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> To me “rich” implies independence and the ability to stop working 9-5. Perhaps this is a good example of the uselessness of the term “rich” when used absolut
by afavour 4y ago
> To me “rich” implies independence and the ability to stop working 9-5.
Perhaps this is a good example of the uselessness of the term “rich” when used absolutely because I would never interpret the word that way and we’d be talking past each other in any discussion!
- medvezhenok 4y agoHigh income and rich are not the same thing) I agree with grandparent comment that rich/wealthy denotes an accumulated level of assets, not just a high income (which may or may not be transient)
- sologoub 4y agoThank you for your comment! It spurred another thought of why high income != rich - high new income usually is associated with high loads of debt in US, e.g. a mortgage to buy a house. Such leverage puts the recipient of this new wealth (compared to generational wealth or even an outsized exit in tens of millions or higher) into an even more precarious position and ups the dependence on the employer. Which of course matches with most financial advice to watch the lifestyle creep.
- sologoub 4y agoAgreed! Definitions matter, as another reply pointed out, I differentiate high income (a fairly attainable goal) with “rich”, or more specifically wealth, where the person is not dependent on the employer. Note that one cannot say “not dependent on others”, as people are always interdependent - stocks represent companies selling products, landlords depend on renters, etc
- paulcole 4y agoThere’s a term for this: HENRY. High Earner, Not Rich Yet.
- aledalgrande 4y agoI also agree. Rich for me denotes a level of freedom that you can't have with _only_ high income. If your parents weren't high income for example, you might be building from zero, or negative, net worth.