How do you define rich?

[Broken Arrow]

Diogenes is by far my favorite amongst all the Greek philosophers.

[tripods68]

DS - Here's what I came up with in defining "RICH" or "POOR".

I defined "RICH" in 4 category: Personal Finance, Family, Jobs, and Personal Satisfaction.

There are different answers to RICH and POOR by definitions. So I came up with 4 possible answers: Poor, Somewhat Poor, Somewhat Rich, Rich. Each answer is assign with a point system.

There is no right or wrong answer. It's all subjective as it applies to you and your family as a whole.

Poor = 1 pt
Somewhat Poor = 2 pt
Somewhat Rich = 3 pt
Rich = 4

Add all the points. For example, if you score 5 you are Poor or vice versa.

1 to 5 pts = Poor Rating
6 to 10 pts = Somewhat Poor
11 to 15 pts = Somewhat Rich
16+ = RICH


Personal finance - Somewhat Rich (3 pt)

We still have car payment and 2nd mortgage to pay off When those two are fully paid off we should be able to save a lot more towards retirement. Most important we have a pretty good jobs with excellent benefits + pension.

Family - Rich (4 pts)

We do have many family activities together almost every week not just on special occasions like birthdays and vacations. Our kid's smile what brings us to life.

Jobs = Rich (4 pts)

Both our jobs provide us with flexible schedule. This allows us to spend quality time. I'm always home by 4 PM every day. Making a higher salary takes is not important even though our combined income is mid $150K this year. But that's a bonus.

Personal Satisfaction - Somewhat Poor (2 pts)

My goal is to lose 40 to 50 pounds with 30 BMI. I also take BP medication. DW and I made a pack few months ago to start going to the gym 4 times a week. I've been consistent in the past months so far my stamina is improviing, a lot more work to do.

My overall score is 13. That puts in Somewhat Rich category. This gives me a better overall picture of where we are today.

[glock35ipsc]

I prefer to equate "rich" with my life situation, and "wealth' with my financial situation.

I feel rich because I have a great life, wife and kids. There is an abundance of love and laughter in our family. We play together, we stay together. There is nothing else I could possible want in my life right now.

On the other hand, when my investments make more than I do, I will consider myself wealthy.

And I don't usually equate wealth to retirement. Retirement to some is when you have enough money to quit your job for good. Retirement to me means being able to do what ever I want to do, be it RV'ing full time, or working part-time doing something I love because I want to do it not because I have to.

[disneysteve]

I prefer to equate "rich" with my life situation, and "wealth' with my financial situation.

On the other hand, when my investments make more than I do, I will consider myself wealthy.

And I don't usually equate wealth to retirement. Retirement to some is when you have enough money to quit your job for good. Retirement to me means being able to do what ever I want to do, be it RV'ing full time, or working part-time doing something I love because I want to do it not because I have to.

I agree. "Rich" isn't about money.

I also agree about retirement. When my investments (plus SS possibly) generate as much or more income than my job, I will retire. That doesn't rule out the possibility of working for pay after that time, but it will be on my terms at something that I enjoy and that leaves me a flexible enough schedule to do whatever else I choose to do.

[PrincessPerky]

I define rich lots of different ways..the first: I'm rich

Most of the rest are in my blog

[Snave]

My answer will be monetary based as that is what I believe the OP is talking about when defining rich. For me, it will be when I reach a point where my investments can generate enough income that I could stop working if I wanted and continue with the same lifestyle. From a salary standpoint, I make a very good living. I also invest and save a significant portion. However, being younger, I have not had as many years to see my efforts compound, etc... Therefore, I don't consider myself "rich."

[kork13]

To be financially "rich", my best definition would have to be something involving an absence of any debt, and enough disposable income such that I could live comfortable, "treat" myself to what I choose, while being able to still give a healthy portion of that disposable money to family, friends, charities, and sometimes the complete stranger (whether through gifts, cash, or other services). On that last point, I believe strongly that to be rich, you have all the money you need, paired with the ability to give it to others in order to make them happy. To put a figure on it, right now I'd maybe say to have ~$100k of truly disposable money in a year would be "rich".

Personally, I live comfortably. Not rich, but I am comfortable with what I make. I have debts which I owe for (thankfully none of that in credit card debt), but I'm recently graduated from college and I can live with that. I make enough in a month that I can pay my expenses, give ~15% of it to my church and charities, save nearly 30%, and still have a few hundred dollars a month which I consider truly 'disposable'--money that i can use as makes me happy. I don't make alot, but I have a stable, secure job, and as I said, I live comfortably. I have some niceities by which I have spoiled myself, but I try to live simply.

Long story short, I agree with what many others have said--"rich" is a state of mind. If you are happy with what you have, and can be satisfied with your position, it doesn't matter how you define "rich".

[mladyd]

I would consider myself "rich" if I had:
A secure job
A home that was paid for
No debt
One year of living expenses in the bank
Solid medical/dental/disability coverage
A healthy retirement fund

Of course there is the usual other stuff like health, friendships, whatnot. But from a purely financial standpoint it's the above.

[djabloel]

I consider rich when one has
1. good health
2. good family built up
3. ability to help the needy

[JinCO]

It doesn't look like anyone is using the Barack Obama definition of rich: "$250K or more of annual household income". I hope Obama reads this forum.