What Do You Consider Rich or Wealthy?

OneEyedDiva

OneEyedDiva

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Location
New Jersey
How much money does someone have to have and/or be making (salary, investment returns) for you to consider them wealthy? And do you distinguish between the terms rich and wealthy? I'm talking strictly finances here...not "oh I'm rich because I have my health or a loving family". Just curious.
 

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"Rich" is a matter of perspective.

Some wealthy people can't get enough money and some poor people are satisfied with what they have.

I consider myself "rich" because God blesses me with knowledge, freedom and comfort.
 
I agree with KingsX, the amount of money or income is only one part of the equation.

"Annual income twenty pounds, annual expenditure nineteen pounds nineteen shillings and sixpence, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery." - Mr. Micawber

When I hear the word rich I think of cash.

When I hear the word wealth I think of the means of production or ownership of assets like land as opposed to cash.
 

Without getting into a lot f arguments, IMHO, They both mean the same thing.

It's getting too late in the day to get into all of the minutiae of the topic. :yawning:
 
Rich, wealthy the same to me, I only make a distinction between well off and the other two. Wealthy to me, you could live, luxuriously, (if one chooses), for many decades, off the interest. Basically you'd never have to work another day in your life living like a king.

Well off, you're doing darn good, but ya ain't wealthy. :D Me, I'm poor occasionally living like a baller.
 
OneEyedDiva said:
How much money does someone have to have and/or be making (salary, investment returns) for you to consider them wealthy? And do you distinguish between the terms rich and wealthy? I'm talking strictly finances here...not "oh I'm rich because I have my health or a loving family". Just curious.
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In regard to the finances only request;

Rich
Enough to provide for whatever one wants…within reason; cars, boats, RVs, real estate…all new, all paid for or well leveraged
New money, it’s sometimes called

Wealthy
Lavish abode, excessive holdings
Old Bentleys in original condition
Finances no longer a challenge…more of a game…or depraved obsession
Politics are play things

Haven’t rubbed elbows with these types much, but there’s been times

Top floor of a tall building…a private club
I was, of course, a guest, a curiosity
A polished old gent, reminded me of the Monopoly man, struck up discussion with me
The last words I heard him say, in the mysterious, resonant voice of the anonymous benefactor on The Millionaire: ‘Gary, I didn’t become wealthy because someone handed it to me.
However, when I see a large amount of money piled up in a corner, I amble over and pick it up.
Enjoy yer drink, lad’

Overheard conversations like, ‘Hey Bob, you got enough yet?’
‘Guess not, Perry, I’m still amassing….HAAAHAAAHAAAHAAAA’

I became rather content with my poverty stricken challenges
 
Someone posted this on Quora recently:

In the USA, to be in the top categories, you need to make:
1% of wage earners, you need to make $465,626/year
10% of wage earners you need to make $133,445/year
50% of wage earners you need to make $38,171/year
 
Lethe200 said:
Someone posted this on Quora recently:

In the USA, to be in the top categories, you need to make:
1% of wage earners, you need to make $465,626/year
10% of wage earners you need to make $133,445/year
50% of wage earners you need to make $38,171/year
Click to expand...


Just because one's income appears rich, doesn't mean he is rich.
Ironically, many high earners spend it all and still have lots of debt.
The real measure and comparison of wealth should be net worth.

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KingsX said:
Just because one's income appears rich, doesn't mean he is rich.
Ironically, many high earners spend it all and still have lots of debt.
The real measure and comparison of wealth should be net worth.

.
Click to expand...

True, high earner doesn't equate to rich, just means you make a lot more money than many others. Plus, that person may be in debt up the wazoo, it takes more than earned income to valuate rich/wealth. Regardless of this, it's all relative to each individual as to what real wealth is to them specifically. Some millionaires feel they haven't attained wealth to them and as I see it. Wealth to some of those people, (millionaires), isn't just a dollar number, they measure it by net worth. Some people see having one million in savings as being rich, or even half a mil. I would have to have a cool billion as my net worth to classify myself as wealthy, that's just my idea of financial wealth.

Today a million on up is just a drop in the bucket, as far as being rich, a health issue, could easily eat that up. If you lose that six figure salary, you could find yourself without a home if a job doesn't quickly follow especially if you didn't spend wisely. These things happen all the time not just something I'm pulling out of the air. I know some of what I speak from observation and sadly experience. I would be very happy to have a half million right now I could do a lot with that. I'm sure I could turn that half million into a million if the object of my life were to grow wealth, but frankly other kinds of wealth are more important to me.

It's perfectly fine to consider someone rich at any number one feels fits their idea of rich, but, since the question was how each person sees it, I gave my answer based on my personal view and observing people I've known who ranked high and low on that scale.
 
KingsX said:
Just because one's income appears rich, doesn't mean he is rich.
Ironically, many high earners spend it all and still have lots of debt.
The real measure and comparison of wealth should be net worth.

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Click to expand...

This is so true. My in laws make a lot of money but they also don’t have a retirement plan and are in a lot of debt.
We have friends we are crazy rich but crazy in debt too.
It makes them a slave to their lifestyle IMO.

I’m certainly blessed. We have a roof over our head, enough food & each other. Life’s good.
 
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Managing money trumps making money.

Lotto winners, sports figures and Hollywood types have let millions slip through their fingers and ended up broke.

If everyone were given an equal amount of money today... tomorrow some would have more money than others.
 
Hoot N Annie said:
Mega Millions is up to $495 mil. I'd consider that as rich/wealthy.
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Me too!! But if I won I would ask for minimum publicity and would tell few people. I would not buy huge houses or expensive cars. I would sell my condo and buy a small house where I could have a small garden and a greenhouse. Help a few family members and friends and donate to causes that I care about. I have always been frugal and would try to manage a large amount of money with the help of a cpa and financial advisor. I don't need a lot of material things to be happy and I can say no easily to those so called family or friends that are looking for a handout.
 
I think that the answer to that question relates more to where you presently are in the wealth scale. If you are nearer to the bottom of that scale, even a modest increase might make YOU feel wealthy while someone else, higher up on the chain, would look at your increase with distain.

The so called "humble-bragging" that occasionally goes on in groups such as this can give one a glimpse into what people "need" to feel comfortable. Pay attention and you can see where the gap is sometimes huge and get an idea where you stand on the ladder.

As for me, please don't step on my fingers as you pass me while moving up the ladder. I'm just trying to hold on. :eek:
 
Along the same lines as DaveA's post, we often don't consider the value/importance of a secure stream of income from a pension or SS benefit that allows us to live comfortably from month to month with little additional in the way of savings or investments.

“Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough” - Oprah Winfrey
 
Here's the original question since we can't seem to remember sometimes
OneEyedDiva said:
How much money does someone have to have and/or be making (salary, investment returns) for you to consider them wealthy? And do you distinguish between the terms rich and wealthy? I'm talking strictly finances here...not "oh I'm rich because I have my health or a loving family". Just curious.
Click to expand...

:eek:hwell: Again, and again..........What is financial wealth, not your personal standing compared to others was what I thought the question was. Lets not get our own insecurities cloud the question. I find it a waste of time ranking myself financially to others. Money hasn't ever been how I determine my happiness as was not the thread question. But for me to say, I am financially wealthy, from a real world view, I have an idea. To say financially happy, content, ecstatic, comfortable in my own standing in life that's an entire different question.

I don't consider myself financially rich nor has that ever been my goal in life, but, I know what I consider, in net worth, for me to see someone as rich/wealthy in relation. There are of course many other categories of wealth where I see many more people in and of greater person value.
 
KingsX said:
Just because one's income appears rich, doesn't mean he is rich.
Ironically, many high earners spend it all and still have lots of debt.
The real measure and comparison of wealth should be net worth.

.
Click to expand...
I absolutely agree with you KingsX. There are so many (could be) wealthy people who stretch themselves so far that they are a paycheck away from poverty. If that high paycheck stops, they'd be in trouble. And as mentioned before, so many lottery winners have wound up broke, as well as athletes with multi million dollar contracts.

I like the answers given by others here as well.
 
We have relatives that have always made a lot more money, and along the way have amassed a very substantial debt load. I believe they are actually jealous of us, we live a low profile lifestyle, drive older cars, don't travel extensively, and own a small home. We seem to enjoy life and don't really scrimp. We pay cash for everything we buy. We have been debt free since 2005, and I think that is what makes the difference. It gives a person a sense of freedom most don't have.
 
To answer the question....

In my opinion the answer to either would be,... all bills paid, and the equivalent of at least one years average income...[as per current standards] in the bank . Just sitting, not savings for a purchase. If one has more than they are wealthy[er] ?

And it goes up from there ?...Gates,Zuckerberg, etc. levels.

Now there are going to variations...Stocks, property etc, as opposed to cash...small mortgage , but much more saved , etc.
 
The op asked about wages & financial stability.


How much money in earnings or assets? Depends on where the person lives. 100k in wages or financial stability would be great in Ville Platte, Louisiana. That same 100k would by just getting by in upper Manhatten.


Difference between rich & wealthy. I don't differentiate since in my perception is both have enough money to live above upper middle class. How they spend for needs & wants differs so trying to assess their use of their money IMO is useless.


I think the gap in have & have nots in America will increase years from now due to a variety of factors, one major I think is technology replacing manual labor jobs. Another major would be retirement with little or no financial planning.
 
"What Do You Consider Rich or Wealthy?"

Having more money than one knows
what to do with and buys things like this list below.
Though some may call this list for the "super rich":

Superyachts
Gold plated toilets
Gold toothpicks
Private Islands and Mega Mansions they don't live in
Outrageously expensive Cars for Kids
Helicopters for Christmas presents
6 Figure Built-in Home Theaters
Bigger Garages to keep growing Lamborghini Collections
Mansions for their Horses

Not that any of these purchases are wrong. I'm not judging,
but it somewhat answers the question for this thread.
 

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