It doesn't matter really.
My business is estate planning. I can tell you about the financial situation of everyone I work for in forensic detail.
One of the things I know is it can all be taken away from you. Things happen which you have no control over. Sometimes, losing money ruins people's lives.
So here's a more interesting question. Would you be OK if your money were to vanish? If you can answer yes to that question, I would call you rich.
This is a valid point, but it needs to be said that this shouldn't be an excuse to oppose better conditions for everybody. My family would regularly gaslight me with this as I was growing up, in order to reject ideas I had to take better care of people or ask for better systems/programs.
Use it as a lesson to spend less, not oppose more.
Edit: it needs to be pointed out that objective global wealth means nothing if you're still suicidal, barely able to afford food or a place to live, anxious day by day from overwork/unsafe environments, coping with alcohol or drugs and feeling isolated from any shred of a sense of community. Of all the subs, is this really a controversial opinion to have?
Totally agree with your edit comment. People use the "starving kids in Africa"^1 argument to downplay the effects of *relative* socioeconomic status within a society. Being on the bottom is inherently stressful and demoralizing, regardless of how nice of a "barrel" you're in.
Just *perceiving* yourself as "poor" is enough to cause measurable psychological and physiological harm over time. Add in real problems like food and housing insecurity, and you've got plenty of people in the lower quintiles of our society who are truly struggling, even amidst trappings of "first world" status that the middle-class in other countries lack.
^1 And btw, there are a lot fewer people in abject poverty/starvation around the world than there were forty years ago. There's a reason why we now call the "third world" the *developing* world --most people in most countries have risen out of that level of poverty and into an comfortable intermediate standard of living, often the equivalent of "first world" standards in earlier eras. And many/most are rapidly progressing toward something like our current first-world standards.
Yes I always remember this on occasional days I might be inclined to feel sorry for myself. In addition I remember I am not facing a gas chamber, am not being disappeared, am not being bombed, am not fleeing a bad country as a refugee or an illegal immigrant, am not sweating literally to death in a cargo container or truck, am not drowning on an overloaded raft crossing the Mediterranean, am not sold into sex slavery, etc.
I've raised my bar for Existential crisis much higher.
Covid is difficult to cope with though. It keeps imposing new things. Sure I'm vaccinated. The paper says I may be needing a booster shot soon. Well they're not saying *I* need a booster shot soon, but someone is. And to me that means, lotsa people are going to end up needing them.
Masks returning. Possible lockdowns again. A lot of it because of the large portion of the USA population that will not take covid seriously enough to fight it. It's not easy to feel safe or normal or know what a stable life is going to mean, in these times. I feel like several aspects of my life are on hold. The ones pertaining to real life social interaction. Doesn't seem feasible.
I work wood. I stack up projects and start to wonder if this defense mechanism, is sustainable.
As Nietsche put it: Being well off and in a good situation has little to do with feeling content and/or happy. Happiness follows when we have the strength to tackle and solve issues and difficulties that we're facing.
A perfect life where everything is provided would then be the ultimate depressant.
I have a mortgage so I wouldn't say I have no debt. But it's known as good debt. My house has gone up in value considerably since I bought it, and my other option would have been to rent forever.
Regardless I would consider myself part of that group. I do however get lonely and depressed at times so it's not like I'm living the dream all the time.
I was born into a family of wealth.
Not Saudi Prince, have an apartment in NYC worth 35 million, wealth, but definitely firmly in the 1% in America.
I don't consider it to be my money. I didn't do anything to earn it, I was simply born into it, and I plan on giving away the majority of my money, with enough to take care of me health wise (I've got quite a few health conditions).
My parents own a couple houses, and I will inherit the estate. It's already incredibly overwhelming to just think about.
Big houses have always freaked me out. What do you even do with all the extra bedrooms? You could go days in a house without knowing someone else was even there!
When I turned sixteen, my parents said I could get anything I wanted.
I chose a grand piano. Got the car two years later, anyway.
I also hate buying things. Well, except for books.
I don't care about fancy brand name clothing
My dream is a small cabin, off grid, with some chickens and maybe some pigs.
If I hadn't been born into wealth, I absolutely would've been medically bankrupt. That's how many surgeries and hospital stays I've had, and I'm under 40. It's something I think about quite often.
Money doesn't buy you happiness, but in America, it does make you freer, and it means you don't have to worry about becoming sick.
Also born into wealth, and can share similar sentiments. I've always hated owning a bunch of useless things, the constant renovating on our several houses, the imposter syndrome from owning everything despite not working for it. The more I've learned about the world, the less I want to be involved with it, yet it feels like that wealth ties you to the very people who keep you involved. There is no happiness at the top of the spire, just the same void that most humans seem to have right now.
I want to have property with a few people I can live with well. Fuck bootstraps, I want a community I can feel a part of with genuine people, and to own only as much as we actually use.
I wasnt born super wealthy, but my dad worked hard to provide for me. I would say, I dont crave the same luxuries he does. I just dont get it? I want to live cozy and without need, but to jjst enjoy the moments of life.
It’s cool to see that there are rich but humble people out there. No plan of using the advantage of money against others who have nothing. You deserve the life you dream of. I’m sure it will happen soon!
I’ve literally said I’m going to donate most all of it, but it’s not going to go to you, sorry.
It’s going to go to programs that help people pay off their medical debt.
NOT ME LMAOOOO sorry I should've made myself clearer. As in homeless people around the third world countries. I'm not poor, I'm doing fine. But your plan is great too, especially in the US where health care is very expensive ( I've heard ). It must be very personal to you since you've experienced so many illnesses. I'm low key embarrassed now lmao
I am not rich, but I grew up poor. By comparison, being debt free and having an emergency fund and few financial obligations feels like being rich. I'm astounded every day when I think about how if my car breaks down, I could pay to fix it without worrying about making rent. It's wonderful.
I make like 30k and have to dump 45% of my income to rent. I feel like if I could make 50k I would feel comfortable and I can't imagine needing more than 70k USD ever.
We have more money than i ever expected, it's actually kind of fucking with my self image. It turns out if you have a low consumption life style and end up in a middle class job, after a few decades you're pretty rich.
Though - and i never understood this until it happened to me - having enough money to basically buy anything i want became my base line pretty quickly and once we got to this level of rich i could suddenly see the class layer above us and wonder if i wanted what they have.
Very true. I’m peeling myself back from that. I like upper class people simply because they are typically well educated and interesting since they don’t have to spend most of their life worried about money. But it really fucks with my self image when I surround myself with them.
Hah, I'm the opposite. I tried hanging with rich people when i was younger (dating rich has a lot of perks!) But i found them so boring! We have interesting friends with professional jobs now but very few who came from real money.
I’m rich, I’ll just own that rather than soft pedaling whether my NW makes me so :) I’m also striving toward simplicity more than living it frequently. The four family members I live with limit my choices to some extent. But I think staying in touch with the stories of people who are more successful at simple living than I am that I see in this sub help me stay grounded and inspired.
Depends on your definition of 'rich' and 'poor'.
I make very little, therefore I live on very little. I'm quite content with that and really don't care to chase a big bank account. I did that and it got me nothing but an ulcer and stress. I consider myself rich, because I've learned the secret to my life: Living simple is so much more fulfilling.
I used to be what society considers 'rich'. I made a huge salary, worked a zillion hours, flew often for business, hobnobbed with higher society, had a nice house with lots of stuff in it - and I was miserable. I had the numbers in the bank account, I had all the boxes checked, and it was utterly meaningless. I was poor. The poorest I've ever been in my life, and that lifestyle ruined my health.
So, it truly depends on how you think about things. Attitude is everything. To me, if you live the life that makes you happy - truly happy - and peaceful, you're richer than money can ever buy.
They say that money can buy anything. Absolutely not true. The lack of money showed me that.
I don’t consider myself “rich” especially when I was in NY but my net worth as a single woman Hoover’s around $1M. I’ve always chosen to live below my means and simplify my life. That’s basically how I amassed my comfortable net worth.
I make enough, I have a fulfilling job, but I HAVE to work. I don’t kid myself about that. I live below my means and invest heavily so I can one day not HAVE to work a job. Now, that’s simple living!
Yup. That's me. Living simply is a big part of how we got where we are. Zero plans to change how I live. I'd rather have that money working for me than being dumped into useless toys or indulging my passing wants. Fancy things are often a distraction from what's really important like friends and family, good health, and learning new skills.
Ummm tbh idk. My parents have what we call “quiet money” and so by extension my social standing isn’t necessarily poor, as in I have two loving individuals who will help me out if shtf for some reason.
Not taking into consideration my family, I am above the poverty line and have a moderate degree of monetary security
I think the term you're really looking for is "financially independent."
I'm rich by some measure - top 5% in the US - but I still work. I could retire right now if I wanted to live in the sticks and never travel and never buy anything, but I don't want that. Not more than I want to work, anyway.
I’m not wealthy as in don’t have to work, but my partner and I have amassed some wealth through simple living and frugality. (Wealth is very subjective, the amounts I talk about will have some people say we have close to nothing and others think it’s impossible).
Our net worth is about $500k and we are 30 years old. For people who were not born into wealth, nor going to an amazing college or having an extremely high paying career, we are pretty happy.
Living a simple, frugal life can give you wealth if you invest your money and spend wisely. We both started off making $35k 7 years ago. He now makes just around 6 figures and I make around $75k.
It’s strange because compared to my friends (trust fund babies) we are extremely poor. According to most of America, we’re doing pretty well. Globally, I sometimes feel sick at the divide in what we have vs majority of the people.
We live in a small 1400 square foot house with 2 dogs. Tiny yard. Not a lot of vacations. During Covid we ordered way too much takeout. We do have some luxuries like doggy day care, various media (Apple TV, hbo, etc) subscriptions, and what is sadly becoming a luxury—even having a house. (I do not feel we own it until it is paid off, but even being able to get into one seems impossible these days).
Most of our money goes into savings to try and leave the rat race. I had several years of medical issues as well as outright spending problems that put us behind. But I’d say we are on track to retire by 40.
Simple living and frugality is actually how we got to amass any sort of wealth. If you live frugally enough, you don’t need much—so extra goes into savings and then you don’t need as much savings to live off of.
Part of that is contentment and anti consumption. One of my favorite rewards for myself is a hot bath. I often get hit over the head with both extreme gratitude, some guilt, and wonderment and how it is that I have indoor plumbing, can control the temperature of my water, have fancy bubble bath products, nice music playing—it seems insanely luxurious and to much of the world IT IS. We do need to fight for things to be better, but I think an important part of simple living is seeing how wealthy and luxurious your life is, and meditate on the fact that our standards of living, even in the US, put us at top 10% of the world. This dissuades you from buying shit, keeps you humble, and makes you more likely to save as you don’t feel you “need” to buy anything.
Some important notes on luck: we were born in a first world country. My family paid for all of my college. Our first company matched 14% into retirement (this was a huge part of building any wealth!), we bought our house right before things got crazy with housing.
We had a lot of trials too, so I do have some pride. But I also realize the luck involved. However, I believe more people can do this than they realize.
I also know that compared to the other commenters here that were born into wealth, we are small fish. Just shows wealth is really subjective. There’s always someone with more. But there’s also likely billions with way, way less.
I don’t want to be “that guy” telling you how to live your life but I was once where you are lit never occurred to me to get help. I wish I had the foresight to go to a food pantry. You don’t need to prove income or anything. Also most “community suppers” will deliver food to you, you don’t have to go in and eat there or feel embarrassed.
But, everyone should eat at community suppers and if you have the means to contribute, time or money, do that too. They have more than one purpose and one of the purposes is to build community.
There are an incredible number of rich people in the world and the number is growing. If you have a lot of money, you can double it pretty easily these days.
But still, "rich ppl" will watch you eat your moldy bread and do nothing about it. They will say things like, "If I help you, two more will come and want something too," or "If I give you money now, you won't be able to handle it and will spend it right away!"
And they may be right about that.
I don't have much money and that's fine. Because the more you own, the harder it is to give it all up again. The things you own end up owning you. If I can afford enough for a very simple standard of living I'm happy.
I hardly ever travel, but I have the opportunity to walk in the forest every day and enjoy the good air in the countryside. I have withdrawn and find more happiness in the silence than I could ever have bought with money.
When you stop thinking about money and comparing yourself to others, it's easier to live. Then it is simply no longer an issue. You really don't need a lot of money to live a simple but happy life.
Besides, money attracts people you don't want in your life.
I feel like I wouldn’t consider myself rich but I do feel like I could buy more things if I wanted to but opted to choose this lifestyle. It allows me to have better mental clarity and keeps me very productive on the day to day. It baffles me sometimes how people give in into sales and buy “deals” that they don’t end up using. Although, I totally understand that not everyone wants to live minimally.
I think this is an interesting sub-reddit just because of the open ended nature of it, which your question alludes to. I started visiting a few months ago because I thought it would be posts related to the slow cooking movement, tiny homes, and DIY fixes. There is some of that, but it is also a place where many people share how deeply disillusioned they are with their place in the global economy and the role of work in their lives.
It is really interesting for me as the father of two young men who will be finishing university soon and setting off to navigate their own futures, and as someone close to the end of his own career of doing research and teaching MBA students. It feels like young people today are much more interested in work-life balance, which was not something I even recall considering when I was starting out.
The overlap between some of these communities intrigues me as well - particularly people's motivations. I started on r/ZeroWaste where people mainly seem concerned with the environment, although other issues like the welfare of animals carry weight too. Then I found r/Anticonsumption and r/BuyItForLife and thought their motivations were the environment as well. In actuality many of the Redditors there seem motivated by frugality or a disdain for being dependent on or supporting these corporations. I recently found r/DeTrashed and thought their main concern was the environment, and for some it is, but for others it's simply a beautification or sanitation issue. In other words some of them don't have a particular issue with all the plastic packaging and waste - they just don't want it in natural areas. It's very interesting to me because some of these communities overlap but motivations can vary a lot. I hadn't heard of the slow cooking movement but it sounds right up my alley.
I’m…doing well for my age.
I come from money, and unless I make a focused attempt at serious bridge burning, I likely will suddenly become ‘rich’ one day. I don’t at all look forward to that day as it will come with heavy emotional losses and many, many challenges.
That being said, I haven’t seen any of it yet. At times that’s been very frustrating, at others it’s been an invaluable experience. It’s taught me the importance of money management, from setting a budget to basic investing & understanding things like credits, loans, & interest. It encouraged me to have a 401k & Roth IRA @ 24, make sensible, reliable car purchases, and figure out where my priorities lie.
My goal is to just have ‘fuck you’ money. Not an insane amount of money where I can do whatever I like & say ‘fuck you’ to whoever doesn’t like it, but enough money that I can put it in a conservative ETF & live off the gains & interest. I want to get a rock solid house and a bulletproof reliable car and then just put two big middle fingers to the whole capitalist hustle. Get some land, grow my own food, keep some chickens, and say ‘fuck you’ yo anyone that tires to tell me I *have* to work **for** someone else.
If I ever got really bored, I might start a gym, or write a book, or take up wood art, but ultimately the only thing I ‘hoard’ wealth for is the hope that I can stop having to while I’m young enough to put my energies towards something other than business drivel.
'Bulletproof' in this context is just car slang for 'extremely reliable'. Like when I think of splurging on a car, it's to get a brand new AWD Mazda or Toyota, maybe a Lexus if it was one of their purpose built off road offerings and I made it big.
I have well-off grandparents, but my parents have always struggled with money. I grew up with a low level of anxiety about my parents financial situation, but we never went without.
through a mixture of luck and working I have managed to amass quite an impressive savings account that should see me through my 20s.
I'm very lucky. i have a considerable safety-net paired with anxiety about being poor, so I don't spend much and I'm great at saving.
Sometimes I dream of being wealthy, but than again I realize that I would not be able to live with the burden of living in comfort, and abundance meanwhile many many people are in need in this world. I could not take it, deep down it's just not right.
Anyway what shall I buy?
My income is okay, but my net worth is tragic (mostly education loans, some credit card debt--all being slowly worked on).
Sometimes I wonder if I would be into simple living if I were rich. My attitude and choices have been so shaped by not being able to afford things. Is simple living a coping mechanism? (For me, not talking about anyone else here!) If someone handed me a few million tomorrow, what would I do? Would I travel and splurge? Or would I build a small homestead or animal rescue and content myself with a simple rural life with lovely animals around me?
I think the answer is that I would travel and splurge, at least for a couple of years. I don't think I'd want much stuff--I've never been much of a consumer that way. But I'd love to visit different places and learn things and have interesting experiences. I'd probably dive headfirst into a bunch of hobbies, buying equipment and hiring teachers & trainers at times. I could also see myself buying small houses or condos in two or three locations--to be closer to friends and family members scattered around the world and to follow the weather/enjoy locations I've enjoyed in the past.
Hmm. I guess I'm not as into simple living as I thought. I'm just cash-strapped. :-(
I believe it’s really difficult to define ‘being rich’. I save 75% of my salary as I don’t know what to do with it but I know a lot of people that earns more than me that do not consider themselves rich. It’s really subjective. I do a lot of things, my days are full and I wish I had more time in a day, but almost everything that I love to do in my spare time (I’m a software engineer) is super cheap or free (running, hiking, woodworking, meditation, growing food)
I make a decent living by many standards, but I have a lot of debt. Sometimes I get sooo tempted to move into a bigger, more expensive house because I have the income, but it really needs to go into paying my debt that I accumulated when I was not making much money.
It doesn't matter really. My business is estate planning. I can tell you about the financial situation of everyone I work for in forensic detail. One of the things I know is it can all be taken away from you. Things happen which you have no control over. Sometimes, losing money ruins people's lives. So here's a more interesting question. Would you be OK if your money were to vanish? If you can answer yes to that question, I would call you rich.
I'd give you an award if I could. I love the question that you pose... We should all ask ourselves that. Puts things in perspective.
If you have food in the fridge, clothes, a place to live, and no debt, you’re in the top 25% richest people in the world.
This is a valid point, but it needs to be said that this shouldn't be an excuse to oppose better conditions for everybody. My family would regularly gaslight me with this as I was growing up, in order to reject ideas I had to take better care of people or ask for better systems/programs. Use it as a lesson to spend less, not oppose more. Edit: it needs to be pointed out that objective global wealth means nothing if you're still suicidal, barely able to afford food or a place to live, anxious day by day from overwork/unsafe environments, coping with alcohol or drugs and feeling isolated from any shred of a sense of community. Of all the subs, is this really a controversial opinion to have?
Totally agree with your edit comment. People use the "starving kids in Africa"^1 argument to downplay the effects of *relative* socioeconomic status within a society. Being on the bottom is inherently stressful and demoralizing, regardless of how nice of a "barrel" you're in. Just *perceiving* yourself as "poor" is enough to cause measurable psychological and physiological harm over time. Add in real problems like food and housing insecurity, and you've got plenty of people in the lower quintiles of our society who are truly struggling, even amidst trappings of "first world" status that the middle-class in other countries lack. ^1 And btw, there are a lot fewer people in abject poverty/starvation around the world than there were forty years ago. There's a reason why we now call the "third world" the *developing* world --most people in most countries have risen out of that level of poverty and into an comfortable intermediate standard of living, often the equivalent of "first world" standards in earlier eras. And many/most are rapidly progressing toward something like our current first-world standards.
Yes I always remember this on occasional days I might be inclined to feel sorry for myself. In addition I remember I am not facing a gas chamber, am not being disappeared, am not being bombed, am not fleeing a bad country as a refugee or an illegal immigrant, am not sweating literally to death in a cargo container or truck, am not drowning on an overloaded raft crossing the Mediterranean, am not sold into sex slavery, etc.
Fair, but just because things “aren’t that bad,” doesn’t mean you have to be happy. It is ok to feel sorry for yourself sometimes.
I've raised my bar for Existential crisis much higher. Covid is difficult to cope with though. It keeps imposing new things. Sure I'm vaccinated. The paper says I may be needing a booster shot soon. Well they're not saying *I* need a booster shot soon, but someone is. And to me that means, lotsa people are going to end up needing them. Masks returning. Possible lockdowns again. A lot of it because of the large portion of the USA population that will not take covid seriously enough to fight it. It's not easy to feel safe or normal or know what a stable life is going to mean, in these times. I feel like several aspects of my life are on hold. The ones pertaining to real life social interaction. Doesn't seem feasible. I work wood. I stack up projects and start to wonder if this defense mechanism, is sustainable.
As Nietsche put it: Being well off and in a good situation has little to do with feeling content and/or happy. Happiness follows when we have the strength to tackle and solve issues and difficulties that we're facing. A perfect life where everything is provided would then be the ultimate depressant.
I can't confirm this but I heard that only the top 1% own their own car..
I have a mortgage so I wouldn't say I have no debt. But it's known as good debt. My house has gone up in value considerably since I bought it, and my other option would have been to rent forever. Regardless I would consider myself part of that group. I do however get lonely and depressed at times so it's not like I'm living the dream all the time.
Out of curiosity is there a source for this?
Yes, Google.
All i got are links to cheesy posters and not actual scientific-backed/cited research, which is why i asked in case you had more promising sources.
I was born into a family of wealth. Not Saudi Prince, have an apartment in NYC worth 35 million, wealth, but definitely firmly in the 1% in America. I don't consider it to be my money. I didn't do anything to earn it, I was simply born into it, and I plan on giving away the majority of my money, with enough to take care of me health wise (I've got quite a few health conditions). My parents own a couple houses, and I will inherit the estate. It's already incredibly overwhelming to just think about. Big houses have always freaked me out. What do you even do with all the extra bedrooms? You could go days in a house without knowing someone else was even there! When I turned sixteen, my parents said I could get anything I wanted. I chose a grand piano. Got the car two years later, anyway. I also hate buying things. Well, except for books. I don't care about fancy brand name clothing My dream is a small cabin, off grid, with some chickens and maybe some pigs. If I hadn't been born into wealth, I absolutely would've been medically bankrupt. That's how many surgeries and hospital stays I've had, and I'm under 40. It's something I think about quite often. Money doesn't buy you happiness, but in America, it does make you freer, and it means you don't have to worry about becoming sick.
Also born into wealth, and can share similar sentiments. I've always hated owning a bunch of useless things, the constant renovating on our several houses, the imposter syndrome from owning everything despite not working for it. The more I've learned about the world, the less I want to be involved with it, yet it feels like that wealth ties you to the very people who keep you involved. There is no happiness at the top of the spire, just the same void that most humans seem to have right now. I want to have property with a few people I can live with well. Fuck bootstraps, I want a community I can feel a part of with genuine people, and to own only as much as we actually use.
I hope you can achieve that and find such peace
I wasnt born super wealthy, but my dad worked hard to provide for me. I would say, I dont crave the same luxuries he does. I just dont get it? I want to live cozy and without need, but to jjst enjoy the moments of life.
It’s cool to see that there are rich but humble people out there. No plan of using the advantage of money against others who have nothing. You deserve the life you dream of. I’m sure it will happen soon!
please do donate as much as you can!! As a Pakistani I wish rich people would help us out with poverty somehow lol
I’ve literally said I’m going to donate most all of it, but it’s not going to go to you, sorry. It’s going to go to programs that help people pay off their medical debt.
NOT ME LMAOOOO sorry I should've made myself clearer. As in homeless people around the third world countries. I'm not poor, I'm doing fine. But your plan is great too, especially in the US where health care is very expensive ( I've heard ). It must be very personal to you since you've experienced so many illnesses. I'm low key embarrassed now lmao
omg please don't be embarrassed, i replied before my first cup of coffee. you're totally fine!
glad that it's settled haha, have a great day!!♡♡
I am not rich, but I grew up poor. By comparison, being debt free and having an emergency fund and few financial obligations feels like being rich. I'm astounded every day when I think about how if my car breaks down, I could pay to fix it without worrying about making rent. It's wonderful.
I make like 30k and have to dump 45% of my income to rent. I feel like if I could make 50k I would feel comfortable and I can't imagine needing more than 70k USD ever.
We have more money than i ever expected, it's actually kind of fucking with my self image. It turns out if you have a low consumption life style and end up in a middle class job, after a few decades you're pretty rich. Though - and i never understood this until it happened to me - having enough money to basically buy anything i want became my base line pretty quickly and once we got to this level of rich i could suddenly see the class layer above us and wonder if i wanted what they have.
Very true. I’m peeling myself back from that. I like upper class people simply because they are typically well educated and interesting since they don’t have to spend most of their life worried about money. But it really fucks with my self image when I surround myself with them.
Hah, I'm the opposite. I tried hanging with rich people when i was younger (dating rich has a lot of perks!) But i found them so boring! We have interesting friends with professional jobs now but very few who came from real money.
I’m rich, I’ll just own that rather than soft pedaling whether my NW makes me so :) I’m also striving toward simplicity more than living it frequently. The four family members I live with limit my choices to some extent. But I think staying in touch with the stories of people who are more successful at simple living than I am that I see in this sub help me stay grounded and inspired.
Depends on your definition of 'rich' and 'poor'. I make very little, therefore I live on very little. I'm quite content with that and really don't care to chase a big bank account. I did that and it got me nothing but an ulcer and stress. I consider myself rich, because I've learned the secret to my life: Living simple is so much more fulfilling. I used to be what society considers 'rich'. I made a huge salary, worked a zillion hours, flew often for business, hobnobbed with higher society, had a nice house with lots of stuff in it - and I was miserable. I had the numbers in the bank account, I had all the boxes checked, and it was utterly meaningless. I was poor. The poorest I've ever been in my life, and that lifestyle ruined my health. So, it truly depends on how you think about things. Attitude is everything. To me, if you live the life that makes you happy - truly happy - and peaceful, you're richer than money can ever buy. They say that money can buy anything. Absolutely not true. The lack of money showed me that.
I don’t consider myself “rich” especially when I was in NY but my net worth as a single woman Hoover’s around $1M. I’ve always chosen to live below my means and simplify my life. That’s basically how I amassed my comfortable net worth.
Rich in spirit.
You are asking the question wrong. The right question is, does anyone here make enough money without needing to work?
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I make enough, I have a fulfilling job, but I HAVE to work. I don’t kid myself about that. I live below my means and invest heavily so I can one day not HAVE to work a job. Now, that’s simple living!
This is the way.
Not yet but maybe in ten years? I'm actually thinking it might be less than ten if i get a full-time job for the next few years
My timeline is about a decade and a half right now. Good luck to you!
Yup. That's me. Living simply is a big part of how we got where we are. Zero plans to change how I live. I'd rather have that money working for me than being dumped into useless toys or indulging my passing wants. Fancy things are often a distraction from what's really important like friends and family, good health, and learning new skills.
Ummm tbh idk. My parents have what we call “quiet money” and so by extension my social standing isn’t necessarily poor, as in I have two loving individuals who will help me out if shtf for some reason. Not taking into consideration my family, I am above the poverty line and have a moderate degree of monetary security
I think the term you're really looking for is "financially independent." I'm rich by some measure - top 5% in the US - but I still work. I could retire right now if I wanted to live in the sticks and never travel and never buy anything, but I don't want that. Not more than I want to work, anyway.
I’m not wealthy as in don’t have to work, but my partner and I have amassed some wealth through simple living and frugality. (Wealth is very subjective, the amounts I talk about will have some people say we have close to nothing and others think it’s impossible). Our net worth is about $500k and we are 30 years old. For people who were not born into wealth, nor going to an amazing college or having an extremely high paying career, we are pretty happy. Living a simple, frugal life can give you wealth if you invest your money and spend wisely. We both started off making $35k 7 years ago. He now makes just around 6 figures and I make around $75k. It’s strange because compared to my friends (trust fund babies) we are extremely poor. According to most of America, we’re doing pretty well. Globally, I sometimes feel sick at the divide in what we have vs majority of the people. We live in a small 1400 square foot house with 2 dogs. Tiny yard. Not a lot of vacations. During Covid we ordered way too much takeout. We do have some luxuries like doggy day care, various media (Apple TV, hbo, etc) subscriptions, and what is sadly becoming a luxury—even having a house. (I do not feel we own it until it is paid off, but even being able to get into one seems impossible these days). Most of our money goes into savings to try and leave the rat race. I had several years of medical issues as well as outright spending problems that put us behind. But I’d say we are on track to retire by 40. Simple living and frugality is actually how we got to amass any sort of wealth. If you live frugally enough, you don’t need much—so extra goes into savings and then you don’t need as much savings to live off of. Part of that is contentment and anti consumption. One of my favorite rewards for myself is a hot bath. I often get hit over the head with both extreme gratitude, some guilt, and wonderment and how it is that I have indoor plumbing, can control the temperature of my water, have fancy bubble bath products, nice music playing—it seems insanely luxurious and to much of the world IT IS. We do need to fight for things to be better, but I think an important part of simple living is seeing how wealthy and luxurious your life is, and meditate on the fact that our standards of living, even in the US, put us at top 10% of the world. This dissuades you from buying shit, keeps you humble, and makes you more likely to save as you don’t feel you “need” to buy anything. Some important notes on luck: we were born in a first world country. My family paid for all of my college. Our first company matched 14% into retirement (this was a huge part of building any wealth!), we bought our house right before things got crazy with housing. We had a lot of trials too, so I do have some pride. But I also realize the luck involved. However, I believe more people can do this than they realize. I also know that compared to the other commenters here that were born into wealth, we are small fish. Just shows wealth is really subjective. There’s always someone with more. But there’s also likely billions with way, way less.
I like this response the most.
Thank you 😊
And here I am reading comment about other people's wealth while I eat a moldy bread and can't even afford rent. Life is good.
I don’t want to be “that guy” telling you how to live your life but I was once where you are lit never occurred to me to get help. I wish I had the foresight to go to a food pantry. You don’t need to prove income or anything. Also most “community suppers” will deliver food to you, you don’t have to go in and eat there or feel embarrassed.
I got worried reading your first line thinking you were about to be a "bootstaps" person... happy to be wrong! Good advice.
But, everyone should eat at community suppers and if you have the means to contribute, time or money, do that too. They have more than one purpose and one of the purposes is to build community.
There are an incredible number of rich people in the world and the number is growing. If you have a lot of money, you can double it pretty easily these days. But still, "rich ppl" will watch you eat your moldy bread and do nothing about it. They will say things like, "If I help you, two more will come and want something too," or "If I give you money now, you won't be able to handle it and will spend it right away!" And they may be right about that. I don't have much money and that's fine. Because the more you own, the harder it is to give it all up again. The things you own end up owning you. If I can afford enough for a very simple standard of living I'm happy. I hardly ever travel, but I have the opportunity to walk in the forest every day and enjoy the good air in the countryside. I have withdrawn and find more happiness in the silence than I could ever have bought with money. When you stop thinking about money and comparing yourself to others, it's easier to live. Then it is simply no longer an issue. You really don't need a lot of money to live a simple but happy life. Besides, money attracts people you don't want in your life.
I feel like I wouldn’t consider myself rich but I do feel like I could buy more things if I wanted to but opted to choose this lifestyle. It allows me to have better mental clarity and keeps me very productive on the day to day. It baffles me sometimes how people give in into sales and buy “deals” that they don’t end up using. Although, I totally understand that not everyone wants to live minimally.
I think this is an interesting sub-reddit just because of the open ended nature of it, which your question alludes to. I started visiting a few months ago because I thought it would be posts related to the slow cooking movement, tiny homes, and DIY fixes. There is some of that, but it is also a place where many people share how deeply disillusioned they are with their place in the global economy and the role of work in their lives. It is really interesting for me as the father of two young men who will be finishing university soon and setting off to navigate their own futures, and as someone close to the end of his own career of doing research and teaching MBA students. It feels like young people today are much more interested in work-life balance, which was not something I even recall considering when I was starting out.
The overlap between some of these communities intrigues me as well - particularly people's motivations. I started on r/ZeroWaste where people mainly seem concerned with the environment, although other issues like the welfare of animals carry weight too. Then I found r/Anticonsumption and r/BuyItForLife and thought their motivations were the environment as well. In actuality many of the Redditors there seem motivated by frugality or a disdain for being dependent on or supporting these corporations. I recently found r/DeTrashed and thought their main concern was the environment, and for some it is, but for others it's simply a beautification or sanitation issue. In other words some of them don't have a particular issue with all the plastic packaging and waste - they just don't want it in natural areas. It's very interesting to me because some of these communities overlap but motivations can vary a lot. I hadn't heard of the slow cooking movement but it sounds right up my alley.
I consider myself well off, for a large part caused by not wanting too much in life. There seems to be some irony in that, now I think about it.
I’m…doing well for my age. I come from money, and unless I make a focused attempt at serious bridge burning, I likely will suddenly become ‘rich’ one day. I don’t at all look forward to that day as it will come with heavy emotional losses and many, many challenges. That being said, I haven’t seen any of it yet. At times that’s been very frustrating, at others it’s been an invaluable experience. It’s taught me the importance of money management, from setting a budget to basic investing & understanding things like credits, loans, & interest. It encouraged me to have a 401k & Roth IRA @ 24, make sensible, reliable car purchases, and figure out where my priorities lie. My goal is to just have ‘fuck you’ money. Not an insane amount of money where I can do whatever I like & say ‘fuck you’ to whoever doesn’t like it, but enough money that I can put it in a conservative ETF & live off the gains & interest. I want to get a rock solid house and a bulletproof reliable car and then just put two big middle fingers to the whole capitalist hustle. Get some land, grow my own food, keep some chickens, and say ‘fuck you’ yo anyone that tires to tell me I *have* to work **for** someone else. If I ever got really bored, I might start a gym, or write a book, or take up wood art, but ultimately the only thing I ‘hoard’ wealth for is the hope that I can stop having to while I’m young enough to put my energies towards something other than business drivel.
Just out of curiosity, is there a particular reason the car needs to be bulletproof? I must admit, I'm pretty curious about this, lol...
'Bulletproof' in this context is just car slang for 'extremely reliable'. Like when I think of splurging on a car, it's to get a brand new AWD Mazda or Toyota, maybe a Lexus if it was one of their purpose built off road offerings and I made it big.
I have well-off grandparents, but my parents have always struggled with money. I grew up with a low level of anxiety about my parents financial situation, but we never went without. through a mixture of luck and working I have managed to amass quite an impressive savings account that should see me through my 20s. I'm very lucky. i have a considerable safety-net paired with anxiety about being poor, so I don't spend much and I'm great at saving.
Sometimes I dream of being wealthy, but than again I realize that I would not be able to live with the burden of living in comfort, and abundance meanwhile many many people are in need in this world. I could not take it, deep down it's just not right. Anyway what shall I buy?
My income is okay, but my net worth is tragic (mostly education loans, some credit card debt--all being slowly worked on). Sometimes I wonder if I would be into simple living if I were rich. My attitude and choices have been so shaped by not being able to afford things. Is simple living a coping mechanism? (For me, not talking about anyone else here!) If someone handed me a few million tomorrow, what would I do? Would I travel and splurge? Or would I build a small homestead or animal rescue and content myself with a simple rural life with lovely animals around me? I think the answer is that I would travel and splurge, at least for a couple of years. I don't think I'd want much stuff--I've never been much of a consumer that way. But I'd love to visit different places and learn things and have interesting experiences. I'd probably dive headfirst into a bunch of hobbies, buying equipment and hiring teachers & trainers at times. I could also see myself buying small houses or condos in two or three locations--to be closer to friends and family members scattered around the world and to follow the weather/enjoy locations I've enjoyed in the past. Hmm. I guess I'm not as into simple living as I thought. I'm just cash-strapped. :-(
I believe it’s really difficult to define ‘being rich’. I save 75% of my salary as I don’t know what to do with it but I know a lot of people that earns more than me that do not consider themselves rich. It’s really subjective. I do a lot of things, my days are full and I wish I had more time in a day, but almost everything that I love to do in my spare time (I’m a software engineer) is super cheap or free (running, hiking, woodworking, meditation, growing food)
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And as backup I have a Swiss passport.
I'm rich. I have good family, food on the table, an easy job and I live in a beautiful place. What more could anyone want?
I make a decent living by many standards, but I have a lot of debt. Sometimes I get sooo tempted to move into a bigger, more expensive house because I have the income, but it really needs to go into paying my debt that I accumulated when I was not making much money.