Your criteria for someone to be called "Rich"

My best friend is a multi-millionaire.
His accountant is adamant that he not pay off his (relatively) small mortgage.

He needs all the tax breaks can get.

Point is... a paid off house may be less "valuable" than a fully owned one.

 

Owning assets that generate enough income so you don’t have to yourself.

 

I’m expecting royalties for this

 

I guess for me it would mean knowing you will never have to worry about money again.

 

You have to do some philosophical research to properly answer this:

 

Rich is relative. I owned an aviation business and my customers could buy and sell me 10 times over. One guy owned 2 Ferraris (F430 and a 550GTB) to go along with his Lear 60. Another one owned a Challenger 601 and about 5 homes spread around the country. I could keep going. Those guys were rich to me. But if you asked them I'm sure they tell you about someone who had way more money than them.

Many people dream about owning fancy cars, a huge home, maybe a boat or yacht plus homes around the world. They want to buy whatever they want and not have a care in the world.

Rich is having a place to call home with people that love you to come home to. Rich is having good health and taking care of your body. Rich is doing for others with no expectations of sonethimg in return. You can't put a price on any of that.

But if you are talking strictly of money/wealth, I'd say having a home you are happy with that isn't above your means and an income that allows you to not live paycheck to paycheck. You should also have a retirement plan in place so hopefully you can spend your 60's on up enjoying life.

Sorry for the long winded answer.

 

I guess it depends on age. I’m not really sure, I guess I would say for working age people 1.5-2 million is a start. Probably still have to be good with investing etc,

 

Even the filthy rich worry about money.

 

True.I agree with what you said above.

My most important assets are my family. And no dollar amount can compare. Also, making money in my business is of course important, but the part I enjoy most is growing my reputation, creating referrals and impressing /helping customers.

 

Look at soxxx

 

Well on this site we have some posters think they are rich because they earn 6 figures, that is until another poster reminds them you don't count the digits after the decimal point.

We also have our posters that are, "own your own villas in the Caribbean that they take their yacht to" rich

Then of course we have a few posters that are rich in the holy spirit. What possessed them to come on this website I'll never know.

Rich is relative but $1m these days is not really rich but that also depends on your age. I would say above $5m might be considered a rich starting point.

 

You all should have invested in chocolate coins like I did back in the 80s. I would have tried to tell you if there was internet.

 

For me it boils down to one thing:

if their first name is Richard.

 

So whats the consensus amongst Turks? A fully diversified portfolio of livestock and marriage-eligible daughters, and living quarters with indoor plumbing?

 

I'm still not over joejet turning me into the FBI