What is RICH?

[jack hershey]

After rich there are other things.

It goes by stages.

Running POA's that enable as many missions to get done as possible is very important. Good people usually lack capital.

Then there is captializing problem solving.

It is best to work in situ in various global locations. The US has not figured out how to support world peace instead of war. Those who help others are often not properly financed.

There is no point in making anyone rational mad at you.

You have to protect yourself from irrational people at all times; it can be expensive and restricting.

The bottom line is taking money away from those who do not take their responsibilities proiperly. They have a capacity; you take it away from them at ablout fives times that capacity.

 

[SnakeEYE]

Quote from WallStWhizKid:

Being rich is waking up every morning with your heart still beating.

You guys need to stop living in dreamland. What good did Jobs' $8 billion do for him.

Reality of the situation is if you have enough to eat, drive a car and live under a roof then you are rich.

Problem with todays society is everyone has this fantasy of $100 million in the bank.

Zuckerberg is worth $20 billion yet drives a Honda Insight. Learn from it.

let Zuckerberg trade everyday...everysecond and drive Honda Civic...let him delete my foking account asap!!!

 

[turkeyneck]

Quote from Ash1972:

Why not use Netjets or Flexjet? Same convenience, 10% of the cost and hassle, if you are an occasional flyer. You are familiar with that saying about the 3 Fs?

Gordon Gekko: The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I OWN.

 

[Wide Tailz]

Quote from Random.Capital:

In practical terms, if you can spend your waking hours goofing off without having to worry about going hungry or homeless, you're "rich".

That can be accomplished with very little money, and it can be failed at with tons of money.

++

Not having to live my life surrounded by people I don't like, being able to work on my dreams, not somebody else's - that is rich to me. That is financial independence.

But it is nothing without health. Your health is your greatest possession.

 

[chaosclarity]

There is no such thing as "rich" or "wealthy". Those words are used by political figures like Obama as campaign slogans and to drum up support.

 

[luisHK]

Quote from Ripley:

Minimum Quantifications so far:

Being RICH = $1 million in sustainable passive annual income. Which would put your NET WORTH (a multiplier of 10) at around 10 million. (A life of abundance).

Being WELL OFF = $100K in sustainable passive annual income. Which would put your NET WORTH (a multiplier of 10) at around 1 million. (Not having to work again at a paid employed position).

10% return is far from a given, especially that you are talking of passive income, rather than working almost full time of to return that much. More than 10million needed imo to ensure that passive 1million income

 

[HATEtheRisk]

Quote from Ripley:

OK.. So we have a good definition (minimum quantification) so far:

Being RICH = $1 million in sustainable passive annual income. Which would put your NET WORTH (a multiplier of 10) at around 10 million.

To make $1M passive a year, on time money interests accounts, you would get a maximum of 2% from a few banks, you would need $50M for that.

You could distribute it to 5 different banks, to be sure you get the 2% of that whole money.

1M$ a year, for only working 2 days a year, with walking to the banks, or signing the contracts, or move your money on different accounts --- is a really good definition of being RICH.

Besides that i think, if you are a single and dont live in big expensive cities (like new york), 5M$ are more than enough, to feel rich for the rest of your life and to do everything you want.

But if you have a family, or do you prefer the high expensive life style, you need of course more, maybe at least 15M$.

 

[rufus_4000]

Quote from luisHK:

10% return is far from a given, especially that you are talking of passive income, rather than working almost full time of to return that much. More than 10million needed imo to ensure that passive 1million income

Even today, at around 3M mark, there are quite a few investment vehicles that would give you approx 8% annual return without much risk (i.e., risk level much lower than your standard Bond / Equity mix). And we all know this is during one of the lowest historical interest rate periods. If you have more risk tolerance (such as currency exposure, say AUD, even with FX hedge, you may be exposed to liquidity risk, just to be clear), then 10+% is achievable.

 

[HATEtheRisk]

Quote from AKUMATOTENSHI:

Wealthy is liquid cash at over $100 million USD, 1 tonne of pure gold, 10 million dollars of secure assets non real estate of course, a large yatch to get out of the country in a hurry, a private jet, a small manufacturing facility in India, a wharehouse in Hong Kong for a import/ export bussiness. A town house in Switzarland etc.etc. A billion is rich a million is $&%#. A million dollars is nothing nowadays.

Welcome to Neo Fuedalism,

Akuma

Yeah, i like that way.

The good thing is, we life in the online age and
Nowadays everybody can make one million and it is still more than the most people will ever have in their whole lifes.

Thank you Microsoft !!!

 

[hoodooman]

Not much risk might work for some but not me. I used to swing trade closed end fund. Went hunting one day and lost 24,000 bucks. CD's and scalping are the only way to go for me.