{ "media_type": "text", "post_content": "What’s the definition of “rich” to you?", "post_id": "61c09f62d065c7002eb259fe", "reply_count": 199, "vote_count": 18, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }
null

What’s the definition of “rich” to you?

likesmartfunny
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

Makes me think of this story:

The Fisherman And The Businessman by Paulo Coelho

There was once a businessman who was sitting by the beach in a small Brazilian village.
As he sat, he saw a Brazilian fisherman rowing a small boat towards the shore having caught quite few big fish.
The businessman was impressed and asked the fisherman, “How long does it take you to catch so many fish?”
The fisherman replied, “Oh, just a short while.”
“Then why don’t you stay longer at sea and catch even more?” The businessman was astonished.
“This is enough to feed my whole family,” the fisherman said.
The businessman then asked, “So, what do you do for the rest of the day?”
The fisherman replied, “Well, I usually wake up early in the morning, go out to sea and catch a few fish, then go back and play with my kids. In the afternoon, I take a nap with my wife, and evening comes, I join my buddies in the village for a drink — we play guitar, sing and dance throughout the night.”

The businessman offered a suggestion to the fisherman.
“I am a PhD in business management. I could help you to become a more successful person. From now on, you should spend more time at sea and try to catch as many fish as possible. When you have saved enough money, you could buy a bigger boat and catch even more fish. Soon you will be able to afford to buy more boats, set up your own company, your own production plant for canned food and distribution network. By then, you will have moved out of this village and to Sao Paulo, where you can set up HQ to manage your other branches.”

The fisherman continues, “And after that?”
The businessman laughs heartily, “After that, you can live like a king in your own house, and when the time is right, you can go public and float your shares in the Stock Exchange, and you will be rich.”
The fisherman asks, “And after that?”
The businessman says, “After that, you can finally retire, you can move to a house by the fishing village, wake up early in the morning, catch a few fish, then return home to play with kids, have a nice afternoon nap with your wife, and when evening comes, you can join your buddies for a drink, play the guitar, sing and dance throughout the night!”
The fisherman was puzzled, “Isn’t that what I am doing now?”

like

I heard about the story- when I am getting older, I realize different things as the fisherman has the freedom to choose to retire now but doesn’t have much a safe net when any disaster happens, such as a pandemic, a famine, or just a disease.

like

Here is a story for you! You might be able to extrapolate what truly RICH is?!

Ken Behring, the former Seattle Seahawks owner passed away a few years back.

Prior to his passing, he gave one last interview!

He was asked: Ken, you have everything. What does really make a difference in your life?

His answer: “at first, I thought that being rich would make me happy. I bought a big house and a big boat. Then, I realized it don’t make me happy. I bought a bigger house and a bigger boat. Then that also didn’t make me happy! I bought more houses and a bunch of yachts and bunch of planes. Then I bought the “hawks!” That also wasn’t enough.

One day, one of partners said to me: Hey Ken, Im getting a few buddies on my G6 and we are flying over to Bosnia. I heard a lot of kids lost their legs due to mines. We want to donate some wheelchairs.

Ken gets up and goes. In Sarajevo, he picks up a small boy who lost both of his legs of the sidewalk and places him into a brand new wheelchair. The boys started crying, and through tears - says to him: “ Sir, please come here, I want to look at you for one last time, what is your name?”

The translator tells Ken, the boy (Mirko) siad, he wants to remember you name, so when “he goes to Heaven to mention you to God!”

Ken, visibly shaken, gets back on the G6 and flies back to Seattle. Sets up a foundation and long and behold buys and distributes over 44,000 wheelchairs around the world, from Africa to Asia.
Then he tells the journalist: This 7-year old boy taught me old man the meaning of life!
That Day, I found true happiness!

like
Recent IconRecent

Being able to choose to work ever again without compromising my standard of living.

like

@Nvidia: I started in Europe and moved to the US a couple of years ago. Even with high housing cost my savings are larger than the net income for my position would be in Europe…

True Riches is having both time and money. I’m becoming rich on my way to being wealthy, but paying with shortage of time.

likesmart

Love this

like

As a 25 year making 110k+ with a significant other making the same in a MCOL, I feel like we are rich. We have the potential to max retirement savings, buy cars down right, and save for a house, while not having to worry about little things. My advice is don’t get sucked into consumerism and buy brands because of name and status

like

Earning more $ with kids is even better…as a father of 3. Our kids bring significant joy to me and my wife - can’t imagine life without them.

like

Where your home, health, family, happiness are not in jeopardy due to your financial situation.

likeupliftingsmart

Not having to pay attention to the total at the cash register when I buy something.

like

EA 1 I grew up in dire poverty and put myself through college putting in 80 hour weeks between a full time job, school and working full time. I’m talking the total at Trader Joe’s not Chanel, where I would never shop anyway. I’m a single woman that bought a home seven years ago in a HCOL area. I’ve made countless improvements to said home, invest heavily in my retirement and emergency fund and also donate my time and money to my community and causes. But thanks for the judgement. You go ahead and do you, too. 🙄

I think at $300k total household income most people would consider you “rich” in the U.S. but there are obviously different levels of being rich.

like

Im with you ASM1. im at $450k/year and by no means would I consider myself "rich"

Full disclosure: not sure if this is "rich" but this is my personal next level goal.

Personal property worth 1.3m. 15k cash flow per month from rental properties. Income after expenses of $10k per month.


Rich is probably not having to do this type of math. Also, Personal chef. Cleaner. Butler.

likefunny

I think you missed the part about passive income.

Rich is less this about money and buying things, more about family, friends, stress levels, health, reasonable financial security. Its also hard to accept this at 22, and many wont accept it til they get money and realize...

like

Amen! The day I crossed 45 and looked back, none of that materialistic crap mattered anymore . I enjoy the freedom of my own time and the fact that I can take my daughter to the beach on Wednesday morning without having to report to someone. That’s priceless!

like

Being able to live the lifestyle that you want off the income/interest from your investments without needing to work. So, someone who makes a lot of money working and blows it all to an inflated lifestyle is farther from being rich than someone who lives well-beneath their means.

I also feel like a lot of marketing/corporate propaganda is designed to make us feel like we want that inflated lifestyle and keep us running on the hamster wheel without actually progressing to becoming rich.

likesmart

Agree with this definition. If the income from your investments sustains your lifestyle then you’re rich.

like

I’d say $5 million of liquid net worth

likefunny

I don’t own my primary residence due to moving around a lot but I own a beach condo and house on Lake Como. Does that count?

Note that most of these responses are heavily skewed since a majority of users are upper class and or highly educated. Lots of people would consider most of our current income “rich”. All relative.

likehelpful

PwC 11 so you mean comparing ourselves to the average? I don’t see having perspective as being pointless.

Homeowner in HCOL area

likefunnysmart

Being happy

like

Profound! I’m not kidding

like

For me, it’s about living a rich life. That’s going to equate to a different monetary amount for everyone depending on location, family, interests, wants…. you know.

I would feel rich if I could own a modest home in a nice area, eat out for one meal a day, and spend time doing what I like to do. Which is mainly hanging at the beach, making music, writing, watching movies, and traveling.

When I look back at the average day and realize I’ve spent 8+ hours working for someone else just so I can pay the rent to live in a city I don’t love but I moved to solely for this job, well…. I could be making 10x my salary and still not feel rich.

I guess time really is money, huh.

like

Having ability to use my time as I please (which MIGHT mean not having to work because I have cash flow to support this lifestyle).

Paying for convenience (think services such as delivery, cleaning, eating out more frequently)

All this equates to essentially having FAT Fire status somewhat early in a life would be rich to me.

For me personally that would be 80K expenses a year and not having to do a day of work anymore if I decided to (and instead focus on hobbies/volunteering/vacationing)

Using numbers, it would need to be investments that allow me to withdrawal 100K a year without ever running out and a fully paid off home.

Right now my annual living expenses per year is around 33K without counting church tithing. I'm single and living a comfortable life. If I was a homeowner my expenses would likely bump up to around 40K, so the 80K expenses I mentioned above would be pretty much balling out.

like

Paying for convenience is big !!

I think most of the people on this app are rich compared to the majority of the population. Its a matter of feeling financially secure that motivates most of us. So for me, it would be able to survive off interest and dividends. I have pretty low expenses. That would be around 2.5 mil in investments.

like

With inflation accelerating, and the 10-year at 1.5%, you’d need a lot more to be able to live off dividends. Especially, considering the current market valuations. We have borrowed decades from the future hence having assets isn’t going to afford a lifestyle but simply staying afloat and working til we drop.

like

Being “rich” is a state of mind.

like

Do you have happy and healthy kids? Check! Can you pay the bills? Check! Can you afford to travel and live your life in peace? Check! Do you have personal and professional freedom, such that you can take you kid to see the dolphins on Wednesday morning without asking for permission someone? Check . You are rich! You are rich beyond belief! And no material possession in the entire world would make you happier! I guarantee it! Trust me- personal experience.

like

None of your business!

like

Related Posts

How much salary can one expect at Deloitte DC as a Salesforce Technical Manager.

Asking from nagarrians.... Have you ever asked HR to increase project commitment bonus/ allocation? If yes, then did they agree and how much?
You can DM if you are not comfortable sharing it here.
I am working in a high demand project and I feel that project commitment is way to low

like

I have an offer for £55K as a senior consultant at a boutique firm in London (supply chain consulting). 10-15% bonus and £5K relocation since I'll be moving from North America.

Good or bad offer? I have 5.5 YOE total, 2 in consulting

How much salary I can expect from LTI for 3 year experience. Java developer role.(skills: javs,spring boot,MicroServices)
I have offer of 8.5 and 9 from other companies.

like

Reality Check: Age 22 and entry level salary is ($4.5k month post tax / max 401k) and my rent is $1k a month.

Is leasing a Jaguar F-Type ($70k car) for $700 a month plus $200 insurance insane?

I am still saving $1.5k a month on top of saving entire signing + performance bonus

funnylikehelpful

EY FSO NY new manger salary ranges? Any input is appreciated !

like

Guys need urgent help!
Is there anyway we can get the latest compensation statement for December 2021 revised salary ? The current compensation statement on TOD still shows an year old salary..

like

Tax folks, have any of you left PA to work for a state department of revenue? How was your experience there? Seriously considering leaving PA for better hours and benefits package.

like

What's your current salary, and age? Trying to gage personally.

like

Does anyone have experience with PwC’s annual $5,250 tuition reimbursement? I see it listed as a benefit in their benefits booklet. Is it pretty straightforward for me to use to get reimbursed for an in progress masters in analytics?

like

Hello! Is anyone willing to share their salary and years of experience as a product manager in Los Angeles, CA? I’m brand new to the role and I’m seeing a wide range of salaries for an entry level position. I’de love to have a better understanding what the market rate is for the role. Thank you all in advance!

like

What would a healthcare attorney with 5 years of experience charge hourly?! I understand it varies depending on the market but what is a fair hourly rate?

like

Senior AD salary range in ATL at Agencies and In-house?

like

What does it take to get in the top part of the variable compensation bracket? i.e., if the range is 7-14%, what all do you have to do to get the 14%?

like

What type of health insurance do you recommend for pregnancy/delivery? I’m on a high deductible with HSA now, but wondering if PPO would be better. Options are through Cigna. Thank you!

like

Hello,

Current company : Accenture
Current CTC : 5.60 Lakh
YOE : 3.8 Years
Tecnology : DWH ETL Tester

Got placed in Deloitte. Waiting for HR call. Being said, how much following, I can ask with HR.

ECTC :-
Bonus :-
Variable Pay :-

This is my first switch and I feel current CTC is very less for my YOE.

Thanks in advance 😎

like

Is $130k a good offer for Director of Growth & Marketing?

The company is a Series A B2B tech startup (venture-backed). Part of the role will be to build out the team from 10 to 20 FTEs and pivot the organization to Demand Gen marketing. Other details:

Reports to Chief Growth Officer
Stock options provided on top of base (present value worth $20k)
No bonus plan, though they're "exploring this"
Location: fully remote

like

I've been out of the accounting and general business world for about 3 years now, moved to a different country. I left it as a senior audit associate with 1 year as a senior. I left south Florida which I think is a mid COL area maybe even high now making about 65k.

I'm about to go back to public accounting in florida so what's a reasonable base and starting bonus amount I should be okay with now that prices have gone way up since I left?

like

Hey Folks,

How does the tax thing work on the ADP portal? I declared my tax submissions for PPF, HRA and life insurance. But still the tax of around 5k got deducted from this month's salary. If I didn't declare then more tax would have deducted or the declaration wasn't considered? Can someone please guide on this and tell the proper ways of saving the tax deduction? It would be really helpful!

like

Agree or disagree: an MBA from a non Top 25 school will not get you far or a larger increase in salary

like

Additional Posts

When 10 partners don't review your 100 slide deck and then go to a 3 hour session with the client leadership.....anxious and scared. #timeforabeerlunch

like

I had an offer from EY .. The DOJ was 28th March but I didn't even accept the OL, will I not be able to attend the interviews again ?

like

I am working on a project to built OKR and KPI software for performance prediction. The tool that helps companies track KPIs and predicts business performance using these KPIs. This does two things for the business 1) creates visibility around performance individuals, departments and business as a whole and 2) enables businesses to predict outcomes for the next month, quarter etc.

I am interested in is knowing, a) if companies track KPIs and how do they do it b) (to be continued in comment)

like

Does anyone know the comp for data science director at Capital One? Any insights would be helpful:) thanks.

like

What are your favorite review games to use in the classroom?

like

Big4 ITS senior 1 or 2 salary in NYC? Thinking of boomeranging back to PA and trying to assess the compensation. Thank you!

like

Hi all
Java developer vs data engineering which one has better job opportunities in market.
And i want to know which resources will always be in demand? In these two.
My manger said he will place me in data projects so just want to know. How good are opportunities in this data domain. Can you please suggest whether should i stay in java development or is it good to move to data engineering

like

Anyone know when Slalom is opening up their Florida offices?

like

It happened! I finally sat in the wrong seat. 😢
Both seats were exit row window seats so the guy nicely switched seats.

like

@NYC creatives I can confirm Chicago: the hours are different. The creative department is a ghost town at 6:30. People leave to pick up their kids, etc. and if you are single above 35, you a freak.

likefunny

Senior AD salary range in ATL at Agencies and In-house?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

For account settings, visit Fishbowl on Desktop Browser or

General

Legal