2006-11-21 09:37:04 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Rich by business definition is an income of $100,000 or more a month.
2006-11-21 09:44:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
having a mass of wealth that creates further wealth. That is Rich. Income? That question is irrelevant. Being rich and becoming rich are two in the same more often than not. I know a lot of people that make big incomes but their "wealth" is negative because of debt. Remember two simple rules:
1. Income-Outflow = must be a positive # as a constant
2. Equity-Debt = must be positive as well
Otherwise, no way to put it, you're poor, or will be soon
2006-11-21 21:18:52 · answer #2 · answered by GoodTimesMakingMoney 2 · 0⤊ 0⤋
Interesting question. To me, it means having enough investment income to live very well for the rest of your life without having to work. No matter what happens. To me, that would take about 3 million. A paid for house and all of the toys you ever wanted would take about a mil. One mil in stocks and one mil in bonds and you'd be there. That's just my definition. Everyone else is different. Lots of good answers. Money is NOT the most important thing. I've known many rich people who were miserable. I've known lots of high earners who were broke. And I've yet to see a Brinks truck in a funeral procession. All you really need to be happy is a little more than you need. To me for a single person that's about 60k a year.
2006-11-22 05:58:37 · answer #3 · answered by Big R 6 · 0⤊ 0⤋
Interesting that you have posed this question. We actually had this conversation a few days ago at work.
My determination - rich is defined differently by each of us - depending on what stage of (our) life we are presently at.
One single mother of twin 4 year old girls stated "going to the grocery store & not having to look at the prices" is rich.
Another indicated that feeding & clothing her family without the fear of the "grand total".
Another stated being able to go further that the "next paycheck".
To me, I think rich isn't at all about money. Certainly I like having the ability to not worry about those 3 items cited above - but rich is more about "being happy with wherever you are". Knowing that you've survived "those days" and are wiser for it. Knowing that there is SO MUCH more to life than money. To me - that's rich.
2006-11-21 19:43:56 · answer #4 · answered by chey_one 3 · 0⤊ 0⤋
I would say making over 250,000 a year.
2006-11-21 17:45:42 · answer #5 · answered by lizzy tee 3 · 0⤊ 0⤋
1,000,000 per year in income or about $5,000,000.00 in assets.
2006-11-21 17:48:21 · answer #6 · answered by coulter52 2 · 0⤊ 0⤋