Feeling poor

[sv2007]

Here's an interesting event from my life.

It was during the time when wife first retired (as we've planned but I didn't expect it); I was making good money and we didn't have any real money worries.

But I felt poor.

That caused me to pick up a contract and perform weekly budget. It was a bit funny, and we cut back on dining out and vacation budgets. We'd say, hey, if we just drive to here instead of flying there, we'd save this much. If we'd just cook this meal, it'll cost this much and feed us for days.

We kept that up for about 1 year before wife decided to go back to work.

Now both of us are retired (wife retired years earlier), yet this time around we don't feel poor and made no major changes to our routines.

I wondered why. I think it is due to better planning and having a larger financial cushion.

[FLA]

congratulations!

[97guns]

thats a big problem with "poor" people, they do not have the initiative to make themselves better which is numerous ways. life itself is about mentality, you have to have mindset and drive to not struggle, to succeed, to be happy

[myrdale]

I've always liked the line from Hamlet "I'll husband my resources so that I may go far on little". When you set aside the wants and reduce waste and luxury, it dramatically reduces the cost of living. When you start seeing your accounts growing, even slowly month to month, you will feel rich.

[sv2007]

I think you have something there.

I've never felt rich, but I have felt poor even when financially stable. It's mental thing that was
solved with the fact that income should always increase. When I felt poor, the income was decreased significantly enough below a threshold where wealth wasn't increasing as quickly. Now I leave my job , which reduces my income, but income is still above a certain level to increase wealth at a level that is comfortable.

I think that's the difference.

[Singuy]

What is "feeling rich"?

I think in order to truly get that sense of "feeling rich" from a materialistic standpoint, one must be in the 1% of the 1%..meaning the top 0.01% of the population.

Even making money of the 1%, you pretty much can only buy a decent house, a decent car, some designer things, and above average vacations.

Making 500k/year..or 300k/year after taxes will not get a 6 million dollar house, 300k exotic cars, or 6 million dollar yachts. Even buying a 30k LV bag or getting an expensive watch like an AP is a stretch..because you still have mouths to feed and kids to educate.

My best friend's uncle is worth 50 million..that's what I call "feeling rich". He has a 700k car collection, a plane with a pilot on payroll.. and has a house that's 12k squareft on a lake. He once showed me his property tax bill and it was more than the median household income of the U.S. The other day he bought some rare meteorite watch that cost him 1.2 million....

[sv2007]

I think feeling rich is when I can give away a large majority of my assets and still feel rich.
But that's hypothetical. I have a better grasp on feel poor : )

[Singuy]

I think feeling rich is when I can give away a large majority of my assets and still feel rich.
But that's hypothetical. I have a better grasp on feel poor : )

Not sure I understand what you mean by that.

I always attributed the thought of "feeling rich" to getting whatever you want in life without having to think about it. Also power comes with feeling rich. Naturally you'll have people/businesses start treating you differently because of your status...it's that status people who thinks getting a cheap 3 series will get them but don't...that status. Whatever you say or want, people listens and caters to your every need. People will even agree to the BS you spill out of your mouth because naturally people will just think you are right..because you obviously made it...you are the top 0.01%. Out of 10000 people, there's only one of you...

Feeling poor is the opposite.
Constantly having to count your beans..worry about yourself and your family financially. And when you snap your fingers..all you hear are crickets. People will make sure you know that you are nothing special because you are part of the dime a dozen club.

If you are talking about the fulfillment you get from helping others..then you really don't need money to "feel rich" in that aspect. Spending some time in the cancer ward, dressing up as a super hero and make sick children smile is totally free.

[sv2007]

If you are talking about the fulfillment you get from helping others..then you really don't need money to "feel rich" in that aspect. Spending some time in the cancer ward, dressing up as a super hero and make sick children smile is totally free.

Since I was replying to your post, the reference was based on money.
Feel good and feeling rich is different.