Define rich

[Hygro]

Not at all true. You don't need to own GM or Boeing to own a business that generates a nice income. Most businesses aren't worth more than $1mill.

And those people who own those businesses aren't rich. Also most small businesses are services, not manufacturing, which isn't production.

And you don't need to own outright, just own a significant slice or have a large controlling stake. That makes you rich.

 

[JohnRM]

rich = happy with a family

 

[Imperialmajesty]

Where is the "Depends on Location" option.

 

[Hygro]

Where is the "Depends on Location" option.

location: earth.

Globalization, honey

 

[Imperialmajesty]

location: earth.

Globalization, honey

 

[Kraznaya]

Cutlass, that doesn't account for inflation. 80k won't be so much forty years from now.

 

[Imperialmajesty]

Cutlass, that doesn't account for inflation. 80k won't be so much forty years from now.

Unless you park it into a TIPS account.

 

[Cutlass]

And those people who own those businesses aren't rich. Also most small businesses are services, not manufacturing, which isn't production.

And you don't need to own outright, just own a significant slice or have a large controlling stake. That makes you rich.

You're splitting hairs. What's more, they're hairs that don't need to be split. There are many machine shops worth less than $1mill, many farms, fishing boats... all of those things are a means of production. But so what if they were service companies? The Soviet disdain of the service sector was a contributing factor in their mismanagement of their planned economy. Don't make the same mistake. Services facilitate production.

 

[Cutlass]

Cutlass, that doesn't account for inflation. 80k won't be so much forty years from now.

No, but when you reinvest even a small part of it, instead of consuming the entire proceeds, than you have accounted for inflation. What's more, I bet a moderately competent investor could have over, probably well over, the principle of $1mill after 40 odd years of living off the proceeds.

 

[aelf]

To look cool of course

I don't claim to get it, I just think that's how they reconcile it.

But at the time they were built they were vanity projects for the Bishop.

Never thought Fayadi had the makings of a clergyman, but there we have it.

 

[Hygro]

You're splitting hairs. What's more, they're hairs that don't need to be split. There are many machine shops worth less than $1mill, many farms, fishing boats... all of those things are a means of production. But so what if they were service companies? The Soviet disdain of the service sector was a contributing factor in their mismanagement of their planned economy. Don't make the same mistake. Services facilitate production.

I hope you are playing devil's advocate or exploring this tangent for the sake of intellectual curiosity because this is entirely missing the point.

If you cannot have a real impact on the economy then you don't own the means of production. You might have some capital, you might have a product, and you might own all of that but you do not own the means of production. You are not rich.

 

[luiz]

I hope you are playing devil's advocate or exploring this tangent for the sake of intellectual curiosity because this is entirely missing the point.

If you cannot have a real impact on the economy then you don't own the means of production. You might have some capital, you might have a product, and you might own all of that but you do not own the means of production. You are not rich.

Dude, I don't where you're getting that from. Cutlass is quite correct. You can be very rich without owning any means of production and you can be very middle class while owning small means of production. Think of a top banking executive and the owner of a small bakery. The former is an employee, he owns no means of production nor does he have any employees. The latter obviously owns means of production and employs people, but is not even remotely as rich. Means of production mean just that, a means to produce something. It doesn't have to have a real impact on the economy at all.

Being rich means having a lot of money. Period.

 

[Cutlass]

Yeah, Luiz and I don't agree a great deal. But here he is right. Saying that you have to own so much that you can effect the national economy to be considered rich when you can buy everything you need to live comfortably, not to mention better than 99% of the population of the world's wealthiest nation, is really using the wrong definition of rich.

 

[Hygro]

I guess you guys are setting your sights too low

 

[bombshoo]

I would say rich in the USA is an annual income of $250,000+ and not a set number.

 

[Martacus]

"Rich" would be so chock full of butter and cream that you can't bear to take more than three bites before excusing yourself from the table.