Comfortable or Wealthy?

[CardsFan]

I never understood this mentality. I have always been long term minded so knowing I will eventually need the gas, find a good price on my route and fill it all the way up. Was there an option to not drive your car because you couldn’t afford gas?

Im not trying to be critical; just could never understand that perspective.

Well, I remember being 16 and chipping in a quarter for gas so we could cruise for a few hours. The buck from 4 bought more than 3 gallons of gas. Of course, at 15 mpg that didn't get us too far.

Now a-days you're right, I always fill up. But once upon at time, things were a little more tight.

 

[RobbieB]

I did the "skinny gas" thing when I was a kid and working summer jobs for not much dough. I ran out of gas once then and I can still remember hiking down the road and back with the gas can. Walk of shame indeed.

Never again, once was enough -

 

[street]

And you know this^ how?

Perhaps consider posting a poll and see what responses you get.

omni

Go for it! I have brought it up a few times and all negative responses, the few that did.

 

[MarieIG]

I think it is a bit of a sliding scale.

Financially comfortable, in my opinion, is a feeling of security.

Wealthy north of 50 mil. Rich, billionaire.

My opinion, ymmv

 

[beppie58]

Having a secure pension makes me feel wealth although I am far from wealthy! I feel blessed for having that pension
And wealthy is a state of mind not a $ figure in my world.
My happiness level has never been higher but I do admit to shopping at Goodwill Ha ha it's a treasure hunt!

 

[hesperus]

I'll have to read this book to find out where these (seemingly) very subjective labels come from. Someone passively earning $250,000/year from their investments is only "Comfortable+"? That's over $20,000 per month. I'd say that level of wealth and income is at least "Kind of rich" -- unless it's for a family of 4 with two college-age kids in Manhattan. For the vast majority of the rest of us, however, it's at least borderline rich... IMHO.

With a low eight figure portfolio (or high seven depending on the market), that's where we're at. But we don't pull 4% from the portfolio. More like 1%, at most. Yes, DW and I are living below our means. Most everything gets reinvested. It's all relative, but we do feel comfortable, not 'rich'.

 

[Dtail]

With a low eight figure portfolio (or high seven depending on the market), that's where we're at. But we don't pull 4% from the portfolio. More like 1%, at most. Yes, DW and I are living below our means. Most everything gets reinvested. It's all relative, but we do feel comfortable, not 'rich'.

Makes sense. I would venture very few folks on this site spend 400k yearly.

 

[mtheulen]

My Mother will turn 81 in Feb. For the last 10 years she has lived on 25K annually.
I have yet to meet anyone happier and more fulfilled then her.
Guess your net worth is relative only to you

 

[sterlingmossy]

I'll have to read this book to find out where these (seemingly) very subjective labels come from. Someone passively earning $250,000/year from their investments is only "Comfortable+"? That's over $20,000 per month. I'd say that level of wealth and income is at least "Kind of rich" -- unless it's for a family of 4 with two college-age kids in Manhattan. For the vast majority of the rest of us, however, it's at least borderline rich... IMHO.

I am a family or 4 with 2 in college living in Chicago with a Net worth of around $8m and I don't feel rich. It is funny how relative the world is.

 

[beppie58]

Wow 8 million and you don't feel rich That makes me feel all the more wealthy...which is nothing more than a state of mind.

 

[almost there]

Thanks for posting this. I had no idea I was “wealthy”............Made my day. lol lol

 

[steelyman]

“Wealth” is one of those words that are actually silly but Very Important to some. That’s why you see all these firms/advisors including “wealth management” in some way (names, adverts, etc).

It’s like “wealth” is what people want attached to themselves once they aren’t remotely “hot”.

 

[almost there]

yea, but to have both!......lol lol

 

[Gumby]

It’s like “wealth” is what people want attached to themselves once they aren’t remotely “hot”.

Some of us were only ever "lukewarm" at best.

 

[steelyman]

Some of us were only ever "lukewarm" at best.

Not to the right person! That’s what Mr. Nat “King” Cole (who was not in finance) said.

 

[DeborahB]

One of my friends keeps reminding me that I’m wealthy. And compared to many (not here) I guess I am. But what I feel is financially comfortable. There’s no catastrophe that’s going to wipe out my savings. I have a mortgage - moved and bought a house 18 months ago but the mortgage is 30 years at 4.125%. I’m keeping it because usually I make more than that on investments. And it’s a tax deduction. I’ll see what my taxes look like for 2018 and talk to my CPA about what to do.

It’s an interesting and pleasant situation to be in. My health hasn’t been good lately but nothing life-threatening. I have chronic fatigue syndrome. But I love my new home and I’m genuinely happy. I never think about money except to make sure my checking account balance will cover the bills. My desires aren’t extravagant. It’s a good place to be in.

 

[GR111]

Life styles of the rich and famous vs the millionaire next door philosophy- IMO it’s the simple things that matter most.

 

[Independent]

Not sure what your point is, but "wealthy" and "comfortable" are just labels that don't mean a whole lot. I don't know where I fall on the wealthy/comfortable spectrum, ... and to me that is all that matters.

+1

 

[DeborahB]

Life styles of the rich and famous vs the millionaire next door philosophy- IMO it’s the simple things that matter most.

+1

 

[beppie58]

DeborahB I agree 100% and at the risk of sounding sexist...I believe that a lot of men equate their financial wealth with their self worth and level of satisfaction with life. And I think women equate emotional happiness as being wealthy.

 

[YeahNo]

I think most people have their own meaning of wealthy/rich or what ever word you may want to use. A person with 25M wouldn't even consider someone with 5M as being rich/wealthy. A person with 1.4M would think that a person with 5M would be wealthy/rich.

I really don't know what I actually feel about my portfolio if I would be considered rich/wealthy or comfortable.

I actually like to see articles that have bars to see and gauge where we are looked at in the finical world.

I understand if doesn't make a crap what others have but I like to see where I am at. It doesn't make me look down or jealous if all had more then me and would never look down on people with less.


I would like to see a poll here, where we can actually see, what money we have as individuals. I also know it isn't something people here want to see. A poll with no comments needed just portfolio ranges to see who we are talking with.

Have you checked out the bogleheads net worth spread sheet?

 

[bencasey]

These writers need to take a month long trip, by car, across the US-avoiding any city of more than 1M people. It might just add common sense to their articles.

In other words, the places where there's nothing to do and no one wants to live.

 

[Seagirt]

I think the labels in that article, comfortable, wealthy, rich, in most people's minds equate very precisely to the status symbols one can afford in each category: private or public schools for your kids, state or ivy league college?; what neighbourhood you live in, how many bathrooms in your house, do you have a basement rec room or a wine cellar?, backyard trampoline or pool?, how many houses do you own and where exactly (Long Island, Aspen, Palm Springs, Maine? or the fine distinctions of where exactly in Florida), what kind and how many cars and how often you trade them in, or do you lease?; where you vacation: Mexico vs the Caribbean? how many stars in the hotels you stay at, are they all-inclusive or exclusive? your ability to own things like a boat: kayak or outboard or yacht?, and then, how many feet long your yacht is. Pickleball at the seniors centre or golf, and which golf course and are you a visitor or a member? It truly is endless.

 

[kcowan]

There is no joy in buying things you can afford.

 

[DEC-1982]

We do not think of ourselves as "comfortable" or "wealthy"; we think of ourselves as "content".

Well said.