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What does it mean to you to be financially wealthy?

Jack's Pearl 2011/08/23 20:50:00
To me, in these dark times, it's not how much you make as much as how much you take home. A person that has no debt and only makes 40 thousand a year is much more rich then the person who makes 6 figures and owes more of it towards debt. To me, not owing makes you more rich. What are your thoughts on this?
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  • connie (in name only) BN-0 2011/08/23 20:56:03
    connie (in name only) BN-0
    +4
    Thankfully, we have NO debt, but we are "retired" and just getting by on one SS and one pension. To me, someone that is financially wealthy is someone that has more money than they know what to do with, so they use it for power. If I had too much money, I would use it to create jobs in the U.S.

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  • Spyderman739 2011/09/02 14:17:04
    Spyderman739
    +1
    To me, it means not having to borrow funds via credit cards or even the equity in my home. It means getting by with one income rather than two and still afford to send the boys to college and for my wife and I to be comfortable in our retirement years.
  • Jacqui 2011/08/27 18:29:24
    Jacqui
    +1
    I agree, we don't have big income. We do own outright our home, and our cars, truck, and tractor. You be surprised how liberating not paying rent or a mortgage can be.
    Our next coal: off the grit.
  • ☆stillthe12c☆ 2011/08/25 05:27:26
    ☆stillthe12c☆
    +2
    I have 2 houses paid for and that feels great!! Now if the Government would just hire me to show them how it is done.
  • lucky 2011/08/24 15:21:29
    lucky
    +1
    A person not living pay check to paycheck, with very little or no debt, someone who afford to spend money on non-necessities without worrying whether they will be able to pay the bills.
  • DutchHeretic Native non-Ame... 2011/08/24 12:51:40
    DutchHeretic Native non-American
    +1
    Money means next to nothing to me , I have no urges to collect money..
    I enjoy early retirement and have adapted my needs to have a nice life and I am not interested in the luxury things others need to prove their wealth..
    I own my own country cottage, wide screen tv , have a car , two motorcycles , a boat , a bicycle and money reserved for a few vacations in a year..
    I have no worries with our excellent universal healthcare.
    The only thing I don't like is the @$%#@#$ weather here in the Netherlands at this moment and this summer, at average..
    But what the hay, you cannot have everything :P
  • pcasper59 2011/08/24 11:54:32
    pcasper59
    +1
    I agree totally as you feel much more comfortable with less income and no debt! It is so much less stressfull that way!
  • Myrle Hulme 2011/08/24 11:15:28
    Myrle Hulme
    +1
    Since I don't earn that so I am not financially secure
  • ProVega 2011/08/24 06:29:02
    ProVega
    +1
    To be able to afford what I want.
  • Lawnmowerman~PWCM~JLA 2011/08/24 05:35:27
    Lawnmowerman~PWCM~JLA
    +3
    To be able to finally pursue what I WANT instead of what I NEED.
  • Tom 2011/08/24 05:04:17
    Tom
    +1
    Debt control is half the equation, the other half is total worth.
  • Brosia 2011/08/24 03:14:26
    Brosia
    +1
    I consider my parents to be well off, because they own their house and both of their cars and have the ability to pay all their bills and have a savings. I would like to have that safety.
  • pandabear. 2011/08/24 03:05:03
    pandabear.
    +1
    you can buy anything you want.
    buy money makes the world go round
  • TooSweet 2011/08/24 01:10:20 (edited)
    TooSweet
    +1
    To me being financially wealthy,would be having A modest home in the FLA, keys"with A nice view" A boat,some nice fishing rods and all the time in the world to use them. modest home fla keyswith view boatsome fishing rods world fly fishing in the gulf
  • Anna E 2011/08/24 01:03:38
    Anna E
    +1
    Being financially wealthy to me means not being in need and being deep in debt. We are not rich by any means, but we also don't have a lot of debt (under $15K) and we eat well, own our home (no mortgage), and pretty much do what we want.
  • Stacie 2011/08/24 00:54:32
    Stacie
    +1
    I'll let you know once I'm there.
  • Recruit 2011/08/24 00:09:26
  • rand 2011/08/23 23:18:12
    rand
    +1
    "Wealthy is the man who knows he had enough." Tao Te Ching
  • Sour Dime 2011/08/23 23:10:07
    Sour Dime
    +2
    It means you don't have to worry about supporting your family.
  • Xerxes 2011/08/23 23:09:16
    Xerxes
    +2
    No debt, solid investments and healthy trust fund
  • teaputts 2011/08/23 23:04:20
    teaputts
    +1
    There are many kinds of wealth, however if we are defining being wealthy, then I have a fairly standard defintion. To be truly wealthy, is to have enough money that you can live on the interest without touching the principle. How you live is going to vary by personality and interests.

    But you are right about debt. It is a huge drain and waste. It is also almost impossible to avoid entirely. i.e. education, house, medical. ect. The best thing is to go for living lower than you can afford and work your way up.
  • teaputts teaputts 2011/08/23 23:06:21
    teaputts
    +1
    I forgot to add that in addition to living on the interest and not touching the principle, you should be reinvesting with part of the interest to increase the principle. So you are constantly growing your wealth while living off of it too.
  • unclepat 2011/08/23 22:42:51
    unclepat
    +1
    Agree wholeheartedly! Everything I have I can say with pride, I OWN. I was taught at a young age if you can't afford it...DON'T BUY IT. Save for it and then purchase it cash. That nonsense about there being good debt, I don't follow. True I have some very small credit card balances just so I can maintain a good credit rating but if worse comes to worse, I just dip into an account and pay off my balance.
  • Linnster 2011/08/23 22:34:30
    Linnster
    +2
    I agree with your scenario that the person with no debt is better off than the person with more money and more debt, but that doesn't make him rich - it makes him fiscally sound at that point in time. What if his circumstances change and he needs more money than he earns? That's the point at which he may have no choice but to incur debt. A person who is rich is one who has sufficient assets (liquid or otherwise) so that no matter how much more money he needs, he doesn't have to go into debt to provide for his needs.
  • Doc Frank stein 2011/08/23 22:01:50
    Doc Frank stein
    +3
    Yes; being obligation free is definitely a much truer freedom than merely making packets of moneyLOL!!

    Personally, though, I think that in today's world, and in terms of Australian currency, I wouldn't call a person wealthy unless he had clear assets of [say] 6 million to 10 million dollars.
    He might be fairly 'well-off' if he owned, outright, 3 or 4 million in assets. I think if one reached this level, hopefully, with a little regular income as well, he could probably live out his life with few financial concerns.
    I wouldn't actually label him "Rich" unless he had over 10 million - more likely about 20 million Plus: then I would call him "Rich".
    Gone are the days that the "millionaire" is richLOL!!
  • Tau_Seti 2011/08/23 21:44:34
  • ImSoMad 2011/08/23 21:07:28
    ImSoMad
    +3
    Sounds like you have it right! :)
  • The Winter Sodahead 2011/08/23 21:00:15
    The Winter Sodahead
    +1
    Precisely what it is supposed to mean.
  • Kitsunehanyou 2011/08/23 20:58:56
    Kitsunehanyou
    +2
    I believe that rich people are those who dont have debts, they can eat daily, have clothes and thing that interest them (books, games etc), know when they should stop bying and those who have love.
  • connie (in name only) BN-0 2011/08/23 20:56:03
    connie (in name only) BN-0
    +4
    Thankfully, we have NO debt, but we are "retired" and just getting by on one SS and one pension. To me, someone that is financially wealthy is someone that has more money than they know what to do with, so they use it for power. If I had too much money, I would use it to create jobs in the U.S.
  • TooSweet connie ... 2011/08/24 01:05:11
    TooSweet
    +1
    Like A maid or gardener?
  • connie ... TooSweet 2011/08/24 01:19:41
    connie (in name only) BN-0
    +1
    I was thinking much bigger than that. If you suggest maid or gardener, I suggest a cleaning company or a landscaping/gardening group. And I would also suggest using employment verification to identify legal residents to hire.
  • TooSweet connie ... 2011/08/24 01:24:22 (edited)
    TooSweet
    +2
    Employment verification is not only A great idea,it is also mandated my US law...Not doing much good aparently. Btw I was just being funny"or so I thought"
  • connie ... TooSweet 2011/08/24 01:47:11
  • Mr. Rock "n" Roll 2011/08/23 20:55:44 (edited)
    Mr. Rock "n" Roll
    +4
    Have enough money to do or buy anything you wish without thinking about it and not need to work allowing you the time to do it!
    money buy thinbking work allowing poverty sucks
  • reg 2011/08/23 20:54:53
    reg
    +3
    as a pensioner in britain that means having enough to pay the leccy gas and water and have enough over to buy food!.......
  • metalmania17 2011/08/23 20:53:20
    metalmania17
    +4
    I agree. But I think of it like this.

    If I can go fishing hunting and camping then I don't care how much money I have. I would much rather enjoy my freedom away from work.

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