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Old 04-25-2011, 11:01 AM   #21
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Actually, Danmar, they don't. Sure, the billionaires do, but there are a lot of people that the middle class would consider wealthy, that they themselves do not. If making more than $250,000 a year, as some seem to think, makes you wealthy, the a whole lot of wealthy people don't think they are wealthy. We are well off, not wealthy. In fact a lot of folks on here fit that description. They are, are going to be, FI. In a large portion of the population that would make you wealthy. I dare say, however, most here that are FI, don't consider themselves wealthy.
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Old 04-25-2011, 11:08 AM   #22
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Danmar is wealthy. I am comfortable.
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Old 04-25-2011, 11:19 AM   #23
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If you have a yacht, you are probably wealthy...........
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Old 04-25-2011, 11:32 AM   #24
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If you have a yacht, you are probably wealthy...........
Depends on how you define "yacht"
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Old 04-25-2011, 11:39 AM   #25
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As long as I am FI and not worried about money or dodging calls from creditors, I think it is unlikely that I am going to stay up nights worrying about whether or not I am wealthy. I don't need the validation.
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Old 04-25-2011, 12:43 PM   #26
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Rustic: My point was that being wealthy is a self assigned title. Who cares what others think? If you think you are wealthy, you are. If you don't? Well you may be looking for
some kind of third party telling you that you are to feel better I guess.
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Old 04-25-2011, 12:48 PM   #27
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I don't need the validation.
I don't need the burden of the responsibility, either, let alone the paranoia of "Why are these people being so nice to me?!?"
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Old 04-25-2011, 01:06 PM   #28
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Depends on how you define "yacht"
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Old 04-25-2011, 01:21 PM   #29
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Rustic: My point was that being wealthy is a self assigned title. Who cares what others think? If you think you are wealthy, you are. If you don't? Well you may be looking for
some kind of third party telling you that you are to feel better I guess.
Another possible motivation is trying to be sure that others, public and private, do not think that you are wealthy. When P.Obama talks about "the wealthy", it is not a good category to be in.

Ha
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Old 04-25-2011, 01:21 PM   #30
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Redneck ingenuity, I love it!
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Old 04-25-2011, 01:23 PM   #31
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Bet this dude catches more fish than P Allen. Probably gets more tail too! Come on baby , just keep your feet offn' the battery!

Ha
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Old 04-25-2011, 09:39 PM   #32
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Bet this dude catches more fish than P Allen. Probably gets more tail too! Come on baby , just keep your feet offn' the battery!

Ha
And I bet this guy has more fun on a typical saturday night than most people who'd describe themselves as "wealthy".
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Old 04-25-2011, 10:06 PM   #33
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Another possible motivation is trying to be sure that others, public and private, do not think that you are wealthy. When P.Obama talks about "the wealthy", it is not a good category to be in.

Ha
+1

Being identified as wealthy makes you a target for higher taxes, means testing and general vilification for political purposes. I fully intend to proclaim my state of general poverty indefinitely - intended early retirement notwithstanding. I will also be ticking the lowest possible boxes on all future wealth and income type polls.
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Old 04-26-2011, 09:52 AM   #34
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Yes, I agree that in many cases being called wealthy is not a good thing. But I am not aware of any cases where self identification would make much of a difference? Do you get asked a lot if you are wealthy? Not me. Other than on this forum and other anonymous places I guess.
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Old 04-26-2011, 09:53 AM   #35
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If you earn $1 more than me, you are wealthy. But I'm not.

Am I close?
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Old 04-26-2011, 09:55 AM   #36
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Do you get asked a lot if you are wealthy? Not me. Other than on this forum and other anonymous places I guess.
Odd that it's generally considered rude to do so - except in the virtual world where we can be anything we want to be.
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Old 04-26-2011, 09:59 AM   #37
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I cannot judge myself. If others consider me (and DW, as a couple) wealthy? Then so be it.

However, since no one (other than DW) has any idea of our financial situation, it is not a question to be answered (nor do we really care ...)
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Old 04-26-2011, 10:06 AM   #38
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Odd that it's generally considered rude to do so - except in the virtual world where we can be anything we want to be.
Yep. On the Internet I'm 6'2" and have a full head of hair.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 04-26-2011, 10:48 AM   #39
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Yep. On the Internet I'm 6'2" and have a full head of hair.
Gee, even when I am not on the Internet I am 6'2" and have a full head of hair!
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Old 04-26-2011, 12:06 PM   #40
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Odd that it's generally considered rude to do so - except in the virtual world where we can be anything we want to be.
We dined Easter Sunday with our neighbors, with whom we've spent quite a bit of time over the past decade.

He's a retired 30-year Army CW-4 and now a civil servant running part of the Personnel office of the local Army base. He turns 66 in a few months but says he doesn't hate what he's doing and has no real reason to start collecting his FERS money or his TSP. His spouse (who also works 40-hour weeks at the base's childcare center and is at least 67 years old) wants him to pay off the mortgage before he stops working. He wants to golf but he gets in 2-3 rounds a week already so he doesn't feel that he can complain. He certainly doesn't "feel" wealthy as long as he has that mortgage hanging over his head. Their big debate is whether to pay off the mortgage with the TSP or to annuitize the TSP to the same size as the mortgage payment (despite the current sucky interest rates). It's refreshing to talk with someone who understands all the aspects of that choice.

They've watched us move into the neighborhood, stop wearing our uniforms, grow out our hair, and launch our daughter from the nest. We're always helping each other with home maintenance (us) and gardening (them). She's always feeding us. They understand our finances at least as well as we do (hey, he's a military personnel expert) but they certainly don't understand why a couple of healthy adults aren't chasing paychecks. Maybe they're waiting to see if we decide to make something of ourselves.

Apparently they don't consider us wealthy either. When we finished talking about his work & golf plans, I asked him how the Army does transition counseling for separating/retiring soldiers. He explained it-- just like the Navy so they're following the same DoD template-- and I asked if I could talk to one of them about the book. When I gave him my blog card he thought I was asking if they were hiring, and it took a few minutes to get all that straightened out. When he finally understood that the book's royalties would go to charity he was dumbfounded. Maybe he was afraid that I was going to ask him to buy 100 copies.

So to him, "wealthy" is no debt and an annuitized income that exceeds his expenses for the rest of his life. Long-term care insurance, of course, and life insurance to pass on to the "kids". Despite his decades of work and his considerable savings, he doesn't feel that he's wealthy or that he's "earned" retirement yet.

He probably sees our financial approach to life as downright dangerous & foolhardy. It'll be interesting to talk with him as he gets caught up on the blog.

I bet he works until declining health forces him off the payroll... and the fairways.
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