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What do you consider rich?

Answered 4 years ago

Is it someone who earns over $100k, or someone who owns their own home? Is it someone with $1mil in the bank?


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ANSWER
4 years ago
To me, rich means having enough money in savings to live comfortably and being able to buy/ pay for things as you need them. Not having debts, and being generally happy within your life. Too bad I’m not there yet.

ANSWER
4 years ago
Having no debt, a nice house and paying cash for everything 😊

ANSWER
4 years ago
I had friends who thought themselves rich, probably conbined 250k a year, lots of investments. But over a million dollars in debt purchasing these investments.
I can never understand this way of thinking, so maybe that's why I'm not "rich ".
I like things to be paid for, not just paying off interest.

ANSWER
4 years ago
Well, now I just feel depressed, haha. Happy for you wealthy people, really, wish I was back there!

ANSWER
4 years ago
I consider rich being able to buy something when you want it, without having to compare prices elsewhere, or have to save for it, or decide whether you REALLY need it. I have to buy a laptop for my son and I wish I could just go out today to one shop and pick one I like without considering the price. But no, I’m googling models and reading reviews and seeing who has what for the cheapest price. And I’ll be dipping into savings meaning other items we want will be put on hold for a little bit longer.

Replies

REPLY
4 years ago
I totally agree!!!!! Honestly I could probably just buy whatever and not shop around but then i would have no savings. And theres been many times we have had to draw on the savings! So id say we have enough to be comfortable but not rich

REPLY
4 years ago
I think that people get rich by being sensible with their money though. Even if I could spend whatever amount, I'd probably still research and compare prices too get best value for money, it just makes sense to do it that way

ANSWER
4 years ago
We earn 250k+ annually between us and I don’t consider us rich. We have approx 250k in the bank but don’t own a house, we rent a company house that’s quite cheap. We have two cars with loans against them. No personal loans or credit card debit etc. But I definitely do not consider us rich.

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REPLY
4 years ago
^ Well done to you both x

REPLY
4 years ago
I'd consider it more as you have a good safety net to fall back on should anything happen. Being rich isn't about a $ amount unless you get to crazy numbers.

REPLY
4 years ago
I have to ask. If you have that amount in the bank why do you still have car loans? Just seems crazy to me to still be paying a car loan each week when you could pay them off pretty easily?

REPLY
4 years ago
Paying loans still builds a credit rating even if you have it all in the bank it's better to make the repayments for the term of the loan

REPLY
4 years ago
paying loans to build a credit rating and paying them over the term of the loan with the money in the bank
😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂

You have one the internet for being stupid with money. You might be smart enough to earn big money but you're dumb with it that's for sure

REPLY
4 years ago
I dunno man but I've never had a car loan and my credit rating seems good, 800 and something, so I think there is something flawed with your logic

REPLY
4 years ago
might be a leased var?

ANSWER
4 years ago
Rich is when you don't have to think can I afford to do xyz. You do it because you want to.

We have just been lucky enough to just have our combined income go up to 150k.

We have a small mortgage and we can save about 3.5k a month above our minimum mortgage repayment.

We aren't rich but we do what we want when we want to a certain point.

Money just gives you options. Like maybe cutting back work hours, choice of multiple holiday destinations and frequency for examples.

If you have a roof over your head. Clean water, clothing, access to medical and basic education you are RICHER than a vast majority of the worlds population


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REPLY
4 years ago
Good answer here

ANSWER
4 years ago
I wouldn't say we're Rich but we're very comfortable. We have our own beautiful home 200k left on mortgage. We both have new cars that we own. And we have about $35k in the bank. Were very comfortable. And we're not "lucky" we've worked hard to have what we have. No other debt apart from mortgage.

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REPLY
4 years ago
I clearly didn't read properly hahahahaha my bad. Rich to me is having no debt at all.

REPLY
4 years ago
Lol well I earn about 50k a year and don't have debt so I'm rich 🎊

REPLY
4 years ago
^ $50g ? Lol. That's not much sweetheart. My 20yo earns more than that

REPLY
4 years ago
Ahh but according to that definition of not having debt makes you rich, 50g with no debt fits in that category!

REPLY
4 years ago
Ermmm not OP but why you looking down on people earning $50,000??
I earn about that and I'm an enrolled nurse. Glad your 20 year old earns that. When I was 20 ten years ago my hourly rate was $13!
Are you implying I cannot feel like I have a rich life because you consider my income bracket to be pitiful?

REPLY
4 years ago
Wages also vary a lot depending where you live

ANSWER
4 years ago
As the other poster , I’m also a trust fund beneficiary. My parents have a waterfront house, a house in another expensive rural place, units in 3 other cities and bmws and Lexus that sit at all the apartments to use while they are there. So my standard of rich probably sits there.
I see sort of different words...
In this order...
Affluent
Rich
Wealthy
Well off
Comfortable
Breadline
Struggling
Poor.
So I see language as very indicative of wealth.
My parents are rich borderline affluent.
My sister married a wealthy man.
My other sister is comfortable.

And I consider us well off. We spend 60% of our income on travel... and live in a very nice million dollar home under the trust. But we drive cheap cars, so it gives us more money for travel.
We grow 70% of our food so what we do buy is the highest quality.
We enjoy our hobbies and never stress about buying new board ect. We have 2 rental properties that should be mortgage free in 5 years and when they are I’d say we will jump to the wealthy category.

All That being said my parents are self made millionaires.... and we grew up with a lot of money and it doesn’t always mean you’ll live easy. You have to do well with the leg up too.
Iv seen money destroy people and iv had it spoil two friendships of mine because they just couldn’t get over the jealousy and expecatation My fortune was to be shared (with them) which funny enough it is!!! All our friends and parents friends all use our family’s units...I always pick up the check. But money does fuck some people up.

And as the other post said.....
From someone who seen some rich people with no rich lives.... the wealth is truely only enjoyed when the wealth flows into being rich in relationships and family.

ANSWER
4 years ago
To me rich is having like a million in assets (leftover after debt) and just enough income to cover expenses/day-to-day living/rainy day fund. I don’t think rich necessarily looks like always buying the latest cars, lots of travel etc.

ANSWER
4 years ago
It depends what context. Money or spiritual?
I have a full-time secure job in a field I love, I volunteer, I have healthy teenagers even if they are naughty and rebellious, I have my family close by, I am healthy, I don't have debt, and I don't struggle despite living a paycheck to paycheck kind of life. I have lots of opportunities for me and my family and that along with good health for everyone makes me feel rich

ANSWER
4 years ago
I would consider what I come from rich, I grew up waterfront in Sydney from 13yo , I was given a 2 million dollar house under a trust fund as were my 2 brothers.

I consider myself personally well off.
Because I live mortgage free and my buisness earns me about 90k after overheads and it’s just management at this point so only about 10/20 hours a week.

Not to be corny but my family are the closest people to me and we spend a lot of time together and my kids adore their grandparents and uncles and aunts their cousins all get along and I have been friends with my closest friends for 20+ years.
So I consider myself very rich in life. My kids are healthy and so am I. Even though my husband passed away and before him I lost my childhood sweet heart iv still lead a very very rich life.
Money can’t buy that. But money has definatly eliminated some stresses.