Comments on: How Much Money Do You Need to be Considered Rich? http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 25 May 2012 12:05:07 +0000 hourly 1 http://wordpress.org/?v= By: John http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/comment-page-1/#comment-458543 John Tue, 12 Jul 2011 20:48:47 +0000 http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/#comment-458543 I have a wife of thirty years and two grown daughters who love me. We all have shelter from the weather, food when we need it, good friends, and the health to work and earn a living. I have a place in my home to go to in those moments when I need to be alone and pray. I think I'm rich by the standards of the world, but maybe not so much in the eyes of those who read "Barron's." (which, personally, I only read when I'm in the mood for some fantasy literature. This always happens when I find myself in my doctor's waiting room.) I have a wife of thirty years and two grown daughters who love me. We all have shelter from the weather, food when we need it, good friends, and the health to work and earn a living. I have a place in my home to go to in those moments when I need to be alone and pray. I think I’m rich by the standards of the world, but maybe not so much in the eyes of those who read “Barron’s.” (which, personally, I only read when I’m in the mood for some fantasy literature. This always happens when I find myself in my doctor’s waiting room.)

]]> By: Erik http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/comment-page-1/#comment-454460 Erik Tue, 28 Dec 2010 22:59:51 +0000 http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/#comment-454460 I would need a Millon To live comfortably in the poor, poor, State of Ohio!!! I would need a Millon To live comfortably in the poor, poor, State of Ohio!!!

]]> By: joe http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/comment-page-1/#comment-448361 joe Sat, 11 Dec 2010 09:33:33 +0000 http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/#comment-448361 The definition of Rich is, some who has enough money to live an infinite number of years without working. So that leaves it as a broad definition. While one person may be happy with 30,000 dollars a year of residual income from their nest egg another may feel more content with that amount a month, or week. It depends on ones chosen lifestyle and needs. Someone can have a lot of money but not be Rich, if not invested properly and your lifestyle exceeds your residual income, then you're a person with money going broke. The definition of Rich is, some who has enough money to live an infinite number of years without working. So that leaves it as a broad definition. While one person may be happy with 30,000 dollars a year of residual income from their nest egg another may feel more content with that amount a month, or week. It depends on ones chosen lifestyle and needs. Someone can have a lot of money but not be Rich, if not invested properly and your lifestyle exceeds your residual income, then you’re a person with money going broke.

]]> By: Fadi http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/comment-page-1/#comment-446395 Fadi Sun, 17 Oct 2010 06:43:40 +0000 http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/#comment-446395 Well, i've read most of the comments, i live in the Middle East a country called Lebanon, Beirut and we are a third world country with a minimum wage labor of 400$ per month, i'm in a top university in the middle east majoring Int.buisness, when i graduate working in lebanon means getting payed at most 1,800$ and you don't reach far unless you were "Already living the life" or "Dealing" that is amazing, however to live the rich life means getting payed at least 5mm per year. So, its kind of the same concept but the other part of the world finishing your degree means getting payed 30k/year minumum from start. Sweet! And still you excpect more if you work hard not like here you work ur ass off to get a salary of 25k/year and that is at least till you reach 30-33,adding that u have a debt of 300k for5 years to live the easy life. Well we want the same thing but unfortunately as much as i love my country and trust me if we have your opportunites never, if you have ever been here u'll know, the only thing destroying our living is because the huge control of other "countries" on our living starting by the U.S. going to Russia even Iran adding France should i continue, its a 10452km common we are considered a city in the U.S. Thank you for your time i'll be seeing you soon i got a 3.5gpa goin there for masters anybody who wishes to hire me im ready i got experience. Well, i’ve read most of the comments, i live in the Middle East a country called Lebanon, Beirut and we are a third world country with a minimum wage labor of 400$ per month, i’m in a top university in the middle east majoring Int.buisness, when i graduate working in lebanon means getting payed at most 1,800$ and you don’t reach far unless you were “Already living the life” or “Dealing” that is amazing, however to live the rich life means getting payed at least 5mm per year. So, its kind of the same concept but the other part of the world finishing your degree means getting payed 30k/year minumum from start. Sweet! And still you excpect more if you work hard not like here you work ur ass off to get a salary of 25k/year and that is at least till you reach 30-33,adding that u have a debt of 300k for5 years to live the easy life. Well we want the same thing but unfortunately as much as i love my country and trust me if we have your opportunites never, if you have ever been here u’ll know, the only thing destroying our living is because the huge control of other “countries” on our living starting by the U.S. going to Russia even Iran adding France should i continue, its a 10452km common we are considered a city in the U.S. Thank you for your time i’ll be seeing you soon i got a 3.5gpa goin there for masters anybody who wishes to hire me im ready i got experience.

]]> By: gianni http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/comment-page-1/#comment-444258 gianni Fri, 02 Jul 2010 23:50:43 +0000 http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/#comment-444258 when i was 18 i went to university for 3 years then got my degree and started working at bank getting paid 25k a year. each year i would put 15k in the saving account and when my saving account reached 100k i quit my job and went back to universy to get a phd. it took 4 years and then i got a better job getting paid 30k. but in 1 year i started climbing the ranks in my hob and got a position for 75k a year + bonuses. when i reached 1m dollars while still working i started flipping stocks (short term investments). that was almost 10 years and i kept investing untill today. 7 years i had enough money to quit my job. as of right now i have 325 million USD in my bank account, though i keep investing daiòy (takes 5 minutes a day), i have wife and 6 kids and i enjoy life very well if you want a tip, just be patient and save all your money when i was 18 i went to university for 3 years then got my degree and started working at bank getting paid 25k a year. each year i would put 15k in the saving account and when my saving account reached 100k i quit my job and went back to universy to get a phd. it took 4 years and then i got a better job getting paid 30k. but in 1 year i started climbing the ranks in my hob and got a position for 75k a year + bonuses. when i reached 1m dollars while still working i started flipping stocks (short term investments). that was almost 10 years and i kept investing untill today.
7 years i had enough money to quit my job.
as of right now i have 325 million USD in my bank account, though i keep investing daiòy (takes 5 minutes a day), i have wife and 6 kids and i enjoy life very well
if you want a tip, just be patient and save all your money

]]> By: robbie http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/comment-page-1/#comment-444041 robbie Mon, 14 Jun 2010 18:03:19 +0000 http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/#comment-444041 I am 45, still work on a US salary but have luxury of moving from exepensive city in US to living in Mexico. I live in a 5 bed villa, taxes are $300 per yr, and expenses about a 1/3 of US at a very high level. You can retire on a million,maybe 1.5 but need to think differently such as moving, cutting expenses, etc.. 10-15 mil is laughable and unrealistic. I am 45, still work on a US salary but have luxury of moving from exepensive city in US to living in Mexico. I live in a 5 bed villa, taxes are $300 per yr, and expenses about a 1/3 of US at a very high level. You can retire on a million,maybe 1.5 but need to think differently such as moving, cutting expenses, etc.. 10-15 mil is laughable and unrealistic.

]]> By: JULIUS MARETE http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/comment-page-1/#comment-443744 JULIUS MARETE Sun, 16 May 2010 03:25:28 +0000 http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/#comment-443744 Being rich is entirely a state of mind...no amount of money can be said to be enough..its human nature to like more and more..it all melts down to values and what you think is important in your life! I know happy people living their lives happily though they dont have the figures quoted above.... Being rich is entirely a state of mind…no amount of money can be said to be enough..its human nature to like more and more..it all melts down to values and what you think is important in your life! I know happy people living their lives happily though they dont have the figures quoted above….

]]> By: Ash http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/comment-page-1/#comment-442269 Ash Wed, 17 Feb 2010 23:22:55 +0000 http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/#comment-442269 i agree with Bart. People have to stop trying to catch up with their neighbours by buying 52inch tvs and all the crap they don't need. Just live your life, enjoy it, and help some people out along the way because when you get old you start thinking about all the things you could of done when you were younger. And when you die, your not guna take all the money with you so donate some and help the people in need. Remember *GoD Is WatchinG YoU!* i agree with Bart. People have to stop trying to catch up with their neighbours by buying 52inch tvs and all the crap they don’t need. Just live your life, enjoy it, and help some people out along the way because when you get old you start thinking about all the things you could of done when you were younger. And when you die, your not guna take all the money with you so donate some and help the people in need.

Remember
*GoD Is WatchinG YoU!*

]]> By: Bart Junior http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/comment-page-1/#comment-442264 Bart Junior Wed, 17 Feb 2010 21:02:45 +0000 http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/#comment-442264 I live in Canada and I think that when I retire at around the age of 50 2 million would be enough. Seriously what are you going to do with 25mil. If I had 25 mil i would donate 20mil and keep the 5. You should think about how people live in poor countries. Some of them make under $1000 a year and all the child labor that's going on. We should be more considerate and help other people out instead of wanting to buy million dollar houses and have servants that cook and clean for you. I also read another comment how the person wanted to have a private jet..?? common are you kidding me. Is that even necessary. Your not gunna die just because your on a plane with a couple of hundred people. I live in Canada and I think that when I retire at around the age of 50 2 million would be enough. Seriously what are you going to do with 25mil. If I had 25 mil i would donate 20mil and keep the 5. You should think about how people live in poor countries. Some of them make under $1000 a year and all the child labor that’s going on. We should be more considerate and help other people out instead of wanting to buy million dollar houses and have servants that cook and clean for you. I also read another comment how the person wanted to have a private jet..?? common are you kidding me. Is that even necessary. Your not gunna die just because your on a plane with a couple of hundred people.

]]> By: JC http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/comment-page-1/#comment-442179 JC Sun, 14 Feb 2010 22:52:53 +0000 http://allfinancialmatters.com/2008/03/10/how-much-money-do-you-need-to-be-considered-rich/#comment-442179 I AGREE THAT NO MATTER HOW MUCH YOU HAVE IT WILL NEVER BE ENOUGH. FROM AN OLD TIMER, I HAVE A CIVIL PENSION THAT NETS 2800.00 PER MONTH AND 700 FOR MEDICAL AND DENTAL. IT ALSO HAS A COST OF LIVING ADJUSTMENT WHEN THERE IS ONE. I HAD AN ACTUARY DONE AND TO ACHIEVE THAT PENSION, YOU WOULD HAVE TO ACCUMULATE 2.6 MILLION DOLLARS. IT CERTAINLY IS NOT ENOUGH TO HAVE A GREAT TIME. FIRST STEP IS WEALTHY. THE WEALTHY HAVE JUST ENOUGH TO LIVE THE LIFESTYLE THAT THEY ARE SHOOTING FOR. THIS PENSION IS HALF OF WHAT I CLEARED IN CIVIL SERVICE. I WOULD ACTUALLY LIKE TO TRAVEL SO I NEEDED 3 TIMES THAT AMOUNT TO RETIRE OR 7.8 MILLION. HOW MUCH IS RICH? WHEN YOU LIVE OFF OF THE INTEREST OF THE INTEREST ON YOUR MONEY YOU ARE RICH. TILL THEN WE ARE RICH IF WE LIVE IN AMERICA. DON'T GET ME WRONG, I STARTED A COMPANY AND AM QUITE HAPPY BEING WELL-OFF. GOOD LUCK ON YOUR DREAMS AND NEVER GIVE UP. I AGREE THAT NO MATTER HOW MUCH YOU HAVE IT WILL NEVER BE ENOUGH. FROM AN OLD TIMER, I HAVE A CIVIL PENSION THAT NETS 2800.00 PER MONTH AND 700 FOR MEDICAL AND DENTAL. IT ALSO HAS A COST OF LIVING ADJUSTMENT WHEN THERE IS ONE. I HAD AN ACTUARY DONE AND TO ACHIEVE THAT PENSION, YOU WOULD HAVE TO ACCUMULATE 2.6 MILLION DOLLARS. IT CERTAINLY IS NOT ENOUGH TO HAVE A GREAT TIME.

FIRST STEP IS WEALTHY. THE WEALTHY HAVE JUST ENOUGH TO LIVE THE LIFESTYLE THAT THEY ARE SHOOTING FOR. THIS PENSION IS HALF OF WHAT I CLEARED IN CIVIL SERVICE. I WOULD ACTUALLY LIKE TO TRAVEL SO I NEEDED 3 TIMES THAT AMOUNT TO RETIRE OR 7.8 MILLION.
HOW MUCH IS RICH?
WHEN YOU LIVE OFF OF THE INTEREST OF THE INTEREST ON YOUR MONEY YOU ARE RICH. TILL THEN WE ARE RICH IF WE LIVE IN AMERICA. DON’T GET ME WRONG, I STARTED A COMPANY AND AM QUITE HAPPY BEING WELL-OFF. GOOD LUCK ON YOUR DREAMS AND NEVER GIVE UP.

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