Virote_Considon
The Great Dictator
USD $10k. That's the lowest amount I would consider to be rich.
Define rich
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amadeus
Bishop of Bio-Dome
If you think a million dollars is rich, think about it like this: if that million dollars is being used to finance 20 years of retirement, that's just $50,000 per year for living expenses if they don't plan on leaving any assets to their children.
For a person to be rich, I'd say they should need to be in a position where they'd never have to work again in order to maintain a certain kind of upper-crust lifestyle... in which case, I'd say between $5-10 million would probably permit that.
For a person to be rich, I'd say they should need to be in a position where they'd never have to work again in order to maintain a certain kind of upper-crust lifestyle... in which case, I'd say between $5-10 million would probably permit that.
You could get 5% on $1,000,000. That's fifty grand per year. Assuming reinvesting $20k to account for inflation, you're looking at ~$30k per year to live off of.
Not counting taxes, it's not too bad, depending on where you live. And it's sustainable wealth.
$15 million allows one to live on luxury cruiseship every day of their life.
Not counting taxes, it's not too bad, depending on where you live. And it's sustainable wealth.
$15 million allows one to live on luxury cruiseship every day of their life.
You don't have to count taxes if you can find a 5% muni bond.
Desmond Hawkins
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Net assets of 1 mil not including your house? That means you have 1 mil lying around. That's rich IMHO.
Depends if you live on the Northern or Southern hemisphere (that is materially rich).
People can own nothing, and be spiritually richer than Bill Gates.
Desmond Hawkins
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Maybe if they live cheap. I could certainly get by on it, but I'm a poor, starving university student.You suck at finance. No one with $1mill in the bank lives on the principle.
The stock market appreciates at something like an average 8% a year. That's $80,000 a year for doing nothing more than picking investments with an average rate return. After taxes, and assuming some level of reinvestment, you can live from college graduation until death with a higher standard of living than the average American without working a single day of your life.
That's rich.
I'm a fan of not working a day in my life. Now all I need is some start-up money. That's the big problem.
Which is why $1mill is sufficient to rate as rich.Gustave5436
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Rich = appropriates significant value from the labor of at least several other human beings (edit: or AIs/extraterrestrial beings of comparable intelligence to humans).
Some middling income individuals may be guilty of this as well, but due to their income we can estimate that their income equates to no more than that lost by two or so working persons.
Some middling income individuals may be guilty of this as well, but due to their income we can estimate that their income equates to no more than that lost by two or so working persons.
Holycannoli
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If you make more than me and live a better lifestyle than me, then you're rich and I want some of what you have because it's not fair.
But seriously, it all depends. Rich in an ultra-poor area is not the same as rich in Connecticut. I would think if your assets and lifestyle are way above the average in your country or state, you're rich. You can't really define it with a hard number, since it's going to depend on who's doing the defining. Beverly Hills is full of rich people, nobody would contest that. But how about in East Orange, NJ, where there's some nice condos and the community considers those living there to be "rich", even though by most other peoples' standards they're middle class at best.
Too hard to define. I personally consider anyone with $1 million or more in assets rich, but others consider that average, maybe even middle class still.
And if you disagree with me, then you're probably a racist.
But seriously, it all depends. Rich in an ultra-poor area is not the same as rich in Connecticut. I would think if your assets and lifestyle are way above the average in your country or state, you're rich. You can't really define it with a hard number, since it's going to depend on who's doing the defining. Beverly Hills is full of rich people, nobody would contest that. But how about in East Orange, NJ, where there's some nice condos and the community considers those living there to be "rich", even though by most other peoples' standards they're middle class at best.
Too hard to define. I personally consider anyone with $1 million or more in assets rich, but others consider that average, maybe even middle class still.
And if you disagree with me, then you're probably a racist.
God, more gems of wisdom.
We all know what the thread is about: the cheddar!
What I meant to say was, if you were to go Africa as a European or an American, you would be considered a rich man/woman (Supposing you're a middle class person from a westernised country)
Btw, I agree, the poorer but spiritually richer remark was not on topic and maybe a bit cliché, but if you ask me to define rich, I don't necessarily think of money in the first place.
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