[jtodd_fl]

Originally Posted by silvergray545

How did you know?!?!

Maxi-Fab wheels.
Pitty on the porch.
Murdered Volkswagen.

C'mon bruh. You weren't even hiding it.

[silvergray545]

Originally Posted by jtodd_fl

Maxi-Fab wheels.
Pitty on the porch.
Murdered Volkswagen.

C'mon bruh. You weren't even hiding it.

The only thing true is the wheels. And they came on the car when I bought it. I've had them off and listed for sale since December! So glad they're out of my life!

[FType22]

I think it would take around 4-500k a year for me to feel "rich". Maybe 250k-300k to feel comfortable.

[dreamingat30fps]

You can all start sending me cash at your earliest convenience, once I feel rich, I will let you all know and we can get an answer to this age old question once and for all!

[jlstyle]

For me, $300k a year is fine and it will give me the comfortable life my family can live off of.

[dreamingat30fps]

[Xiaoxi]

For me, rich means financial independence and TIME to do as you please.

I would not consider myself rich if I made millions but never had time to do anything aside from working (unless that's all I wanted to do).

[Mywifes335]

Rich means I can afford to buy something THIS awesome.



LOOK at that STANCE!

[qba335i]

Originally Posted by Xiaoxi

For me, rich means financial independence and TIME to do as you please.

I would not consider myself rich if I made millions but never had time to do anything aside from working (unless that's all I wanted to do).

+1

I think rich is when you don't have to care... you can do whatever you want when you want it. Money is no longer a constraint.

To consider myself rich I think I would need about 10M of liquid/investable assets.

[M3 Number 86]

Originally Posted by MKSixer

The $150-160K is for household income. Meaning that you can generally purchase a McMansion with a max value of $450-500K.


The People's Republic of California is an anomaly.



Completely true.

Similar but homes are relatively expensive compared to average household income

I am quoting general statistics from population research I did a few years ago.
I live in a generally high cost area but not like Cali.

That's what I meant - at 150k income where can i get a macmansion because I'm in an apt at that level.

[Sidewinderpb]

When I can throw a brick of cash in the face of anyone who calls me materialistic. Really though, I just want an M and a boat.

[jtodd_fl]

Originally Posted by Mywifes335

Rich means I can afford to buy something THIS awesome.



LOOK at that STANCE!

Hoes before stancebros.

[MKSixer]

Originally Posted by M3 Number 86

That's what I meant - at 150k income where can i get a macmansion because I'm in an apt at that level.

You're in the PRC. An anomaly.

[Mywifes335]

For those whom ARE rich... Unless you've experienced some windfall (i.e. Lottery, inheritance, settlement, buyout, etc.), you'll understand there's no such thing as "worry free" or "freedom" or "time" for that matter. In fact, even if you did fall ass first into a but load of cash, you better start worrying. That's a whole another discussion. <--- the lump sum "richness" discussion.

For argument sake, Figure out your base year salary I guess, inflation adjust it each year and come up with a FV, then discount it back to your life expectancy. That's the lump sum PV of YOUR richness. Then see below.

I've never met a "rich" person in my life whom was not driven or used his/her time wisely. Nor has any of these people confide in me, "hey, all is good here, I got no worries."

I'm sorry to say, whatever the "annual" income level you come up with, $150k, $250k, $400k, $500k.... It's never enough. Why? No matter where you are, if you have an "enough" target that's much higher, you've already lost the battle. It's never going to be "enough". "Enough" is a moving target for most.

From my own experience, I've never been rich. In addition, at every income level, I was never satisfied.

Sure, I'm sure someone will chime in and say, "hey, I make $300k/year and I think I'm rich." Then I'm truly happy for you. I just personally do not know anyone whom thinks he/she is rich at that level. For perspective, I know people whom make over $1m per year. These folks don't ever publicly claim "richness". Sure, when they were making LESS and in their 20s-30s they'd pop bottles and pay for everyone and maybe show off a bit. But as the income levels went up and maturity set in, so did their self perceptions of "rich".

Herein lie two principles:

1. Enough is a moving target. Most people think there's a magic happiness number in terms of income. Studies have actually shown that it's something like $75k in the US. This isn't it...people often think at a much higher income level, "all my dreams will come true, I'll be safe, I'll have freedom..."

http://blogs.wsj.com/wealth/2010/09/...-75000-a-year/

2. There's no "freedom". No one is going to pay you a big salary to coast. You need to earn it and keep earning it. The more you make the more responsibility you will have and the more your work life will start to blur with your home life.

There are a few ancillary principles here, but think I've made my point.

Peace.

[PoorLurker]

Originally Posted by McBride

To me being rich is have enough Income to live a comfortable life without financial worry.

Eg. Being able to go shopping on a weekend or out for a meal without worrying over affordability.

Some people are frugal and very tight with their money. People can make a lot of money and still "clip coupons"

Interesting perspective on life without financial worries ... Reminds me of the Mr Money Mustache forums where people have really simple expectations and are able to achieve "rich" (in your definition) status with minimal incomes.

Originally Posted by Wolf 335

When you can buy things without checking the price, then you are rich.

Simple as that.

I wonder what that income level would be for me that I can buy something without checking the price. Even with items that cost single digits, I continually value check to see if it is "worth" it.

Originally Posted by Darkfox2002

I think in order to feel rich it wouldn't be an exact number amount, I would feel rich if my expenses are less then 25% of my after tax income. The amount of income isn't whats important if I can have a nice house and nice car and all that cost less then 25% of my income then I would feel rich no matter how much i'm making a year.

Another interesting perspective. 75% of your income available to be used to furnish a lifestyle outside of one's necessities? Take the median income of an Irvine neighborhood and that can help you be rich.

Watch this video. Each person could think that they are "rich" if they look to the right.

[FogCityM3]

Being completely financially independent!

[ASBSECU E93]

So, Rich or Financial Freedom...?

A Dr. I worked with some time back shared his insight into this same topic. He philosophy - when his passive income could replicate his active income, he'd retire.

About 10 years ago - he sold control of his practice to associates with a defined exit strategy for the reminder of his shares on a 5 year buyout, retained the R/E ownership with each of his 5 offices under long term lease back to the new owner of the PA, began managing his portfolio of rentals.....all of this at the ripe old age of 49.

Now - he was not rich as many in here have commented to retire or quit working. I think the most he pulled in a year was $350k....but he invested in assets that made $$ while he slept at night.

I took his advise to heart and began buying R/E assets as income producing properties - with the goal of the option to retire by 55 if I so choose.

[OUGrad05]

That depends on where you live...for example, my home is worth about 440k, that's a healthy chunk in Oklahoma.

We're considering a move to Denver, where half a million dollars doesn't buy a whole helluva lot.

I'd say 500-600k a year in TX or OK for example would be pretty fantastic. San Fran? Probably need a million dollars a year...

[Mr Tonka]

Originally Posted by ASBSECU E93

So, Rich or Financial Freedom...?

A Dr. I worked with some time back shared his insight into this same topic. He philosophy - when his passive income could replicate his active income, he'd retire.

About 10 years ago - he sold control of his practice to associates with a defined exit strategy for the reminder of his shares on a 5 year buyout, retained the R/E ownership with each of his 5 offices under long term lease back to the new owner of the PA, began managing his portfolio of rentals.....all of this at the ripe old age of 49.

Now - he was not rich as many in here have commented to retire or quit working. I think the most he pulled in a year was $350k....but he invested in assets that made $$ while he slept at night.

I took his advise to heart and began buying R/E assets as income producing properties - with the goal of the option to retire by 55 if I so choose.

This is why my primary residence isn't my only debt.

[PoorLurker]

I remember a friend telling me about her dad.

He moved from HCOL California to Missouri. He bought a huge house on a lake in a country club. As he started to meet his neighbors, he found that everyone was either a doctor, lawyer, executive, or business owner. His reply? "I used to work at U-Haul." He just sold his property in CA, took the money, bought a place, and had enough money to sustain a nice lifestyle.

Originally Posted by Mr Tonka

This is why my primary residence isn't my only debt.

Yes, you do have a lot of nice bikes!

[hockey21]

it's all about what you need to make you happy, also where you live. i have friends that play professional hockey, have everything paid for and are putting 2-3 million a year before the age of 32 in the bank... they are RICH

have friends that are teachers ( my girlfriend) live in a moderate house in CT, no student debt, no need for expensive car payments, get good deals shopping, save up for a modest vacation here and there, etc and enjoy life... rich

on the other hands, several of my buddies make 2-300k at age 27, need to live in NYC, need to take girls on expensive vacations, go to yacht week with their buddies, wear 1500 suits, spend 1,000 a weekend going out and shopping, and spend every cent they have... they are poor. i have been struggling not to fall into this category !


a penny saved is a penny earned, to me it's all about what you can manage to save. i envy my father and his generation for being so conservative and saving so much growing up. it's honestly tough.

[Mr Tonka]

Originally Posted by PoorLurker

I remember a friend telling me about her dad.

He moved from HCOL California to Missouri. He bought a huge house on a lake in a country club. As he started to meet his neighbors, he found that everyone was either a doctor, lawyer, executive, or business owner. His reply? "I used to work at U-Haul." He just sold his property in CA, took the money, bought a place, and had enough money to sustain a nice lifestyle.





Yes, you do have a lot of nice bikes!

One year we had a lot of customers moving here from San Francisco and they were awestruck with how much house they could get for a few hundred thousand. They were cashing out of their $1.5m 900sf place and buying 3000sf home with a yard and a pool for $400k here. (before the housing bubble and pop)


I plan on adding a set of these into the mix in the coming weeks as well. lol