How to Tell if You Are Wealthy

A sense of perspective helps. Even if your friends are all multi-millionaires, it's worth remembering that half of all households in the US make do on less than $50K per year. If you're taking down triple, quadruple, quintuple, . . . you're wealthy. It doesn't matter if you're struggling to pay junior's private tuition bill you're still wealthy.
 
Count your friends....
 
I found it interesting that they listed checking price tags.... heck, I will be checking price tags my whole life...... even if I won a $100 million lottery... it is the way that I am...
 
I think the number of "wealthy " people is way understated. If you add city county state and federal employes with pension annuities worth a million and multi millions plus criminals, drug dealers etc there are a lot of millionaires out there. A small business owner who saved a million or two for retirement and has no pension feels no wealthier than a Miami detective I know who has a multimillion dollar retirement annuity.
 
wolfbay said:
...a Miami detective I know who has a multimillion dollar retirement annuity.
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Heck, just take your personal estimated SS at FRA and multiply x 25. For many of us, the value will put us well on the way to $1M.
 
wolfbay said:
A small business owner who saved a million or two for retirement and has no pension feels no wealthier than a Miami detective I know who has a multimillion dollar retirement annuity.
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+1
 
At least this article recognized that "wealthy" is a subjective word. You're wealthy (in financial terms) when you feel certain ways about money. "I realized that I don't need to check price tags" for example.

The article correctly observed that there are a number of such statements, some of us connect more with one than with another.

Here's one that I would connect with me. "I'd feel financially wealthy if I took multiple vacations per year that involved flying, and it never occurred to me to look at the coach fares."

But "wealth" is really a continuum, so here's another level. "I'd feel financially wealthy if I took multiple vacations per year that involved flying, and it never occurred to me to fly commercial."
 
This is kind of a reality check, the Global Rich List:

Global Rich List

According to them, with a $20k/year income you're still in the top 11.16% in the world.

It's all relative I suppose. A number of family members would be hard-pressed to pay for something as basic as a new furnace. We'd just sigh and write the check.
 
Then you have the distinction between wealthy and "truely wealthy". I'll take just being comfortable + good health.
 
It's very easy. If women 30 or more years younger than you are hinting that they might like to get to know you, you are wealthy- and in the good old fat-cat money way, not some lame new age definition. :)

Also good, but not as specific- if you annoy the hell out of liberals you may be wealthy.

Ha
 
haha said:
It's very easy. If women 30 or more years younger than you are hinting that they might like to get to know you, you are wealthy- and in the good old fat-cat money way, not some lame new age definition. :)
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And here I thought it was my good looks. Thanks for bursting my bubble ;)
 
haha said:
It's very easy. If women 30 or more years younger than you are hinting that they might like to get to know you, you are wealthy- and in the good old fat-cat money way, not some lame new age definition. :)

Also good, but not as specific- if you annoy the hell out of liberals you may be wealthy.

Ha
Click to expand...

My new definition is you are wealthy if your yacht has space for two helicopters.

A former colleague of mine was relating a story about Microsoft Co-Founder Paul Allen. Mr. Allen is single but hopes to get married. (Ladies no need to worry about SWR if you marry Paul.) My colleague isn't a fan of the man.

Then there is Paul the consumer. The way he spends money is distasteful. He appears to live like I imagine Donald Trump would like to live. And sadly, I think there are a lot of hangers-on. I once stood next to Paul at an Allen Conference (Herb Allen who is not a relation to Paul) and listen to Paul discuss Yacht building with a woman I did not know. The woman asked if he had a Helicopter Port on his boat. Paul looked at her as if she was from Mars and said ” where else could you put your Helicopter?”. He then told her that his boat had two. I wanted to puke.
Click to expand...
 
clifp said:
My new definition is you are wealthy if your yacht has space for two helicopters.
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Only two?
Ho, hum.

Eclipse Motor Yacht

The Eclipse features a 16m swimming pool, which can be covered to make a dance floor. The yacht accommodates three helicopters and a three-man private submarine, which can drive to a depth of 160ft.
Click to expand...
 
And here I thought people who had two cars were rich!!! :LOL:
 
Rustic23 said:
It's kind of like pornography. You know it when you see it, and, some of it may look like it to you, but not to others.
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It's kind of like buying a boat--if you have to ask "how much," you can't afford it. If we have to ask "Am I wealthy?", we're not.
 
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.
 
Danmar is wealthy. I am comfortable.
 
If you have a yacht, you are probably wealthy...........:)
 
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. :LOL:
 
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