How much money makes a person rich?

[SUBMAN1]

http://www.reuters.com/article/polit...46364920080818

Latest debate between the pres candidates.

I'd have to say, $1 Mil is not a rich person. I'd go as far to say that I disagree with both of their assesments. I'd say $10 mil to $50 Mil makes a person rich.

It 'used' to be a millionaire was incredibly rich. Now we have entered the age of the Billionaires!

I guess it has a lot to do with demographics too. If you live in Seattle, being a multi-millionaire is normal. Cali, same thing. Its almost to the point if you own a house, you fall in this catagory in these places automatically. What most people forget is though, it costs a lot more to live in a place like this, so people automatically make more money to compensate.

-S

[Mush Martin]

IMO Money isnt what makes a man rich.
(spoken like a true pauper eh!)

[Digital_Trucker]

Thanks for sharing thatI derive more pleasure from reading the comments made after the stories than I do the stories themselves:rotfl:

As far as how much you have to have to be rich, I have to agree with McCain's statement (that probably doesn't get much press) that richness isn't measured in dollars (not an exact quote, but close enough).

[SUBMAN1]

Originally Posted by Digital_Trucker

Thanks for sharing thatI derive more pleasure from reading the comments made after the stories than I do the stories themselves:rotfl:

As far as how much you have to have to be rich, I have to agree with McCain's statement (that probably doesn't get much press) that richness isn't measured in dollars (not an exact quote, but close enough).

I'd have to actually put in here that there is a big difference between rich and wealthy. Rich people may have a lot of money at present, but wealthy people know how to maintain it. Maybe it is wealthy people that they should be talking about.

-S

[baggygreen]

Id say rich people have lots of money, but wealthy people are better-rounded - that is to say, sure they got a lot of cash, but they've also got a good family, good friends, and are content with life.

thats how i've always thought of the difference between rich and wealthy

[SUBMAN1]

Originally Posted by baggygreen

Id say rich people have lots of money, but wealthy people are better-rounded - that is to say, sure they got a lot of cash, but they've also got a good family, good friends, and are content with life.

thats how i've always thought of the difference between rich and wealthy

Wealthy in my opinion is someone that has Assets. Very few people even know what the term asset is.

-S

[SUBMAN1]

Something just smacked me across the head! It is their intention to tax the rich people to take them back down to poverty! Both of them! They want to leave the wealthy so as to maintain the economy.

So if you inherit a bunch of money in the future, let it be know that both these clowns want to take it from you! Obama most likely wants it all!

-S

[baggygreen]

Originally Posted by SUBMAN1

Wealthy in my opinion is someone that has Assets. Very few people even know what the term asset is.

-S

I oughta put you on the ignore list for even mentioning the term ye mongrel....

They're the scourge of my life at the moment! the number of asssets i'm responsible for just doubled... now I'm meant to know the intimate history of about 20k assets, that is, service history, users problems and complints etc.... shudder.

Strictly speaking, you're correct with your definition of wealthy, and mine is off. but thats alright, we obviously understand each other when we speak of them!

[SUBMAN1]

Originally Posted by baggygreen

I oughta put you on the ignore list for even mentioning the term ye mongrel....

They're the scourge of my life at the moment! the number of asssets i'm responsible for just doubled... now I'm meant to know the intimate history of about 20k assets, that is, service history, users problems and complints etc.... shudder.

Strictly speaking, you're correct with your definition of wealthy, and mine is off. but thats alright, we obviously understand each other when we speak of them!

You sound like you are speaking of liabilities! :p Sorry - couldn't resist!

[conus00]

Well the way I see it the total amount of money is not what makes you rich. I've heard about person who won 23 million dollars in Lottery Atlanta a few years back anow she's almost broke.
I am not wealthy person, matter of fact the opposite but I'd consider myself rich if I was making every month after all my bills paid, say additional $5000.

But that's just me... Some pople could probably squander 10 grand monthly without breaking sweat... :rotfl:

[SUBMAN1]

Originally Posted by conus00

...... Some pople could probably squander 10 grand monthly without breaking sweat... :rotfl:

Its easy. Trust me.

-S

[Digital_Trucker]

Originally Posted by SUBMAN1

Very few people even know what the term asset is.

-S

What, an asset isn't a miniature a55?

[SUBMAN1]

Originally Posted by Digital_Trucker

What, an asset isn't a miniature a55?

No, and no on anything that you own that doesn't generate monthly income. People assume that the term would apply to ones house even - but hardly. A house is very much a liability.

-S

[Digital_Trucker]

Originally Posted by SUBMAN1

No, and no on anything that you own that doesn't generate monthly income. People assume that the term would apply to ones house even - but hardly. A house is very much a liability.

-S

That would depend on whether the value of the house was going up faster than the maintenance and interest on the mortgage. A liquid asset it wouldn't be, but an asset it would.

[SUBMAN1]

Originally Posted by Digital_Trucker

That would depend on whether the value of the house was going up faster than the maintenance and interest on the mortgage. A liquid asset it wouldn't be, but an asset it would.

Negative. Try telling that to your bank. They are scoring you based on the appropriate answer you give them.

I like your thinking though. You are analyzing it.

-S