How wealthy do you feel?

[Spanky]

I do not feel wealthy financially since I still working to pay bills and to save for retirement. The new standard definition of financial wealth is having assets of over $5 million USD. My target is a lot less than that. I believe $2 mil is more than enough for our retirement.

Obviously wealth is relative. In comparison to people in developing nations, we are rich. Compared to the people in the $5 mil club, we are poor. We just have to be satisfied with whatever we have and be grateful. Focus on other aspects of wealth - knowledge, love, kindness, peace and joy.

 

[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?

If I didn't feel financial insecurities I would A) not care too much about maximizing my return B) Certainly not care about how to learn what I could give up without suffering too much and C) Spend more on social life and diversions.

Ha

 

[Martha]

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?

There is something about Laurence and the way he says things that makes us feel good about our lot. So for a while many of us, though not rich, feel wealthy.

 

[Bikerdude]

If they feel wealthy, why do they hang around here discussing how to squeeze the last bit of juice out of a dollar?

Maybe to stay wealthy?

 

[ADJ]

I could never feel wealthy as long as I have to still work no matter my current networth. As long as I cannot replace my income, still rely on an employer's health insurance, I don't see how I can feel wealthy.

 

[dex]

I think we can all agree that "Feeling economically Wealthy" is a relative feeling.

In an absolute sense - if you are a millionaire you are one of about 9 million in the world.
http://en.wikipedia.org/wiki/Millionaire#Number_of_millionaires_in_the_world
What is that as a percentage of the world population 6.7 billion = .134%

Still we don't feel fully secure - I include myself in that number.

The median income of USA households is $46K
http://en.wikipedia.org/wiki/Personal_income_in_the_United_States
If you take into account the imputed income (health benefits etc) and all other income of many on this board I think it would greatly exceed this number.

So what is the point to be learned?
In my opinion it is that our fears and other emotions steal our happiness. We live in a hell of our own making.

Go to India and see the poverty their. Imagine if you could talk with a begger there and in some way make him understand that you do not feel wealthy (I doubt it would be possible). I was in India and at one point I could not leave my hotel and walk the streets due to the poverty I saw.

If you don't believe your thoughts influence your perceptions and actions then there is no issue with not feeling wealthy. I believe they do and try to think positively about my situation.

 

[dex]

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?
Ha

“I would remind you that extremism in the defense of a good deal is no vice! And let me remind you also that moderation in the pursuit of "squeezing" is no virtue.”

 

[Alex]

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?

If I didn't feel financial insecurities I would A) not care too much about maximizing my return B) Certainly not care about how to learn what I could give up without suffering too much and C) Spend more on social life and diversions.

Ha

IMHO, alot of the people that 'hang around here' aren't trying to squeeze juice out of a dollar , they are here to help others. You can't see that?

 

[Fireup2020]

I gather from the postings here that those of us who "feel" wealthy have different emotional ties to the words "wealth" and "rich"...wealth is something to strive for - more of a comfort level...rich, well...just simply $$$$ - and tons of it - not an exclusive goal for me personally - hmmm - maybe that laziness from another posting kicking in. (however, because this requires me to meet and marry some oil prince/king, etc - or even scarier...a Donald type - ewwww!! Not enough $$$$ in the world for THAT!)

 

[Canadian Grunt]

Greetings, my two cents worth below,


I tend not to view wealth by my overall net worth. I changed that viewpoint several years ago. I adjusted my view of wealth to whether I require to work to sustain a set lifestyle that I have become accustomed to and which I am comfortable with.

It took a while to find my comfort level once all the material needs were fulfilled. The remainder becomes savings and investments. Once these investments and my pension meet the lifestyle requirements with a suitable buffer I believe that goal (wealth accumulation) will be met.

Overall, I feel fortunate not to be burdened with the same financial problems that haunt the consumer societies of North America.

Grunt

 

[yakers]

A rich man is one who is satisfied with what he has.

 

[crazy connie]

IMHO, alot of the people that 'hang around here' aren't trying to squeeze juice out of a dollar , they are here to help others. You can't see that?

And we tend to prefer the the socialization the forum allows to discuss concerns and issues related to finance without the sales tactics of a VA SALES SHARK in HEAT!!! There is a greater braintrust here on personal finance logistics than all of the so called professionals I have met with!

 

[audreyh1]

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?

I see this forum as more about people who value and/or aspire to financial independence. Some are focusing on squeezing the last bit out of a dollar to further that goal. But many are here to enjoy the community of like-minded folks. Valuing financial independence and not having to earn a living seems to be a bit of a minority viewpoint in the US, so engaging with other folks who value them is refreshing.

Audrey

 

[firewhen]

I could never feel wealthy as long as I have to still work no matter my current networth. As long as I cannot replace my income, still rely on an employer's health insurance, I don't see how I can feel wealthy.

Ditto. The day I ER, it will be with a big smile and I will feel wealthy. Since we are well along that path, I will call us comfortable, yes, but not yet wealthy.

 

[laurence]

Interesting feedback! Obviously I don't fit the convential wisdom definition of wealth, and I probably never will. I started this thread to try and define the feeling I had standing in the specialty store and saying, "hey, this new wine from Peru should go well with the organic chutney I just found." and thinking, just like Brewer said, how I can make purchases like this without a moment's thought. I would submit that being middle class in America, with the endless array of choices and easy access, is better than being wealthy in a lot of countries (So you are a wealthy Sudanese - where are you going to buy organic chutney, or a wine from Peru, or a Nintendo Wii?).

 

[Zipper]

There is something about Laurence and the way he says things that makes us feel good about our lot. So for a while many of us, though not rich, feel wealthy.

I agree wholeheartedly.

It was rather disconcerting to see the boots put to him by xxxxxxxxxxxxxx[moderator edit-- enough confrontational talk for one day]

 

[Dog]

From a financial perspective - I voted no. Some days I feel wealthy and other days I do not. DH and I feel very fortunate and try not to take our good fortune for granted. We have more than we ever dreamed we could have. Yet, I can't spend money without thinking about the tradeoffs. I imagine that wealthy people don't need to worry about such things when they spend money - so, I suppose that is the differentiator for me.
From a lifestyle perspective - we are wealthy. We have our health, family, friends and freedom.

 

[Dog]

Zipper - was the "rightwing nutjobs" comment necessary? Civilized people can agree to disagree without resorting to name calling.

 

[ron244]

DW and I are ERing at the end of June. I am 47 DW is 44. I feel wealthy now. When we would decide to buy a new vehicle or other large ticket item we pay for it in cash and not give it a second thought. When we ER, we will be on something of a fixed budget so I don't know how I will feel. This reminds me of a conversation with a friend during the dotcom frenzy which we were both involved. Our accounts would vary in value up to 30% some days, I would get nervous on the down days, of course. He said "if you lost 50% would it affect how you live day to day?". The answer then was no, because DW and I had income and time on our sides. Now, even though our portfolio isn't anywhere near as aggressive, a protracted market downturn would not leave me feeling wealthy.

 

[haha]

Zipper - was the "rightwing nutjobs" comment necessary? Civilized people can agree to disagree without resorting to name calling.

Zipper's role is to be our current Annoying Canadian. We must at all times have at least one, and he has kindly and expertly filled that role for several years.

Ha

 

[JustCurious]

I feel fortunate and comfortable, but not wealthy.

I give myself a false sense of not having a lot of money by saving 30% of my paycheck before I even see it (goes to 401(K), savings account and brokerage account automatically). Even that gives me a cushion for some play money, but in months where I travel or splurge on things, my checking account can get pretty low!

With 14 years to ER (I'm shooting for 52), I think I'll feel wealthy when I pull the plug, but I'm not there yet.

Karen

Karen, your post describes me to a tee!

 

[Lancelot]

A rich man is one who is satisfied with what he has.

Exactly! I may not be rich but I feel wealthy because now my time belongs to me!

(And i don't have to sit through any more staff meetings listening to some pompus jerk's ramblings because he knows he has a captive audience : )

Lance

 

[Khan]

Sort of.

I am living within my ~$30K and still saving.

It would be nice to be fabulously wealthy.

But since I have all I need and most of what I want, I guess I am wealthy.

 

[Khan]

Amen

Depression legacy from my parents - how dare I buy something as fun and frivolous as that - let alone permit myself to enjoy it.

Cheap bastardhood is a hard bugger to kill sometimes.

heh heh heh :

Why try?

Embrace your inner cheap bastard.

 

[Khan]

A rich man is one who is satisfied with what he has.

Then I am rich.