Is this person rich? What would you do if you had this?

Question

If someone you knew
a) didn't have or want kids
b) owned a home outright (worth not millions, but enough to live off the profits if it had to be sold) in a really affluent area.
c) didn't have to pay property tax on house, insurance on car, or the car they drive (a porsche)
d) didn't have to pay for food or any other daily items.
e) was able to spend $5 or $7,000 on clothes and other gifts.
f) doesn't work at all except volunteer work
g) was able to afford maybe 1 vacation a year ($3,000)
h) no other bills or debt

I know someone like this (not me, I wish!) & she insists she is not rich (because she still has a budget) but she seems pretty rich to me.

This lady is very very smart, she went to an Ivy League school & has a graduate degree also.

what i mean by "not have to pay tax" is that it is already deducted (by her accountant?) from interest from her investments. So she doesn't have to work to pay it, that's what I meant.

btw, she's only 28.

Answer 1

yes hes rich

Answer 2

Well, at the pace I'm currently on, I could be in her same situation within bout 10 years. I'm 29 and my highest annual income thus far has been just over 50,000. Some people are just good with money and budgeting of money, like myself. Someone who makes 50K doesn't even qualify as upper middle class, regardless of their possessions.

If you really want the secret to being able to obtain a lot with a little, it's called avoiding paying interest. I pay off my ONE credit card every month, using it only to keep buidling my credit rating. I just paid off my SUV in March, which I purchased a few months prior to 9/11 and had 0.9% interest on that loan, due to having good credit and I have no intention of buying another vehicle until the one I have is completely totalled or becomes more expensive to repair than it is to replace.

Other than that, the only interest I pay is on my home's mortgage, which I will have paid off within about two and a half years(18 years less than the 30 years mortgaged, which will save me a butt load of interest paid to the bank).

Follow simple things like that, avoiding paying interest, and you can do better financially than most people who make upwards of 200K a year.

Answer 3

Rich has a lot to do with a person's perception. and that often includes factors other than money. But yes i would say she is rich.
But then again anybody that has a roof over there head, a job, a car,enough food to eat and decent clothing would be considered rich by a vast majority of the world that do not have these things.

Answer 4

No i live like that too, except my husband still works and I have kids. Beleive me, when your used to having that kind of money you get used to a certain lifestyle and you still consider yourself broke. Granted I don't have a porche, I only have a Lexus, but my friends think I'm loaded, but it's all about being used to having a certain budget, I have no budget maybe that's why I am broke. ok put it this way. Whther it's 12,000 / month or 1200/month, you make due with what you have and get accustomed to that amount of money. obviously, I spend more and buy better things because I can afford it, on our income, but if I only had 1200 a month, then i would adjust to that. get what I'm saying?

Answer 5

I am pea green with envy.

She does not have to worry about day to day expenses, yet is not so irresponsible as to fall into substance abuse, and does volunteer work. Responsible enough to not have kids if she does not want children. Sounds like someone I would like to know. I would also bet she reads a great deal.

Her insisting she is not rich, means that she is at least trying to give the impression of humility. Are you irritated with her that she does not want children and does not have to work? If she has managed to arrange her life in this way, who are you, or we, to judge her?

Answer 6

Wealth is a relatively concept. Ask somebody that question from Ghana and you will come across as rich.

Personally I think she is well off and comfortable, not rich. A million dollar house is not a huge amount these day (merely £500,000 in english money)

Answer 7

All things are relative. To Bill Gates, she would not seem to be rich, but to you and I, She's rich. I know you are speaking of rich in the terms of money. To me being rich means many things. Having a close relationship with my Lord, makes me rich, regardless of my bank account.

Answer 8

I would say this person is very wealthy...and it's verry intellegent of this person to keep a budget. However some people just don't like to admit that they are wealthy, even when they know that they are....If I had that, I'd be in total bliss...with one exception....I'd have to have children, r at least a job in childcare...I love kids way to much.

Also..why does she not have to pay for anything??

Answer 9

Your question is what would you do if you had a person like this in your life? BE GREATFUL! Remember though, money and things are not all that is important in life. I certainly would not take advantage of her! You should still be able to provide and be responsible for your own life. Money isn't everything....

Answer 10

Sounds like she is just very very smart and knows how to invest and manage money.
I think rich is a state of mind. You can be a millionaire today and still not be rich.

Answer 11

i dont agree with all of your points like c. even celbrities pay taxes. and insurance on the home and cars/ d everyone needs food. and other items. you have to buy them/h no bills or debts/ you always have bills when you own a whether you own the home or not. lights cable phone. internet. all bills. car insurance home insurance all bills/