Are you rich?

[Rodrigo Suarez]

[MEDIA=giphy]aDY5WYfa08n9S[/MEDIA]

[+ WilliamM]

 

 

Some love the safe "hunting" from their sofas!

 

Some Hustler bars in New York and California have sofas and many others do not.

[jeezifonly]

For many, this is a hobby, likely one of several for each of us has. There are hobbies that require money, and those that don’t, and being wealthy provides less hesitation in that consideration. Look thru any craft supplier in store or online and you’ll find a hundred hobbies that can demand lots of supplies and equipment (and lessons...) that can add up to a couple hundred dollars monthly. I used to spend lots lots on CD music (classical mostly- lots of multi-disc items) and now I can get most of my appetite sated using platforms I’m paying for already. I’m not a good traveler, I love to cook, I’m not a fashion fiend - so airlines, hotels, and restaurants and clothing retailers get less of my money than they do of other people’s. Since I don’t travel my provider is likely to spend money I pay him locally.

“Money is like manure - not worth a thing unless it’s spread around, encouraging young things to grow” Now, I’m not personally into ‘young things’ but my hobby money always results in ‘growth’ ??

[coriolis888]

Suze Orman's advice is for people who don't have the inclination or the aptitude to really delve into finance. So she gives broad rules to follow and doesn't deal with the exceptions. It's fine for joe blow, but people who make real money would do well to move on from her.

 

Like she says never buy whole life insurance, but there are in fact situations where it makes sense due to tax considerations. But if you are in that situation, you are too rich to be listening to her in the first place. Her advice is geared to the person with an okay job, some student loans, and a credit card balance or three who can't seem to get it together to sign up to contribute to their 401(k).

 

 

Well said.

[MikeBiDude]

I disagree a little. Not everyone is constantly searching for bargain men.

Agree. Some posters are like a dog with a bone...

[marylander1940]

Agree. Some posters are like a dog with a bone...

 

 

[coriolis888]

 

Some Hustler bars in New York and California have sofas and many others do not.

 

 

Some hustler bars in California?

 

I am aware of two such places in New York but I believe the ones in California have all gone away.

[marylander1940]

Completely agree and something I personally wouldn’t share...

 

yes, and folks with money usually keep it to themselves and those without it are more likely to pretend.

 

Someone wise once told me that on here.

[+ BenjaminNicholas]

yes, and folks with money usually keep it to themselves and those without it are more likely to pretend.

 

Someone wise once told me that on here.

 

Money screams.

Wealth whispers.

[sincitymix]

no i am not rich. i am probably lower middle to in the middle class ish? im not sure the whole you must earn blah blah to be blah blah seems a bit silly.. depending on the area you live and the cost of living.

I have enough after all my expenses and mandatory "put into savings" to have an "entertainment" budget.

what i dont spend in one month rolls over into the next.. so i can hire for a few hours every month or two.. or one huge hire that blows through my budget.

Can i fly someone across the world and take month long cruises and vacations? ha i wish!

If people are lucky enough to have that much money. i wish them well.. and hope they spend wisely.

[+ keroscenefire]

You don't have to be rich to engage those services if you are willing to forego other things. For example, my father smoked two packs of cigarettes a day, I don't smoke at all. At today's cigarette prices in my state that "saves" over $5000 a year.

There are a million little things people spend money on without thinking that add up to quite a bit if you have a decent-but-not-great job.

But that doesn't mean you don't have to think about the money.

(Now there ARE some people on this forum who are quite well-to-do, but it's by no means all of us.)

 

I agree with this. I have a few gay friends who live in such expensive apartments with all the fancy amenities like a gym, swimming pool, etc. In some cases, they are paying more than 3X per month than I pay for my small apartment furnished mostly from IKEA and Target. I probably could be saving money to buy a condo down the line, but real estate in my city is so expensive that I would have a hard time affording it with just my own salary. So I use the money towards having some amazing time with some amazing men. I feel like its money well spent.

[alrajee]

I think that's a complicated question to answer just because the term "rich" is, like what many others here have said, a very subjective term.

 

I don't consider myself rich, even though 40 percent of my take-home pay covers my rent, groceries, public transportation, and other monthly bills. I do consider myself fortunate that I don't remember the last time when I seriously worried about money.

Edited July 21, 2020 by alrajee

[+ Coolwave35]

I think I have more than I’ll ever need, but that’s because I’m comfortable living modestly, and don’t want kids. I was blessed that a man who was smitten with me left me a substantial cushion when he passed. My largest expense is my hiring hobby, and the desire comes and goes.

[Guest]

[+ harey]

I have a nice personality.

 

Does that count?

It's priceless.

[Guest]

By global standards, every American is rich. Rarely do calculations of household wealth in America include the value of the social security annuity. Why? Because we take it for granted and therefore don’t count it as wealth even though it’s a trust fund.

[+ FrankR]

Suze Orman's advice is for people who don't have the inclination or the aptitude to really delve into finance. So she gives broad rules to follow and doesn't deal with the exceptions. It's fine for joe blow, but people who make real money would do well to move on from her.

 

Like she says never buy whole life insurance, but there are in fact situations where it makes sense due to tax considerations. But if you are in that situation, you are too rich to be listening to her in the first place. Her advice is geared to the person with an okay job, some student loans, and a credit card balance or three who can't seem to get it together to sign up to contribute to their 401(k).

Ed Slott is that you??? ?

[+ FrankR]

By global standards, every American is rich. Rarely do calculations of household wealth in America include the value of the social security annuity. Why? Because we take it for granted and therefore don’t count it as wealth even though it’s a trust fund.

So you’re saying ... I am a Trust Fund Baby?? Oh my god, oh my god, oh my GOD!!! ??

 

I do see your point. Which is why it is shocking that in 2018, an estimated 1 in 9 Americans were food insecure, equating to over 37 million Americans, including more than 11 million children. ? https://hungerandhealth.feedingamerica.org/understand-food-insecurity/

[Guest]

So you’re saying ... I am a Trust Fund Baby?? Oh my god, oh my god, oh my GOD!!! ??

 

I do see your point. Which is why it is shocking that in 2018, an estimated 1 in 9 Americans were food insecure, equating to over 37 million Americans, including more than 11 million children. ? https://hungerandhealth.feedingamerica.org/understand-food-insecurity/

 

Technically you weren’t born with the trust fund, you contributed to creating it yourself ?

 

Back to the concept of relative wealth, I wonder what that ratio is globally? I don’t have a lot of time to research right now, but a quick flyover makes it look like about 1 in 4

[down_to_business]

How much money do you need to be rich? According to respondents of a 2019 Modern Wealth Survey from Charles Schwab, once you have $2.3 million in personal net worth, you can call yourself wealthy. On the other hand, people responding to a 2019 survey from the market research website YouGov said you need to earn just $100,000 a year to be rich.

 

"Wealth is in the eye of the beholder," says Tiffany Welka, an accredited wealth management advisor with financial firm VFG Associates in Livonia, Michigan.

 

The IRS, financial advisors and average Americans all have different ideas about what makes someone wealthy. What's more, a person's location, age and friends can all play a significant role in whether they feel rich. Keep reading for a look at how various groups define wealth and if you can consider yourself among the nation's financial elite.

 

Copied from https://finance.yahoo.com/news/rich-wealthy-defined-143230889.html

 

Hey.. wouldn't that include anyone who owns a house in San Francisco

[+ sniper]

I seem to recall 1.4 million being touted as the cutoff globally for "high net worth individual." That said, there are places in the US where that and that alone is an amount you can be set for life in, and areas where you would probably run through that before you died. (I'm talking without Social Security).

[orville]

? Not to escorts... but you're a good top

Oooohhh ... Revelations!

[marylander1940]

 

No person there is free of sin... Gluttony is not only a sin but one of the top seven..

Edited July 21, 2020 by marylander1940

[orville]

I agree with this. I have a few gay friends who live in such expensive apartments with all the fancy amenities like a gym, swimming pool, etc. In some cases, they are paying more than 3X per month than I pay for my small apartment furnished mostly from IKEA and Target. I probably could be saving money to buy a condo down the line, but real estate in my city is so expensive that I would have a hard time affording it with just my own salary. So I use the money towards having some amazing time with some amazing men. I feel like its money well spent.

Material possessions decay or rot over time. A life well spent is made by good experiences and nobody / nothing will ever take that from you.

[caramelsub]

Material possessions decay or rot over time. A life well spent is made by good experiences and nobody / nothing will ever take that from you.

 

You’re right about the material possessions thing. I think everything except real estate. If you buy in a booming area then buying a house becomes an investment because of the land value. Versus renting an apartment. I believe in living modestly especially when it comes to buying a car, furniture etc. But when it comes to buying property I think one can buy lavishly and should consider the location carefully, like an investment. Plus I know atleast where I live your home and it’s location is everything. It determines your social status, who you’re friends will be, the schools your kids will go to, whether or not you’d be invited to join the local country club, you get the drift.