How much $$$ does it take to feel rich

[Mywifes335]

Originally Posted by Mr Tonka

One year we had a lot of customers moving here from San Francisco and they were awestruck with how much house they could get for a few hundred thousand. They were cashing out of their $1.5m 900sf place and buying 3000sf home with a yard and a pool for $400k here. (before the housing bubble and pop)


I plan on adding a set of these into the mix in the coming weeks as well. lol

Wait, where you located again?

[Mr Tonka]

Originally Posted by Mywifes335

Wait, where you located again?

FL. West coast, dawg.

[Mywifes335]

Originally Posted by Mr Tonka

FL. West coast, dawg.

Florida, on the gulf side?

[ny325]

I'll feel rich once my mortgage, and student loans are paid off. I live a simple lifestyle. As long as my love ones and I are healthy, that's all the wealth I need. Money doesn't buy happiness. For me, being with my family is priceless.

[Mr Tonka]

Originally Posted by Mywifes335

Florida, on the gulf side?

Yeah, the other Bay Area.... Tampa.

[Mywifes335]

Ok, a bit off topic, but I'm gonna share.

I was at the Hospital for Special Surgery today in Upper East side for a consult with an orthopedic surgeon. While waiting, I noticed some of the varied patients. Then in walks in a 30-something mother pushing a jogging stroller with a toddler. Physically, she's pretty, blonde, and very well put together. Too thin for my taste, but that's not the point.

Again well put together. She was wearing athletic gear and skinny jeans with an Hermes belt. On her one wrist was a Garmin watch and other wrist had two Cartier bangles. Her ring finger had a high quality 3+ carat platinum engagement ring.

We chat for a while and she's a stay at home mom with 2 boys. She was sweet and seemed genuine.

Bottom line: the majority of my former coworkers had/have wives like her. Very typical Manhattan, love it or hate it.

At this moment, I felt very poor...because I cannot, in my current position afford to provide this lifestyle for my wife without being irresponsible with our funds.

It was also this encounter that made me miss working on Wall Street

What's more important? Work hard/play hard or work/mow the lawn/revel in a McMansion in TX and shop at Costco for everything? (Btw, I love Costco, but not for clothes)

Food for thought.

[ny325]

As I get older, my priorities change. Keep life simple, and it will be more enjoyable. I know people who are financially well off. However, their kids are raised by nanny's, work over 100 hours a week, have a multi million dollar house. and look much older than they are. I wouldn't call that a healthy lifestyle. And believe me, they are financially well off.

[ASBSECU E93]

Originally Posted by Mywifes335

Florida, on the gulf side?

Originally Posted by Mr Tonka

Yeah, the other Bay Area.... Tampa.

Yo Dawg - nothing like buying beach property in Florida at a STEEEEEPPPP discount circa 2007-2009

[Mywifes335]

Originally Posted by ASBSECU E93

Yo Dawg - nothing like buying beach property in Florida at a STEEEEEPPPP discount circa 2007-2009

Yeah I missed that fuckin boat!

[eluded]

Where I live they say u need $6 million usd

[ASBSECU E93]

Originally Posted by Mywifes335

Ok, a bit off topic, but I'm gonna share.

I was at the Hospital for Special Surgery today in Upper East side for a consult with an orthopedic surgeon. While waiting, I noticed some of the varied patients. Then in walks in a 30-something mother pushing a jogging stroller with a toddler. Physically, she's pretty, blonde, and very well put together. Too thin for my taste, but that's not the point.

Again well put together. She was wearing athletic gear and skinny jeans with an Hermes belt. On her one wrist was a Garmin watch and other wrist had two Cartier bangles. Her ring finger had a high quality 3+ carat platinum engagement ring.

We chat for a while and she's a stay at home mom with 2 boys. She was sweet and seemed genuine.

Bottom line: the majority of my former coworkers had/have wives like her. Very typical Manhattan, love it or hate it.

At this moment, I felt very poor...because I cannot, in my current position afford to provide this lifestyle for my wife without being irresponsible with our funds.

It was also this encounter that made me miss working on Wall Street

What's more important? Work hard/play hard or work/mow the lawn/revel in a McMansion in TX and shop at Costco for everything? (Btw, I love Costco, but not for clothes)

Food for thought.

Quality of life....its relative to what truly makes you happy.

As a youth - I HATED working on a farm....Now, I can't wait to take off the tie and get on a tractor (Named bimmette )

[Mywifes335]

Originally Posted by ASBSECU E93

Quality of life....its relative to what truly makes you happy.

As a youth - I HATED working on a farm....Now, I can't wait to take off the tie and get on a tractor (Named bimmette )

I seriously want a farm too...

[bimmette]

Originally Posted by ASBSECU E93

Quality of life....its relative to what truly makes you happy.

As a youth - I HATED working on a farm....Now, I can't wait to take off the tie and get on a tractor (Named bimmette )

Oh geez

[ASBSECU E93]

Originally Posted by bimmette

Oh geez

Mr Tonka started it....

[NEFARIOUS]

On one hand, I feel like it's $5M in liquid assets, no negative debt, and everything is paid for; your houses, your cars, etc.

On the other hand, it's not worrying about bills and being able to anything you want (within legal bounds, of course) and being happy in 6 areas of life: Attitude, Physical, Resources, Intellectual, Spiritual, Mental (A PRISM). For me, as long as I have the family I never really got growing up, be able to live comfortably, and give them a happy life, I don't really care about tangibles.

[Mondolemite]

Originally Posted by ny325

I'll feel rich once my mortgage, and student loans are paid off. I live a simple lifestyle. As long as my love ones and I are healthy, that's all the wealth I need. Money doesn't buy happiness. For me, being with my family is priceless.

Rich people realize that leverage is an important vehicle for wealth creation. Why pay off low interest rate student loans and mortgage when you could use those funds to invest in much higher return investments? Especially since many rich people qualify as "accredited investors" and have access to higher return opportunities.

Also, your mortgage interest is tax deductible. I know it makes a lot of people feel better but paying off your debt is not always the best financial move. Depends on interest rates, cash flows, and alternative investment opportunities among other things.

Edit: This response is not directed specifically at @ny325. The simple life is definitely an appealing option. Just making a general observation.

[Mr Tonka]

Originally Posted by Mondolemite

Rich people realize that leverage is an important vehicle for wealth creation. Why pay off low interest rate student loans and mortgage when you could use those funds to invest in much higher return investments? Especially since many rich people qualify as "accredited investors" and have access to higher return opportunities.

Also, your mortgage interest is tax deductible. I know it makes a lot of people feel better but paying off your debt is not always the best financial move. Depends on interest rates, cash flows, and alternative investment opportunities among other things.

Edit: This response is not directed specifically at @ny325. The simple life is definitely an appealing option. Just making a general observation.

This. Though I've largely given up on that argument on this forum.

Everyone tends to think financing your BMW means you can't afford it or that you should pay off your mortgage asap. If my primary residence was paid off we'd just get a LOC against it to buy more property. But my mortgage interest rate is so low that it's a wash and we may as well just invest the extra funds in more property. Not that property investment is the right vehicle for everyone. Even our market investments during worst portion of the last recession averaged a 8% roi which is double the highest interest rate loan we have. So why pay the loan?

I was always told that there are two ways to create wealth. Leverage money or people. Both can be risky and both can be rewarding.

[Biorin]

Originally Posted by Mr Tonka

This. Though I've largely given up on that argument on this forum.

Everyone tends to think financing your BMW means you can't afford it or that you should pay off your mortgage asap. If my primary residence was paid off we'd just get a LOC against it to buy more property. But my mortgage interest rate is so low that it's a wash and we may as well just invest the extra funds in more property. Not that property investment is the right vehicle for everyone. Even our market investments during worst portion of the last recession averaged a 8% roi which is double the highest interest rate loan we have. So why pay the loan?

I was always told that there are two ways to create wealth. Leverage money or people. Both can be risky and both can be rewarding.

Yup. It's hysterical how many people think that either leasing a car or buying without paying at least the majority in cash means that you can't afford it.

[shivaswrath]

Originally Posted by infamousdiz

Like the title says what dollar amount would you feel rich?

My answer would be to net a 1 million a year but i feel that my lifestyle would just reflect my income and i would be "poor" in term of disposable because of my large overhead. like the saying goes the more you make the more you spend. reading an article once it said " rich people have to the money problems the poor does but their problems are very expensive. agree or disagree

It's not amount of money in the bank, def how much you make per month.

[infamousdiz]

Originally Posted by Mr Tonka

This. Though I've largely given up on that argument on this forum.

Everyone tends to think financing your BMW means you can't afford it or that you should pay off your mortgage asap. If my primary residence was paid off we'd just get a LOC against it to buy more property. But my mortgage interest rate is so low that it's a wash and we may as well just invest the extra funds in more property. Not that property investment is the right vehicle for everyone. Even our market investments during worst portion of the last recession averaged a 8% roi which is double the highest interest rate loan we have. So why pay the loan?

I was always told that there are two ways to create wealth. Leverage money or people. Both can be risky and both can be rewarding.

also input there is always a risk in buying a house or any expensive item why not share that risk with the bank. IE your house burns down and from some kinda loop hole your insurance does not pay, in this case its worth defaulting instead of coming up with the 500k

[infamousdiz]

Originally Posted by hockey21

it's all about what you need to make you happy, also where you live. i have friends that play professional hockey, have everything paid for and are putting 2-3 million a year before the age of 32 in the bank... they are RICH

have friends that are teachers ( my girlfriend) live in a moderate house in CT, no student debt, no need for expensive car payments, get good deals shopping, save up for a modest vacation here and there, etc and enjoy life... rich

on the other hands, several of my buddies make 2-300k at age 27, need to live in NYC, need to take girls on expensive vacations, go to yacht week with their buddies, wear 1500 suits, spend 1,000 a weekend going out and shopping, and spend every cent they have... they are poor. i have been struggling not to fall into this category !


a penny saved is a penny earned, to me it's all about what you can manage to save. i envy my father and his generation for being so conservative and saving so much growing up. it's honestly tough.

Count me in that boat too, wife and i make good money but spend most of it other then maxing out our deferred comp plans. life is short. Its really true the more we make the more we spend

[2bad4u]

Haven't read all posts but what is rich? I was once told when I was younger that it doesn't matter how much you earn/have you will always want 10% more.

3 times in my life I have quit my job and gone back to basics and had a "reset". Most recently was 3 years ago when I went from earning a 6 figure salary to less than $15k a year. I reckon everyone should try this at least once in your life and you soon realise what's important and the things you can go without. Most people think that they couldn't cope but you will always learn to live within your means but sadly over time most people will start to live beyond their means.

Try hitting that "reset" button in your life at least once, you may just surprise yourself.