View Poll Results: What do you consider wealthy (money, not life experience or love etc.)?

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  • $100,000 liquid regardless of net worth

    4 11.11%
  • $50,000 liquid and $500,000 net worth

    3 8.33%
  • $500,000 net worth regardless of liquidity

    3 8.33%
  • $100,000 in liquidity and $1,000,000 net worth

    7 19.44%
  • $1,000,000 net worth regardless of liquidity

    8 22.22%
  • $200,000 in liquidity and $4 million net worth

    17 47.22%
  • $4 million net worth regardless of liquidity

    11 30.56%
  • $5 million or over net worth regardless of liquidity

    11 30.56%
  • $10 million or over net worth regardless of liquidity

    12 33.33%
  • It takes much more to impress me, and it needs to be liquid.

    1 2.78%
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Thread: What do you consider wealthy (money, not life experience or love etc)?

  1. #31
    Professor

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    Re: What do you consider wealthy (money, not life experience or love etc)?

    The words rich and wealthy are not synonyms to me. Rich is more specifically money or its absolute equivalent. Wealth is rich plus class relationships. My and several other scales, consider rich to be $1,000,000 net or more with access to a significant portion in cash quickly. To be wealthy requires functioning relationships with several other wealthy individuals and they generally require $10,000,000 minimum, typically much more.
    We happened to be in Sun Valley at the same time a meeting of the very wealthy and financially powerful happened. It’s fairly regular there. Hailey has the airport. Normally two or three corporate jets are parked there, just N numbers showing, no logos. During the private gatherings there were over 40 business and regional jets, 20 to 40 passengers, parked there. If you were late no more parking was available and your jet had to fly back to Idaho Falls for parking. These jets have very small N numbers on them, too small to meet regs I’m sure, and no other markings. One more note of many possible: We were shopping for a cabin and visited a realtor; she had substantial knowledge of the meetings. There was a cabin for sale; we drove by to see it from the road. Its roof was copper panels about abut 4 x 24 ft. Each was unique because the peak had a complex curve. There were several buildings on its grounds; one was a theater for 75. Our guess is that the seats were plush too. That is a cabin for the wealthy, not for the rich.

    This is why I selected "It takes much more to impress me, and it needs to be liquid."
    Last edited by OhIsee.Then; 10-10-11 at 10:47 AM. Reason: Add last comment.

  2. #32
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by megaprogman View Post
    Then you do not understand my economic position. (and I suspect that you have no desire to do so as you tend to want to cast me as a socialist and not a mixed economyist (whatever the word for it is), nor do you take into account my motivations even though they are in threads all over this forum).
    You have it + I want it = I have a right to it.


    alright everyone, time to organize Occupy Megaprogmans' Yard!!! down with the top 15.9%!!!


    I am buying nice stuff, meaning that I am going past bare necessities to luxuries, heck, I dropped $1000 bucks on some furniture saturday with no real impact to my monthly budget.
    nicely done. we just spent a bundle on plane tickets (international... it's a racket I tell you, these darn big airline corporations being all corporationy), but it took a hunk out of us. ah well. one day.

  3. #33
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by megaprogman View Post
    Then you do not understand my economic position. (and I suspect that you have no desire to do so as you tend to want to cast me as a socialist and not a mixed economyist (whatever the word for it is), nor do you take into account my motivations even though they are in threads all over this forum).


    I am buying nice stuff, meaning that I am going past bare necessities to luxuries, heck, I dropped $1000 bucks on some furniture saturday with no real impact to my monthly budget.
    So it really IS just your hate stopping you from buying great tasting tea!
    Anyone wondering what I'm talking about start here:
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  4. #34
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by cpwill View Post
    You have it + I want it = I have a right to it.


    alright everyone, time to organize Occupy Megaprogmans' Yard!!! down with the top 15.9%!!!
    If you aren't willing to make a distinction between types of social spending and the underlying reasonings and goals, then your blind spot will cause you to suffer in your ability to debate policy accordingly.

    Quote Originally Posted by cpwill View Post
    nicely done. we just spent a bundle on plane tickets (international... it's a racket I tell you, these darn big airline corporations being all corporationy), but it took a hunk out of us. ah well. one day.
    You want to buy plane tickets out as far as possible and spend the extra $10 to change it at the last minute.
    Last edited by tacomancer; 10-10-11 at 11:28 AM.

  5. #35
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by Harry Guerrilla View Post
    This is so subjective, that the only possible answer could be, a person who's net worth is greater than 0.
    A person can be making $200,000/year and still have a net worth that is negative $2,000,000.

    A person can make $30,000/year and have $50,000 in the bank.
    The US is an odd ship. The captain yells out when he sees obtacles , but 535 individual propellers do the steering.

  6. #36
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by GreenvilleGrows View Post
    A person can be making $200,000/year and still have a net worth that is negative $2,000,000.

    A person can make $30,000/year and have $50,000 in the bank.
    In that scenario the person with $50k in the bank, is wealthy than the person making $200k is not.
    I believe rich is a state of mind, with wealthy being a person who intends and follows through with, regularly increasing their annual net worth.
    Last edited by Harry Guerrilla; 10-11-11 at 08:17 PM.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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  7. #37
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by cpwill View Post
    You have it + I want it = I have a right to it.


    alright everyone, time to organize Occupy Megaprogmans' Yard!!! down with the top 15.9%!!!




    nicely done. we just spent a bundle on plane tickets (international... it's a racket I tell you, these darn big airline corporations being all corporationy), but it took a hunk out of us. ah well. one day.

    Flying mid week can resullt in big savings

    I saw that flights to asia could vary from $1700 for weekend departure and return dates to as low as $700 ( with various airport taxes being paid) provided leaving and returning mid week
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

  8. #38
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by SpeakUp View Post
    If you think you can reliably earn a 7% return on your entire net worth in the long term, please enlighten the rest of us -- for most, such a yield is very unrealistic. The problem is compounded when you take inflation into account.

    You also need to account for a house in there somewhere.

    If you allow $2M (40% of net worth) for a house and a more realistic 2% yield on the remaining $3M, that's $60K/yr income (less taxes), or about what someone earning $30/hr would make -- certainly not enough to hire staff unless you're talking part-time or illegals.
    Quote Originally Posted by cpwill View Post
    Combined Annualized Growth Rate of the S&P 500 (counting for inflation) since 1980 has been 7.68%. He's pretty much on the right track.



    without even knowing you I already know: you need to fire your financial adviser.



    well, our hope is to get to making 100K post-tax. that way we can live on 50, save 25, and give 25.
    I know of two mutual funds with yieds above 9% right now. Both provide regular payouts of $0.06 per unit per month and have done so for years. Of course both have taken hits in the unit price. But as unit price goes down I can buy more units with the regular payout or through extra purchases
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

  9. #39
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Debt doesn't matter in determining whether or not someone is wealthy because it doesn't really affect their buying power. As long as you still have credit, you can always borrow money faster than you have to repay it.

  10. #40
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    Re: What do you consider wealthy (money, not life experience or love etc)?

    Quote Originally Posted by Viktyr Korimir View Post
    Debt doesn't matter in determining whether or not someone is wealthy because it doesn't really affect their buying power. As long as you still have credit, you can always borrow money faster than you have to repay it.
    then the federal government must be fabulously wealthy.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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