Post # 107
Wealthy to me has nothing to do with an annual salary – it has to do with earning enough passive income (or having enough savings) that you don’t need to work to afford a generous lifestyle. If you lost your job, it wouldn’t impact your day-to-day activities significantly. What is generous? It is more than upper class (who can pay for college, have 2 cars, a nice home, good retirement savings, etc.).
Likely, that means 5% in savings in your country:
http://blogs.wsj.com/wealth/2011/07/28/how-rich-are-you/ (look at the right side “how rich are you”
By the second calculator, in the US that’s about 1.9 million
The problem with basing it on salary is that some people spend every dime they take in. Or they are in trouble if they lose their job. To me, this is not wealthy but high income.
Post # 108
I am not sure about how college tuition works where you are but here we pay by the course. as such, the arrangements my parents and I have made seem to work out well. they pay tuition up front. I pay for all other school expenses such as textbooks, study groups, and transportation. any time I achieve a grade lower than a b+ I am responsible for paying them back the cost of the course.
This has worked great for me because I am involved in the costs but also have consequences when my grades are not up to par.
Post # 109
In the US, sometimes you pay by course (community colleges) but usually it’s by semester. Unfortunately, there’s many other living expenses as well (and random fees such as activity fees) so it doesn’t entirely cover everything.
Did your parents take into consideration the academic caliber of the college that you went to? I’m just curious because I went to a top ten school, my brother to a military school and my sister to a religious school; it was far more challenging for me to earn high grades than my siblings. My choice of course to attend that school, but I could see a kid picking a “easier” school or even easier classes to game the system you described. For me, it wasn’t contingent on grades, I just worked hard for myself. My parents paid a set sum to college, enough for a state school but not my ivy league school. I walked away with a lot of loans because my school didn’t give merit scholarships (I didn’t qualify for much financial aid due to some unfortuate rules that hit our military family harder than would others). My sister had scholarships, so she made it through without much debt. My brother went to a cheaper school so walked away with not much debt either.
Post # 110
I am actually at the number one ranked university in Canada for my program (athletic therapy). In canada we pay by the course unless you are enrolled in a graduate programs which are charged by the year. as I am still in my undergrad, I currently pay by the course, thus why the pay for poor grades set up works well for us.
I am also a bit of a perfectionist, so maintaining my grades is for my own goals, not theirs. however, in my program that can be harder than many others. we have a very high failure rate because the standards are held very high (a minimum of 80% is required on all course components in order to pass). although this has worked well for me, I will acknowledge it is not for everyone.
Post # 111
If I had to put a specific dollar amount on it, I’d say 80K/year for a single person, and 120K for a couple. Or having over 750K in the bank.
But I agree with it being someone who can just buy whatever they want without it affecting their financial security.
Post # 113
Richness is…going to Subway and getting the footlong combo without thinking “omg will this make my rent cheque bounce?”
Post # 114
1% of this country – Rich
1% of 1% – Wealthy.
Post # 115
- Wedding: October 2011 - Bed & Breakfast
I just want to thank everyone who has responded. I really appreciate the variety of insights and the different ways we all think about the same concept.
Post # 116
Debt free (and mortgage free) and able to replace the boiler straight away if it breaks. And maybe an overseas annual holiday. Basically not having to stress or worry about money. The rich are the ones that don’t have to think at dropping cash. I think wealthy and rich are different in that sense.
Post # 117
to me being wealthy is being able to afford the things you want to do without blinking an eye.
Post # 118
To me, wealthy is the ability to plan for the longterm- investments and savings.
People who aren’t wealthy are focussed on getting through month to month. Poor, getting through week to week. Really poor, day to day.
Post # 119
As a rule, I consider a $100,000 income to be wealthy in a low cost of living area. However, I think being wealthy is more a lifestyle than a certan amount of zeroes.
My dad fervently claims to be middle class, but he has paid my college tuition so far, as well as my sister’s four year degree, my mom’s three degrees (highest is a Master’s), and my brother’s undergrad and veterinary schooling. On a good year, he brings in a bonus as much as twice my mom’s special education teacher salary. Hate to break it to you Dad, but you sound wealthy to me.
Also, a wealthier lifestyle looks different from person to person. While my parents can cover my college tuition if I only keep one scholarship, we almost never went on vacation when I was young.
Post # 120
I consider our lifestyle to be wealthy because of wonderful family, healthy parents, strong marriage with a wonderful man and we’re employed. As many people with good common sense have pointed out already, it’s a matter of perception.
I grew up in a huge family with only hand-me-downs,however my parents worked their arses off to give us each a private education. Forget extra curricular activities! The important things I love of the lower middle class upbringing I had we’re the universal lessons: manners. Respect. Knowledge. Compassion. Imagination. Determination. These are things money can’t buy. We went to school with “rich kids” which I never fitted in with and sometimes wished we had’ve just gone to the local high school!
i used to be a teacher (which I loathed more than I loved, so I changed careers) – anyways, I was at a careers fair at a college with some senior students and while they were off collecting brochures etc, I was speaking to a very wise man: he said “forget big bullshit houses and 150k cars, find the lifestyle that you want, that you dream of, and pick a job that fits around that. You will find happiness” – I realise to take that literally is easier said than done, but I know what he meant. It was a lightening bolt moment!
DH & I don’t live large, but we enjoy life. He earns an above average wage but it’s not ‘rich’. We are planners and thinkers about what’s good, what’s wasteful and we never seem without anything. My engagement ring is a moissy – its sits on your hand, that’s it! & 33k for the same design at tiffany&co made me physically ill.
We don’t focus on money, we’re not obsessed. Money doesn’t make you a nicer person, or a better parent or whatever. I know people whose eyes grow bigger with stories of money and it’s just such horseshit! It’s impressive if its from hard work but dollar signs in their eyes because it seems like you’re better than someone else is shallow and petty.
Post # 121
I think of wealthy as being mostly about income. I consider someone wealthy (if stupid) if they make a lot of money but have hardly any savings. I suppose the income line for me would be around 150-200k depending on the area & cost of living. Having a lot of assets but no income to me is not a wealthy because it’s not a financial situation that sustains itself well and it doesn’t allow for spending. I guess there’s a line somewhere where there is a MOUNTAIN of assets and no income and I would still consider that wealthy- but I have so little experience with large amounts of money that I don’t really know where that line is.