Moosie
Grand poopa
Not counting "I'm rich with a Healthy Family crap" ... ut how much is "rich" to you ? What would you have to have in the Bank or have to look at yourself and sat... DAM, I'm rich 
How much is rich ......
- Thread starter Moosie
- Start date
noharleyyet
Well-known member
Debt free and 2.5 mil in cash would ease my mind.
the nikster
Well-known member
$187,000.11 or so.
I would like to have $400,000 or $500,000 in 'the bank', and clearing $100,000+ a year.
no savings-$187,000.11 sounds good.
I would like to have $400,000 or $500,000 in 'the bank', and clearing $100,000+ a year.
no savings-$187,000.11 sounds good.
Steiny
Well-known member
Everything paid for, and a couple hundred grand per year in income, coming from very conservative investments, would work nicely.
I reckon you'd need to have $3 -4 mil set back working for you.
Pretty amazing how much cash a person can sock away in a 401K program, over time, especially if your company contributes a percentage on top of your savings. Anybody that has this opportunity should take advantage of it to max.
Read somewhere, that the average American feels they have a better chance of winning the lottery, than they do of saving for a decent retirement.
Wow ! They ought to drop some of the advanced mathematics, biology, english, etc. in high school, and make "barn yard economics" a required course. Most kids would be a lot better off with some basic money management training.
I reckon you'd need to have $3 -4 mil set back working for you.
Pretty amazing how much cash a person can sock away in a 401K program, over time, especially if your company contributes a percentage on top of your savings. Anybody that has this opportunity should take advantage of it to max.
Read somewhere, that the average American feels they have a better chance of winning the lottery, than they do of saving for a decent retirement.
Wow ! They ought to drop some of the advanced mathematics, biology, english, etc. in high school, and make "barn yard economics" a required course. Most kids would be a lot better off with some basic money management training.
Quick Draw
New member
All the bills paid, and being debt free, plus OWNING a car and my house. Oh yeah and money in the bank wouldn't be bad either it doesn't matter how much as long as the account is in positive.
Quick Draw
PS I agree with Steiny as well.
Quick Draw
PS I agree with Steiny as well.
GFHunter
Member
Dept Free!!!!!
Whiskers
New member
At my age, if I had $500,000 in the bank, I could quit working, and devote my life to hunting, and fishing. My wife would still have to work, but thats ok. Then I would be rich.
It used to be having a worth of a million dollars was being filthy rich. Now think about it, you have a $250-$300 k home, a $30k truck or two, a $30K bass boat, a 401K, and a little savings, your already pushing being worth a half a mil. The only problem is you sell all this good stuff, you gotta replace it. Now your back to being broke again.
It used to be having a worth of a million dollars was being filthy rich. Now think about it, you have a $250-$300 k home, a $30k truck or two, a $30K bass boat, a 401K, and a little savings, your already pushing being worth a half a mil. The only problem is you sell all this good stuff, you gotta replace it. Now your back to being broke again.
JB Florida
New member
Growing up I always thought a Million.
It worked for Thurston Howell III
Now I'm really not sure where rich begins.
I think its a different number for different people.
For me it will need to be more than I have now though.
But I know this fellow that doesent really have a lot but he has enought to do what he wants to do and when and he is happily retired, so he is rich in my opinion.
I dont think his senario will work for me, so I better tighten up and make some more!
It worked for Thurston Howell III
Now I'm really not sure where rich begins.
I think its a different number for different people.
For me it will need to be more than I have now though.
But I know this fellow that doesent really have a lot but he has enought to do what he wants to do and when and he is happily retired, so he is rich in my opinion.
I dont think his senario will work for me, so I better tighten up and make some more!
Moosie
Grand poopa
I think being rich is like being old, the closer you get to it the more you deny it.
(Dam, someone should use that in a signature .. )
I'm with most, the Million dollar mark is a magical (Usually mistical) number. I'm asking because Lately I've delt with alot of (What I consider) "rich" people. Guys that are in the 10's of Millions. Some, in the hundreds of millions. Funny thing is most don't "know" they are rich. They levey 800k from a 1 mil realestate property to add some house developements and then 1031 roll on another deal to aquire some comercial property. I mean really..... At what point does a guy finally jsut cash out and lay in bed all day eating bon-bons ? HAHA !!
the Tone said 100k-150k a year. I guess I'm curious, would you upgrade your house ? Car ? Vacation ? extra activitys ? at what point are you back to living paycheck to paycheck needing 200k-250k ?
Noharley wants debt free and 2.5 mill. Thats pretty good
Nikster, 400-500k in the bank ? I'm assuming "in the bank" means in savings type stuff or would you be investing in other and just having "accessable assets" ?
LB, I'm guessing with your Numbers you're there....... eh ?
Stieny, you said some Smart things (In my opinion). The smart thing is the 401k contribution, I agree that if an employer matches a contribution and someone doesn't contribute they are flat out an IDIOT !! No questions asked. Even is it's $10. Laws of percentages show that making $10 for only contributing $10 is 100 % Profit. Sounds Smart but alot of folks don't do that.
Quick Draw, Debt free ? that does sound nice, But I think most "rich people" maintain a high level of Debt. I think it's smart Buisness to leverage the Assets you own to obtain additional ones instead of jsut sitting on it. what good is a $50k house paid for if you could borrow against it and make money off of it ?
Whiskers, Keep your Wife working, Youll get there
JBflorida, I know what you're potencially worth, give it up, you'll never reach rich status
Interesting. stuff folks. I was just listening to a tal kradio show on Money andthey intervied 4 different people at different levles. The first made min wage and said it they could just afford the payment on a car they would feel like they are well off, making 20 a year they could be going places. the next family was making 30-50k a year and said they needed more money to go on trips and if they could bump the wage up to 6 figures they'd be well of and feeling a bit rich. the next was someone in the 6 figure mark and the next was someone close to a Mill a year. Every one of the 4 families were living almost paycheck to paycheck. I just thought the whole thing was educational.
Anyways, I'm with JB florida, I have to get back to work.....
(Dam, someone should use that in a signature ..
)I'm with most, the Million dollar mark is a magical (Usually mistical) number. I'm asking because Lately I've delt with alot of (What I consider) "rich" people. Guys that are in the 10's of Millions. Some, in the hundreds of millions. Funny thing is most don't "know" they are rich. They levey 800k from a 1 mil realestate property to add some house developements and then 1031 roll on another deal to aquire some comercial property. I mean really..... At what point does a guy finally jsut cash out and lay in bed all day eating bon-bons ? HAHA !!
the Tone said 100k-150k a year. I guess I'm curious, would you upgrade your house ? Car ? Vacation ? extra activitys ? at what point are you back to living paycheck to paycheck needing 200k-250k ?
Noharley wants debt free and 2.5 mill. Thats pretty good
Nikster, 400-500k in the bank ? I'm assuming "in the bank" means in savings type stuff or would you be investing in other and just having "accessable assets" ?
LB, I'm guessing with your Numbers you're there....... eh ?
Stieny, you said some Smart things (In my opinion). The smart thing is the 401k contribution, I agree that if an employer matches a contribution and someone doesn't contribute they are flat out an IDIOT !! No questions asked. Even is it's $10. Laws of percentages show that making $10 for only contributing $10 is 100 % Profit. Sounds Smart but alot of folks don't do that.
Quick Draw, Debt free ? that does sound nice, But I think most "rich people" maintain a high level of Debt. I think it's smart Buisness to leverage the Assets you own to obtain additional ones instead of jsut sitting on it. what good is a $50k house paid for if you could borrow against it and make money off of it ?
Whiskers, Keep your Wife working, Youll get there
JBflorida, I know what you're potencially worth, give it up, you'll never reach rich status
Interesting. stuff folks. I was just listening to a tal kradio show on Money andthey intervied 4 different people at different levles. The first made min wage and said it they could just afford the payment on a car they would feel like they are well off, making 20 a year they could be going places. the next family was making 30-50k a year and said they needed more money to go on trips and if they could bump the wage up to 6 figures they'd be well of and feeling a bit rich. the next was someone in the 6 figure mark and the next was someone close to a Mill a year. Every one of the 4 families were living almost paycheck to paycheck. I just thought the whole thing was educational.
Anyways, I'm with JB florida, I have to get back to work.....
I deal with the rich and famous. I mean tens of millions on up. Most are into 20000 square foot luxury homes and maybe three of them or so. One couple is buying a lear jet for commuting between homes. Their son is a heroin addict and I see little happiness there. I am building my business and paying off everything now so we can buy a home clear and then will need around $60 grand a year to live well and travel a bit. I will just buy another business as I believe work gives life a purpose. Happiness is in your head and does not come with money. Better enjoy life along the way. I don't want to be one who is taking his last breath thinking about what I wished I would have done. I am doing Alaska again next year just in case my time is close!
Moosie hit it on the head. RICH is relative. The more you have, the more you need. It's surprising how easy it is to spend $100,000 and have little or nothing to show for it. At least it was 20 years ago. I suspect it's easier today. I would guess that anything in total assets that comes out in 10 figures to the left of the decimal point would be workable to consider yourself RICH.
Nemont
Well-known member
My wealthiest client is guy who knows he is rich. He is 61 and has a terrific family, homes in Vail and Costa Rica, a yacht berthed in San Diego,owns major interests in a Coffe Plantation, a South American Airline, a HUGE Ranch here.
To him life is all about the deal and moving from one deal to the next. People think he is nuts because he spend his winters out here in Eastern Montana feeding cows on his ranch. He says it clears his mind. His networth is in the 10's of millions yet he can sit down and drink a beer with you and be "normal".
He is constantly giving me advice. 1. Rich people plan for their 3rd generation, poor people plan for Saturday night. 2. Save 50% of your income and invest the rest. ( don't know how that is possible) 3. Every decision you make comes with a cost. The sooner you understand that the better off you will be. 4. If you see everyone doing something most likely you should do the opposite (He is one of the guys who bought tech stocks early and got out before the bubble burst).
5. My current favorite; the poor have poor ways.
Anyway being rich is more about your personal goals and what it takes to keep you and your family happy. I guess for me to feel rich I would need about $4 to $6 million in networth. I don't think I would ever quit working though. I might change careers but I would always be doing something productive.
Nemont
To him life is all about the deal and moving from one deal to the next. People think he is nuts because he spend his winters out here in Eastern Montana feeding cows on his ranch. He says it clears his mind. His networth is in the 10's of millions yet he can sit down and drink a beer with you and be "normal".
He is constantly giving me advice. 1. Rich people plan for their 3rd generation, poor people plan for Saturday night. 2. Save 50% of your income and invest the rest. ( don't know how that is possible) 3. Every decision you make comes with a cost. The sooner you understand that the better off you will be. 4. If you see everyone doing something most likely you should do the opposite (He is one of the guys who bought tech stocks early and got out before the bubble burst).
5. My current favorite; the poor have poor ways.
Anyway being rich is more about your personal goals and what it takes to keep you and your family happy. I guess for me to feel rich I would need about $4 to $6 million in networth. I don't think I would ever quit working though. I might change careers but I would always be doing something productive.
Nemont
Whiskers
New member
Nemont, hunting and fishing is PRODUCTIVE.
Nemont
Well-known member
Whiskers said:
I didn't say it wasn't. I guess I meant I wouldn't play golf 7 days a week. Hunting and fishing would be a priority for sure but I would need to do something else to keep me happy. Maybe even volunteer work just something.
Nemont
JoseCuervo
New member
Wouldn't not doing anything end up causing you to be like the Imaginary Corporal???
Nemont,
I like some of the advice of your customer. The contrarian point #4 is right-on.
Nemont,
I like some of the advice of your customer. The contrarian point #4 is right-on.
Moosie
Grand poopa
No, You'd be in a 5k Ft2 house, not a Single wide
MarvB
Well-known member
.....somebody's gonna end up getting their azzzz kicked......
noharleyyet
Well-known member
Nemont, #5 sounds like a quote from Barbara Bush.
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