How much $$$ does it take to feel rich

[jtodd_fl]

I remember reading years ago something that has always stuck with me. Unfortunately, I cannot remember who said it, but it did stick with me and I have a vague notion that it was based on some research. If not, my personal experience has borne it out. It was something like this.

The highest achievers are never satisfied with where they are or what they have done. Whatever their method of measuring success - money, houses, cars, giving, investing, entrepreneurship, whatever - there is no metric that says they have arrived. It is in some ways a curse, because it is almost impossible to slow down. You almost have to quit altogether. You are never satisfied with where you are or comfortable that you have done enough. They are actually among the least likely to say that they have done what they want to do and are ok to consider it over.

I am reminded of this whenever a pro athlete comes out of retirement or hands on too long. I think this very much describes the my personality and that of very successful and wealthy people I know. (I am neither - yet.) That was what was behind my initial answer. I always think of what is left to do... never whether I have done enough to just let it go and see what happens.

[Mr Tonka]

Originally Posted by jtodd_fl

I remember reading years ago something that has always stuck with me. Unfortunately, I cannot remember who said it, but it did stick with me and I have a vague notion that it was based on some research. If not, my personal experience has borne it out. It was something like this.

The highest achievers are never satisfied with where they are or what they have done. Whatever their method of measuring success - money, houses, cars, giving, investing, entrepreneurship, whatever - there is no metric that says they have arrived. It is in some ways a curse, because it is almost impossible to slow down. You almost have to quit altogether. You are never satisfied with where you are or comfortable that you have done enough. They are actually among the least likely to say that they have done what they want to do and are ok to consider it over.

I am reminded of this whenever a pro athlete comes out of retirement or hands on too long. I think this very much describes the my personality and that of very successful and wealthy people I know. (I am neither - yet.) That was what was behind my initial answer. I always think of what is left to do... never whether I have done enough to just let it go and see what happens.

Pretty much as long as bimmette 's quote is in your signature, everything you type is meaningless.

[fravel]

Originally Posted by silvergray545

Cleveland, Ohio. Houses are cheap. 3,000 square foot houses can be had for $300k all day long. Did you ask for race tracks? Mid-Ohio is one hour away. Nelson's Ledges is one hour away. PittRace is 2 hours away. Watkins Glenn is 4 hours away. Those are what I know of off the top of my head.

There's a reason for that - no one chooses to move/live in Ohio. Either you were born here and couldn't escape, have family that you stick close for, or this is the only place you could find a job... but no one says "I think I want to live in Ohio."

[jtodd_fl]

Originally Posted by Mr Tonka

Pretty much as long as bimmette 's quote is in your signature, everything you type is meaningless.

So... same as when her quote is NOT in my signature...

[M3 Number 86]

Originally Posted by jtodd_fl

Mmmm... I think we have CLEARLY established that his third criteria (good Asian food) is a no-go, though.

maybe i can open Mr Kim's restaurant in Ohio lol

[jtodd_fl]

Originally Posted by M3 Number 86

maybe i can open Mr Kim's restaurant in Ohio lol

Good call. That way people can assume it is Chinese. Only people in your family will know you are Korean. Everyone else won't even know the difference.

"Hi Walt. You you should try that new Chinese place up in town. This Kim fella (he's a chinaman) served me up some excellent Kim-cheeee."

[1MOREMOD]

More, much more

[silvergray545]

Originally Posted by fravel

There's a reason for that - no one chooses to move/live in Ohio. Either you were born here and couldn't escape, have family that you stick close for, or this is the only place you could find a job... but no one says "I think I want to live in Ohio."

It's not as bad as you make it sound. But I do agree that nobody out of state chooses to move here.

[Mr Tonka]

Originally Posted by jtodd_fl

So... same as when her quote is NOT in my signature...

Basically, i'll read what you typed, then at the bottom read the quote and very quickly forget everything else you typed.

But no, this is a new phenomenon which leads me to believe it's the presence of her quote. And not the lack of meaningful text in your posts.

[silvergray545]

Originally Posted by M3 Number 86

maybe i can open Mr Kim's restaurant in Ohio lol

Originally Posted by jtodd_fl

Good call. That way people can assume it is Chinese. Only people in your family will know you are Korean. Everyone else won't even know the difference.

"Hi Walt. You you should try that new Chinese place up in town. This Kim fella (he's a chinaman) served me up some excellent Kim-cheeee."

This is true. Everything here is Chinese or Hibachi or Sushi. I have no idea how to tell the difference.

[M3 Number 86]

Originally Posted by jtodd_fl

Good call. That way people can assume it is Chinese. Only people in your family will know you are Korean. Everyone else won't even know the difference.

"Hi Walt. You you should try that new Chinese place up in town. This Kim fella (he's a chinaman) served me up some excellent Kim-cheeee."

Mr. Lee's so they will never be able to tell.

[MKSixer]

Originally Posted by M3 Number 86

Where can you get McMansions at 150k because I live in an apt

The $150-160K is for household income. Meaning that you can generally purchase a McMansion with a max value of $450-500K.

Originally Posted by Mr Tonka

Outside of California.

The People's Republic of California is an anomaly.

Originally Posted by ASBSECU E93

So - I think a variable here is location, location, location....

To this point - I earn a great salary, but I also live in an area that provides me with a lower cost of living. This is a variable that should also be considered.

The true value of my dollar earned (and buying power) where I live likely more than the value of the dollar earned in LA...

Completely true.

Similar but homes are relatively expensive compared to average household income

I am quoting general statistics from population research I did a few years ago.
I live in a generally high cost area but not like Cali.

[ASBSECU E93]

Wealth isn't definable - what one believes is necessary to sustain, another will see as excess, and yet others will see as lacking.

My plan, and since I have no heirs - Die fully leveraged!!

...And I plan to enjoy every cent of my savings along the way

[Z K]

It depends where you live. According to this study by Charles Schwab, it'll take 6 million in net worth to be considered "wealthy" in the San Francisco area. San Francisco is the most expensive place to live in the USA.

http://www.sfgate.com/bayarea/articl...sf-7245880.php

[fravel]

Originally Posted by silvergray545

But I do agree that nobody out of state chooses to move here.

Because it is as bad as I make it sound.

I'm guessing for someone who is middle-aged and maybe has a family, Ohio would be a good place because it's cheap, nothing interesting or exciting happens so you don't have to worry about your kids getting into trouble, and there's nothing to do here except drink so even when your kids do want to get into trouble all they're really doing is stealing your beer and drinking in the barn.

If you have any expectations of a social life, or you want to go to a bar that isn't full of dudes and obese women, or go snowboarding, or do anything fun at all, ever, then don't move to Ohio.

EDIT: In fact, new answer - I'll consider myself wealthy when I can move out of this state.

EDIT, again: We do get away with no emissions inspections, so I guess it's not all bad.

[jtodd_fl]

Originally Posted by fravel

Because it is as bad as I make it sound.

I'm guessing for someone who is middle-aged and maybe has a family, Ohio would be a good place because it's cheap, nothing interesting or exciting happens so you don't have to worry about your kids getting into trouble, and there's nothing to do here except drink so even when your kids do want to get into trouble all they're really doing is stealing your beer and drinking in the barn.

If you have any expectations of a social life, or you want to go to a bar that isn't full of dudes and obese women, or go snowboarding, or do anything fun at all, ever, then don't move to Ohio.

Don't be so closed-minded. This works with snowboard too.

[ASBSECU E93]

silvergray545 - I am sure the cost of living in Ohio is reasonable - relatively speaking, but the Quality of living is what drives the intrinsic value for many people...

[MKSixer]

Originally Posted by jtodd_fl

I remember reading years ago something that has always stuck with me. Unfortunately, I cannot remember who said it, but it did stick with me and I have a vague notion that it was based on some research. If not, my personal experience has borne it out. It was something like this.

The highest achievers are never satisfied with where they are or what they have done. Whatever their method of measuring success - money, houses, cars, giving, investing, entrepreneurship, whatever - there is no metric that says they have arrived. It is in some ways a curse, because it is almost impossible to slow down. You almost have to quit altogether. You are never satisfied with where you are or comfortable that you have done enough. They are actually among the least likely to say that they have done what they want to do and are ok to consider it over.

I am reminded of this whenever a pro athlete comes out of retirement or hands on too long. I think this very much describes the my personality and that of very successful and wealthy people I know. (I am neither - yet.) That was what was behind my initial answer. I always think of what is left to do... never whether I have done enough to just let it go and see what happens.

Very succinctly and accurately delivered.

I am still working at it (hitting my $ number) but I don't ever think that I will be able to stop. I don't know how to describe or quantify it but I have an internal burn that in unquenchable. (No jokes 1MOREMOD ) I know what i want to accomplish over the next 5 years and have a mapped out a plan to achieve those goals. I know that when I leave, 'work' exactly what I will pursue and have already started high-level planning.

I can't even conceive of failing. I know that even though I will be knocked down from time to time, I will ALWAYS get back up.

[MKSixer]

Originally Posted by ASBSECU E93

Wealth isn't definable - what one believes is necessary to sustain, another will see as excess, and yet others will see as lacking.

My plan, and since I have no heirs - Die fully leveraged!!

...And I plan to enjoy every cent of my savings along the way

I already told my daughter that I'm leaving her $12.83. She better be able to support herself because I'm spending it all!!!

[silvergray545]

Originally Posted by fravel

Because it is as bad as I make it sound.

I'm guessing for someone who is middle-aged and maybe has a family, Ohio would be a good place because it's cheap, nothing interesting or exciting happens so you don't have to worry about your kids getting into trouble, and there's nothing to do here except drink so even when your kids do want to get into trouble all they're really doing is stealing your beer and drinking in the barn.

If you have any expectations of a social life, or you want to go to a bar that isn't full of dudes and obese women, or go snowboarding, or do anything fun at all, ever, then don't move to Ohio.

EDIT: In fact, new answer - I'll consider myself wealthy when I can move out of this state.

EDIT, again: We do get away with no emissions inspections, so I guess it's not all bad.

Originally Posted by ASBSECU E93

silvergray545 - I am sure the cost of living in Ohio is reasonable - relatively speaking, but the Quality of living is what drives the intrinsic value for many people...

Without getting into too much detail, I've made investments that give me supplemental income that are based in this state. I would not have this same opportunity if I were to relocate to another state. Especially to one with a significant higher cost of living. I can travel out of state to all the glamorous areas as I please. Yeah, Ohio isn't the most exciting place in the US but it's been lucrative for me. So no, I don't hate Ohio.

[jtodd_fl]

Originally Posted by silvergray545

Without getting into too much detail, I've made investments that give me supplemental income that are based in this state. I would not have this same opportunity if I were to relocate to another state. Especially to one with a significant higher cost of living. I can travel out of state to all the glamorous areas as I please. Yeah, Ohio isn't the most exciting place in the US but it's been lucrative for me. So no, I don't hate Ohio.

[silvergray545]

Originally Posted by jtodd_fl

How did you know?!?!