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View Poll Results: How much money would you need to feel rich ?
500,000 2 1.55%
1,000,000 16 12.40%
2,000,000 29 22.48%
5,000,000 48 37.21%
10,000,000 34 26.36%
Voters: 129. You may not vote on this poll

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Re: Feeling rich ?
Old 02-07-2007, 06:10 PM   #21
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Re: Feeling rich ?

Quote:
Originally Posted by Coach
Funny, I think I've had $1M in my head for 30 years. But actually thinking about it, I went for $2M.

Coach
This is the very same for me!
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Re: Feeling rich ?
Old 02-07-2007, 08:10 PM   #22
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Re: Feeling rich ?

Quote:
Originally Posted by Dreamer
This is the very same for me!
I think that was the number for a lot of us... Reality strikes and you got it and realize... A MILLION AIN'T WHAT IT USED TO BE!!!
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Re: Feeling rich ?
Old 02-07-2007, 08:23 PM   #23
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Re: Feeling rich ?

Quote:
Originally Posted by SteveR
I guess the more you have the larger the $$$ threshold to being RICH.
That is why people are never happy.

I work with folks who make $2MM-$5MM a year who feel "poor" because some other folks make $10MM-$50MM. Whatever. I hope they enjoy working forever so they can someday, maybe, "feel" rich.

I think $2MM liquid is pretty damned rich. It's not private jet rich, but who cares. Anyone who can live well above the median family without ever having to work is pretty damned rich in my book.
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Re: Feeling rich ?
Old 02-07-2007, 08:28 PM   #24
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Re: Feeling rich ?

I think $5M is the point where interest on safe investment (5-6%) lets you live easily without having to work or worrying too much about money. Having an annual income of $250-300k for doing nothing seems about right.
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Re: Feeling rich ?
Old 02-07-2007, 08:43 PM   #25
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Re: Feeling rich ?

"Annual income twenty pounds, annual expenditure nineteen
nineteen six, result happiness. Annual income twenty
pounds, annual expenditure twenty pounds ought and six,
result misery" (Charles Dickens, David Copperfield ,Chapter
12)
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Re: Feeling rich ?
Old 02-07-2007, 09:21 PM   #26
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Re: Feeling rich ?

I feel rich.

Have all the money I need, within reason, while realizing that more money would make me want to buy stuff that'd make my life miserable. Maintenance, hassles and...well...that 50' yacht with a crew looks kind of okay...but...

A loving and beautiful wife, a happy, very nutty child, a good roof over my head. And it just occurred to me the other day that its been six months since I raised the hood of my truck, or even thought about it (praise be the gods of Honda...)

And NO FRICKIN BOSS. Except the wife. And the baby. And on some days one or two of the dogs.

Few problems and I doubt more money solves any of them...might create a couple though

I feel rich.
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Re: Feeling rich ?
Old 02-07-2007, 09:38 PM   #27
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Re: Feeling rich ?

Quote:
Originally Posted by Cute Fuzzy Bunny
I feel rich.

Have all the money I need, within reason, while realizing that more money would make me want to buy stuff that'd make my life miserable. Maintenance, hassles and...well...that 50' yacht with a crew looks kind of okay...but...

A loving and beautiful wife, a happy, very nutty child, a good roof over my head. And it just occurred to me the other day that its been six months since I raised the hood of my truck, or even thought about it (praise be the gods of Honda...)

And NO FRICKIN BOSS. Except the wife. And the baby. And on some days one or two of the dogs.

Few problems and I doubt more money solves any of them...might create a couple though

I feel rich.
Hold those thoughts - when you find yourself thinking - maybe some more RE?

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Re: Feeling rich ?
Old 02-07-2007, 09:48 PM   #28
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Re: Feeling rich ?

See what I mean?
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Re: Feeling rich ?
Old 02-07-2007, 10:53 PM   #29
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Re: Feeling rich ?

DR. EVIL Here's the plan. We hold the world ransom...
(dramatic pause)
...FOR ONE MILLION DOLLARS!

NUMBER TWO
Don't you think we should ask for
more than a million dollars? A
million dollars isn't that much money
these days.

DR. EVIL
All right then...
(dramatic pause)
...FIVE MILLION DOLLARS!

NUMBER TWO
Virtucon alone makes over nine billion
dollars a year.

DR. EVIL
(pleasantly surprised)
Oh, really?
(slightly irritated)
One-hundred billion dollars.

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Re: Feeling rich ?
Old 02-08-2007, 05:33 AM   #30
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Re: Feeling rich ?

Quote:
more money would make me want to buy stuff that'd make my life miserable. Maintenance, hassles and...well...that 50' yacht with a crew looks kind of okay...but...
Yeah, but my idea of who is "rich" is not people with more toys, but people who don't have to worry about hassles and maintenance no matter what toys they have, because someone else takes care of all that. I wouldn't want a 50' yacht (a smaller one would do ), but if I did I wouldn't want to have to give a second thought as to who's going to scrub it, or whether I could afford the marina fees.

To me it would be having enough to fly first class and not think 2x. I said $5 million. That for me personally would be a level that would probably sustain my modest fantasies without straining.

But really, now that I think about it, at a 4% swr that's what.. $200,000/year? Is that really enough to maintain, say, a medium-size NYC apartment (3br upper west side rentals in the $5k-$8k range), maid service, a nice meal out once or twice a week, taxis, entertainment, a bit of travel, a limited nice wardrobe with some designer stuff.. It'd be a stretch on $200k p.a.

Objectively these days in the US, "rich" is probably > $10-20 million.

Quote:
What cost $1000000 in 1975 would cost $3745609.97 in 2005.
http://www.westegg.com/inflation/

Coach, you're shortchanging yourself with the $2mill!

---
just saw this in the NYT this am:
http://www.nytimes.com/2007/02/07/re...-london.1.html

900 s.f. 2-bedroom in London (Kensington) => $6500+/month.
That's nigh on $80k/year for 900 s.f.

Can I change my vote?
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Re: Feeling rich ?
Old 02-08-2007, 06:52 AM   #31
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Re: Feeling rich ?

Yea.... if you want to live in London or NY, then my answer would have been different... I would say you would need $20 mill or more for comfort...

I lived in Sloan Square which is right next to Kennsington (and a bit better some think)... it was a 2 BR, maybe in the 800 sq ft... cost 3,000 to 3500 pounds per month... since this was considered 'income' to me (because the company was paying for it)... THAT was my largest W-2.... and I will tell you, it was not that great of a place!!!! But it was just across the street from the Tube...
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Re: Feeling rich ?
Old 02-08-2007, 07:44 AM   #32
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Re: Feeling rich ?

Quote:
Originally Posted by ladelfina
Yeah, but my idea of who is "rich" is not people with more toys, but people who don't have to worry about hassles and maintenance no matter what toys they have, because someone else takes care of all that.
Sure but then you have to worry about what those people are doing...they're now your maintenance item. You're a manager instead of a worker bee in your own grand scheme!

And then theres all that stuff about black tie balls you are and arent invited to, which of the seven homes you'll be whisked away to this weekend, etc.
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Re: Feeling rich ?
Old 02-08-2007, 08:17 AM   #33
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Re: Feeling rich ?

I think rich is more a state of mind than a number .I have more than I ever thought I'd have and I don't feel or act rich .I also think CFB got it right .The things that make us rich are our families.Thanks everyone for voting !
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Re: Feeling rich ?
Old 02-08-2007, 08:44 AM   #34
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Re: Feeling rich ?

At various times through the "accumulation" phase of life, I have felt "rich" when I hit certain financial milestones. I also felt "rich" when I finally nailed down my/our portfolio and had a solid plan to RE. The key was knowing that in general, we had enough to retire and that any additional work we did was just gravy.

Of course, everywhere I turn, I see others with more and nicer stuff. I wonder if they feel rich...

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Re: Feeling rich ?
Old 02-08-2007, 09:12 AM   #35
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Re: Feeling rich ?

Quote:
That is why people are never happy.
Are they unhappy OR do over-achievers thrive on achievement.

Anyone who has achieved "alot" early in life knows success is a journey (not an end goal). Most just want to continue the journey.

Now, if it came to you on a silver platter (inhierited, lottery, ... ) then I could see being "unhappy".

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Re: Feeling rich ?
Old 02-08-2007, 10:17 AM   #36
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Re: Feeling rich ?

Eh, I'd be pretty happy if I won the lottery.
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Re: Feeling rich ?
Old 02-08-2007, 11:16 AM   #37
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Re: Feeling rich ?

Quote:
Originally Posted by lowflyer
Of course, everywhere I turn, I see others with more and nicer stuff. I wonder if they feel rich...
No. They are too busy trying to figure out how to meet their minimum payments.

Besides, is more stuff all that desirable? I'd rather have more privacy than more stuff.

As CFB pointed out, having a staff can be a pain in the rear, and also I think it is antithetical to having privacy. Maybe a secluded cottage on an acre surrounded by a big wall, with one yard man to mow it. Nobody else, though!

OK, as long as we're daydreaming it could be on an isolated, rocky shoreline but no more stuff for me, please!!
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Re: Feeling rich ?
Old 02-08-2007, 12:27 PM   #38
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Re: Feeling rich ?

Quote:
Originally Posted by ladelfina
"rich" is...people who don't have to worry about hassles and maintenance no matter what toys they have, because someone else takes care of all that.
that nails it ladelfina. for me, everyone up to that is simply, as best defined, well-off.

odds are i will never have a fortune. but mostly i have always felt & continue to be fortunate. and that's rich enough for me.
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Re: Feeling rich ?
Old 02-08-2007, 12:37 PM   #39
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Re: Feeling rich ?

Quote:
Originally Posted by Cute Fuzzy Bunny
Sure but then you have to worry about what those people are doing...they're now your maintenance item. You're a manager instead of a worker bee in your own grand scheme!
True. We had a yard service last year but got rid of them because they did the things that they wanted to do (mow, rip up our flowerbeds) instead of what we wanted them to do (mow and edge, weed our flowerbeds without taking out the rose bushes).
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Re: Feeling rich ?
Old 02-08-2007, 12:39 PM   #40
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Re: Feeling rich ?

Quote:
Originally Posted by lowflyer
The key was knowing that in general, we had enough to retire and that any additional work we did was just gravy.
Of course, everywhere I turn, I see others with more and nicer stuff. I wonder if they feel rich...
I enjoy being able to kick back with a second cup of coffee in the morning after the kid's out the door to school, and say to my spouse "Well, the budget says we have to spend $15 today on entertainment, dammit. Any ideas on how we can make quota?"

That's all it takes us to feel rich.
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