Your definition of a rich person.

[wess]

The term " rich " gets thrown around allot but the numbers are never really discussed.

I think you are rich if you

-have over $300000 in cash balance

-have assets paid off that are worth more then $250000

-have an idividual income of $80-90+ a year (if you piss it all away then its not actaully considered wealth.)

-if you are retired and dont work for your money

-if you charge $200-$300 an hour for your services

-

 

[big_bear]

at least got a few millions cash or in your bank account

 

[kalel]

to me rich is when you have a reduced work scedule because you can afford it. you work about 20 hours a week becuase you still need something to to and even then you are more into managing your money and assets, which are all paid off.

 

[HeMadeMeDoIt]

Rich is paid off nice house, car and boat with at least 5 mill in the bank offshore generating 5% tax free interest

 

[LittleAsianGuy]

Ya i was thinking the same thing.

Rich is paid off nice house, car and boat with at least 5 mill in the bank offshore generating 5% tax free interest

 

[deslicher]

Well it's definitely not a salary of 80-90 grand that's for sure....how could you possibly think that's rich?? It's well off but far from rich.

 

[Lady Companion]

Rich is relative

From a strictly financial perspective, I would view it as having enough invested in secured areas to generate an income, which after taxes, allowed you to carry on the lifestlye you are accustomed to - while never dipping into your principal.

 

[magicmystery]

From a strictly financial perspective, I would view it as having enough invested in secured areas to generate an income, which after taxes, allowed you to carry on the lifestlye you are accustomed to - while never dipping into your principal.

I agree with her definition. For some people, though, it may be lifestyle they 'desire' (instead of lifestyle they are 'accustomed to') but I agree with overall definition of not having to dip into your principal-amount and yet being able to sustain your desired lifestyle indefinitely.

 

[HankQuinlan]

When your income allows you to carry out activities you enjoy, with people you love, and expect to be able to maintain that lifestyle.

If you enjoy what you do for that income, you are doubly rich.

In short, if you are happy and comfortable and secure, you are rich. If you are extremely wealthy and miserable, you are not.

 

[oppai]

I don't like the term Rich as it seems fleeting to me. Struck it rich, and then crashed. I prefer the term wealthy, it seems longer term and modest.

When I think of a rich person or someone who considers themselves rich, they make $200K+ per yr but everything they have is leased, mortgaged, and not owned. When it does get owned it is replaced with something more expensive. A rich person is always trying to keep up with the Joneses, or whomever they perceive as richer. I think rich people are never truly happy with what they have.

Wealth on the other hand is someone who earns their money and knows what to do with it, how to spend it, how to make it work for them and has the modesty not to overindulge. They invest wisely and for the long term, they buy what they can pay for and don't lease or mortgage when possible. They give a portion of their income to good charities that use the money wisely.

Wealthy people are more likely to be happy and they are more likely to maintain or increase their wealth.

As for actual numbers, it's all relative. I know wealthy people who own houses worth $1M, a couple cars and travel when they wish to. I also know wealthy people who own $20M+ houses outright, have dozens of very expensive cars, boats, homes in other countries etc etc.

 

[Thatotherguy]

From a strictly financial perspective, I would view it as having enough invested in secured areas to generate an income, which after taxes, allowed you to carry on the lifestlye you are accustomed to - while never dipping into your principal.

Yup, that would pretty much be my exact definition of rich.

 

[Guardian Angel]

Defintion Of A Rich Person

My ex-wife!

G.A.

 

[LightBearer]

LOL you call that rich these days with currency devalued everywhere? $300k thats it?

 

[cloud_zhou]

FYI - billable rates of $200 - $300/hr may or may not translate into a high income or wealth. Many different professional firms charge these kinds of rates, but the professional isn't necessarily banking $200 - $300/hr eight hours a day 5 days a week.

They go through dry spells. They have times where they can't bill for a full or even a portion of a day, week, month, year etc.. They pay expenses such as overhead, advertising, medical, dental etc. If they get a project they won't be able to bill the quoted rate but rather a discounted all in fee.

I'm sure you can parallel the above for SP's too.

People charging $200-$300/hr are mostly lawyers, accountants, or other professionals. They hide their gross revenue under professional corporation and paid large dividends to their non-working spouse or minor children at the same time they constantly hiring colleage students for $8/hr. They wrote off personal expenses as if they were working 24 hours from home to office and their luxury life style is part of the business. Most of the time, you will find their taxable income are much less than a construction worker who gets paid at $30/hr.

As for SP's, I don't think any one of them ever paid a dime income tax or GST for the services they charged.

No offence to any SP's, but in my opinion, people who charged $200-$300/hr are most likely to be rich. I don't care whether it is legal or not to hide or split their income.

 

[moi]

Shall i be the sappy one to say:

"Rich is having a wonderful family and a wealth of good friends in your life and being happy with what you have."




Ok Ok Ok....What Classy Angel said is what I consider rich.

 

[curmudgeon]

My definition:

If you never have to ask "How much is it?", then you're rich.

 

[sevenofnine]

anybody with more money then me,

enough money to do what you want.


enough money that you don't give a fuck


enough money to buy your way out of jail if you need to.

but honestly if your happy and content with your life, then your rich,
doesn't matter what your bank account says.

 

[InTheBum]

From a strictly financial perspective, I would view it as having enough invested in secured areas to generate an income, which after taxes, allowed you to carry on the lifestlye you are accustomed to - while never dipping into your principal.

RICH = Angel!

 

[wess]

Well it's definitely not a salary of 80-90 grand that's for sure....how could you possibly think that's rich?? It's well off but far from rich.

Thats the point of the question.

If 80-90 isnt rich to you then what is ?????

 

[wess]

People charging $200-$300/hr are mostly lawyers, accountants, or other professionals. They hide their gross revenue under professional corporation and paid large dividends to their non-working spouse or minor children at the same time they constantly hiring colleage students for $8/hr. They wrote off personal expenses as if they were working 24 hours from home to office and their luxury life style is part of the business. Most of the time, you will find their taxable income are much less than a construction worker who gets paid at $30/hr.

As for SP's, I don't think any one of them ever paid a dime income tax or GST for the services they charged.

No offence to any SP's, but in my opinion, people who charged $200-$300/hr are most likely to be rich. I don't care whether it is legal or not to hide or split their income.

That was a joke about the Sps. They are true capitalists. They dont need to invest in anything that they dont already have. (basically)