Your criteria for someone to be called "Rich"

Discussion in 'BS Forum' started by Brook!, Mar 28, 2022.

  1. Brook!

    Brook! 2018 Friendliest Member Award Winner
    Moderator

    Joined:
    May 11, 2011
    Messages:
    12,216
    Likes Received:
    13,448
    There is a good discussion on Turkish political site eksisozluk.com about the definition of rich in Turkey.

    I wonder what is your definition for somebody to be called rich?

    A paid off house, a steady job paying above your expenses and $2 million cash in the bank is my definition. Spill the beans please.
     
  2. Acad23

    Acad23 Well-Known Member

    Joined:
    Dec 30, 2008
    Messages:
    19,478
    Likes Received:
    13,212
    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.
     
  3. Dierking

    Dierking Well-Known Member

    Joined:
    Apr 4, 2006
    Messages:
    14,649
    Likes Received:
    12,909
    Owning assets that generate enough income so you don’t have to yourself.
     
  4. Brook!

    Brook! 2018 Friendliest Member Award Winner
    Moderator

    Joined:
    May 11, 2011
    Messages:
    12,216
    Likes Received:
    13,448
    I get the accountants point. But you know what I mean. Let's call it enough money to pay off a house at any moment plus X amount of free cash. What is your X amount then?
    D

    I am stealing this and using it on Turkish reddit.
     
  5. Dierking

    Dierking Well-Known Member

    Joined:
    Apr 4, 2006
    Messages:
    14,649
    Likes Received:
    12,909
    I’m expecting royalties for this
     
    Brook! likes this.
  6. typeOnegative13NY

    typeOnegative13NY Well-Known Member

    Joined:
    Sep 1, 2003
    Messages:
    12,856
    Likes Received:
    2,633
    I guess for me it would mean knowing you will never have to worry about money again.
     
  7. Brook!

    Brook! 2018 Friendliest Member Award Winner
    Moderator

    Joined:
    May 11, 2011
    Messages:
    12,216
    Likes Received:
    13,448
    Yeah but let's try to put a number for the sake of the argument :) Yours is too general.
     
  8. Dierking

    Dierking Well-Known Member

    Joined:
    Apr 4, 2006
    Messages:
    14,649
    Likes Received:
    12,909
    You have to do some philosophical research to properly answer this:

     
  9. bicketybam

    bicketybam Well-Known Member

    Joined:
    Sep 9, 2010
    Messages:
    5,319
    Likes Received:
    5,755
    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.
     
  10. typeOnegative13NY

    typeOnegative13NY Well-Known Member

    Joined:
    Sep 1, 2003
    Messages:
    12,856
    Likes Received:
    2,633
    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,
     
    Brook! likes this.
  11. bicketybam

    bicketybam Well-Known Member

    Joined:
    Sep 9, 2010
    Messages:
    5,319
    Likes Received:
    5,755
    Even the filthy rich worry about money.
     
    Brook! and typeOnegative13NY like this.
  12. Brook!

    Brook! 2018 Friendliest Member Award Winner
    Moderator

    Joined:
    May 11, 2011
    Messages:
    12,216
    Likes Received:
    13,448
    A great answer bickety. I loved it. Philosophically I fully agree.
     
    bicketybam likes this.
  13. typeOnegative13NY

    typeOnegative13NY Well-Known Member

    Joined:
    Sep 1, 2003
    Messages:
    12,856
    Likes Received:
    2,633
    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.
     
    #13 typeOnegative13NY, Mar 28, 2022
    Last edited: Mar 28, 2022
    Brook! and bicketybam like this.
  14. Dierking

    Dierking Well-Known Member

    Joined:
    Apr 4, 2006
    Messages:
    14,649
    Likes Received:
    12,909
    Look at soxxx
     
    Jonathan_Vilma and bicketybam like this.
  15. The Waterboy

    The Waterboy Well-Known Member

    Joined:
    Aug 27, 2002
    Messages:
    7,729
    Likes Received:
    7,697
    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.
     
    Brook! and typeOnegative13NY like this.
  16. typeOnegative13NY

    typeOnegative13NY Well-Known Member

    Joined:
    Sep 1, 2003
    Messages:
    12,856
    Likes Received:
    2,633
    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.
     
    bicketybam likes this.
  17. sozopol

    sozopol Well-Known Member

    Joined:
    Aug 27, 2002
    Messages:
    1,616
    Likes Received:
    1,103
    For me it boils down to one thing:

    if their first name is Richard.







    [​IMG]
     
    HomeoftheJets, FJF and bicketybam like this.
  18. Dierking

    Dierking Well-Known Member

    Joined:
    Apr 4, 2006
    Messages:
    14,649
    Likes Received:
    12,909
    So whats the consensus amongst Turks? A fully diversified portfolio of livestock and marriage-eligible daughters, and living quarters with indoor plumbing?
     
    Sundayjack likes this.
  19. Dierking

    Dierking Well-Known Member

    Joined:
    Apr 4, 2006
    Messages:
    14,649
    Likes Received:
    12,909
    I'm still not over joejet turning me into the FBI
     
    jetophile and The Waterboy like this.
  20. Brook!

    Brook! 2018 Friendliest Member Award Winner
    Moderator

    Joined:
    May 11, 2011
    Messages:
    12,216
    Likes Received:
    13,448
    Close to yours. But consensus is to have $1 million in the bank and live off of the interest rate. 1 USD is 14 Lira. 1000 USD per month in Turkey means you will live a good life.

    Livestock is for me you dummy.
     
    barfolomew and Acad23 like this.

Share This Page