What is 'rich' by Western standards?

[ambach123]

Thanks for the advise TG. I appreciate it.

My problem with emailing is that often a meeting does not turn out to be the same.

Also after a few emails, I run out of things to say to someone I have never met.

One advise I got here was that I should limit myself to one area, and suggestion was made that Eastern Ukraine, and Kiev were the best most fertile. I am planning a trip in the fall with one of the tours to Ukraine.

For whatever it is worth, I got a whole bunch of mail from women in Russia at EM and AWeb. Since I am not going to Russia, I decline. AWeb I am suspicous about anyway, why am I getting these zillion of emails?
 

[tim 360]

Ambach123, You can be sure the Aweb emails are spam trying to get you to pay and pay.  Click delete.  I don't think EM does spam.

ps: You are hijacking Lily's thread so maybe start a new one to get advice.

[tim 360]

Alantodd,  I think you are correct... mostly.  I have one friend who at 55 works so much to maintain his little empire that just watching him is exhausting.  It is non-stop.  After many years of this his "empire" might be worth 6 mil.  I try to get him to enjoy his time (smell the roses) more but he is a workaholic and continues to amass stuff.  Most guys I know in his range also do work alot.

Now another totally different friend is worth over a billion and he enjoys life immensly.  His big concern might be should he spend 20 mil on a painting or should he go to his castle in Scotland for a week. 

At the big money end of the spectrum the money does all the work. 

[Pike]

Back to the specific original question.

A recent Federal Reserve publication indicated that a net worth of $1.4 million dollars would put you in the top 5% of Americans.  But the study noted that a survey of such persons indicated they did not think that $1.4 million was 'rich.'  45% of those surveyed said that $5 million was need to be considered rich.  8% of those surveyed said the number would have to be $100 million.

Also note that persons who are not financially sophisticated do not understand the different ideas of 'rich' when talking about income versus net worth.

[DKMM]

Lily, there are no western standards of rich.  It depends on your class you were raised with.  I have friends here that have wildly different ideas of what rich is.

A good side topic of this thread is how to broach this subject with a new RW love interest.  I had one girl straight up ask me after we were a couple days into our fling.  Another waited until we were already engaged.  The first thought I was loaded and the other thought me to be poor.

We all know that women can "smell" money, but some guys are better at putting out the scent than others.  It all depends on how you want to be percieved, and a mix of other reasons.  Sometimes we overcompensate, usually guys I knew from Slavic countries do this.  They will be $40k a year guys with a Mercedes (which is no better than a Ford when you take away the seats).  Then there are friends that make way more than they know what to do with and they just save it. 

In America at least there is another factor for the younger men and that's family money.  If a guy has one or no siblings and mom and dad are sitting on a pile, then its safe to assume he will be rich even if he pumps gas for a living.  I've experienced girls change their attitude towards me when they meet my family.

[Turboguy]

Personally I think it is all relative.   Rich is someone with at least twice as much as you have.  Poor is someone with half or less of what you have.   Just as old is someone 10 or more years younger than you and young is someone 10 or more years younger than you.   To a 10 year old someone 20 is old.   

[docetae]

Personally I think it is all relative.   Rich is someone with at least twice as much as you have.  Poor is someone with half or less of what you have.   Just as old is someone 10 or more years younger than you and young is someone 10 or more years younger than you.   To a 10 year old someone 20 is old.   

for me this is to be able to live without work . With around 3 millions, you can get around 80k / year only with interests (and safe investments, based on 5% year, 2 for inflation, 3 for you -20% of taxes...)

[Gator]

for me this is to be able to live without work . With around 3 millions, you can get around 80k / year only with interests (and safe investments, based on 5% year, 2 for inflation, 3 for you -20% of taxes...)

Are we talking Euro? 

Careful with your math if this is your realistic plan.   If you do this very early in your life, inflation, lack of budgetary discipline with a RW wife, and the unexpected will eat you alive as time goes by.

[docetae]

Are we talking Euro? 

Careful with your math if this is your realistic plan.   If you do this very early in your life, inflation, lack of budgetary discipline with a RW wife, and the unexpected will eat you alive as time goes by.

Canadian dollar. I have simplified the maths here, but calculi was done by a specialist in this field. About budgetary discipline, it is rule 1.

[alantodd]

You can get 5% tax free on tax free exempt bonds if you know what your doing.  $3M usd most people could live fine if they have paid off their house.  $150K a year without touching the $3M principal.  But if your 30 years old now inflation will catch you.  $3M not enough.

I advise people to retire at $5M usd and 2 houses paid off - summer and winter homes.  Put three million in tax free 5% bonds and $2M - 50% emerging market funds and 50% Fortune 100 funds.  Another good idea is certain companies in Canada pay 10% plus dividends and their stock goes up each year.  I have a couple of these stocks now where the dividend each year pays more than what I originally paid for the stock - plus the stock has gone up almost ten times.  Look carefully and you will find others like these companies.

Gator good point about discipline with RW on money.  They do spend a lot more than AW. 

Western Europe and USA people under 40 will probably have less money than their parents when they retire due to pension plans going away and rising healthcare.  I think this is good as people should work longer due to people living into their 90's with no problem now.  Aging populations is never good for an economy. 


My fiance has been in Siberia for 3 weeks with her father and his brothers so I am a little bored.  Can we have some topics besides money, alcohol, and drugs - just kidding.

[BradSTL]

it depends on the WAY he mentions these financial problems.
if he says everything is fine to attract me and later I know he is a liar I will "dump" him, just because of telling lies as telling lies, cheating and being "weak" are 3 main things that I would never forgive.

Including you?   If you were guilty of these "3 main things", should you be forgiven?

[Andrew]

Rich is what a person is before they retain a divorce lawyer....hahahaha