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When are you Seriously Rich?

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Rolo
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hehe, Handicap.

Ima not pickin' on you, ThinkBig, just I hear a lot of people say what you have said, so Ima pickin' on the idea...


quote:
Originally posted by ThinkBig
Being "Rich" is just a state of mind.


This is a money board, not a mental health board; we're talkin' financially rich, not metaphorically rich.

Example of state of mind: ask a table of John Q's what they would do if they won the lotto. Let the conversation go and in about 20 minutes you will see completely different personalities, usually for the worse. Did 'money' change them, or did it merely let them show who they really are?

quote:
Originally posted by ThinkBig
"I mean, if you think you need a mill to be rich... and you now have $20k... you probably will never experience riches -- and you'll always feel frustrated (that is if you define wealth by society's CLICHE dollar figure like a mill)."


Why would someone with $20K 'never experience riches'? At one time I had only $20K--in fact, I had NO 'K' for quite a while--but fully intend to retire earlier than most and wealthier than most.

Also understand that $1M today is NOT what it was yesterday, nor will it be tomorrow, due to inflation. My projections treat $5M today as $1M at my retirement age, and that is my minimum.

quote:
Originally posted by ThinkBig

There are many millionaires that have no type of family life or even any REAL friends that are still searching for the RICHES of life.


How do you figure?

There are many average, non-millionaire types who fit your description as well. In fact, I would say the average person is more prone to fit your description than millionaires.

I will also assert that money does not dictate a person's morality, but rather, the other way around. (heh heh, GRENADE! Cool )

The typical millionaire (which is NOT what you see depictied on TV) has a strong family life. They are pretty boring, responsible, self-disciplined people.

quote:
Originally posted by ThinkBig

Having all the money in the world would never be as comforting as knowing that there are people in this world that truly love and care for you.


Some of us, and I think this is becoming more prevalent in our society, are unable to experience that mushy feeling stuff. My experience is that 'good intentions' ('love and care') are about as valuable as MCI stock (worthless).

quote:
Originally posted by ThinkBig
But on the other hand their are people that the most important thing for them in life is..how much money they have.


It is the one thing that influences every area of your life, so yes, I would consider it the most important thing, second only to obedience to G-d.

"Expect me when you see me."
Post Sun Sep 18, 2005 5:13 pm
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! amelie !
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So...being rich varies from one generation to another..
Post Sat Oct 22, 2005 5:40 pm
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coaster
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Kind of an old thread, but as a newbie, just came across it, and it's a pretty good topic. Deserving of a bump.

quote:
Originally posted by stonegatherer
You are rich when money is never a worry or concern in your life and won't be in the future.

And I would add to that when you don't have to worry about anything. Because you're confident you have the financial resources to take care of anything that might come up.

There is no number that's the right answer for everyone.

~Tim~
Post Tue Dec 13, 2005 3:25 am
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utrnewsletter
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the more mooney you have to more problems you will have.. i believe someone with 100k can be more happy then someone with 50million
Post Tue Dec 13, 2005 9:48 pm
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coaster
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Happiness is not correlated with wealth. Happiness is a state of mind. The topic is about when someone can consider themselves "seriously rich." Not about what it takes to make them happy. Smile

~Tim~
Post Tue Dec 13, 2005 11:12 pm
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Rolo
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quote:
Originally posted by utrnewsletter
the more mooney you have to more problems you will have.


How do you make that leap?

quote:
Originally posted by utrnewsletter
i believe someone with 100k can be more happy then someone with 50million


By your absolute statement above, a person with no money should be the most happy.

quote:
Originally posted by coaster
Happiness is not correlated with wealth. Happiness is a state of mind.


...And wealth has an impact on the state of mind!

quote:
Originally posted by coaster

And I would add to that when you don't have to worry about anything. Because you're confident you have the financial resources to take care of anything that might come up.


"Expect me when you see me."
Post Wed Dec 14, 2005 11:36 pm
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coaster
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quote:
Originally posted by Rolo
...And wealth has an impact on the state of mind!

Quite true....although lack of worry and happiness aren't the same state of mind. If a person is predisposed to be happy, that person can still be happy in an ocean of worry.

Too existential for an investment forum. Laughing

~Tim~
Post Thu Dec 15, 2005 12:20 am
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georgess
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You can not buy everything with money so it is not good to have it to much.
Post Fri Dec 16, 2005 9:13 pm
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Rolo
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quote:
Originally posted by georgess
You can not buy everything with money so it is not good to have it to much.


Like what?

Love? Money makes it easier...and not having money can make it a no-go.

Health? Ditto.

"Expect me when you see me."
Post Sat Dec 17, 2005 1:03 am
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coaster
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Sorry, Rolo, have to disagree with you a bit....money can buy sex, but it can't buy love. Makes it easier? To have love, no....to express love, yes. Can make it a no-go? If you're talking marriage, then I suppose that's true.

But georgess, to conclude that it's not too good to have too much, that depends on the person. Apparently, Michael Jackson had too much money. But Bill and Melinda Gates seem to be doing just fine.

Oh, I'm just nit-picking. I still think it's too existential for a money forum. Cool

~Tim~
Post Sat Dec 17, 2005 1:14 am
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Rolo
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quote:
Originally posted by coaster
but it can't buy love.


I didn't say it could buy it, but I am saying it plays a critical role in having it.

"Expect me when you see me."
Post Sat Dec 17, 2005 2:14 am
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consultantalya
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if you read a forum topic like this means you are not rich.that is me, if you need to mention someone.
Post Sun Jan 15, 2006 8:52 am
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auggyf
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There has been plenty of research into this. Just to select a couple:

"The Happiness of Nations" http://www.nber.org/digest/jan06/w11416.html
http://www.fool.com/news/commentary/2003/commentary030923DY.htm

For people that are very poor, money correlates very well with happiness. Being able to afford things like medical care, food and clean water really help. Over a certain level (perhaps between an income rate of 30K-60K in this country), it is less clear that money is correlated with happiness. Some people say the correlation is slightly positive, others slightly negative, and others say they aren't correlated.

As already mentioned, this is not just about economics (how much resource do you have in our society), but is psychological (what makes you happy?) and sociological (what societal expectations are placed on you, or how are your interactions with others affected by changes in wealth?). Overall, it is a question that makes me want to go back to school to do research in social sciences Smile
Post Sun Jan 15, 2006 6:41 pm
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roger76
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Rich is cannot be measured by amount of money you have  Reply with quote  

Hi Andrew and guys,

To me, rich is a not a measurable word. What are we defining rich with ?

Rich with money or financial freedom
Rich with time freedom
Rich with very good relationship with family and friends
Rich with very good knowledge,wisdom and experiences
Rich with spritual thinking
Rich with very strong religion beliefs
.
.
.


And rich is subjective ! Different people see RICH differently.

You guys are right! Money is can be and also cannot be equal to happiness.

One example of rich but not happy:
I have seen a milionaire cried during a realisation seminar. People ask her,"why do you cry so badly? You have financial freedom. What is it that is bothering you? " Her answer is," I miss my mum who past away while I was busy building my wealth. I promised to give her a big house and good living, but she didn't have a chance to see it. And I miss important time with her while I am building my career. "

To measure rich associating with money, you have to ask the other, "how much richer in cash do you have compare to me?"
or "how much richer does Bill Gate has compare to Alan Greenspan? "

You will never able to measure correctly for rich associating with time, relationship, spritual thinking, knowlege, wisdom, experiences, religion. Because they are just not quantifiable.
Post Thu Jan 26, 2006 5:22 am
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JBendar
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When Are You Seriously Rich?  Reply with quote  

It all depends on your perspective. Rich in material things is one point of view. It is also hard to measure. Those individuals who have lived without material things all their lives consider themselves rich in the fact that they are alive and have families who support them. On the other hand those lucky folks who came from wealth and never had to exert effort for anything consider themselves rich. But are they really rich. Sometimes their lives are in shambles. They squander their money without really thinking about it. In my situation, I believe that I am rich in many regards other than material things. I am fortunate to be alive, have a family working with me through good times and bad, and have enough income to cover my expenses. Of course everyone strives to live a better lifestyle. It would be nice though, to have enough money to do what I wanted to do at any time.

JBendar Idea
Post Fri Mar 10, 2006 4:23 am
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