How wealthy do you feel?

[Martha]

I moved the discussion on longevity to here: http://early-retirement.org/forums/i...?topic=14168.0

[audreyh1]

Quote:

Originally Posted by Moemg I think someone who was wealthy wouldn't cringe at paying $50,00 for a car or $200.00 at a restaurant .So since that's not me .I don't feel wealthy even though I know I'm FI .

No matter how rich you are, you can probably always think of something you can't easily afford. Yes, this would have to be pretty outrageous for the world's richest people, but you can still think of something that costs too much (and then begs the question of why would they ever want to, but that's a whole 'nother issue).

I think one of the "traps" of accumulating wealth is this ever rising bar of what one might be able to afford. A lot of people get caught up in it, feeling like because they can't afford a much bigger house or a top of the line luxury car or to eat out every night at the cities most expensive restaurant, that they are someone not well off. It can become insidious - as soon as one level is achieved, somehow "poof" they become aware of even more extravagant items that aren't quite within their reach "yet". I think this keeps a lot of people working furiously, consuming like crazy, and completely distracted from relaxing and enjoying life.

Enjoying what you do have and being grateful for it (and making the most of it) - you are well on your way to "feeling" wealthy, even if you haven't yet reached FI.

I find it hard to imagine being financially independent (and not struggling to live within one's means), and NOT feeling pretty wealthy. As many have pointed out, that's an unusually fortunate situation across the globe. Ya gotta feel good about it!

Audrey

[Milton]

Quote:

Originally Posted by Moemg I think someone who was wealthy wouldn't cringe at paying $50,00 for a car or $200.00 at a restaurant .

Have to disagree with you there: wealth does not imply a careless attitude about money. I.e., just because one can easily afford something does not necessarily mean that it is good value for money ... and parvenus excepted, most wealthy people do care about receiving value.

[GMueller]

My wife was born and raised in the Philippines. Her mother was a public school teacher and her father was in the military. However, they still found it difficult to keep food on the table – an I mean that literally. Perhaps because her austere childhood, my wife constantly reminds me that “we don’t need that much to be happy.” I am grateful that she helps keep me centered 1) because she is right, and 2) because I am prone to make comparisons, comparisons that seem to always leave me feeling that that I don’t have “enough.” I suppose that human beings are hard-wired to compare themselves to others, and we rarely compare ourselves with those who have less than we do. Rather, we turn our gaze skyward and compare ourselves only with those who are at least a notch higher on the totem pole, making our own wealth seem inadequate by comparison. I have to struggle with this tendency constantly and I am grateful that my wife helps keep me centered. Someone once said, “enough is as good as feast.” I know it is true, but I am still hard-wired to make comparisons. As a result I have worked more years than I probably should have and have probably accumulated more “wealth” than I really need. But, I am now resolved to follow my wife's advice and “pull the plug” at the end of this year. I suppose I will never feel “wealthy” because I will always compare myself with others that have “more.” But, hopefully, I will feel fulfilled, and that is all that matters.

[megacorp-firee]

This is an interesting thread. Thanks to all.
IMO wealthy is very personal definition. It means different things to different people. As I have been obsessed focused on whether or not I could FIRE, I have talked to a lot of people about the subject.
Many cannot believe that you can FIRE, mainly because they have bought into the 'American Dream' ... however, the 'chicken in every pot' has turned in to HDTV wall panels, Hummers, x-boxes, cell phones for everyone over the age of 7, ...etc. These people do NOT feel wealthy, the feel entitled. Some others are 'like' (even if they never have experienced it) the old timers who have gone through the depression. They worry (as in the case of the poster who had 4M and was anxious over health insurance expenses) and will probably never feel wealthy ... even with 2 to 3x that amount.
For us that frequent this site, FIRE is goal that many aspire to. We have learned to LBYM and that perspective makes us feel wealthy.... and it doesn't matter if you are one of the 7 figure portfolios or the ones that think that they are ok with 12K a year (if I am remembering that instance correctly) SWR.

For me... life is good .... and yes I think I am (in more ways then financial).

[maddythebeagle]

interesting results...50/50.....Reading some other forums with folks that post "Help, I the debt collectors are calling"....it doenst appear that "feeling wealthy" really makes much difference...those folks probably feel wealthy to spend why the folks that save 40%+ of their income probably always have little bit of fear...

[MikeD]

Quote:

Originally Posted by Sam One minor disagreement: We have access to the most expensive health care, not to the best.

Hi, just curious as to what healthcare you think is better than the the US's.

Thanks,
Mike D.

[Sam]

Mike D,

Martha split this subject into another thread. My answer is there, FWIW.

http://early-retirement.org/forums/i...?topic=14168.0

[lazygood4nothinbum]

where i grew up in new jersey i lived life on the upper side of middle class, residing in a middle, working class neighborhood but spending weekends boating on a 40 footer with my parents. in st. croix we lived the rich life, commuting between our beachfront condo and the boat at the marina, passing by all the hovels along the way. since we came to south florida, i have lived on the poorer side of great wealth. my measly million dollar inherited house surrounded by multi-million dollar mini-mansions and a smattering of 10 to 15k sq ft actual mansion (even those small in comparison to what else can be found here). my bike ride from my house to the beach takes me past at least a few hundred million dollars worth of private boats.

lately i hadn't been feeling wealthy. i think until florida decides what to do with property taxes the market will continue to stagnate here. between my house & the inherited one i'm already down a few $100k from where i thought i'd be by now.

yesterday i took an old friend of my mom's to lunch. picked her up in my $34k vertible gt & i was driving about the cheapest car in town. took her to one of my old friend's popular restaurants where lunch is never under $35 for two. on the way back from lunch, mom's friend wanted to stop off and check out the model apartment of a new building near her's where units start at $2mm.

last night i plugged in the newly expected lower numbers into firecalc and found out that i'm still in good shape. apparently being down a few $100k averages out over a 38 year payout. then this morning i did one of my sunrise beach walks.

the sidewalk was pretty busy this morning with wealthy joggers already sweating and the homeless waking up from behind dunes and from out of the brush. just a few tourists by the look of their shirts and hats. a haitian woman soaped herself up at one of the showers meant to rinse off the salt or cool down. she lived out of a nearby shopping cart, not quite all the comforts of home.

after about 2 or 3 miles i headed back to the car because i noticed my arthritic foot acting up. i was glad that at least i could afford comfortable shoes. not seconds after i was thinking that, i came upon a young homeless couple talking to some guy who was half standing on the curb and half in his car. he was asking the girl what size shoe she wore. "size 7" she said. he would bring her a pair later in the day. and then he asked how the young man was on shoes. "these are the only ones i got" he said. "those are all you have," said the man now getting into the car.

the young couple thanked him, by then my back was to that scene as i continued walking towards my pretty convertible parked along the beach where i am both rich and poor.

"once i felt bad when i met a man who had no feet. but then i felt terrible when i met a woman who had bad shoes." ~~karen walker (paraphrased)

sunrise on the beach this morning...

[VaCollector]

From an article in USA Today - May 21, 2007

The median HOUSEHOLD net worth for the age group 55-59 = $249,700 (no college); $526,300 (college educated)....so by financial standards, I would have thought that most who frequent this board would have said yes.....

I found it very interesting how the "personal definition" of "wealthy" factored into the responses.

Thanks for the insight!

[dex]

Quote:

Originally Posted by VaCollector From an article in USA Today - May 21, 2007 The median HOUSEHOLD net worth for the age group 55-59 = $249,700 (no college); $526,300 (college educated)....so by financial standards, I would have thought that most who frequent this board would have said yes..... I found it very interesting how the "personal definition" of "wealthy" factored into the responses. Thanks for the insight!

If the pole was stated in terms of dollars thresholds you would have gotten different answers.
"Feeling" is an emotional response and subjective.
The value of this pole is in contrasting the subjective "feeling" with the objective numbers.

[P.S.]

Quote:

Originally Posted by HaHa I am surprised that so many say they feel wealthy. If they feel wealthy, why do they hang around here discussing how to squeeze the last bit of juice out of a dollar?

cause wealth does not equal more money than you could ever spend!

good health, loving family also healthy, clean home in a safe place.
freedom to read whatever, say whatever, go where ever.
reliable plumbing, cheap gas, non toll roads with no checkpoints.
trustworthy friends, caring neighbors.
American citizenship, trees, fresh air, local library with comfortable seating, free books, unlimited interlibrary loan.

yeah i can walk into Whole foods and buy whatever i want, or schlepp home that $20,000 diamond from Costco...and that feels good. But it's the above that really makes me wealthy!

[albundyz]

I did not vote.....my wife's vote would have canceled mine.

everyone's definition of being wealthy is different.

I feel wealthy because I no longer need to use coupons when going to the grocery store.

When I'm at the grocery store, I can buy strawberries whether they're on sale or not.

I no longer feel compelled to drive across town where gas is 6cents a gallon cheaper.

I have made new friends and that's part of my wealth.

I feel healthy and that's part of my wealth.

I can help my sons with a downpayment on a house if needed.

My wife, on the other hand, will never feel wealthy until she is driving a BMW or other luxury car. (me? I drive a 7 year old Pontiac and I'm happy). That's not a rap on my wife.....her expectations of wealth are different than mine.

So, I feel wealthy....and my wife is not driving a BMW right now.

[Celany]

I said 'no'. I feel comfortable. I feel lucky to live in the US, where we do have a lot of good things that people take for granted (like clean water).

But I don't think I would feel wealthy until I could either RE, or just take a significant amount of time off from work, without screwing up my nest egg. Right now, if I took time off to recharge, reevaluate & 'find myself' a bit better, it'd make a decent ding in my saving. I'm hoping to be able to do that in a few years, & have it not make that much of an impact.

To me, being wealthy involves being able to either RE, OR work at a much lower paying, highly-fulfilling job & live off of a combination of paycheck & investments.

However, I aknowledge that my current standards of living (living in manhatten), forces me to have an artificially high need for money. If I moved out of the city, & found good-paying work outside of the city, then maybe I would feel wealthy, or at least closer to it. Which is one of the reasons I want to take the aforementioned time off of work some point in the next few years.

[Delawaredave]

There's two ways to feel rich:

1. Have more
2. Want less

Older I get, the less I want and the more I have.....

[Sam]

Quote:

Originally Posted by albundyz I did not vote.....my wife's vote would have canceled mine. everyone's definition of being wealthy is different. I feel wealthy because I no longer need to use coupons when going to the grocery store. When I'm at the grocery store, I can buy strawberries whether they're on sale or not. I no longer feel compelled to drive across town where gas is 6cents a gallon cheaper. I have made new friends and that's part of my wealth. I feel healthy and that's part of my wealth. I can help my sons with a downpayment on a house if needed. My wife, on the other hand, will never feel wealthy until she is driving a BMW or other luxury car. (me? I drive a 7 year old Pontiac and I'm happy). That's not a rap on my wife.....her expectations of wealth are different than mine. So, I feel wealthy....and my wife is not driving a BMW right now.

Believe it or not, I understand you.

[Khan]

Quote:

Originally Posted by Delawaredave There's two ways to feel rich: 1. Have more 2. Want less Older I get, the less I want and the more I have.....

So true.

[cardude]

I voted no.

I'm wealthy money-wise, but I spent too much energy and time getting it and did not spend enough time and energy making good friends or developing other interests.

I'm still young (42), so there's definitely still hope for me , but my situation is a good lesson for those who may be TOO focused on getting a big pile of money.

[calmloki]

yah yah - we're all rich in friends and fortune and blessed by the Cosmic Muffin .... but here you go - The Money Meter - Forbes.com - NOW how wealthy do you feel? May i suggest our ol' pal Warren B. as a handy meter to measure against? One of my favorite platitudes is "there's lots of levels". As for me, I agree with the prior poster who differentiated between rich and wealthy, ascribing wealth to old money - no wealthy dot commers, just rich ones.

[thefed]

i dont feel wealthy...i am not.


i feel very fortunate though. i have enough $$ savedvto pay the bills for as long as a year or 2 i suppose....i have some SMALL retirement accts....a few rental properties....2 successful businesses....4 paid off vehicles...


Much better than most my age....but still striving for more day in and day out...i am in the 'get more $$,make more opportunities' phase 24/7...ER is my goal.... of course. i guess then i will feel wealthy