Are you rich?

[brinny]

If you can afford to post on this website, you are propably rich when compared to the rest of mankind.

A reason to count our blessings then, yes?

 

[brinny]

To be totally honest, I suppose we are. My wife's and my net worth is in 7 figures. We're not 1 percenters, but according to our broker, we're in the top 4%. I've always lived below my means and I've always saved and invested. But most importantly, I've never had a lot of debt. We paid off our mortgage years ago, I've bought all but one of my cars with cash, and I never carry a credit card balance.

You've been listening to Dave Ramsey?

 

[keith99]

Pleased to meet you...

Can you guess my name?

 

[keith99]

I think I saw someone looks like him laying traps for troubadours. What's he got against troubadours?

Actually nothing. It was just a professional courtesy for Kali.

 

[jayem]

You've been listening to Dave Ramsey?

Wall Street Week on PBS. I've generally gotten pretty good investment advice. And I regret not taking some advice I heard on the show a long time ago. Early 80s as I recall, the guest was talking about a company called Berkshire Hathaway. It was a conglomerate that bought other companies' stocks. It was managed by some guy named Warren Buffett. The guest said he was a very shrewd investor, and he advised buying shares in BH, in order to benefit from Buffett's stock picking. The price was about $500 a share. I could have only afforded maybe 5 shares at the most, and I didn't want to take the risk. 35 years later, each share is priced at $246,000+. If I'd bought and held them, those 5 shares would be worth over $1.2 million, not counting dividends.

But I shouldn't complain. I've still been very fortunate.

 

[brinny]

Wall Street Week on PBS. I've generally gotten pretty good investment advice. And I regret not taking some advice I heard on the show a long time ago. Early 80s as I recall, the guest was talking about a company called Berkshire Hathaway. It was a conglomerate that bought other companies' stocks. It was managed by some guy named Warren Buffett. The guest said he was a very shrewd investor, and he advised buying shares in BH, in order to benefit from Buffett's stock picking. The price was about $500 a share. I could have only afforded maybe 5 shares at the most, and I didn't want to take the risk. 35 years later, each share is priced at $246,000+. If I'd bought and held them, those 5 shares would be worth over $1.2 million, not counting dividends.

But I shouldn't complain. I've still been very fortunate.

Wow. 'Tis good that you can still count your blessings, tho'....

'Tis the key to much happiness and peace.

 

[Ada Lovelace]

I live in a dauntingly expensive area, and it's unfathomable to me that I'll ever be independently rich by local standards if I remain here. I do think I'll be able to build up to financial security later in my life. If I lived somewhere else I'd already be stable, though certainly not rich. When learning about demographics during the election I was stunned to discover that I earn more than the household medians in several states. The cost of living is a mere fraction there than what it is in the Bay Area, though.

I think I'll be responsible with creating a retirement nest egg. I've done reasonably well thus far considering that I'm approximately half a century away from retirement. I've been generating an income since I was a child, and my parents managed it fantastically for me. Then when I was 14 my dad taught me how to make investments, and so what I've earned has grown. I recently found out that you can't just cash in your stocks for the full amount, though. It's more complicated than I thought. I wanted to establish credit for myself after turning 18 this year, so I bought a car with my own funds. I know that seems totally unremarkable, but I was proud. It seems to have helped. I received this letter from my bank about being pre-approved for a home loan, though I'm incredulous. I have looked into buying a simple place near campus that I could live in with friends who'd pay me rent I'd apply towards the mortgage. It would have to be itsy bitsy, but our on-campus rooms are barely bigger than a shoe box, so we'd manage happily, I think. The level of responsibility in owning a home makes my heart tremble with fear, though, ha.

 

[SteveB28]

Three loving children. Ten grandchildren. Six great-grandchildren, with one on the way.

Wealthy beyond measure.


.

 

[Rebecca12]

It's a comparative rather than an absolute, isn't it? If you're speaking purely of material wealth. In global terms, nearly any American is rich, having shelter, bodily security, food, easy access to clean water, mobility and such.

Oh there are many poor Americans. They have no access to healthcare. They die of undiagnosed diseases. They live without proper sanitation. They may be homeless.

 

[GrowingSmaller]

^^That's sad. America has so much in terms of university, science, political tolerance etc.

 

[dysert]

Oh there are many poor Americans. They have no access to healthcare. They die of undiagnosed diseases. They live without proper sanitation. They may be homeless.

^^That's sad. America has so much in terms of university, science, political tolerance etc.

It is very sad. The USA gives away billions upon billions of dollars to other countries, wastes billions of dollars in our own country, and fraudulently spends billions more for a privileged few, and yet we have tons of poor people starving, going without medical care, and living under bridges. The whole thing should be criminal.

 

[NothingIsImpossible]

Don't know if it was mentioned or not but recently there was some study done about being rich. They talked to people who had 20k a year in salary and asked them "What amount of money do you make now and are you rich? What would you need to make a year to be comfortable and rich?". The 20k couples said 40k. Doubled it.

They went to a 40k couple. They said 80k. Doubled again. They did this down the line to various salaries. Around the 300k mark things changed. People went from doubling to tripling and higher as they went. The last couple they interviewed made 5 million a year. Their answer was 40 million!!!

So what did this all show? No matter what money someone has, they never consider themselves rich. Not because they are greedy or love money of course, but they always will say higher amounts. And obviously they will x2, x3, x4...etc the higher you get. So its definitely something we humans must have a problem with. Never fully being comfortable with what we make. Sure we can say "Its a good life!", but of course we could always use some more.

And in many cases I imagine its a lifestyle thing. Me, I am poor really. So anything is a treat to me. A car would be a dream for me. My own house too. For someone who owns those they are settled into that and used to it. So maybe they want a bigger house. Maybe a second car or maybe just a more "exotic" one. And for those people who have a crazy big house they would want a mansion with a 10 car garage so they could buy sports cars and a luxury rv. Maybe but a small jet!

BTW none of this is pointed at the creator of this topic. I just read the title and it reminded me of the study.

One thing I know I am rich in is Gods love.

 

[OldWiseGuy]

I think if you examine most (mature) peoples lives you will find that they have reached a balance between money and other values. I know I have and am quite content not increasing my income. I have turned down lucrative job offers because they would infringe on other activities that I enjoy.