How do you define rich, and why?

iVillage Member
Registered: 01-22-2000
How do you define rich, and why?
25
Mon, 09-20-2010 - 1:17pm

We hear so much about "the rich"...what they want and don't...what they deserve and what they don't. We debate here on how the "rich" and the rest should be taxed. We have an active thread right this moment about one author's view on the "rich". It makes me want to ask all here...what do YOU consider to be rich. Assign a number to it, if you can, or if you will. Is it based on income, wealth or both? If you include wealth in your definition, how much wealth is required to make on rich? Does this include liquid assets only? Why have you come to that decision on who is rich and who isn't?



I am truly interested in where, why and how different people draw this line, beyond which the "rich" reside.



Thanks.



Sonny



Pages

iVillage Member
Registered: 07-15-2010
Mon, 09-20-2010 - 1:23pm
Are you going answer the questions too? :-)

>>Luck is what you call it when preparation meets opportunity<<
iVillage Member
Registered: 03-26-2003
Mon, 09-20-2010 - 1:25pm

It's kinda like the famous definition of pornography, "I know it when I see it."

 


 


I disagree with you, but I'm pretty sure

iVillage Member
Registered: 04-02-2009
Mon, 09-20-2010 - 1:38pm

My personal definition of being "rich" has nothing whatsoever to do with monetary income.

 

****************************************************


"Of
iVillage Member
Registered: 07-15-2010
Mon, 09-20-2010 - 1:39pm

So therefore you feel that there are people who earn far less than 250K a year who are rich?

>>Luck is what you call it when preparation meets opportunity<<
iVillage Member
Registered: 03-26-2003
Mon, 09-20-2010 - 1:44pm

Sure, lot's of people that live off trust funds have an income of less that 250K a year.

 


 


I disagree with you, but I'm pretty sure

iVillage Member
Registered: 07-15-2010
Mon, 09-20-2010 - 1:53pm

Hi Sonny,

Good question as usual. My comments are only my experience and I have to say up front that no matter what tax bracket I'm in or have been in or will ever be in--I don't feel that deserve someone else's money. The fact that someone like Bill Gates pays so much more in taxes than I will ever hope to make in income in my entire life does not mean he should have to pay an ever increasing rate on what he earns. His business has done so much for so many--I would be fine if he never had to pay another cent of tax in his entire life. I think he's more than done his part.

As for your questions:

>>What do YOU consider to be rich. Assign a number to it, if you can, or if you will. Is it based on income, wealth or both? If you include wealth in your definition, how much wealth is required to make on rich? Does this include liquid assets only? Why have you come to that decision on who is rich and who isn't?<<

I think if you can live a comfortable lifestyle without having to work if you chose not to--you could be considered rich. This standard would be different for different people depending on the lifestyle they were willing to accept.

I do believe it would have to include wealth because wealth would generate the income you'd be living off of if you were not working. How much wealth to consider yourself rich? I'd have to say I would to be able to generate $1,000,000 a year before taxes (presuming taxes at their current rate) so your actual income would be about 2/3rds of that amount.

Now if you were still in your earning years and you had to work then I also believe an income of $1,000,000 would put you into the well-off category. Not the same as "rich" per se because you are afterall still working to earn your million. So if you can generate a million a year without having to work a job--I think that qualifies as rich.

>>Luck is what you call it when preparation meets opportunity<<
iVillage Member
Registered: 07-15-2010
Mon, 09-20-2010 - 1:55pm
Does that make them rich? What if they're not living off trust funds? What if they're just living off of what they've saved their whole lives?

>>Luck is what you call it when preparation meets opportunity<<
iVillage Member
Registered: 01-28-2009
Mon, 09-20-2010 - 2:38pm

I can't give you a number (but I used the 2 cents icon in honour of the thread ;o)

If you want to define "rich" merely in terms of numbers, here are the quality of life things one has to consider in order to determine how rich one is:

A comfortable, warm roof over your head

Plenty of nutritious food

Savings in the bank

Ability to take care of all life needs (healthcare, adequate clothing, ability to acquire the tools you need, including any training or education, to enable you to make a living and/or support one's family etc...).

Extra money for leisure activities, entertainment, and hobbies (ability to indulge enough of your wants after meeting all your needs).

Those are the goals that most of us strive for I think. The amount of luxuries and frivolous purchases one can afford, after meeting all one's needs, determines their position on the middle class scale.

Once you are in a position to be able to indulge in practically every single want that your little heart desires without havnig to give it that much thought....then you're rich.

Depending on standards of living of a given place, and the state of the economy....that number can vary from time to time and place to place.

So in answer to your other question:
<< Is it based on income, wealth or both?>>

Both...As either of these things enables one to meet the criterea of the above list.






Edited 9/20/2010 2:43 pm ET by moxysuvous
iVillage Member
Registered: 01-28-2009
Mon, 09-20-2010 - 2:39pm

:o)

iVillage Member
Registered: 07-15-2010
Mon, 09-20-2010 - 2:45pm

So sorry but based on your response you either think most people living here are either rich or virtually nobody is.

Because most people do have a roof over their heads, food to eat and an ability to take care of their needs. Some struggle from time to time but pretty much and certainly compared to any second or third world country we're pretty darned rich by that definition.

And on-the-other hand you say you're rich only when you:

>>Once you are in a position to be able to indulge in practically every single want that your little heart desires without havnig to give it that much thought....then you're rich<<

Very very few people are so filthy rich as to fit into that category.

So which is it? A very, very few or a very, very many?

>>Luck is what you call it when preparation meets opportunity<<

>>Luck is what you call it when preparation meets opportunity<<

Pages