Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-13-2011, 09:44 AM   #21
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
Quote:
Originally Posted by photoguy View Post
To me this seems like gross misrepresentation by the journalists who wrote the article.
What else is new?
__________________

__________________
rescueme 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 08-13-2011, 10:44 AM   #22
Recycles dryer sheets
glippy's Avatar
 
Join Date: Mar 2010
Location: New England
Posts: 197
My high woodpile, tall garden, health, youth, and remaining 60-70 years to do with as I wish makes me feel wealthy.

Even if a guy had 10,000 times as much money as me, but still has to put in 40 hours a week, I'd consider myself wealthier.

Not even in a wishy-washy feel good way, but in a very real, financial sense. I have all the money I need. He doesn't. So who's the wealthy one?
__________________

__________________
glippy is offline   Reply With Quote
Old 08-13-2011, 11:17 AM   #23
Recycles dryer sheets
e86s54's Avatar
 
Join Date: Jun 2009
Posts: 190
It seems wealthy is as much of a state of mind than a number. About ten years ago, I figured $4mil would allow me to do pretty much anything I wanted without having to worry about money.

Now looking at the 10 year anniversary of 9/11, I find myself thinking "Man, where the hell did the last 10 years go?!!!!!!" more so than my net worth tabulation.
__________________
e86s54 is offline   Reply With Quote
Old 08-13-2011, 12:30 PM   #24
Recycles dryer sheets
 
Join Date: May 2007
Posts: 371
Great posts!!

So naturally the follow up question will be, "What is your definition of 'Wealthy'?"

Like I already said my definition of wealthy is a having a NW of $7.5 million.
__________________
novaman is offline   Reply With Quote
Old 08-13-2011, 12:50 PM   #25
Thinks s/he gets paid by the post
photoguy's Avatar
 
Join Date: Jun 2010
Posts: 2,301
Quote:
Originally Posted by novaman View Post
Great posts!!

So naturally the follow up question will be, "What is your definition of 'Wealthy'?"

Like I already said my definition of wealthy is a having a NW of $7.5 million.
For me, the beginning of being "wealthy" is when the SWR is about equivalent to the median household income for that area.

So for los altos,ca (median income 185k) you need like $6M to be considered wealthy. For Des Moines, IA (median 38k) you'd need $1.2M.
__________________
photoguy is offline   Reply With Quote
Old 08-13-2011, 03:09 PM   #26
Recycles dryer sheets
 
Join Date: Dec 2010
Posts: 391
I'd say that "wealthy" means you can work or not as you please. It is not asking whether you can afford to retire. We are thus not wealthy.
I'm grateful though that we have our health, a nice house to live in, plenty of food to eat, and access to the best medical care. My guess is that the majority of people in the world would give anything to have what we have.
__________________
palomalou is offline   Reply With Quote
Old 08-13-2011, 03:41 PM   #27
Thinks s/he gets paid by the post
packrat44's Avatar
 
Join Date: Jun 2007
Location: near Canadian border and near Mexican border
Posts: 1,142
Quote:
Originally Posted by Lisa99 View Post
For me that your quote is the definition of wealth and the number is different for everyone. "Being able to spend without worrying about the consequences".

For me that statement is true. However, our country is full of people who spend without worrying about the consequences - when they should be worried.
__________________
Pigs get fat, hogs get slaughtered. That's my story and I am sticking to it.
packrat44 is offline   Reply With Quote
Old 08-13-2011, 03:54 PM   #28
Thinks s/he gets paid by the post
Helen's Avatar
 
Join Date: Oct 2004
Location: Portland
Posts: 1,339
Quote:
Originally Posted by palomalou View Post
I'm grateful though that we have our health, a nice house to live in, plenty of food to eat, and access to the best medical care. My guess is that the majority of people in the world would give anything to have what we have.
+1

I think of this all the time.
__________________
Helen is offline   Reply With Quote
Old 08-13-2011, 05:20 PM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
I find it humorous that people have such a hard time considering themselves wealthy.

A quick google finds that US has 10.5 millionaires. I'm not sure if this households or people and includes the house or not, it doesn't matter much. So in a country of 300 million people it is 3%. Yet lots of millionaire don't think they are wealthy and would refer to themselves as upper middle class.

On the other hand the definition of a gifted child is upper 2.5% of IQ. I have yet to meet a parent who referred to their gifted kid, by saying "oh no he is not really smart", just a bit above average. In fact most parents wouldn't describe their kid as merely smart, but really smart or super smart.
__________________
clifp is offline   Reply With Quote
Old 08-13-2011, 05:56 PM   #30
Recycles dryer sheets
 
Join Date: Jul 2007
Posts: 71
Having traveled a little in third world countries, I am amazed with every trip just how wealthy us working class American's are . Having just come back from Hawaii where I spent some time visiting some folks who live is very nice houses with a view who really don't have to work it is amazing how poor I feel right now.
__________________
Sevo is offline   Reply With Quote
Old 08-13-2011, 07:23 PM   #31
Recycles dryer sheets
e86s54's Avatar
 
Join Date: Jun 2009
Posts: 190
"It was the best of times, it was the worst of times"

Recently I was reading or saw something about a study done on happiness. It compared people after one year who won the lottery and people who had a serious health problem (like becoming a quadriplegic). Guess who was happiest?

For me after worrying about how much $ I needed to retire, I've discovered I was looking at the wrong numbers. I should have been more concerned about how many more good years I have. Thankfully I have come to this conclusion in my late 40s. But time is flying by way to fast anyway...
__________________
e86s54 is offline   Reply With Quote
Old 08-13-2011, 09:06 PM   #32
Full time employment: Posting here.
 
Join Date: Dec 2010
Posts: 746
Quote:
Originally Posted by glippy View Post
My high woodpile, tall garden, health, youth, and remaining 60-70 years to do with as I wish makes me feel wealthy.

Even if a guy had 10,000 times as much money as me, but still has to put in 40 hours a week, I'd consider myself wealthier.

Not even in a wishy-washy feel good way, but in a very real, financial sense. I have all the money I need. He doesn't. So who's the wealthy one?
+1... except for that garden thing (what the Texas heat didn't destroy in our garden the feral hogs got).
__________________
East Texas is offline   Reply With Quote
Old 08-14-2011, 06:33 AM   #33
Thinks s/he gets paid by the post
 
Join Date: Apr 2005
Location: Duesseldorf, Germany
Posts: 1,005
Just a quick comparison on world wide basis:

If we have food in the fridge, a full set of proper clothes on our body and a roof over our heads and a safe place to sleep we are more wealthy than 75% of the world population.

If we have at least some money in a bank account, in our purse or in the piggy bank we belong to the 8% most wealthy people in the world.



__________________
chris2008 is online now   Reply With Quote
Old 08-14-2011, 11:12 AM   #34
Full time employment: Posting here.
 
Join Date: Dec 2010
Posts: 746
Wealth becomes just a matter of definition. As with Chris, we have basic food, clothing, shelter, and security. Everything else material is just noise.

We are grateful for what we've got. A good part of it was luck - being born in a country with unlimited possibilities. The rest was the result of the choices we've made. We chose to live below our means and are debt free. We chose to save for a rainy day. We listened to our grandparents who said they didn't suffer through the depression because they were farmers who made do with what they had and "envy" was not a part of their vocabulary. We chose friends with similar values and we go to Mass every week and thank God for all the blessings we've received.

We can go to bed at night with a clear conscience and contentment. And that, my friends, is wealth.
__________________
East Texas is offline   Reply With Quote
Old 08-14-2011, 11:34 AM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 6,321
Wealth is relative. In my mind one is wealthy when he/she can provide for the basics of life, and some pleasurable interests and does not have to follow the order of others to get the $$'s.

Also, we must factor in 'phantom' assets such as pensions and annuities. If one has a $20,000 a year pension that will last for 30 years until one's death, and then dissapear forever, how much cash in the bank does that represent? Is not that phantom balance also something that should be added to ones net worth? Or not?
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is online now   Reply With Quote
Old 08-14-2011, 01:33 PM   #36
Recycles dryer sheets
 
Join Date: Dec 2010
Posts: 391
[QUOTE=Chuckanut;1101047] does not have to follow the order of others to get the $$'s.

Okay, then we are REALLY not wealthy!
__________________
palomalou is offline   Reply With Quote
Old 08-14-2011, 02:02 PM   #37
Thinks s/he gets paid by the post
Lakewood90712's Avatar
 
Join Date: Jul 2005
Posts: 1,316
Quote:
Originally Posted by chris2008 View Post
Just a quick comparison on world wide basis:

If we have food in the fridge, a full set of proper clothes on our body and a roof over our heads and a safe place to sleep we are more wealthy than 75% of the world population.

If we have at least some money in a bank account, in our purse or in the piggy bank we belong to the 8% most wealthy people in the world.
+1

The closet socialist sometimes slips out of my normal hard shell when I compare the west to most of the world.
__________________
Lakewood90712 is offline   Reply With Quote
Old 08-15-2011, 07:57 AM   #38
Full time employment: Posting here.
 
Join Date: Dec 2010
Posts: 746
I realize there is a group of people who like to have a number to which they can point and say they are wealthy. Net wealth is misleading. One can have a couple of million dollars in net wealth and it all be tied up in a house that can't be sold. Being wealthy based on income doesn't count if outgo is higher.

For us it comes down to our easily meet our financial obligations and have some money left over. Some people tend to forget it's not how much you make - it's how much you spend.

Those of you who like to have number, good for you. A word of caution on flouting the information - there are people out there who think they deserve it more than you. No one outside a few select people have any idea how much money we have because it would be perceived as being uppity and that's not the kind of life we choose to live.

This is not a lecture, it's a philosophy. There were a whole lot of years where I was counting coins at the gas station hoping to have enough money to put in a couple of gallons of gas. There were too many days of having $5 and having to make the choice between shoes for the toddler or milk for the fridge. Having debt was simply out of the question because I was barely making it payday to payday. I believe all those early experiences made the life today possible.
__________________

__________________
East Texas 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


 

 
All times are GMT -6. The time now is 12:17 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.