S/O What is "rich"?

Fianschneid

I know your area, debt, etc. plays into all of this. DH and I make less than all of our friends in the city but compared to people in our home town, we do pretty well.

FIL defines "rich" not by a number but says, " A rich man makes more than he spends. A poor man spends more than he has."

So how do you define "rich"? Is it a dollar amount? An idea? Do you just know it when you see it?

cantalopes24

I agree with your FIL. I don't necessarily see it as how much you earn because you if make 200K a year but are paycheck to paycheck I don't really see you as rich. I also judge people based on their car to house ratio. Like if you're renting an apartment in a bad neighborhood but you're driving an 60,000 car I don't think you're rich just like if you're living in 1+ million dollar house driving a car that is being held together by duct tape.

ginamcp

I guess for me I see people as being "rich" if they can afford things without much sacrifice.  Like taking a vacation or 2 a year and not having to eat Ramen for every meal to pay for it.  Being able to drop a couple hundred dollars on a purse or <insert unnecessary item here> and not having to scrimp and save to do so. 

My H and I together make six figures, and in a lot of places that could be considered "rich", but we live in a high COL area and we aren't taking vacations, driving fancy cars or buying luxury items.  At the end of the month the basics are taken care of and there isn't a whole lot of wiggle room for fun stuff. 

Elsa1984

I agree with your FIL. We scrimp by because instead of taking lots of vacations and buying fun stuff, we are saving, investing, paying off debt early. I have a lot of family living in the same COL areas as us, they work two jobs, and spend everything that comes in. I don't think they are rich even though they have more money coming coming in, because their debt is incredible. They don't actually own anything, whereas we, at the age of 28 and 36, have our three new vehicles paid off, our boat paid off, and house on acreage almost paid off. SO makes less than 75k a year and I don't currently work. We are by no means "rich" but I think if you are smart with your finances you are better off. I would hate to have to work two jobs to make up for my spending habits just so I can "keep up" with everyone else.

thetheisens

I feel that we are rich with LUV. 

cold0009

ginamcp:

I guess for me I see people as being "rich" if they can afford things without much sacrifice.  Like taking a vacation or 2 a year and not having to eat Ramen for every meal to pay for it.  Being able to drop a couple hundred dollars on a purse or <insert unnecessary item here> and not having to scrimp and save to do so. 

My H and I together make six figures, and in a lot of places that could be considered "rich", but we live in a high COL area and we aren't taking vacations, driving fancy cars or buying luxury items.  At the end of the month the basics are taken care of and there isn't a whole lot of wiggle room for fun stuff. 

I agree with this!

Nita2603

Rich for me means not having to work having money invested, living off the interest. Making more money then you spend is wealthy IMO. Splitting hairs I guess.

Scramblersmom

I would consider anyone making $175,000+ per year as very well off and someone making over $500,000 per year as rich.

BeesMomma00

Depends on the Cost of Living in your area if you go straught dollar amounts.  $50,000 is way different in Omaha than it is in NYC.

I think rich people don't have to work and still have enough money to do whatever they want. 

i.e.  Bill Gates is rich.  Honestly, he doesn't HAVE to work anymore, he just does and gets richer.

Paris Hilton is rich. 

People who live within their means are well off.

wendyll64

BeesMomma00:

Depends on the Cost of Living in your area if you go straught dollar amounts.  $50,000 is way different in Omaha than it is in NYC.

I think rich people don't have to work and still have enough money to do whatever they want. 

i.e.  Bill Gates is rich.  Honestly, he doesn't HAVE to work anymore, he just does and gets richer.

Paris Hilton is rich. 

People who live within their means are well off.

 50k is very respectable in Omaha