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How much money do you need to be considered rich?

post #1 of 16
Thread Starter 
Yes, I know many of us consider ourselves "rich" because of things not related to money like our health, happiness, friends and family. Those sentiments aside, financially speaking only, how much money do you think it takes to be considered rich?
post #2 of 16
It depends on the individual. I didn't grow up rich but my parent's put me into a private school. I went to school with the Breck shampoo son, and the VP daughter of IBM. These people were extremely wealthy but miserable because they didn't trust anyone to be their friend. They thought everyone was their friend for the money they had.

I won't go on but my friends weren't rich and we still remain friends 20 years later.

I am not rich now but members of my birth family think I am extremely wealthy. They grew up poor, so poor that their shoes came from the mince meat bin (shoes that didn't match and were different sizes).

In the end it's all relative.
post #3 of 16
It is a matter of perspective. To those in 3rd world countries even our lower class would seem rich by comparison. Most ppl who have a lot of money never think they have enough. Look at what happens to most Lotto winners... they are broke soon after. Could I stand to have say $1Million in the bank? Sure, I could find a way to spend it easily. Do I truly need it to be happy in life? Not really.
post #4 of 16
I would say someone who is 'rich' is someone who has millions of dollars invested and lives off the interest, and still has plenty to spare.
post #5 of 16
More than I can spend.
post #6 of 16
living off interest, like Oregano said. And enough to be passed down for many generations to make "old" money.
post #7 of 16
To be debt-free & building up savings.
post #8 of 16
As the saying goes, "Poor people work for their money. Rich people make their money work for them." I'm in the category that truly wealthy people can live off the proceeds from their investments without touching the principal.
post #9 of 16
Either enough in investments were I could live off the interest & not touch the principal. Or 3 million bucks. Whichever comes first.
post #10 of 16
I agree, living off the interest. Since we are frugal and enjoy working, we could do quite well on less than that, but I suppose "living off the interest" would mean different things to people with different cost of living "requirements".
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