What defines economical richness? The amount of money or the amount of debts?
2007-06-02 11:25:16 · 8 answers · asked by Lost. at. Sea. 7 in Business & Finance ➔ Personal Finance
I'm sure that the majority of people that I see in the street with expensive cars are rich in debts. Is a apparental richness. Or not?
2007-06-02 13:27:43 · update #1
I think rich (economically) is having enough money to live how you want to live, plus some left over for a cushion for security or retirement.
Just one person's opinion.
2007-06-02 11:44:14 · answer #1 · answered by Judy 7 · 1⤊ 1⤋
In a pure economical manner how rich you are is just based on your net worth. And your net worth is your assets minus your debts. Clearly having a large amount of debits might fool the public into believing you are rich, but is certainly wouldn't be true from an economic sense.
2007-06-03 00:23:15 · answer #2 · answered by Bulk O 5 · 1⤊ 0⤋
The answer to this question is different for every single person!
Ask the homeless person and they would probably say that a warm, shelter free from the weather and food to eat equals "richness".
Ask a greedy CEO, and he would probably say that another $50,000,000 would be close to "enough".
Not saying that all CEOs are greedy :)
2007-06-02 12:12:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I think Forbes Magazine defined rich as "someone who earns $1,000,000 a year."
2007-06-02 11:38:03 · answer #4 · answered by Realist 2 · 0⤊ 0⤋
I'm submitting this question for the Nobel prize in economics.
2007-06-02 12:45:07 · answer #5 · answered by Big R 6 · 1⤊ 1⤋
Not the amount of debts
2007-06-02 11:33:10 · answer #6 · answered by shekittee 3 · 0⤊ 3⤋
bill gates the amount of gross money all together
2007-06-02 11:33:40 · answer #7 · answered by Anonymous · 1⤊ 1⤋
I believe one is the shadow of the other...
2007-06-02 11:36:03 · answer #8 · answered by Erinyes 6 · 1⤊ 1⤋