4 ms·
“Rich” is highly relative. If someone lives in an area where everything costs on average twice as much as somewhere else, their money is effectively equivalent
by lumb63 4y ago
“Rich” is highly relative. If someone lives in an area where everything costs on average twice as much as somewhere else, their money is effectively equivalent to half of what it would be somewhere else. The reality is they’re probably looking to afford a upper middle class lifestyle and make an upper middle class household income. They don’t sound “rich”.
- AstralStorm 4y agoOn the other hand, wealthy is not quite as relative. A person having a jet that costs $100 can do about as much with it as a person with one costing $100 billion. Same goes with housing, mostly, with some obvious wealth breakpoints. The confounder is location, as defined by time to travel and job availability. Quantization artifacts dominate. Having access to basics vs not has a much bigger effect than either quality or quantity. This is why having just one house is not an investment - you cannot afford to not have one unless you're so rich you could outright get multiples of them in some places, get there and live comfortably.
- lotsofpulp 4y agoBut why does everything cost twice as much as somewhere else? Perhaps living there itself is the wealth. Access to high paying jobs, rubbing shoulders with other high achievers, the weather, the beach, the mountains, year round fruits and vegetables, better labor laws etc. As the saying goes “I would rather be dead in <X> than live in <Y>”.