Terminalcoffee discussion

More than four out of ten American millionaires say they do not feel rich. Indeed many would need to have at least $7.5 million in order to feel they were truly rich, according to a Fidelity Investments survey.

http://www.newsdaily.com/stories/tre7...

I guess affluence is contextual, e.g. 7.5 million will get you more in North Dakota than in Manhattan, and I suppose your debts, etc., influence the context as well...but...what do you think? How much money does a person need, and in what conditions, before that person is rich?

I can't say, but in my dreams I usually have like, $42 billion dollars.

Sometimes, I feel super rich RIGHT NOW. I can buy everything I need, I have a really nice place to live, I can go out to eat with my friends, etc. Yes, I work, but I'm living in the lap of luxury. Like, I just bought these new sheets, and they are so soft, and my bed is really comfy, how can I complain?

But to be called rich by first world standards, I guess I would need enough money to NOT have to work and still have all that for the rest of my life. I think 3-4 million would do it.

I think it's up to people's interpretations.

To me, being rich means never having to work again and still live in the comfort I am accustomed to (which is pretty simple) with added bonuses, like money for travel, nice furnishings in my house which I wouldn't want big, a housekeeper who comes in a couple of times of week so I don't have to do that DRUDGERY!, and some fun toys that I don't already have. Lately I've been coveting an iPad but I don't need it especially at it's present price. But if I was rich, yeah I'd get one! :D Oh if I had extra I'd definitely give to those in need.

I am going to say $100,000 per year.

Sherri wrote: "How are we defining rich? Not having to work? Never worrying about spending money, saving money, investing money, etc.? Having "staff"? being able to buy whatever one wanted, whenever, where ev..."

I agree that especially for Americans that the concept of rich is rather vague. There always bigger and better toys to lust after.

I remember back in my appraisal days I used to think how depressing it was to see how little a quarter million dollars buys.

You know you have too much money when you can do this...

http://bigpondnews.com/articles/OddSp...

For me rich means you don't have to work if you don't want to :-)

i'm with jackie on this one. i def feel rich when i compare with the world and not just people in USA. i will say i remember when saying millionaire was like an abstract term meaning great wealth. now it is sort of like when dr. evil says "one meal-llion dollars" and everyone laughs.

Jackie "the Librarian" wrote: "Sometimes, I feel super rich RIGHT NOW. I can buy everything I need, I have a really nice place to live, I can go out to eat with my friends, etc. Yes, I work, but I'm living in the lap of luxury. ..."

YES! Yes, yes, yes...

...sometimes I think a single person could be "rich" @ $40K+, and then I have friends who make $250K+ and manage their money very poorly and can't seem to make ends meet. I'd consider being rich to be something that really can't be quantified so much as qualified - i.e. I can't give you a number. I think even @ $100K+, people still want or "need" more because they adapt to that sort of lifestyle, and in their perception, it could always be better. As corny as it may seem, my dad always stressed to me that a person is rich when they have the love of their peers and friends and family... lots of genuine love in his/her life, not money. What I can give you is that I think a person is rich when they can pay for everything they NEED without struggling... and still have money left over to spend or save for other comforts and luxuries and even for emergencies... or rather a combination of that, general content, and my dad's definition of "rich."

More than I am earning....I work for a local authority!

I would say, if you're insulted, don't buy dinner or coffee for them.

rich is having more money than you know what the heck to do with.

Esme wrote: "rich is having more money than you know what the heck to do with."

Sounds like your dad is rich, what with buying cars for all the kids & such.

he's a little rich...

Dutch wrote: "Hence why she is a 'former' friend."

Ah.

Esme wrote: "he's a little rich..."

And is your momma good looking?

::Starts to hum "Summertime"::

The cotton over here isn't hot, just high :)

It's OK, Barb. I like your hot cotton.

Of course, mine goes well with the corn, which is as high as an elephant's eye.

Barb wrote: "Sarah Pi wrote: "It's OK, Barb. I like your hot cotton."

Are you flirting with me Pi? lol"

Inadvertently!

Uh oh! Apologies to Mr. Barb.

Sarah Pi wrote: "Esme wrote: "he's a little rich..."

And is your momma good looking?

::Starts to hum "Summertime"::"

funnily enough, yeah.

...to a deluxe apartment?

Oh, what a beautiful morning to be movin' on up!

To the east side?

You're not getting a piece of this Pi.

You guys.

”What makes someone middle class? According to Mitt Romney, it’s as simple as making less than $200,000 or $250,000 a year. But as Derek Thompson notes, that implies that 96 percent of Americans are middle-class…But what does a more reasonable definition of ‘middle class’ include, and what does that class look like?

One plausible definition of “middle-class” is those households in the middle quintile of the income distribution, or between the 40th and 60th percentiles. Under this view, 0-20th percentile is lower class, 20th-40th is lower-middle class, 40th-60th is middle class, 60th-80th is upper middle class, and 80th to 99th is upper class. The lower classes make under $20,262, in this view, and the upper classes above $101,582, according to the latest Census data.”
(Dylan Matthews in The Washington Post)

I'm RICH and I have next to no money. It's all relative/subjective and totally personal.