How do you define being rich ? Let's stick to being materialistic here, $ net-worth.

A fun old thread to read.

I wonder how things have changed over 18 years?

 

Multiply everything by 10?


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FWIW I would stick a "Wealthy" category in there at $201k-$500k.

I make a bit over $200k a year- single- live in 1-bedroom townhouse that is 90% paid off and ridiculously low mortgage payment- All 5 cars are paid for- watches paid for- no collaterally-secured debt other than house- minimal revolving debt if at all (usually pay full CC balance each month- $20k in immediate savings- $400k in vested/sellable stock- $700kish in 401k.

And absolutely do not consider myself rich or wealthy from a financial standpoint by any stretch of the imagination but have a "rich" lifestyle due to not having to stress on money to travel luxuriously and do things with my SO of 20+ years, in great health, can enjoy my cars and watches and splurge on nice things from time to time.

I'm simple and always considered "rich" people to be those who individually could live however they chose just off the interest of stable assets/investments and "wealthy" to be those who are part of deep family money or deep invention/patent money and associated sell-off or ongoing profit.

We spend a lot of time in Lauderdale and charter sport boats for a half day to get out on the water but not deal with a bunch of other people- as as go out the intercoastal to the ocean we go by all the amazing houses/yachts and that usually spawns this type of discussion- an example we use is the person who owns Rain-X is very rich- The person who invented the chemical and filed the patent for Rain-X is very wealthy.

Cheers

 

Rich or wealthy i agree the terms can differ, however anyone that can pretty much as they want within reason any day of the week is either in my book lol
Im still working on that…

 

Rich is current liquidity, wealth is self sustaining liquidity, at least in my book. Either are moving goal posts, grass is always greener. My kid has a >$1000 budget for each birthday and Christmas and considers it barely keeping up with the Jones'. Interesting observation, in pretty much any neighborhood short of the best, everyone is pretty much in the same demographic. You get to the top gated community and all of a sudden like at a Ferrari event, you have much broader means among your neighbors, from barely affording to significant wealth. Same goes for education.

 

This was fun to read. 20 years later and I still don’t even own a Ferrari or an airplane. The big difference is now that is mostly by choice.

 

If you can afford a P-51 Mustang and fly it on a regular basis your wealthy.

 

Hi Tim, Doug here from Australia. I found an old thread where you said you knew Bretm. I am trying to contact either Bretm or ChrisMorse in a bid to get a CNC file for a brake bracket to mount 360 handbrake calipers to a 308. Apparently Chris designed the bracket and offerred the file to Bretm way back in 2012! Any lead would be greatly appreiciated. Regards Doug

 

Now we have a new wrinkle in that situation: employees who relocated during wfh pandemic times and are now being told by their employers that they must return to the office or take a substantial pay cut as they no longer live in the area that the company was supposedly compensating them for.

 

I think being rich is Having Enough Money to buy whatever I want next.

 

This is honestly one of the more well discussed topics I’ve seen. It’s really interesting to see everyone’s perspective and I think we all have different circumstances which make this very subjective

I started out with negative. 4 jobs and a scholarship in undergrad and grad school. My father went broke a few years before I went off to college and was not around.

Worked my butt off for 20 years. When I could afford my first Ferrari , I still felt like it was something well above what I should have, even though I love cars. My wife is the one that convinced me. Now I have a pista and an F8 and some other cool autos. I live in miami. There is a lot of wealth here so despite making good money ( more than 2M less than 10M) per year and having saved and invested far into the 8 figures, I don’t keep alot of cash, I come in contact with my investors everyday who are multiples of me typically and two kids in private school, all make me still feel pretty damn poor.

To people I grew up with and my family, I’m sure they have a different perspective than me. But I still get pissed when my iPhone charger stops working after spending 20 bucks….because i don’t like wasting money, since I remember when that 20 dollars was a lot more material …


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One of my favorite Rogan clips that touches on the underlying thoughts here:

 

the right answer is 50% more than you have now (and you never reach that amount obviously)

 

Resurrection thread! Lazarus come forth!

Some earlier comments seem to confuse net wealth with annual income.

As others have said it depends on where you live and lifestyle you want.

Matt

 

If financial: Diversification of assets with different annual ROI and risk, as well as your labor costs, and income 7-8digits yearly.

If mental: your sports healthy body and attractive face, reliable friends and girlfriend.

 

I’ve always loved this post and the humility exhibited.

I have to say, $100 million (2004!) split two ways could get you by if you do your own nails.

 

I think it was Ryan who stated "I want to be wealthy enough to not own anything at all."

Imagine being able to just go and do anything, knowing that "your people" will arrange whatever is required wherever you happen to be.

As for myself, I'll never be wealthy -- at best upper middle class. But I have the house I want in the place I want and don't have to sweat to earn a buck, so I'm good.

Besides, the Purosangue is not a pretty sedan

 

I remember seeing a 60 Minutes segment many years ago about a Trump-like tycoon (not Trump) who owned numerous skyscrapers in NY.

He had almost no personal possessions.

No house, car, plane etc. He owned his sofa, coffee table, minimal household items, clothes and personal items. Otherwise he needed no possessions.

I was awed by being able to be in such a position and I still am.

I suppose anyone could do it, it would just take a different mindset.

 

Golden rule: just because you can doesn’t mean you should.

That also applies to accumulating possessions which ultimately tip from bringing you pleasure to bringing you stress/cost/unhappiness.

Keeping 3 great cars and driving them all? Sounds good. Having 12 or 15 or 30 cars just because you can, possibly not so good.