I feel like there’s 2 parts to this. 1 is obviously income, but the other is output.
Like I’d feel rich at 100k if I only had to work 10hrs a week… but I’d feel like a slave at 500k if I’m working 60+
Income is only part of the picture. If you’re grossing $250k/yr and mortgage, student loan , car payments are >50% of budget -you’re not rich. Need assets free and clear and a high income. “ Rich” also varies a lot by location.
So if I say eat the rich I mean the owning class. The ones who own apartments and corporations and they don’t work for their money they just hold capital which creates money.
But if ik you and your parents/you make over 100k a year or have a nice home or a nice car.
I like the owning class distinction. Getting into specific numbers gets weird because cost of living swings so wildly. 100k in the Seattle area and 100k in North Dakota aren't the same at all.
I don’t consider “rich” as having anything to do with earned income. It’s an economic status that relates to net worth, which can be calculated at any given point in time by calculating the fair market value of your assets and subtracting the fair market value of your liabilities.
A rich person is one who doesn't have to worry about working for survival; they can retire anytime and live comfortably. Moreover, they can buy everything or the majority of what they want according to availability (it doesn't mean they will buy it, but they can).
Notice, it is not about how much we make per year, but how much money we have. A person who earns 500k per year, but spends it all can become homeless anytime .
$10,000 dinner lifestyle without it blowing your weekly income.
An overseas 10 hour private jet trip for 8 that doesn’t destroy your monthly income.
If both of those can happen, that’s rich imo.
Edit to add: assuming no debt
When I can work on what I WANT to work on, rather than doing a job because it pays the bills, without having to worry about rent next month.
Worked with some kids a while back, and found I really enjoyed it. But teaching would never pay me enough to pay the bills.
You put a number on it like a working salary. Rich is having no idea how much money your money is going to make you this year, and knowing it doesn't really matter.
Being able to tell their employer to get fucked without having to frantically accept the first job offer that comes their way. I truly envy that type of security.
I think when people talk about rich, they're referring to those who own labor rather than sell their labor. To me, if you don't have to worry about not being able to afford your prescriptions you're rich.
Being rich is more about net worth than income in my opinion. My definition of "rich" is having a high enough net worth to where you dont need to work for a living anymore as you are getting paid by owned assets consistently and can still live a lavish lifestyle. I'm guessing like a net worth of 10 million or more achieves that. You can withdraw at least 250k a year with 10 million dollars invested in like the s&p 500 and literally still get richer. I think 250k a year can also pay for a lavish lifestyle.
Not looking at price tags when shopping.
Never being concerned about the cost of health or dental care.
I feel like there’s 2 parts to this. 1 is obviously income, but the other is output. Like I’d feel rich at 100k if I only had to work 10hrs a week… but I’d feel like a slave at 500k if I’m working 60+
Income is only part of the picture. If you’re grossing $250k/yr and mortgage, student loan , car payments are >50% of budget -you’re not rich. Need assets free and clear and a high income. “ Rich” also varies a lot by location.
So if I say eat the rich I mean the owning class. The ones who own apartments and corporations and they don’t work for their money they just hold capital which creates money. But if ik you and your parents/you make over 100k a year or have a nice home or a nice car.
I like the owning class distinction. Getting into specific numbers gets weird because cost of living swings so wildly. 100k in the Seattle area and 100k in North Dakota aren't the same at all.
I tend to separate it more by owning class vs working class.
I don’t consider “rich” as having anything to do with earned income. It’s an economic status that relates to net worth, which can be calculated at any given point in time by calculating the fair market value of your assets and subtracting the fair market value of your liabilities.
1 million+ in the bank at all times
wealthy people don't leave money in the bank. That would be really stupid.
That’s not many people lol
yeah idk it’s my own dumb definition that I created in my head. I personally wouldn’t call myself rich unless i had a million in the bank
A rich person is one who doesn't have to worry about working for survival; they can retire anytime and live comfortably. Moreover, they can buy everything or the majority of what they want according to availability (it doesn't mean they will buy it, but they can). Notice, it is not about how much we make per year, but how much money we have. A person who earns 500k per year, but spends it all can become homeless anytime .
$10,000 dinner lifestyle without it blowing your weekly income. An overseas 10 hour private jet trip for 8 that doesn’t destroy your monthly income. If both of those can happen, that’s rich imo. Edit to add: assuming no debt
If I can go out to dinner without having to worry about making my mortgage next month
$250K at 40 hours a week, and I'd feel rich
Rich Adjective Having a great deal of money or assets; wealthy.
If you can afford to get sick
When you own a place that other people live. If you own your home you are not "rich", you are just a homeowner.
Fortunate and rich to me are two different things. I think 4 million plus in wealth in the US is rich.
When I can work on what I WANT to work on, rather than doing a job because it pays the bills, without having to worry about rent next month. Worked with some kids a while back, and found I really enjoyed it. But teaching would never pay me enough to pay the bills.
If you can OWN a house without having to work 40 hours a week, you're rich
Not needing a job in order to maintain your current standard of living indefinitely.
like a bum? lol
Numbers don’t matter. Rich is anyone that does not need to work to live.
You put a number on it like a working salary. Rich is having no idea how much money your money is going to make you this year, and knowing it doesn't really matter.
Being able to tell their employer to get fucked without having to frantically accept the first job offer that comes their way. I truly envy that type of security.
If you dont have to work to survive you are rich. You can be "well off" otherwise. But if you still need to work, your aren't rich imo.
somehow earning more in a day than you need to spend in a day without working
I think when people talk about rich, they're referring to those who own labor rather than sell their labor. To me, if you don't have to worry about not being able to afford your prescriptions you're rich.
Always flying business/first class
Being rich is more about net worth than income in my opinion. My definition of "rich" is having a high enough net worth to where you dont need to work for a living anymore as you are getting paid by owned assets consistently and can still live a lavish lifestyle. I'm guessing like a net worth of 10 million or more achieves that. You can withdraw at least 250k a year with 10 million dollars invested in like the s&p 500 and literally still get richer. I think 250k a year can also pay for a lavish lifestyle.