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Everyone has their own version of 'rich'. In my experience the ones that are the richest are the most driven and don't consider themselves rich no matter how m

Everyone has their own version of 'rich'. In my experience the ones that are the richest are the most driven and don't consider themselves rich no matter how much they have. Like my grandparents who had a net worth into the $tens of millions and yet I watched my grandma spend a half hour looking for the cheapest can of food on an aisle at the grocery store - anything to save one or two cents. I think people become wealthy by being somewhat obsessed with saving money, starting businesses, or cutting costs in all aspects of their lives. Once they've achieved a certain amount of money, no matter how much it is, their brain is hardwired to save, so they will probably never spend it in their lifetime. I also get a kick out of people responding that they are rich with a net worth of $100K, and also have mortgages, car loans, etc, that they don't count against their savings. This is ridiculous- they brag that they can afford a nice car so they must be rich- no, I'm sorry, you're a poor wage slave who has more debt than savings; you are not rich. My definition of rich is pretty simple - if you can stop working tomorrow and maintain your present lifestyle - I consider that wealthy. You have the freedom to do what you want with your life. For some people this might be a few million, for some this might be much more.

weaksauce 16y ago
I agree that you are only rich if you are not a slave to someone elses clock.
neilk 16y ago
> If you can stop working tomorrow and maintain your present lifestyle - I consider that wealthy. Even for most rich people, stopping work would require some adjustments. Tom Wolfe documented this pretty well in Bonfire of the Vanities. A bond trader loses his job and has to live on his savings. He acknowledges that he could still live like a king if he just moved out of his Park Avenue apartment, but "going backwards" is just socially inconceivable. He'd have to quit the club that all his wife's friends are members of, etc. etc. However, I agree to some extent with your definition of rich. I just note that 'present lifestyle' is also a variable here. This is why adjusting your expectations provides, in a certain sense, the best ROI possible. It costs nothing and you can become fabulously wealthy as a result.

weaksauce 16y ago

I agree that you are only rich if you are not a slave to someone elses clock.

neilk 16y ago

> If you can stop working tomorrow and maintain your present lifestyle - I consider that wealthy. Even for most rich people, stopping work would require some adjustments. Tom Wolfe documented this pretty well in Bonfire of the Vanities. A bond trader loses his job and has to live on his savings. He acknowledges that he could still live like a king if he just moved out of his Park Avenue apartment, but "going backwards" is just socially inconceivable. He'd have to quit the club that all his wife's friends are members of, etc. etc. However, I agree to some extent with your definition of rich. I just note that 'present lifestyle' is also a variable here. This is why adjusting your expectations provides, in a certain sense, the best ROI possible. It costs nothing and you can become fabulously wealthy as a result.