Are you rich?

[orville]

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.

You are a wise man @caramelsub Completely valid point! ? Land is probably a great exception to the point I made.

[+ Charlie]

In terms of financial wealth, my spouse considers anyone "rich" if they have more money than he does.

 

I, however, am rich in accumulated experiences.

[marylander1940]

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.

 

Not always... they create wealth for the next generations too. I think it's always a matter of balance between saving, investing and enjoying.

 

Somehow you reminded me of this excellent thread by @purplekow I wonder if anybody took the bait? I don't want to bump it but it was an interesting idea as long as you trust the guy, obviously...

 

Reverse mortgage for escort services

[Quincy_7]

I like to set high goals. Rich to me is being in the 1% in terms of net worth, roughly $9.5 million. By that metric I'm not rich. I don't have the money to fly in my three or four favorite guys for a weekend of debauchery.

[RealAvalon]

Not always... they create wealth for the next generations too. I think it's always a matter of balance between saving, investing and enjoying.

 

Somehow you reminded me of this excellent thread by @purplekow I wonder if anybody took the bait? I don't want to bump it but it was an interesting idea as long as you trust the guy, obviously...

 

Reverse mortgage for escort services

Not reading the thread, just the title, one potential problem. Old guys living longer than their sexual interest in an escort that is no longer 28 years old.

[+ FrankR]

https://www.cnbc.com/2020/07/27/it-takes-2-million-to-be-considered-wealthy-amid-covid-19.html

[thickornotatall]

My husband and I have followed the plans in the book for 30 years... I can happily say that we do not deny ourselves...but do not waste money...or charge without paying our entire balance monthly..We drive pre owned cars... We bought the least expensive home in an expensive area. We vacation once a year in Europe... Easy to follow....

 

 

https://en.wikipedia.org/wiki/The_Millionaire_Next_Door

[+ FrankR]

My husband and I have followed the plans in the book for 30 years... I can happily say that we do not deny ourselves...but do not waste money...or charge without paying our entire balance monthly..We drive pre owned cars... We bought the least expensive home in an expensive area. We vacation once a year in Europe... Easy to follow....

 

 

https://en.wikipedia.org/wiki/The_Millionaire_Next_Door

I want a husband like that!! ?

[+ Charlie]

My husband and I have followed the plans in the book for 30 years... I can happily say that we do not deny ourselves...but do not waste money...or charge without paying our entire balance monthly..We drive pre owned cars... We bought the least expensive home in an expensive area. We vacation once a year in Europe... Easy to follow....

 

 

https://en.wikipedia.org/wiki/The_Millionaire_Next_Door

I never read a book, but I did exactly what you did. I just followed my parents' example (they weren't close to being millionaires, but they were happy).

[+ sniper]

What I told a sibling when she got divorced was, "I can't tell you how to be rich, I can tell you how not to be poor." Really, becoming rich for most people is a matter of luck, because things like a chronic illness or an accident can throw all but the most well-heeled off course. And I think the people in this country for whom things worked out aren't sufficiently aware of that, which is why our social safety net is such a clusterfuck.

[+ Lucky]

It often seems that everyone is richer than me. Then I see a beggar or a homeless person, or read about a family coping with a tragedy, or simply visit Rio or Bangkok and see the vast slums. Then I know that I am rich.

The best rich people don't talk about it, do they?

[marylander1940]

My husband and I have followed the plans in the book for 30 years... I can happily say that we do not deny ourselves...but do not waste money...or charge without paying our entire balance monthly..We drive pre owned cars... We bought the least expensive home in an expensive area. We vacation once a year in Europe... Easy to follow....

 

 

https://en.wikipedia.org/wiki/The_Millionaire_Next_Door

 

Most gay men I know also have their life together and have achieved wealth. Nowadays is not as easy to follow considering higher prices for renting, buying and specially college debt.

 

Some men (single or married) consider hiring escorts a waste of money and others a necessary “luxury”. It’s hard to judge when it comes to money just like politicians we all have our “pet projects”.

[+ FrankR]

Most gay men I know also have their life together and have achieved wealth. Nowadays is not as easy to follow considering higher prices for renting, buying and specially college debt.

In my experience about 25% of the gay men I know have it together. Now I will admit that the population of gay men I am looking at is skewed towards younger men and the majority of them are in the performing arts, fitness and tourist related industries in my city (dancers, bar tenders, models, trainers and waiters).

 

They were making ends meet before Covid, but now their lives and finances are definitely in turmoil. About half of the 75% that are having trouble have come to me seeking advice and guidance. I feel for them. ?

[MikeBiDude]

In my experience about 25% of the gay men I know have it together. Now I will admit that the population of gay men I am looking at is skewed towards younger men and the majority of them are in the performing arts, fitness and tourist related industries in my city (dancers, bar tenders, models, trainers and waiters).

 

They were making ends meet before Covid, but now their lives and finances are definitely in turmoil. About half of the 75% that are having trouble have come to me seeking advice and guidance. I feel for them. ?

This is more realistic, if not also a bit sobering.

[+ WilliamM]

I am very lucky to have a pension from the city of Philadelphia, some savings, and disability payments from the Veterans Administration.

 

Lucky to have a close friend who helped me file the applications to the VA, and follow

up oftenn.

Edited July 27, 2020 by WilliamM

[+ azdr0710]

 

The best rich people don't talk about it, do they?

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[thickornotatall]

What I told a sibling when she got divorced was, "I can't tell you how to be rich, I can tell you how not to be poor." Really, becoming rich for most people is a matter of luck, because things like a chronic illness or an accident can throw all but the most well-heeled off course. And I think the people in this country for whom things worked out aren't sufficiently aware of that, which is why our social safety net is such a clusterfuck.

Many people make bad choices...Trying to buy everything they see....Eating out at restaurants...excessive charging... High payments on cars. Going on vacation while not being able to afford it. Too many expensive clothes. Don't think I don't buy/spend or charge. But we don't owe anyone anything.. We own our home..cars.....I travel to Europe one month each year...I don't want to preach but stop spending more than you have. OLd age comes before you know it...Group living in an old age home with one bowl of gruel is not a gracious way to live.

[Quincy_7]

Many people make bad choices...Trying to buy everything they see....Eating out at restaurants...excessive charging... High payments on cars. Going on vacation while not being able to afford it. Too many expensive clothes. Don't think I don't buy/spend or charge. But we don't owe anyone anything.. We own our home..cars.....I travel to Europe one month each year...I don't want to preach but stop spending more than you have. OLd age comes before you know it...Group living in an old age home with one bowl of gruel is not a gracious way to live.

 

As a millennial I don't understand why my generation is so travel obsessed and is willing to prioritize travel over saving and investing. None of the vacations I took as a kid changed my life in any way, they were nice but not transformational experiences.

[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

 

A new update was recently released from results from a Schwab survey. It appears the COVID outbreak has altered perceptions somewhat. You can now call yourself wealthy with a $2 million personal net worth. This study also claims $655,000 (down from $934,000) in net assets is "comfortable".

[+ sniper]

As a millennial I don't understand why my generation is so travel obsessed and is willing to prioritize travel over saving and investing. None of the vacations I took as a kid changed my life in any way, they were nice but not transformational experiences.

There were shit tons on hippies in the 70s who bummed around in hostels and didn't get a real job until they were 30 and they were still okay finanically. There's nothing uniquely decadent about this generation except they are recording it on TikTok and the outliers' stories get perceived as the norm. The entry level workers my employer was getting in the 2010s were WAY better than the ones we were getting in the mid 90s. And getting paid less in real dollars,while they had significantly higher student loan debt.

[+ Coolwave35]

None of the vacations I took as a kid changed my life in any way, they were nice but not transformational experiences.

 

That’s so interesting to me. I’m also a millennial and every trip I’ve taken has changed some opinion or belief, or positively impacted how I live my life in a measurable way.

[+ BenjaminNicholas]

As a millennial I don't understand why my generation is so travel obsessed and is willing to prioritize travel over saving and investing. None of the vacations I took as a kid changed my life in any way, they were nice but not transformational experiences.

 

You don't learn about the world while watching it on television. You travel and see it. Experience is everything.

 

It's possible to travel far and wide without spending a mint.

 

If traveling the world doesn't change you for the better, there's not a lot more I can say to that.

[+ WilliamM]

As a millennial I don't understand why my generation is so travel obsessed and is willing to prioritize travel over saving and investing. None of the vacations I took as a kid changed my life in any way, they were nice but not transformational experiences.

Visiting Fascist Spain under Francisco Franco in 1973 was transformative for me in a quite negative way. As was visiting the city of Brasilia, Brazil in 1974 during a military led government.

 

Far more positive, visiting Sarajevo in 2013 and St. Petersburg, Russia in 2005 as well as Nice/Monaco in 1973.

[+ keroscenefire]

As a millennial I don't understand why my generation is so travel obsessed and is willing to prioritize travel over saving and investing. None of the vacations I took as a kid changed my life in any way, they were nice but not transformational experiences.

 

 

For me as a gay man, I pretty much know at this point that I am never going to have kids. I hope to have a partner some day and may have nieces or nephews (though my sister is older in her 40s and doesn't have kids so probably not biologically). So I don't particularly have any reason to invest or save to give anything to the next generation. I also work in education and have been putting years onto a guaranteed pension.

 

So while I could save, invest and buy property, I don't really need to. I feel like I get a lot of happiness from traveling and meeting new people. Last year I went to the UK, experienced some amazing scenery and culture and met many handsome men along the way that showed me a good time. Only one of them did I actually hire. To me, the trip was worth every penny that I didn't put into a 401K.

Edited July 29, 2020 by keroscenefire

[+ Coolwave35]

So I don't particularly have any reason to invest or save to give anything to the next Generation.

 

I’m in a similar boat. There is no incentive for my husband and I to accumulate wealth beyond what we have since we won’t ever have children.

 

I like spending money on men and trips.