How much $$$ does it take to feel rich

[Fundguy1]

Middle 8 digits.

[jtodd_fl]

Originally Posted by Fundguy1

Middle 8 digits.

Banned for not wanting the third comma.

[AWSAWS]

(In response to the opening question)

More than I have. I can tell you that much.

[dreamingat30fps]

For me personally its when you can do what you wish with your time. Doesn't get any richer than that IMO.

[Mr Tonka]

I think it's safe to say that if you own a 2009 or newer BMW you are substantially richer than the majority of the world. If you own a 2009 or newer BMW you are substantially richer than most Americans.

There are plenty of people who could be wealthy, but choose to spend everything they get from their high paying job. So rich could mean many things. I would argue that if you have a household income of $75k, you're rich. You can afford a home, a car, insurance, groceries, clothes, savings and still have a little disposable income. Depending on your budget, you could have a lot of disposable income.

Then there are people who have a household income of $200k, still rich. But these people have a $700k house, two $70k cars, 2 kids who get everything they want, don't allocate anything to savings, etc... and are left with less disposable income than the other person above.

So for me, if you make enough to cover expenses for basic living and transportation while have some left over for fun, convenience, hobbies, travel, etc... You're rich. Rich by my standard, rich by America's standards, and uber rich by the worlds standards.


It is tricky though. I sometimes worry about the future of the company and that sometimes makes me feel like we don't have near enough money. Then other days realizing we have $40k worth of bicycles in the garage makes me feel like a gluttonous pig. I guess to answer the OP's question though. By my own definition, i'm rich. But with regards to feels, I feel rich almost every day. We've been abundantly blessed and have been thinking a lot on how we can use what we have to bless others. Funny how easily that gets moved to the back burner through the course of every day life though.

[silvergray545]

Originally Posted by Mr Tonka

I think it's safe to say that if you own a 2009 or newer BMW you are substantially richer than the majority of the world. If you own a 2009 or newer BMW you are substantially richer than most Americans.

That awkward moment when a 2004 BMW is worth more than many 2009 BMWs and you're not considered rich.

[mPlasticDesign]

If we are defining rich as a state of mind then it's not about how much you make but rather how you spend what you make.

My goal now is to always live without any debt. For me if you have a debt you are nothing more than a slave trying to work for your freedom.

[Delta0311]

Originally Posted by mPlasticDesign

If we are defining rich as a state of mind then it's not about how much you make but rather how you spend what you make.

My goal now is to always live without any debt. For me if you have a debt you are nothing more than a slave trying to work for your freedom.

Once the $170k left till the mortgage is paid off. Some day I too shall be screaming "FREEEEEDOM!!!!" like Braveheart.

[ASBSECU E93]

Originally Posted by jtodd_fl

Banned for not wanting the third comma.
[IMG]https://40.media.tumblr.com/870593dc...xrrmo1_500.jpg[/IMG]

FUQ YEA!!!

But also - these are not the doors of a Billionaire...

[Mr Tonka]

Originally Posted by silvergray545

That awkward moment when a 2004 BMW is worth more than many 2009 BMWs and you're not considered rich.

Peasant.

Actually in my mind i always think of an M car when i think of BMW. So i was thinking any 2009 or newer M car to be specific. My point though, is we can all find vehicles that can transport us where we need to go that are less expensive than BMWs. Even if you have a $30k 2010 BMW you could have a $10k 2010 Honda and an extra $20k.

[M3 Number 86]

Originally Posted by MKSixer

I'm going from memory here so please bear with me...

Statistically there are 3 crossover points for financial well-being. (Household income.)

The first is $75,000 or so. At this point, for the average American, most things are comfortable and within reach. (This is not for the BMW/Lexus/MBZ crowd. Think middle America.)

The next crossover point is roughly $150K-160K. This is where most of the luxury consumption begins. Nicer cars, McMansions, etc.

The final is the window above $325K to $350K is the point that money is all functionally the same.

Please keep in mind that these figures are for the average American. These figures do not apply to the scion of a wealthy family worth gazillions for whom $75K would be the equivalent of a death sentence.

Cheers-mk

Where can you get McMansions at 150k because I live in an apt

[Mr Tonka]

Originally Posted by M3 Number 86

Where can you get McMansions at 150k because I live in an apt

Outside of California.

[ASBSECU E93]

Originally Posted by M3 Number 86

Where can you get McMansions at 150k because I live in an apt

So - I think a variable here is location, location, location....

To this point - I earn a great salary, but I also live in an area that provides me with a lower cost of living. This is a variable that should also be considered.

The true value of my dollar earned (and buying power) where I live likely more than the value of the dollar earned in LA...

[M3 Number 86]

I need to move. Somewhere with low cost of living and multiple race tracks in close proximity. And good Asian food.

[fhaze3]

I am single, work in IT, drive an 11 M3. Only debt is mortgage <200k. CC paid off each month. I never look at the receipt when I eat out or go shopping.

I am not rich though. Comfy, yes. But I squirrel away (vanguard) as much as I can cause I never think anything is going to last.

I also don't have any expensive habits.

[M3 Number 86]

Originally Posted by fhaze3

I am single, work in IT, drive an 11 M3. Only debt is mortgage <200k. CC paid off each month. I never look at the receipt when I eat out or go shopping.

I am not rich though. Comfy, yes. But I squirrel away (vanguard) as much as I can cause I never think anything is going to last.

I also don't have any expensive habits.

No expensive habits equals no rich. Lol

[silvergray545]

Originally Posted by M3 Number 86

I need to move. Somewhere with low cost of living and multiple race tracks in close proximity. And good Asian food.

Cleveland, Ohio. Houses are cheap. 3,000 square foot houses can be had for $300k all day long. Did you ask for race tracks? Mid-Ohio is one hour away. Nelson's Ledges is one hour away. PittRace is 2 hours away. Watkins Glenn is 4 hours away. Those are what I know of off the top of my head.

[08njSTEP]

I think rich means you no longer think about "things" to buy, but think of what progress you can bring to fellow man. You can have a lot of money and not be rich. Truly rich contribute to mankinds success. I'm not rich, but strive to be everyday.

[jtodd_fl]

Originally Posted by silvergray545

Cleveland, Ohio. Houses are cheap. 3,000 square foot houses can be had for $300k all day long. Did you ask for race tracks? Mid-Ohio is one hour away. Nelson's Ledges is one hour away. PittRace is 2 hours away. Watkins Glenn is 4 hours away. Those are what I know of off the top of my head.

Mmmm... I think we have CLEARLY established that his third criteria (good Asian food) is a no-go, though.

[silvergray545]

Originally Posted by jtodd_fl

Mmmm... I think we have CLEARLY established that his third criteria (good Asian food) is a no-go, though.

You were in a part of Cleveland that I would never recommend to anyone.

[JasonCSU]

Originally Posted by jtodd_fl

This. But I think the bar continue to move as you near it - for most people.

I will agree with that. I always thought I'd finally feel "rich" once I have a house in a more desirable location with a bigger garage and a few more vehicles. Though if I get to this point, I'll probably end up pushing the bar for myself again.

In my current position, I definitely feel "comfortable" with my only debt being my mortgage and generally not having to worry about paying bills or purchasing things I may want.

[Mr Tonka]

I wish my house mortgage was the only debt we had. PFS would look a lot better.