Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
RICH is....
Old 09-17-2007, 10:37 AM   #21
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 443
RICH is....

Rich is ...

When you really got FREE time.

Having a million dollars in the bank and busy as hell is NOT rich.


A Retiree is Rich.


Enuff
__________________

__________________
Enuff2Eat is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-17-2007, 11:53 AM   #22
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
 
Join Date: Feb 2006
Posts: 3,895
i'm rich enough but not rich. rich to me doesn't pay for reality, rather it buys the fantasy. rich is the 300 million dollar lottery, not shared with three other winners, which pays for that 100 footer and the crew to run it. there are relatively very few rich people; but there are lots of people who live richly.
__________________

__________________
"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Old 09-17-2007, 12:10 PM   #23
Moderator Emeritus
CuppaJoe's Avatar
 
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,866
This is just one aspect of "rich" which comes up all-too-frequently in my personal and business life: The rich have options others do not linked to having a spare $15,000 or so a month to keep a seriously ill person at home. So their moral dilemmas can be different. If it is a child who is ill, the marriage might end. People will criticize either way, "you should have kept him at home, you should have left him in the hospital."
__________________
CuppaJoe is offline   Reply With Quote
Old 09-17-2007, 12:28 PM   #24
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,925
Quote:
Originally Posted by travelover View Post
Maybe this is old news:

http://opencrs.cdt.org/rpts/RL30922_20060522.pdf

Page 15 shows median and average savings by age group for 2001 and 2004.

For me it gives some perspective of how "rich" I am, relative to the rest of the country.
Look how well prepared the median 55-64 year old was in 2004, compared with 2001! We had the biggest increase in median retirement account value of any age bracket. Maybe that is due to the very welcome help of the "over-50 catchup" as well as higher contribution limits.

Another thing that interests me is how badly SKEWED the data is. No bell curve, this. The mean was more than twice the median in my age bracket, indicating to me that a few had quite a lot in their accounts, bumping the mean up but not the median.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 09-17-2007, 02:19 PM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,897
Quote:
Originally Posted by Want2retire View Post
.......Another thing that interests me is how badly SKEWED the data is. No bell curve, this. The mean was more than twice the median in my age bracket, indicating to me that a few had quite a lot in their accounts, bumping the mean up but not the median.
Yes! And that is the data for those who actually have an account -which for 65 and older was only 36.3%
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 09-17-2007, 07:50 PM   #26
Recycles dryer sheets
 
Join Date: Feb 2004
Posts: 81
Quote:
Originally Posted by Pavo View Post
Hello all -
How do you define rich?
In my case, the politicians decided. Several years ago, I went to bed only to wake up the next day to learn that Congress passed a new tax law that declared I was now, well, rich... and of course should therefore pay my fair share of taxes........and so it goes.......
__________________
roadkill is offline   Reply With Quote
Old 09-17-2007, 08:20 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Rich is having more money than you can spend...
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 09-18-2007, 10:56 AM   #28
Thinks s/he gets paid by the post
retire@40's Avatar
 
Join Date: Feb 2004
Posts: 2,670
Quote:
Originally Posted by HFWR View Post
Rich is having more money than you can spend...
Although some former rich people didn't know when to stop spending.

Here's one example...

Mike Tyson earned over $300 million during his up and down ring career. Mike Tyson is broke. It was only a matter of time but Iron Mike has officially filed federal bankruptcy papers stating that he is $27 million in debt, including $17 million in back taxes he owes in the U.S. and Britain.

Tyson Files for Bankruptcy!
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
retire@40 is offline   Reply With Quote
And He Seems to have Such Good Judgement, too
Old 09-18-2007, 01:53 PM   #29
Full time employment: Posting here.
MikeD's Avatar
 
Join Date: Apr 2003
Location: Leesburg, VA
Posts: 805
And He Seems to have Such Good Judgement, too

"The message you have entered is too short. Please lengthen your message to at least 1 characters."

I spent all my wit on the title...

Mike D.
Attached Images
File Type: jpg vstory.tyson.tattoo.ap.jpg (9.0 KB, 209 views)
__________________
MikeD is offline   Reply With Quote
Old 09-18-2007, 01:57 PM   #30
Dryer sheet aficionado
 
Join Date: Sep 2007
Posts: 44
What a shame... he had such a promising career. I would say that being rich come down to being able to do what you want when you want. Also to have good friends and a family that loves you. Money would be secondary then.
__________________
Fred333 is offline   Reply With Quote
Old 09-18-2007, 11:31 PM   #31
Recycles dryer sheets
 
Join Date: Feb 2006
Posts: 101
Rich is relative. If Bill Gates is the standard, you'll never think or feel that you're rich. It's a much more enriching exercise to consider the 40% of the planet living on $2 a day, according to the World Bank, and how you compare to those billions of folks. Or spend a little time in the third world and you'll never question your personal wealth again.
__________________
There is never enough time, unless you're serving it. --Malcolm Forbes
FlogBlogger is offline   Reply With Quote
Old 09-19-2007, 09:59 AM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,897
Quote:
Originally Posted by FlogBlogger View Post
Rich is relative. If Bill Gates is the standard, you'll never think or feel that you're rich. It's a much more enriching exercise to consider the 40% of the planet living on $2 a day, according to the World Bank, and how you compare to those billions of folks. Or spend a little time in the third world and you'll never question your personal wealth again.
Excellent point. I feel like a spoiled, rich kid when I travel to the Third World.
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 09-19-2007, 01:49 PM   #33
Recycles dryer sheets
 
Join Date: Aug 2003
Posts: 474
You are rich if you have considerably more money than the people you compare yourself to. A good working definition might be the top 1% of US households -- something like $5M these days.

But that doesn't really get at what I think of as rich. A friend of mine once said, "he's rich. . .not like $10m rich, either. . .like 'his yacht is $10m' rich."
__________________
bongo2 is offline   Reply With Quote
Old 12-16-2007, 09:42 PM   #34
Recycles dryer sheets
 
Join Date: Oct 2007
Posts: 463
Arise and live again, thread!!!

Anyway, I take my definition of rich from a high school History teacher:

Rich is being able to retire tomorrow and maintain the same standard of living for the rest of your life.
__________________
TickTock Rule Of Finance - heavily discount any promises of money/benefits to be paid to you in the future

"I've traded love for pennies, sold my soul for less" -Jim Croce, Age
TickTock is offline   Reply With Quote
Old 12-16-2007, 10:08 PM   #35
Recycles dryer sheets
template's Avatar
 
Join Date: Aug 2005
Posts: 175
Perhaps you've heard of this wealth litmus test:

You are rich if you can afford to crap on your boss's desk. -- or something similar.
__________________
Retired in 2001 at age 49.
template is offline   Reply With Quote
Old 12-16-2007, 10:16 PM   #36
Administrator
Janet H's Avatar
 
Join Date: Feb 2007
Location: Pacific NW
Posts: 4,957
Someone who is rich has substantially more

- Disposable income than I have
- Free time than I have
- Nice relatives than I have
__________________
E-R.org Custom Google Search | You're only given a little spark of madness. You mustn't lose it. (Robin Williams)
Janet H is offline   Reply With Quote
Old 12-16-2007, 10:40 PM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
Somebody who is rich doesn't need to worry about what his wife or girlfriend might want for Christmas.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 12-16-2007, 11:03 PM   #38
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Location: Los Angeles area
Posts: 1,432
Quote:
Originally Posted by haha View Post
Somebody who is rich doesn't need to worry about what his wife or girlfriend might want for Christmas.

Ha
Somebody who is rich doesn't need to worry about what his wife AND girlfriend might want for Christmas
__________________
learn, work, save, invest, fire
CyclingInvestor is offline   Reply With Quote
Old 12-16-2007, 11:09 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,386
Quote:
Originally Posted by CyclingInvestor View Post
Somebody who is rich doesn't need to worry about what his wife AND girlfriend might want for Christmas
LOL! I stand corrected by someone with a deeper insight into the problem.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 12-17-2007, 12:51 AM   #40
Full time employment: Posting here.
 
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 831
Quote:
Originally Posted by Eyerishgold View Post
There was a thread started recently saying that $5 mm is the new $1 mm. That's pretty accurate in my estimation. I think having $5 million in investable assets makes your "rich" or "wealthy" by anybody's standards.

I agree. $5 million is rich.
__________________

__________________
Dreams Worth Dreaming are Dreams Worth Planning For. I Spent a Career Planning for Early Retirement.
RetireeRobert is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Great article "Ten Reasons You Aren't Rich" Surfdaddy FIRE and Money 5 03-24-2007 01:19 AM
5 Lessons from the "rich" tryan FIRE and Money 73 03-22-2007 06:15 PM
How'd you spoil yourself when you feeling "rich"? Enuff2Eat FIRE and Money 67 09-25-2006 10:34 AM
"Getting Rich: The Poor Man's Guide" frayne Young Dreamers 8 05-23-2006 02:08 PM
Book reports: "Blink" & "Tipping Point" Nords Other topics 2 12-04-2005 05:15 PM

 

 
All times are GMT -6. The time now is 02:41 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.