How rich is rich?

[MNeagle]

NEW YORK (CNNMoney.com) -- How much money do you need to feel rich?

Wealth is a subjective concept, but one thing is universal in most definitions: being able to live a comfortable life without having to work.

"I'd like to have enough money so my family and I wouldn't have to work anymore or worry about the necessities, and maybe travel a bit," said Deborah Veale, a Southern California resident visiting New York City.

Veale said she'd need about $10 million to consider herself set.

One woman from Seattle put it at a "couple thousand dollars a month." Another from New York City wanted a billion (although she'd still fly coach.)

Experts peg the figure to be somewhere around $2 to $12 million in savings.

On the high end of that range, a single person living in an expensive part of the country (say, New York City), wanting to retire at 35 would need at least $300,000 a year to feel rich, according to Steven Kaye, president of Watchung, N.J.-based wealth management firm American Economic Planning Group. He based that number on real-life figures his clients tell him they need.

A yearly income of $300,000 would allow for taxes, a $3,800-a-month apartment (the average price in Manhattan), and a monthly spending allowance of around twelve grand, he said. Not too bad, especially since you could do this all without a pesky job.

To generate $300,000 a year beginning at age 35, you'd need a nest egg of just under $12 million. That assumes a conservative investment portfolio generating a return of 5% a year, an inflation rate of 2.5% a year and Social Security benefits of $25,000 a year starting at age 62.

Over time, the shape of your nest egg would resemble a bell curve, growing in the early years, and then declining as inflation required you to withdraw more money to maintain a lifestyle equivalent to $300,000 in 2010. The $12 million would finally dwindle to $934 when you turned 100.

Does $250,000 make you rich?
If you live in a low cost part of the country, $100,000 a year should be enough, said Kaye. In that case, you would need savings of about $4 million to retire at 35.

But if you're willing to stay in the workforce until age 65, a mere $2 million would be enough.

Jon Duncan, a financial planner at Tacoma, Wash.-based Seneschal Advisors, gave numbers similar to Kaye's, and agreed that for most people, the figure would be somewhere in the multi-millions.

"I'm from an era when we'd talk about millionaires and say 'Whoa, he's got it made for life,'" said Duncan. "But that's not the case anymore."

Indeed, few experts think a million is enough to quit your day job.

"Don't retire at 35," he advised this reporter, "you'll need a ton of money."

Keeping up with the Joneses
Of course, there are other ways of determining wealth besides just what you'll need to live well in retirement.

Although decidedly not recommended by financial planners, one is relativity. Basically, you're rich if you're making more than your brother-in-law.

That appears to be how the government measures affluence. The Obama administration wants to extend tax cuts for all but the wealthiest Americans, which it defines to be those families making more than $250,000.

But that only includes about 2% of the population, according to the Census Bureau.

Kaye cautions not to confuse wealth with income. Some people can make a million a year, but be spending a million and a half. They are not rich, said Kaye.

"Income relates to lifestyle," he said. "Wealth relates to balance sheets."

http://money.cnn.com/2010/08/09/news/economy/wealth/index.htm?hpt=T2

[BabushkaLady]

NEW YORK (CNNMoney.com) -- How much money do you need to feel rich?


None!

I'm reminded and thankful daily that I am rich. I'm rich in good friends. I'm rich in good health. I'm rich in good customers. I'm rich in freedoms. I'm rich in the ability to learn.

Money doesn't equal rich.

[hoarder]

The definition of a rich person is anyone who has more money than me.

It may sound funny, but envy is such that this is actually what most people go by.

Someone who makes 48K a year is considered rich by someone who makes 38K a year.

[Ponce]

Rich is when you have all that you need..........I say need and not want because it is human nature to always want more.

By the way that I write many of you may think that I am a millionair, I am not, but when compared to some millionairs I am richer than them........is all a state of mind.

First post of the day............good morning to one and all.

[Sparky]

NEW YORK (CNNMoney.com) -- How much money do you need to feel rich?


None!

I'm reminded and thankful daily that I am rich. I'm rich in good friends. I'm rich in good health. I'm rich in good customers. I'm rich in freedoms. I'm rich in the ability to learn.

Money doesn't equal rich.


Let's nip this in the bud before this thread goes much further. The topic is financial wealth.

And I think the answer is $10M. No work, comfortable lifestyle, security buffer. In a worst-case low interest rate environment (like now), this would allow for low risk return of about $250K/year pre-tax.

[ximmy]

One Million Dollars

http://www.youtube.com/watch?v=cKKHSAE1gIs

[willie pete]

NEW YORK (CNNMoney.com) -- How much money do you need to feel rich?


None!

I'm reminded and thankful daily that I am rich. I'm rich in good friends. I'm rich in good health. I'm rich in good customers. I'm rich in freedoms. I'm rich in the ability to learn.

Money doesn't equal rich.


Let's nip this in the bud before this thread goes much further. The topic is financial wealth.

And I think the answer is $10M. No work, comfortable lifestyle, security buffer. In a worst-case low interest rate environment (like now), this would allow for low risk return of about $250K/year pre-tax.


That's close to what I would've said, $12-$15 million

[Libertytree]

"Rich" is relative to each individual. What I consider rich would be someone elses poor, what I consider poor is anothers riches. Having moved in affluent circles and also scrounged with the dirt poor there's no doubt this is a very subjective question.

[BabushkaLady]

NEW YORK (CNNMoney.com) -- How much money do you need to feel rich?


None!

I'm reminded and thankful daily that I am rich. I'm rich in good friends. I'm rich in good health. I'm rich in good customers. I'm rich in freedoms. I'm rich in the ability to learn.

Money doesn't equal rich.


Let's nip this in the bud before this thread goes much further. The topic is financial wealth.

And I think the answer is $10M. No work, comfortable lifestyle, security buffer. In a worst-case low interest rate environment (like now), this would allow for low risk return of about $250K/year pre-tax.


Sorry to have to inform you Sparky; Topics are open for all opinions on this site! ;D

[k-os]

NEW YORK (CNNMoney.com) -- How much money do you need to feel rich?


None!

I'm reminded and thankful daily that I am rich. I'm rich in good friends. I'm rich in good health. I'm rich in good customers. I'm rich in freedoms. I'm rich in the ability to learn.

Money doesn't equal rich.


Let's nip this in the bud before this thread goes much further. The topic is financial wealth.


Ouch. :taunt:

I love what BabuskaLady wrote. Perhaps you need a reminder of all the ways in which your own life is rich. Here, I'll add to your life's riches by giving you a hug. |--0--|

[Sparky]

NEW YORK (CNNMoney.com) -- How much money do you need to feel rich?


None!

I'm reminded and thankful daily that I am rich. I'm rich in good friends. I'm rich in good health. I'm rich in good customers. I'm rich in freedoms. I'm rich in the ability to learn.

Money doesn't equal rich.


Let's nip this in the bud before this thread goes much further. The topic is financial wealth.

And I think the answer is $10M. No work, comfortable lifestyle, security buffer. In a worst-case low interest rate environment (like now), this would allow for low risk return of about $250K/year pre-tax.


Sorry to have to inform you Sparky; Topics are open for all opinions on this site! ;D


OK, let me re-phrase...

I think most of us realize that our true wealth isn't a dollar figure. It's family and friends and health and contentment. So let me say it a little differently: Now that BabushkaLady has correctly pointed out the indisputable truth that wealth isn't just about money, let's talk dollar figures!

:-*

[k-os]

I think most of us realize that our true wealth isn't a dollar figure. It's family and friends and health and contentment. So let me say it a little differently: Now that BabushkaLady has correctly pointed out the indisputable truth that wealth isn't just about money, let's talk dollar figures!

:-*


Much better. ;D

[Sparky]

NEW YORK (CNNMoney.com) -- How much money do you need to feel rich?


None!

I'm reminded and thankful daily that I am rich. I'm rich in good friends. I'm rich in good health. I'm rich in good customers. I'm rich in freedoms. I'm rich in the ability to learn.

Money doesn't equal rich.


Let's nip this in the bud before this thread goes much further. The topic is financial wealth.


Ouch. :taunt:

I love what BabuskaLady wrote. Perhaps you need a reminder of all the ways in which your own life is rich. Here, I'll add to your life's riches by giving you a hug. |--0--|

Thanks for the hug! I have invested it in a low risk long term annuity that will yield a small peck on the cheek once per month starting in 2024. I'm looking forward to it.

And here's a kiss for you today, or to re-invest for some future higher yield affection. :-*

[k-os]

NEW YORK (CNNMoney.com) -- How much money do you need to feel rich?


None!

I'm reminded and thankful daily that I am rich. I'm rich in good friends. I'm rich in good health. I'm rich in good customers. I'm rich in freedoms. I'm rich in the ability to learn.

Money doesn't equal rich.


Let's nip this in the bud before this thread goes much further. The topic is financial wealth.


Ouch. :taunt:

I love what BabuskaLady wrote. Perhaps you need a reminder of all the ways in which your own life is rich. Here, I'll add to your life's riches by giving you a hug. |--0--|

Thanks for the hug! I have invested it in a low risk long term annuity that will yield a small peck on the cheek once per month starting in 2024. I'm looking forward to it.

And here's a kiss for you today, or to re-invest for some future higher yield affection. :-*


Now we're talkin! Investing in affection. I like it! :-*

[1970 silver art]

Hmmmm.......Maybe I will start a mutual fund that invests in affection. What each of you on GSUS needs to do is to give me a hug and I will pool all of those hugs and invest it in something that will generate even greater affection. I have not figured out what that is yet but I will think about it. I will call the mutual fund "The Affection Growth Fund". ;D No $'s involved. Just hugs. ;D

[k-os]

Hmmmm.......Maybe I will start a mutual fund that invests in affection. What each of you on GSUS needs to do is to give me a hug and I will pool all of those hugs and invest it in something that will generate even greater affection. I have not figured out what that is yet but I will think about it. I will call the mutual fund "The Affection Growth Fund". ;D No $'s involved. Just hugs. ;D


You got it, man. |--0--|

:)

[Sparky]

Hmmmm.......Maybe I will start a mutual fund that invests in affection. What each of you on GSUS needs to do is to give me a hug and I will pool all of those hugs and invest it in something that will generate even greater affection. I have not figured out what that is yet but I will think about it. I will call the mutual fund "The Affection Growth Fund". ;D No $'s involved. Just hugs. ;D



Here's my deposit. |--0--|

(Darn. Now I've gotten us WAY off topic!)

[Fullpower]

Anyone makes a nickel more than me is a rich bastard,
everyone else that has a dollar less is a poor son of a bitch.

Welcome to class warfare..... "EAT THE RICH"

[the riot act]

OK, as long as this doesn't turn into some gay fest.

|--0--|

[1970 silver art]

OK, as long as this doesn't turn into some gay fest.

|--0--|


Don't worry. No gay fest here. I am not gay. :)

BTW thanks for the hug. Hopefully my "Affection Growth Fund" will have enough hugs pooled together to invest in something that will generate affection for many decades to come. ;D I am still in the process of writing a prospectus for the "Affection Growth Fund". I am still trying to figure out what affection vehicle to invest all of those hugs in. If anybody has any ideas then feel free to post them here. ;D

[1970 silver art]

Hey everybody,

I apologize for getting this thread way off topic here. I was just having fund here tonight. I will try my best to get this thread back on topic.

On topic........

I agree with what Babushkalady said about being "rich" in good friends, good health, and certain freedoms, however, will that type of "wealth" pay the electric bill, the phone bill, and the property taxes? Nope. Only $ "wealth" will pay the electric bill, the phone bill, and the property taxes.

What $ amount is considered "rich"? Whatever $ amount is considered rich now, price inflation is going to push that $ amount higher. For example, $5 million today might considered rich by some but what about 30 years from now? It really depends on a lot of variables that nobody can really predict except price inflation.

[Liquid]

I really think the key answer is simplicity. If you have all that you need and are content, you really don't need much to get by. I think people tend to value themselves by placing a price amount, much like everything in life. It's all price tags, set value. To think outside the system, it's important to realize money is 1) either just paper with numbers on it, or 2) digits in the bank.

Money is a tool, to acquire the things you need. But, our system, uses money to acquire worthless toys and ways to display status, as if the rich person is somehow better than the less than rich person.

People think money means security, but the guy who is worth 12 mil can get plowed over by an ice cream truck, just the same as the guy with nothing.

Personally, I think anyone who's learned the value of gold and silver, is far 'richer' in life...than anyone who measures rich in dollar amounts.

[Ponce]

Hey Liquid? and Canadians dollars.........tomorrow I'll be getting $5,000 more.....in the future they will be worth more than the fiat.

I don't know people, already have $10,000 in Canadians.........should I get something else?.....already have all the silver and gold that I want or need.

[Liquid]

Hey Liquid? and Canadians dollars.........tomorrow I'll be getting $5,000 more.....in the future they will be worth more than the fiat.

I don't know people, already have $10,000 in Canadians.........should I get something else?.....already have all the silver and gold that I want or need.


More TP ponce? lol. Just kidding.

Sounds like you've got all that you need, ponce. A good, situation to be in! :) BTW, canadian dollars is still fiat.

Me, likely any extra fiat will be used for more preps, and adding solar panels to my setup.

[Ponce]

Yeah, Canadian dollar is still fiat but they do have the resourses to back it up with and the Federal Reserve doesn't print their dollar..........soon American will be going to Canada as Mexicans are coming into the states.

[ximmy]

umm... looks like I missed a hug fest...
|--0--|

[Ponce]

Looks to me like the "Hug" infection is going around.......... :gwing I'd better make my getaway before I get infected hahahahahahah.

[ximmy]

ximmy takes off after ponce for a hug... :gwing |--0--|

[Buddha]

NEW YORK (CNNMoney.com) -- How much money do you need to feel rich?


None!

I'm reminded and thankful daily that I am rich. I'm rich in good friends. I'm rich in good health. I'm rich in good customers. I'm rich in freedoms. I'm rich in the ability to learn.

Money doesn't equal rich.


Let's nip this in the bud before this thread goes much further. The topic is financial wealth.


Ouch. :taunt:

I love what BabuskaLady wrote. Perhaps you need a reminder of all the ways in which your own life is rich. Here, I'll add to your life's riches by giving you a hug. |--0--|

I live in a $355 a month apt by myself in a great neighborhood. And I have what I need and more, if you KWIM

[Joe King]

Hmmmm.......Maybe I will start a mutual fund that invests in affection. What each of you on GSUS needs to do is to give me a hug and I will pool all of those hugs and invest it in something that will generate even greater affection. I have not figured out what that is yet but I will think about it. I will call the mutual fund "The Affection Growth Fund". ;D No $'s involved. Just hugs. ;D



I don't know, that sounds suspiciously like Bernie Madoff's ponzi scheme.
i.e. he didn't know what to invest in either.
:D

[1970 silver art]

Hmmmm.......Maybe I will start a mutual fund that invests in affection. What each of you on GSUS needs to do is to give me a hug and I will pool all of those hugs and invest it in something that will generate even greater affection. I have not figured out what that is yet but I will think about it. I will call the mutual fund "The Affection Growth Fund". ;D No $'s involved. Just hugs. ;D



I don't know, that sounds suspiciously like Bernie Madoff's ponzi scheme.
i.e. he didn't know what to invest in either.
:D


Nope. No ponzi scheme here since there are no $'s involved. ;D Just hugs. $'s do not matter.

Here is the "prospectus" for the Affection Growth Fund:

The reason that I wanted to start the "Affection Growth Fund" because I want my "clients" to become "rich" and of course I want to be "rich" too. I measure wealth in affection. I do not measure it in $'s. That is why I am not asking for $'s. What I will to do is to "spend" a lot of those pooled hugs on "good" non-GSUS women who will return 5X the affection through hugs and kisses for the men. I also an trying to find and "spend" some pooled hugs on "good" non-GSUS men who will return 5X the affection through hugs and kisses for the women. That is a good "high yield" investment. Hopefully I can find enough "good women investments" and "good men investments" out there. It will be very hard in today's society. ;D I may have to spend the remaining "pooled hugs" to hire a "researcher" to do the screening. ;D

Fund manager: 1970 silver art

Operation expenses: 1 hug/year to the fund manager

12b-1 fees: None.

"Misc." fees: None.

[Joe King]

Hmmmm.......Maybe I will start a mutual fund that invests in affection. What each of you on GSUS needs to do is to give me a hug and I will pool all of those hugs and invest it in something that will generate even greater affection. I have not figured out what that is yet but I will think about it. I will call the mutual fund "The Affection Growth Fund". ;D No $'s involved. Just hugs. ;D



I don't know, that sounds suspiciously like Bernie Madoff's ponzi scheme.
i.e. he didn't know what to invest in either.
:D


Nope. No ponzi scheme here since there are no $'s involved. ;D Just hugs. $'s do not matter.It doesn't matter, because in a hug ponzi scheme you'd keep all the hugs in the same manner that Bernie kept all the money. :D



Here is the "prospectus" for the Affection Growth Fund:

The reason that I wanted to start the "Affection Growth Fund" because I want my "clients" to become "rich" and of course I want to be "rich" too. I measure wealth in affection. I do not measure it in $'s. That is why I am not asking for $'s. What I will to do is to "spend" a lot of those pooled hugs on "good" non-GSUS women who will return 5X the affection through hugs and kisses for the men. I also an trying to find and "spend" some pooled hugs on "good" non-GSUS men who will return 5X the affection through hugs and kisses for the women. That is a good "high yield" investment. Hopefully I can find enough "good women investments" and "good men investments" out there. It will be very hard in today's society. ;D I may have to spend the remaining "pooled hugs" to hire a "researcher" to do the screening. ;D

Fund manager: 1970 silver art

Operation expenses: 1 hug/year to the fund manager

12b-1 fees: None.

"Misc." fees: None.

Yea yea. Bernie also said that he wanted his clients to get rich too. :D

But seriously, if you're planning on doing the "investing" yourself and getting a 5x return, you'll might just find that you have a hard time that other statement you made.



....remain single for the rest of my life.

5x be a lotta hugs you'll be gettin'. Careful, it might just break down your resistence after awhile.

[gunDriller]

I live in a $355 a month apt by myself in a great neighborhood. And I have what I need and more, if you KWIM


Jeez ! what general part of the country ?

[1970 silver art]

Hmmmm.......Maybe I will start a mutual fund that invests in affection. What each of you on GSUS needs to do is to give me a hug and I will pool all of those hugs and invest it in something that will generate even greater affection. I have not figured out what that is yet but I will think about it. I will call the mutual fund "The Affection Growth Fund". ;D No $'s involved. Just hugs. ;D



I don't know, that sounds suspiciously like Bernie Madoff's ponzi scheme.
i.e. he didn't know what to invest in either.
:D


Nope. No ponzi scheme here since there are no $'s involved. ;D Just hugs. $'s do not matter.It doesn't matter, because in a hug ponzi scheme you'd keep all the hugs in the same manner that Bernie kept all the money. :D



Here is the "prospectus" for the Affection Growth Fund:

The reason that I wanted to start the "Affection Growth Fund" because I want my "clients" to become "rich" and of course I want to be "rich" too. I measure wealth in affection. I do not measure it in $'s. That is why I am not asking for $'s. What I will to do is to "spend" a lot of those pooled hugs on "good" non-GSUS women who will return 5X the affection through hugs and kisses for the men. I also an trying to find and "spend" some pooled hugs on "good" non-GSUS men who will return 5X the affection through hugs and kisses for the women. That is a good "high yield" investment. Hopefully I can find enough "good women investments" and "good men investments" out there. It will be very hard in today's society. ;D I may have to spend the remaining "pooled hugs" to hire a "researcher" to do the screening. ;D

Fund manager: 1970 silver art

Operation expenses: 1 hug/year to the fund manager

12b-1 fees: None.

"Misc." fees: None.

Yea yea. Bernie also said that he wanted his clients to get rich too. :D

But seriously, if you're planning on doing the "investing" yourself and getting a 5x return, you'll might just find that you have a hard time that other statement you made.



....remain single for the rest of my life.

5x be a lotta hugs you'll be gettin'. Careful, it might just break down your resistence after awhile.


Nope. Not a ponzi scheme. If I cannot find the "good" women and "good" men that will provide 5X affection return through hugs and kisses to my GSUS "clients", then I will provide my GSUS "clients" a "hug refund". Me and my "researcher" will do all the screening BEFORE any pooled hugs are spent. If I cannot find any good men and women that will provide a 5X affection return, then the GSUS clients will get their "hugs" back. :D Since I have not spent any of the pooled hugs yet, then my "Affection Growth Fund" will have enough pooled hugs to provide every single GSUS client with a "hug refund" in the event that my "Affection Growth Fund" cannot find any good "investments".

My resistence will NEVER break down. The hugs and kisses from the "good women" will not affect the fact that I will remain single for the rest of my life. I will remain single for the rest of my life but I will be "Affection Wealthy". :D

[Joe King]

My resistance will NEVER break down. The hugs and kisses from the "good women" will not affect the fact that I will remain single for the rest of my life. I will remain single for the rest of my life but I will be "Affection Wealthy". :D
Now you're starting to sound like Casanova. He was "affection wealthy" too y'know. ;)

[Twisted Titan]

Over time, the shape of your nest egg would resemble a bell curve, growing in the early years, and then declining as inflation required you to withdraw more money to maintain a lifestyle equivalent to $300,000 in 2010. The $12 million would finally dwindle to $934 when you turned 100.


Speak for your dam self........GSUS taught me better

[Saul Mine]

Well, gee! I had a nifty comment but I see the topic has drifted to something else. It seems like an on topic comment would be off topic now!

[Sparky]

...
What $ amount is considered "rich"? Whatever $ amount is considered rich now, price inflation is going to push that $ amount higher. For example, $5 million today might considered rich by some but what about 30 years from now? It really depends on a lot of variables that nobody can really predict except price inflation.


No, no, Josie. You have to factor that into the "rich" number. If you have to worry about staying rich, then you're not rich. Your rich number should be high enough that you continue to have a positive cash flow that allows your principle to increase with time to account for inflation, and also allow you flexibility to hold a suitable amount of it in PM form, and other inflation hedges.

[1970 silver art]

Sparky,

Thanks for clearing that up with me. :) I think I understand now.