Define RICH

Rich: To have an interest and curiosity about everything around you and the ability to experience, learn, appreciate and reflect.

To be loved by other people, to appreciate the beauty of the world around you, to have personal peace and grace.

No, just kidding.

To me it's defined by a combination of net worth and net income and stage of life... it's easier for an older person to spend less monthly than a younger person... and I distinguish between wealthy and rich. Wealthy is a net worth starting at $10M and a net income annually of $10K per month. Rich is some much larger measure that even if you lost 90% of it you wouldn't be poor with what's left, though you might not be wealthy.

Rich is a completely subjective term. Wealth is gauged by cost of living, median income, things like that.

I would suggest referring to high net worth or ultra high net worth, again it differs by region and market. In the US, high net worth are households with at least $1MM liquid, meaning cash or cash equivalents. That is generally classed as rich.

I live in NY though so I’m totally warped. I tend to consider ultra high net worth, >$30MM, rich. It’s the difference between MILLIONAIRES…and mere millionaires.

The ability to live a comfortable lifestyle without being dependent on income earned from your labor.

$1 million is rich? Hah!

$10 million perhaps.

^^ $1MM IN CASH you imbecile. That means your net worth is probably >$20MM

Was imbecile really necessary? It's a conversation not Thanksgiving at your family home.

Nonsense. First of all, “liquid” doesn’t mean “in cash.” It includes marketable investments. There is nothing about having $1 million liquid that suggests another $20 million.

Having no interest in Lotto. My friends were talking about what they would do if they won all week. I’m thinking: that sounds exhausting, I’m happy with what I have. I don’t have the energy to hire a team and then become a philanthropist.

R5 a milly is untold riches to some. I'd take that right now and feel like El0n.

R8 liquid is a clearly definable term, it means cash or cash equivalents, which are also definable terms.

It’s not a debate or a lesson in finance. Google is your friend.

$200k a year or more in income. It’s funny how people on the low end of rich squirm desperately to avoid being labeled as “rich”.

“A liquid asset is an asset that can easily be converted into cash in a short amount of time. Liquid assets include things like cash, money market instruments, and marketable securities. “

[quote]Define RICH

Rich (n.)-The preferred nickname for Richard, since "Dick" has become problematic.

[quote] There is nothing about having $1 million liquid that suggests another $20 million.

Yes, there is R8. Liquid should be a very small amount of your net worth. I.e., if you’re net worth is $1.2MM, you don’t have $1MM liquid unless you are a functional idiot. Cash equivalents are for living expenses and discretionary spending. Cash equivalents means your money isn’t making money.

* your net worth

This turned out to be a fun thread!

Rich is when you stop working for money and your money starts working for you

Listed securities are LIQUID. You’re confusing “liquid” with “cash.”

^^ I referred to cash AND cash equivalents. You’re losing the plot.

Stocks are not cash equivalents. Listed stocks ARE liquid assets. Cash equivalents means money market mutual funds and certificates of deposit, etc.

R21 now that you got that off your chest, can we get back to what constitutes rich?

I don’t understand why being WRONG is so hard for you to accept. You clearly have a lot of experience with it.

Young me would have found old me rich.

R24 wins

To me, rich would be the ability to afford a hypothetical, life-saving medical treatment in a timely manner, and still have a reliable place to live and healthy food to eat.

Rich is the freedom to have choices in your life and not be constrained by financial limitations.

For some people, that means choosing between mega yachts and Bombardier private jets. For others, it's living near the beach and not working. For others, it's spending conspicuously so that others envy your lifestyle.

You take your income and assets, subtract your expenses and debt, if you have anything left over, you're rich 🙂

Anything that uses more than a pound of butter.

[QUOTE] ^^ $1MM IN CASH you imbecile. That means your net worth is probably >$20MM

Not following the logic here.

You can’t ask these questions when I’ve been smoking pot.

For me, it is the freedom from worry about money, so I don’t have to hesitate to buy something I want. I don’t always have to look for the cheapest price. I can afford occasional mistakes like a traffic ticket or fine or lost wallet without too much stress. It’s not getting anything and everything I could ever dream of, but it’s feeling secure in my ability to support my lifestyle. The actual amount probably varies for each person, but I think $1 million would make that possible for most people.

R32 you are describing an average middle class lifestyle. Not rich.

My net worth is just under $3 million, but I don't consider myself rich. I live in a working-class suburb and am very frugal.

^ Me too, although comfortable I don't have what I call "Fuck you" money to go out and buy whatever I want. When you age out of your employability you suddenly realize what you've got has to last perhaps another 25 years. Suddenly a couple of million is not all that much

r35 Well, that's not an issue with me, as my monthly pension take-home (I've been retired for 12 years) is almost $7K. (But no Social Security.) I guess I should look into splurging on a houseboy.

^ That wouldn't be very frugal, now would it? 😏

I think I'll always comparison-shop, no matter how much money I have. Sometimes, you pay for convenience, and I do think convenience is worth it, a lot of the time.

The best definition, so far, is the one about not depending so much on earned income to survive.

I’m flyover rich but definitely not New York City rich, far from it!

Eating more than twice a week.

R34 daddy, call me (I give a mean cali massage)

I'm poor by any standard, but I come from money, so I have a decent apt filled with lovely antiques ad family heirlooms. I really value art, and I consider myself a collector. Having great wealth sometimes makes people lonely ! A cultivated man, a man of intelligence and breeding, can enrich another man's life--immeasurably! I have those things to offer, and time doesn't take them away. Physical beauty is passing. A transitory possession. But beauty of the mind and richness of the spirit and tenderness of the heart--and I have all of those things--aren't taken away, but grow. Increase with the years! How strange that I should be called a destitute man! When I have all of these treasures locked in my heart. [choked sob ] I think of myself as a very, very rich man. But I have been foolish--casting my pearls before swine.

[quote] A cultivated man, a man of intelligence and breeding, can enrich another man's life--immeasurably!

MARY.

R42 breeding? Pray tell what this ‘breeding’ is you’re talking about? And especially who [italic]doesn’t[/italic] have the breeding?

"Define RICH"

Absence of poverty, without poverty... We Po No Mo

R43 and R44 , return your gay card !