"People of Wealth"

[AUFred]

At what point do you consider someone wealthy? When they have no debt? When they have a certain amount of money in the bank? If so how much? Where is the line of wealth in your mind?

 

[fuel1316]

million in cash or 2 mil in assets

 

[pjbleek]

see the ones who can afford gas at these prices....and filling their car with premium unleaded....yeah those peeps are well off

 

[acctnt shan]

I used to think that hitting a six-figure salary made you wealthy. I've since changed my mind. I think "wealthy" is a pretty subjective thing, and it depends a lot on the circumstances of a person. For example, my salary would probably be considered a pretty good salary by a lot of people. Here in Boston, I don't really feel like my paycheck goes that far. The cost of living is just too damn high. I pay more in rent than a lot of people pay for their mortgages for nice-sized homes, and I live in a tiny one bedroom apartment. Talk to people in NYC, and they'd probably consider my apartment huge. It's all relative.

I think someone would have to make $200K+ for me to consider them "wealthy" in Boston standards. I do think there are lots of people who are very "comfortable", and make a solid upper-middle class salary. But "wealthy" connotates a bit more than that to me.

 

[Abcinthia]

To me it's someone who has much more money and material possessions than the average person, so are able to afford more luxuries, and are debt-free (or nearly completely debt-free).

 

[Panacea]

To me it's someone has much more money and material possessions than the average person, so are able to afford more luxuries, and are debt-free (or nearly completely debt-free).

I agree with this.
Seems wealth is a term for relatively stable ability to afford much more than the average individual, with lots in assets, savings, and little to no debt.

 

[acctnt shan]

I don't know if the debt bit makes sense. Most wealthy people I know tend to hold lots of mortgages, investments, etc. They might have hundreds of thousands of dollars in debt, they just balance it with enough assets that their net worth is still very, very high.

 

[HK]

I consider wealthy to mean... well, I guess I picture the sort of person who can spend money without checking their bank balance. When I buy anything I have to think about what money I have available - being wealthy to me would be being able to go shopping and not pay any attention to price tags


Being able to afford above the average like Abcinthia said is a good description though.

 

[AUFred]

If your assets outweigh your debts then I can agree with being debt-free not being as important. My goal is alway to be debt free.

 

[Panacea]

If your assets outweigh your debts then I can agree with being debt-free not being as important.

Right, it's not debt in the conventional term in that case, like an average person might get into- owing more than they're worth...

 

[acctnt shan]

There are also different types of debt. Having a mortgage involves making payments towards an investment that (typically) will earn you a return on your money. Having a humongous student loan balance (*points to self*) will not. Having large overdue credit card balances will not. Having a car loan may or may not be a worthwhile expense (I can argue both sides on different days). Owing a bookie a few thousand on gambling debts... will probably land you in a very bad place

 

[Panacea]

I was referring to bad debt.

 

[acctnt shan]

Understood!

 

[Francis]

I used to think people of wealth were people who never worried about money..

But oddly enough I had two uncles, one who was rich and one who became rich, while I grew up.. They always worried about their money..

So know I look at life in more of a way that I would say I think of someone with wealth as someone who has happy and fulfilling life.

I reckon you will never have enough money and will never stop worrying about it so I guess it will never be enough..

 

[AUFred]

I love reading how people look at things. My goals were always to try not to be over-extended. I hate making payments.

 

[acctnt shan]

I've always wondered about the fact that being "wealthy" is almost seen as a negative thing in our society, almost like it's something that someone needs to be embarrassed of. It reminds me of when I was in grade school, and you didn't ever want to admit to getting an A on an exam for fear of being considered a "nerd" or a "know-it-all". Unless your wealth was come by dishonestly, why be ashamed of it?

 

[darkcgi]

technically it is supposed to be someone with an abundance of valuable resources or material possessions
however
I consider no one wealthy unless it is of happiness and goodness

but its originating descriptions is of possessions

 

[Springsteen]

Anyone who can shop at Flannels.

But mostly people who have a pretty big disposable income in relation to general economic availability of the Country.

But it is a subjective thing certainly.

 

[Jezzebelle]

350k/year

 

[darkcgi]

anyone who has never eaten ramen noodles