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Chester_Copperpot
Guest
I go with a person's savings, not how much they make. Should hit a million quite soon.
FreakMonster
New member
Someone who makes $100,000 a year?
Someone who makes $300,000 a year?
Or someone who makes $1 million or more a year?
Someone who makes $300,000 a year?
Or someone who makes $1 million or more a year?
A study done in the US and Canada found that Americans consider a person that makes 1,000,000 after taxes is rich.
In Canada all you need is 500,000 to be considered rich (after taxes) but considering that taxes in Canada run about 50% in the upper brackets, it is about the same.
In Canada all you need is 500,000 to be considered rich (after taxes) but considering that taxes in Canada run about 50% in the upper brackets, it is about the same.
MarthaStewart
New member
People like Ross Perot, or Bloomberg. The people that are billionaires.
That is rich.
Many consider me rich, but it is all relative.
That is rich.
Many consider me rich, but it is all relative.
one hundred million.
That's the number for a self sustaining high end lifestyle.
That's the number for a self sustaining high end lifestyle.
2Thick said:
We are talking regular people, Richy Rich
hater.
Def of rich is someone who is living a more than comfortable life. Making over mid to hig six figures with no credit card debt, having several thousand in the market for investments, take vacations when they want, eat at restaurants without looking at the price on th menu, nice cars that they can afford and not bitch about the monthly payment.....
Problem is when people get more money they just acquire more bills. I would say really rich would be having a 5 million dollar home paid in full, 25 million liquid.
Mackavelli said:
just one estate sir? That's not living. Flying with everyone else? Staying in hotels with other people? bahh...
25M is a shitload of money. Just not enough to tell people to fuck off entirely.
Testosterone boy
New member
Everybody has different priorities. My definition of rich is:
abundant health
solid family
great partner
paid for house with enough room to do your hobbies
beautiful view and sufficient land to have some freedom
feeling good
reasonable freedom
not having to concern oneself with bullshit legal actions
abundant health
solid family
great partner
paid for house with enough room to do your hobbies
beautiful view and sufficient land to have some freedom
feeling good
reasonable freedom
not having to concern oneself with bullshit legal actions
MattTheSkywalker said:
You could have more than one estate as most rich do. I was giving a minimum of what I would consider rich. Personally, I would fly 1st class even if I was rich. I see the timeshares or ownership etc as a waste of cash flow. Only comes in convenient for someone who flies very very often and to destinations that would otherwise require connecting flights or delays. As for hotels, the penthouse suites are living quite large...
Mackavelli said:
LOL would be nice problems to have.
If you are really cool you can actually buy hotel apartments. This mentitles you to live there a certain number of days outof the year, and the rest of the time, the hotel rents it like any other suite or penthouse.
Hmm rich? AT LEAST 5 million a year after taxes. There are, ofcourse, degrees of rich though.
EDITED TO ADD: If you have a lot of payements than 5mil is nothing, 5million after all payements are payed off would be nice. So 5million of spending money a year, that would be rich.
-sk
EDITED TO ADD: If you have a lot of payements than 5mil is nothing, 5million after all payements are payed off would be nice. So 5million of spending money a year, that would be rich.
-sk
MattTheSkywalker said:
LOL would be nice problems to have.
If you are really cool you can actually buy hotel apartments. This mentitles you to live there a certain number of days outof the year, and the rest of the time, the hotel rents it like any other suite or penthouse.
My friend just bought a hotel room in south beach for 300k. One thing I don't understand is HOW the system works. How do you know if they are renting your room or do they pool all the money together and divide it somehow?
A
anabolicmd
Guest
Technically, you are only rich if you have a perpetual source of high income without having to work, like stock dividends for example, money with a capital M. If you have to work for your money, you arent rich you are well off.
Mackavelli said:
I am not really sure what you are asking. I don't see why you;d buy one room - South Beach rooms got for $300-$500 a night (and that's right on Ocean Drive - even the Delano wouldn't be more than$500/night for one room) - so that means he'll have to use the room 1000 times to get his money worth.
Sure it wasn't a condo or something? I've never seen someone buy one room - usually it is an apartment or suite within the hotel. Rooms are almost always available - there wouldn't be a lot of prestige in owning one.
Depending on what you buy and where, the suiet is yoursfor the asking. You usually purchase the right to use it a certain number of days per year (30 is a common one) and usually in the agreement, you have to give the hotel a certain number of days notice that you intend to use it.
Buying the suite does not give you rights to any revenue that may be derived from its rentaltoother people. The hotel owns it - you just have exclusive rights to use it whenever you want, in accordance with your agreement with the hotel.
Testosterone boy
New member
I am amused by the large percentage of EFer's who think they will be rich. The odds are quite low unless you were born into it, marry into it, or very well connected.
MattTheSkywalker said:
Yeah he showed me the website that was pre-selling these rooms in the hotel. He said it will be competing w/Delano. 300k was the price including all furnishings. I was confused about how he would track who was renting his room etc, but he didn't answer me. Thought you might know. From what you are telling me from above, having a suite in a hotel would be a poor investment. Pay all that money to get rights to a room and have the hotel rent it out for a profit, I wouldn't do that.
sh4dowf4lcon
New member
I consider a person rich if they have more than enough money to meet their needs, and still put money aside to accumulate. Whether they make 50K or 750K if they spend less than they make and plan effectively a person could be considered "rich".
Mackavelli said:
It;s not an investment at all. It's a convenience. You do it when investments don't matter anymore. This is very high end stuff.
MattTheSkywalker said:
I see. You learn something every day...
bignate73
New member
anabolicmd said:
bingo!
i think alot of the replies on here have been percieved number type responses. example: if i had X million dollars based on how i think i'd live, i'd be fine (or i'd not see the end of the money). your perception is a finality. my perception is more ongoing. i dont think its valuable to have money just tied up in some liquid account and you chip away at it as you live. its not realistic and not how the rich do things. having cash like that sitting around is foolish because it can be making you more money, and is also available to those who sue you. no one mentioned where they kept their money, so im assuming its sitting in mom&pops credit union, or under the mattress.
now on to my perception of rich:
passive cashflow coming in to exceed my living/lifestyle expenses (whatever i may decide to do within reason). a bit of excess income that i can put into other investments to allow me and others around me to live better. of course this means im not working for someone (jobwise)as well. if i do have a job, its for fun....and a business i own.
sigweed
New member
haha at my high school, you'd be poor if your family income was $300,000... so coming from there, I'd say you'd have to have an annual disposable income (after every penny of taxes/debt has been paid) of around $10 million before i'd consider you rich.... shit though, i'd be more than happy if i grow up and make $300,000 a year!!
Lao Tzu
New member
crappy schools (i assume you mean K-12)? Honestly, why does it matter where you go to high school or the quality of K-12 education. You can get into most colleges with a GED nowadays. And there was no serious violence at the high school i went too, i doubt a harlem HS could say that.
bignate73 said:
All this can be arranged with some unsophisticated financial instruments, in the event of a big payday (stock sale or options vesting etc.) which is how most people generate opportunities for wealth.
sk* said:
Donald Trump has invested a lot in Harlem. I would love to have invested because prices have skyrocketed and the place is totally rejuvinated. In fact, some are afraid it may loose its cultural integrity and push minorities out of the area.
velvett said:My one million dollar yearly earning clients are my poor clients.
I would not mind being one the poor ones.
I think that just barely covers expenses out there.
Raise your fees
Robert Kiyosaki is another scam artist. Just like Carlton sheets...
bignate73
New member
Mackavelli said:
how does he scam? im curious to know. he doesnt sell you a method, his books tend to get your mindset right about wealth and goal setting. some of his later books get into more specifics, but from the first 2 books, its all changing your thinking about money, getting you fired up to learn about money. thats it. he makes no promises and doesnt hold your hand.
or is that the scam....because it isnt spelled out?
as far as carlton sheets, he gives methods of creative finance, some may be outdated, some not viable. from what i've seen, it is very "dumbed down". but he isnt marketing to the sophisticated investor.
big_bad_buff
New member
shit, right now I consider any single person making 50k a year rich. I'd be happy making 50k the rest of my years
Nonerz said:
hater...
No I am no hater. Just voicing my opinion. Robert Kiyosaki is great for the simple minded person w/no real education in finance or good for getting people to think outside the box. However, his books are filled with a bunch of fluff and the same stories are repeated throughout each book numerous times. This again is to appeal to the masses and most people need things repeated to them over and over just to get it, but all his books lack real substance. Trust me I read them all and I felt like I heard the same story over and over in each book and listened to his simplistic ideas. Carlton sheets is the same thing with his no money down. In essence it is easy, but in reality it is not. Go buy a house with no money down and get cash back at closing in this market. It can be done, but the only person getting rich is Mr. Sheets. As they say those that cannot do teach.
AustinTX
New member
I'd say about 5 million; you can safely remove about 3.5% from a trust per year through all market condidtions, and that would leave you about 175K / year, minus taxes which could be as low as 18%-20% if your structure the funds properly and only take out long term or very long term stock assets; plus there's bonds. That'll put you in the top couple of percent of income earners, and let you stay there forever (assuming you leave some in, so you can increase the withdrawl to adjust for inflation).
AustinTX said:
what the hell are you gonna do with $175K? get a good seat to observe people with real dollars?
AustinTX
New member
MattTheSkywalker said:
Well, it'll put you about in the bracket of those making $250-300K year and allow that to be adjusted upward at the rate of inflation, except you're retired *forever*, or you could plan it to last for 40 years, and keep probably 300+K after taxes/year.
It could put you on an even higher lifestyle than that income would normally convey, since you no longer have to save a big bunch of money to put you in the position to retire anymore. Can't go blow 10million on a yacht, but living in the top couple of percent of income, and not having to work, lesser expenses, house probably paid for, leaves a lot for travelling, etc. I'd say that is rich. Not super-rich, but certainly 5M would qualify as rich. You don't have to be in the top .0001% at 100M to be rich, although with my tastes, that would be preferrable, LOL.
louden_swain
New member
sounds cheesy to most. . .
A person who can find true love.
A person who can find true love.
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