really isn't. ESPECIALLY since I have gone so long with FAR less. Hey, this week in my kind of play account were I keep general investments, two iras, etc... I lost about $700USD! I'm not happy. Just a couple days ago, I invested another $7000. Just THAT lost $185.59 , and is now at $6,814.41! Do you think I am happy. 8-( Yesterday, it was UP!

      Steve
      If you are looking for the safest bet...Then it's gold. Obviously that isn't going to put money into your pocket every month like other liquid investments but sure does grow with time.

      When inflation strikes each year...Only one thing doesn't lose it's value and that is GOLD.
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      • Profile picture of the author seasoned
        Originally Posted by ryanman View Post

        If you are looking for the safest bet...Then it's gold. Obviously that isn't going to put money into your pocket every month like other liquid investments but sure does grow with time.

        When inflation strikes each year...Only one thing doesn't lose it's value and that is GOLD.
        BULL! GOLD LOSES VALUE ALL THE TIME! Yesterday, around 5AM, it hit a high and then DROPPED! It didn't recover until about 9PM Between 1996 and 1999, it lost about 25% of its value! It didn't recover until about 2003.

        The fact is that gold just has an essentially static value. In fact, it should maybe go DOWN in value because we find more of it, have better ways to get it, and some uses have been replaced. The value of it as a hedge is NOT because its value goes UP, but because so many things have no real value and the assigned value goes DOWN in relation to gold. So the increase in the chart prices of gold is because the value of the dollar goes down.

        THAT is why the ads always speak of gold being a hedge and its value never being zero.

        BTW I have always been at the mercy of fluctuations because I never bothered learning one thing to my satisfaction, etc... IRONICALLY, at the last debacle, I found a way to bypass that. I even did it towards the end and made some more money. Maybe I will have some good luck at the next debacle. and I WILL put SOME money in gold, and I have perhaps $50K in USD isolated investments.

        Steve
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  • Profile picture of the author Lawrh
    Rich doesn't require a yearly income figure. Rich is the complete absence of concern for money. You could be a monk or a jet setter. The key is that money is of no concern. Zero thoughts of revenue streams, work only for pleasure. For the non-monk if you want something or to do something you just buy it or do it.

    The moment you think about money you become a peasant. Perhaps a well to do peasant, but still a peasant.

    The moment money vanishes from your mind, you are rich.
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    “Strategy without action is a day-dream; action without strategy is a nightmare.” – Old Japanese proverb -

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  • Profile picture of the author eSeM
    When you throw stuff away instead of selling it. And dont know how much your expenses are monthly and dont care.

    I classify rich as making Double or more what you spend yearly, depending on the person 100,000 a year could even be rich. If they're frugal.

    Most people I'm sure will just vote 1,000,000.
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  • Profile picture of the author NicholasX
    rich is relative.. a Guy that makes $4000 PM would think $20000PM is rich..but for a guy who's making $100000PM would think $20000PM is poor.
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  • Profile picture of the author nando1125
    It isnt about being rich.. Its about being wealthy
    XD
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    • Profile picture of the author JBorhez
      Originally Posted by nando1125 View Post

      It isnt about being rich.. Its about being wealthy
      XD
      This is the correct answer!

      Rich people still have to trade hours for their money.

      Wealthy people accumulate money through leverage and passive income.

      Rich people don't get paid while they sleep....wealthy people do!
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  • Profile picture of the author HowWhoWhen
    "I do think at a certain point you’ve made enough money." - Barrack Obama

    Maybe Mr. President knows?
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  • Profile picture of the author Gravc
    Totally agree with Nando.

    The most important thing is that you can afford the lifestyle you want to live and you have the time to do the things you want to do
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