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How Much Money Does It Take To Be Rich?  I_icon_minitimeMon Jan 15, 2024 5:43 pm by RamblerNash

How Much Money Does It Take To Be Rich?

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How Much Money Does It Take To Be Rich?  Empty How Much Money Does It Take To Be Rich?

Post by UNEEK Mon Jul 15, 2013 7:41 pm

How Much Money Does It Take To Be Rich?  1373894099
How Much Money Does It Take To Be Rich?  By: Joshua  Kennon

You Need to Know How Much Money It Takes To Be Rich to Invest for Your Needs

As a new investor, you probably know that you should spend less than you make and invest the rest in stocks, bonds, mutual funds, real estate or other assets.

Over time, you know that the money should grow if it is wisely managed and, you hope, you will one day have enough upon which to retire. (For more information on how people get rich, read How to Get Rich - A Guide for New Investors.)

Have you ever wondered, though, "how much money does it take to be rich?" That is the question posed to a group of financial planners from a recent CNN Money publication that caught my eye.
  Most seemed to believe that it took between $2 million and $12 million to be rich. This would generate roughly $300,000 in annual income and would allow you to afford the following lifestyle all without a job:

    Pay all taxes

    Spend $3,800 per month on housing expenses

    Have $12,000 in cash left over each month to spend any way you like

I find it interesting that this correlates closely with the bottom-tier of the so-called capitalist class in the United States. It seems that most people really do just want to put on their Mr. Monopoly hat, setup an office to monitor their investments, and spend all day reading, going to nice restaurants, giving generously to charities, and adding to their net worth.

People Are Satisfied By Increases In Net Worth, Not Absolute Income

It is interesting that people are satisfied by watching their net worth increase each year not by making more money per se. That is, you are more likely to be satisfied if you make $300,000 per year, live well but add $100,000 to your stock portfolio each Christmas than you would be making $1,000,000 and spending every penny of it.

Something deep in most investor's psyche seems to be triggered when we pile up treasure at no expense to our lifestyle or giving.

It turns out that once you have the granite counter tops, the nice car, and are dressed in bespoke Ede and Ravenscroft with matching bespoke George Cleverley shoes, wearing Creed Bois du Portugal as you study your portfolio in your newly built custom Clive Christian study, spending more money doesn't make you any happier.

It seems the psychologists have found that everyone just wants to get to that point; collecting municipal bond interest, cash dividends, and playing golf. Once you are there, you don't want to spend more money, you just want to watch the figures get larger like a game or scorecard.

The Secret to Successful Investing

I explained this concept to you in an article called The Secret Philosophy of Successful Investing. Your goal as a new investor should not be to merely pile up treasure endlessly at the expense of the products, services, and experiences you want for your life.

Instead, it should be to find out what it is you want, how much monthly cash you need to afford it, and then we can work on calculating the total investments that would be required to service that lifestyle.

Some Have Argued It Requires Much Less Money to Be Rich

A recent study in the United Kingdom found that people were happiest with $75,000 (United States) household income without working, which requires only $1,500,000 in net worth earning 5% per year. Presuming this income came from tax-free bonds, that is $6,250 in monthly income without working.

For most people, I would think that would be a great source of satisfaction because you could have a house, car, clothing, and pay cash for what you wanted if you were middle or working class, lived in a nice neighborhood, and were located in the Midwest or South where the cost of living is substantially lower than New York or Los Angeles.

The point of all of this is you must answer the question - "How much money does it take to be rich?" for yourself.

There is no right or wrong answer and the difference is going to depend upon whether you are happy driving a Toyota or you want a Bentley, whether you are comfortable in J.C. Penney dress shirts with a Seiko watch or you prefer wearing a $250,000 Patek Phillipe Grand Complications watch with flawless diamonds.

You are on the only one that can answer that question and there is no right or wrong answer
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Post by aksafeone Mon Jul 15, 2013 9:27 pm

WEll, since I'm already Rich (that's my name and it cost me 0) my guess is NONE.  As far as wealthy is concerned - that depends on where you are and what the standard of living is.  To a stranded seafarer on a desert island being rich may be 5 boars, 27 coconut tries and a fresh water stream.  To a resident of a mansion located on Snob Knob in San Francisco -- $Millions.

Personally, I would just like this to RV at whatever it does and see where that leaves me - considering my holdings of dinar.  Who knows, by the time Obama and the Congress gets done taxing us we may consider ourselves RICH if we have enough to afford decent food and a roof without holes in it.
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Post by alleyrose Mon Jul 15, 2013 10:16 pm

Well I have no money and I reckon I am pretty rich!
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Post by UNEEK Mon Jul 15, 2013 10:41 pm

 In terms of $$ I am not rich  (yet) - in terms of health and a few truly good friends I am wealthy. I think we all use a different scale to measure with  - maybe more importantly -- where  are we  and where do we want to be and what price are we willing to pay to get there?

I feel that most folks realize that  $$ money and fame do not guarantee happiness -  You can be very money wealthy and still be unhappy and you can be financially poor but wealthy in other areas and be happy - Just look at our  Hollywood stars - we have lost many wonderful gifted ones prematurely  due to  suicide or  unhealthy choices - Happiness is a choice - you  "choose" to be  regardless of what is going on - Rich & wealthy maybe a state of mind = also by choice -

Thanks for the  feedback folks - I just wanted to bring a little something different to read  and to stir our  minds - Have a great evening  with great hope & expectations for tomorrow  <3 <3 UNEEK
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Post by aksafeone Mon Jul 15, 2013 10:53 pm

WE who are about to become BROKE, salute you!!!!!!   hee hee.
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Post by alleyrose Mon Jul 15, 2013 11:23 pm

WE who ARE broke salute you too LOL!
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Post by PALMER01 Mon Jul 15, 2013 11:31 pm

Well, I just got my bill from the 4 day vacation I took to the hospital, and it looks like I have joined the "just broke club". HOLY COW!!
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Post by alleyrose Mon Jul 15, 2013 11:32 pm

Oh geez Palmer that stinks!
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Post by Kevind53 Tue Jul 16, 2013 7:57 am

Don't worry Palmer, just send the bill to O ... his Bamacare will handle it for you .... :justswinging:
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