Whats Considered Rich/Wealthy

[dirty old man]

The Demo's are always whineing about the top 2% not paying their fair share of taxes, and the next 10% this and that, but what is considered wealthy in todays world. Our friends are almost all retired, 60/70ish and no one is worth under $5m - $10m, the still working make $250,000/year or more. When we look at all you young/uns, we wonder how you do it; cars, boats, RV's, toyboxes, sandrails and summer homes. We're very comfortable, but will the boomers make it? If you're less than a millionaire, are you poor?

[Jbb]

Tom Brown...

[LhcBrad]

You might have the nicest house and the biggest boat but you also might have the most payments. I rather live withen my means and have no or very little debt. Im sure there are some who can afford the payments but things do and can change.

[SB]

http://finance.yahoo.com/banking-budgeting/article/103815/Where-Do-You-Stand-on-America's-Wealth-Spectrum

[2forcefull]

My father is very rich, He has cattle on every hill!!!

[2forcefull]

and don't worry about the young'ins, they're gonna get your 10 m

[new2cats]

New guy's opinion.....if you can buy what your heart desires, have what your family needs and sleep without medication, YOU JUST MAY BE RICH.....
If stress or worry accompanies your material wealth, then... rich you aint!!!
I think $500k annually will do it for most folks (if you have no drug habits)!!!
IMHO.

[boatsnblondes]

Well, I was always taught there are two types of wealth....one is in assets, the other in liquidity.....I was taught the true wealth is in liquidity...i.e. you are not truly a millionaire if you can not go down to the bank right now and pull out one mil in cash.....my folks are millionares on paper, if they sold it all, then it turns liquid...hope this helps....a little....;)

[Jbb]

I think Photo Chick is pretty rich too...

[selfmade]

The wealthy guy pays the rich guys salary.
Kobe(Rich)/Jerry Buss(Wealthy)
A-Rod(Rich)/George Steinbrenner(Wealthy)

[ULTRA26 # 1]

The Demo's are always whineing about the top 2% not paying their fair share of taxes, and the next 10% this and that, but what is considered wealthy in todays world. Our friends are almost all retired, 60/70ish and no one is worth under $5m - $10m, the still working make $250,000/year or more. When we look at all you young/uns, we wonder how you do it; cars, boats, RV's, toyboxes, sandrails and summer homes. We're very comfortable, but will the boomers make it? If you're less than a millionaire, are you poor?
I am in the middle of the baby boomer croud and wonder the same thing. When I retire I will own one house and will not have a million is cash. Between SS and another 40K per year in investment income, I should be able to live similarly to how I live today which is far from that of someone poor. My boat and truck are paid for, which is how it will always be. But I still wonder

[Dave C]

I have a different take on this. I do taxes and I see all levels of income.It seems the more you make the more you spend.
The rich can make greater amounts of income. But the truly wealthy have net worth.
I consider making $400,000+/yr as rich. Of course real estate around here is outrageous so $300,000+/yr will probably do it elsewhere.
The problem is most of these guys that have income at this level have additional bills. Taxes take half so your left with $200,000 net.:( Then there is the kids college @ $40,000 a year EACH, ex-wife - half ;), $15,000/ month mortgage, etc. etc. It adds up.
The truly wealthy individuals don't have to work because they have cash to begin with and don't have to earn it (i.e. family money). If they work they are just "playing". Having sufficient funds in the bank so you can invest and live off the earnings without losing your principal over time. For most of us that would take $5-8 million if we invest wisely and don't buy a bunch of junk.(like boats ;))

[Jbb]

All I need are some tasty waves, a cool buzz, and I'm fine. :)

[dirty old man]

Was hoping to hear from someone like Dave C. But us 60/70 year olds don't have kids in college, everything we own is paid for, and we're very, very liquid. As we only have a few more years to spend, a few million should work out if we've got lots of life insurance to pay estate taxes. Right? Thoughts

[photo chick]

I think Photo Chick is pretty rich too...
:jawdrop: I have too many bills to be rich :D

[Trailer Park Casanova]

If you're talking the AMT, its a tax law that was written when earning $100K per year was, in fact rich.
The Dems don't want to change it now because it earns the Govt $1 trillion per decade.
Every rich person I know, or have ever known works a daily job.
The richest people on this HB board all hold a job and get up in the morning and go to work every day:
RD
RX 1
Z
KT's
FV's
and all the rest.
They get up in the morning and go and pull a paycheck.
Another thing about those who are really rich:
They will never admit it, nor ever talk about money, and are quick to plead poverty.
But,, they all work.
The harder ya work the more overtime ya put in, the more productive you are, the more you are penalized by the tax code.
Just MHO.

[DILLIGAF]

New guy's opinion.....if you can buy what your heart desires, have what your family needs and sleep without medication, YOU JUST MAY BE RICH.....
Pretty much sums it up. It becomes subjective to the individual as different people have different wants as far as their hearts desire and so forth. You can't really put a number on it.

[rrrr]

Well, I was always taught there are two types of wealth....one is in assets, the other in liquidity.....I was taught the true wealth is in liquidity...i.e. you are not truly a millionaire if you can not go down to the bank right now and pull out one mil in cash.....my folks are millionares on paper, if they sold it all, then it turns liquid...hope this helps....a little....;)
That's why I have the two 16 oz. Dixie cups full of change in my portfolio.
:D :D

[Ziggy]

spending $999,999 of your annual $1mil income makes you poor......but very likely popular.

[Havasu_Dreamin]

a few million should work out if we've got lots of life insurance to pay estate taxes. Right? Thoughts
Estate taxes, for the most part, can be avoided.....But you need an estate planning attorney to set it up properly...One who specializes in estate taxes not just any old regular attorney...

[Big Warlock]

Was hoping to hear from someone like Dave C. But us 60/70 year olds don't have kids in college, everything we own is paid for, and we're very, very liquid. As we only have a few more years to spend, a few million should work out if we've got lots of life insurance to pay estate taxes. Right? Thoughts
I guess this is a broad subject, but you probably ought to look into an irrevocable trust to place your assets into. The tax question is very difficult and fluid situation as the laws are changed constantly.
As for rich people hanging back and doing nothing, that's not true. How many of you work for a poor person? Many "rich" or "wealthy" people work hard for several reasons, money not being the main motivation but certainly a means of measurement.
"Rich" as defined by the democrats as to who pays taxes, etc. etc is actually at $28K per year!! Seriously, those people up through $150,000 pay the most, by percentage, in taxes. Basically when the politicians start talking about "rich" people, you are most likely included.
I agree with living within your means. I also want to point out that some debt is good. Mortgage on a home, business, etc. etc. need debt to offset tax liabilities. There are several formulas you can use to lower your tax liability. If that also provides you with a second home or boat or whatever, you are building wealth along side as well. All good. I disagree with my friend from the north that "cash" is everything. Very short sighted in America. Paying a mortgage is also putting money away for the future. Your home will appreciate and you need to live someplace. More income? Buy more home or a second home! You can do it with the tax money you save. And that is in it's most simplistic terms. Business can be a bit more challenging.

[Dave C]

this was the topic of another thread.
Being 60/70 YO the plan during one's lifetime should have been to have your house paid for and have a nest egg sufficient so you can live off the interest/earnings and pay your expenses without touching your principal. The nest egg should have been accumulated before retirement.
If you need $50,000 a year while retired to cover expenses then $1 million or so is the required principal (i.e. "nest-egg").
I personally don't consider the $1 million "retirement nest-egg" as "wealthy" if you are 65 and retired because its the minimum required to retire happily and NOT run out of $$ before you die AND not have to live off very low fixed income or solely off of SS.
I'm absolute sure that some in Washington disagree because they would rather have destitute.:mad:
I guarantee the estate tax laws will change in the future...:mad:
Was hoping to hear from someone like Dave C. But us 60/70 year olds don't have kids in college, everything we own is paid for, and we're very, very liquid. As we only have a few more years to spend, a few million should work out if we've got lots of life insurance to pay estate taxes. Right? Thoughts

[dirty old man]

Warlock, Dave, we're nearly on the same page. Most of my income is still taxable (IRA's, rentals, etc) so to take prox $150K a year in play money is about where I am. (If gas keeps going up I'll have to give my self a raise). I guess my early planning was fairly close, only looking back, I may have been a little conservative, portfolios have about 100 stocks and I earn +/- 18% over the long run (25 years). Annuities have been really good to me as well. Unfortunately, if I can't spend it all I'm going to make a few kids very rich

[Dave C]

There two types of estate taxes, probate and federal estates taxes.
Living trusts seek to avoid probate taxes which are really just a transaction fee to administer the estate. Anyone one with significant $$ should check out a living trust because other good planning is usually involved with this process.
Federal estate taxes cannot be avoid on assets. Luckily the first $1 million of the assets in the estate is currently exempt from estate taxes (for now :mad:)
Congress will seek to change this when they repeal the Bush tax cut which increased it...:mad:
Most fancy trusts seek to defer payment of estate taxes until some later date or set up trust funds for irresponsible children so they can't touch the money...:D

[2Driver]

All I know is I have accumulated way more than I ever thought. Just when I think I am doing exceptional I meet people that make me look like Homer Simpson.

[Boatcop]

All I need are some tasty waves, a cool buzz, and I'm fine. :)
Hey, Bud..... Let's Party.

[Dave C]

While retired its very hard to stay ahead of the cumulative effect of inflation while paying yourself income. Usually the RR is either appreciate or income not both. This becomes a problem if one lives too long and needs lots of income.
Only one asset does this simultaneously to some extent and thats real estate.
My personal opinion is to use the corpus accumulated to keep yourself fed first and if there is anything left that would be a windfall to the heirs......:devil:

[dirty old man]

Dave, a lot of friends think they need to die before 2010 to avoid a big tax hit. Do you think they'll repeal the sunset rule

[whiteworks]

Wealth is measured in time, the longer that you are able to do nothing and sustain your current existence = wealth. Wealth is passed from generation to generation = duration. As far as passing wealth to the next generation it has been described to me as having an elephant in a room with a door and you need to get the elephant into the room next door through the key hole. You should be transferring as much as possible while your alive. CONSULT A SPECIALIST.

[Havasu_Dreamin]

Wealth is measured in time, the longer that you are able to do nothing and sustain your current existence = wealth. Wealth is passed from generation to generation = duration. As far as passing wealth to the next generation it has been described to me as having an elephant in a room with a door and you need to get the elephant into the room next door through the key hole. You should be transferring as much as possible while your alive. CONSULT A SPECIALIST.
Very true...No point in paying the government any more than they already take!

[Sigus]

Dave C, do you have an opinion on Family limited Partnerships?

[Sigus]

Wealth is measured in time, the longer that you are able to do nothing and sustain your current existence = wealth. Wealth is passed from generation to generation = duration. As far as passing wealth to the next generation it has been described to me as having an elephant in a room with a door and you need to get the elephant into the room next door through the key hole. You should be transferring as much as possible while your alive. CONSULT A SPECIALIST.
Nicly put.

[Dave C]

Dirty, thats a political question...... they are already bitching and moaning about tax revenue in Washington and the estate tax is considered a "tax on the rich" so I think we all know the answer to that question:( :mad:
BTW Whiteworks draws an excellent analogy.
Sigus, sorry not completely familiar with family LTD pships... Its a very complex transfer scenario where the parents transfer assets during a lifetime while maintaining control.. The trust acts just like a business partnership where the family members are partners. Tax is paid but income and assets are transferred in such a manner to minimize tax. Have to file p-ship returns, etc. etc.(ie. expensive) Someone would have to sit down and figure out whether this complex scenario would be advantageous. Someone would have to have a substantial estate for this to make sense. (i.e. over a $1 mil)
Dave, a lot of friends think they need to die before 2010 to avoid a big tax hit. Do you think they'll repeal the sunset rule

[djunkie]

I'm rich............ In debt. :( :(

[Cole Trickle]

I can't even afford to read this thread:D :mad: :( :jawdrop:

[WTMFA]

My dad used to say - I used to be rich but I foolishly spent my money on food, clothing and shelter!
His other saying was - Live fast, die young and leave a good looking corpse!
I think I'm on my to the latter of the two.

[djunkie]

I can't even afford to read this thread:D :mad: :( :jawdrop:
I can't even afford to pay attention. :rolleyes: :D :D

[hoolign]

New guy's opinion.....if you can buy what your heart desires, have what your family needs and sleep without medication, YOU JUST MAY BE RICH.....
If stress or worry accompanies your material wealth, then... rich you aint!!!
I think $500k annually will do it for most folks (if you have no drug habits)!!!
IMHO.
Is that before or after taxes?? :p

[hoolign]

I can't even afford to pay attention. :rolleyes: :D :D
Admitting to it is the first step
To letting everyone know your an idiot:D

[PaPaG]

The wealthy guy pays the rich guys salary.
Kobe(Rich)/Jerry Buss(Wealthy)
A-Rod(Rich)/George Steinbrenner(Wealthy)
All of them put together and multiplied a few times = Bill Gates (wealthy) :D

[Classic Daycruiser]

I'm neither rich, wealthy, nor in debt. I do work and support my community as best I can, and for the most part.... happy with how thing's have turmed out so far. I'm your long lost middle class...although a few think I'm upper middle class:D :D :D
I can tell you the new millionaire's are billionaires.
As for a 60/70 year old with 5-10 million, you are not wealthy or rich if you are living off that $5-10 million. You were porbably just a hard worker that learned how to adjust to the ever changing workforce.

[boatsntoys]

My Grandmother always said: No one goes broke by not making a lot of money, everyone goes broke by spending too much!

[boatsntoys]

I guess it's all comparasin (sp) and where you're located.
In the land of the blind, one eye is king.
A fat ham sandwich in Uganda puts you at the top of the economic ladder.

[MAINEVENT]

I can't even afford to pay attention. :rolleyes: :D :D
I couldnt afford smilies... Baller... <----Smilies should be here but waiting for a loan...

[BoatPI]

To be more acurate, Forbes described wealthy in an article as a person having a net worth in excess of one million $ NOT including their primary residence.

[whiteworks]

Examine Bill Gates' wealth compared to yours: Consider the average American of reasonable but modest wealth. Perhaps he has a net worth of $100,000. Mr. Gates' worth is 400,000 times larger. Which means that if something costs $100,000 to Joe Average, to Bill it's as though it costs 25 cents. You can work out the right multiplier for your own net worth.
So for example, you might think a new Lamborghini Diablo would cost $250,000, but in Bill Gates dollars that's 63 cents.
That fully loaded, multimedia active matrix 233 MHZ laptop with the 1024x768 screen you've been drooling after? A penny.
A nice home in a rich town Palo Alto, California? Two dollars.
That nice mansion he's building? A reasonable $125 to him.
You might spend $100 on tickets, food and parking to take your family to see an NHL hockey game. Bill, on the other hand, could buy the team for 100 Bill- bills.
You might buy a plane ticket on a Boeing 747 for $1200 at full-fare coach. In Bill-bills, Mr.. Gates could buy three 747s. One for him, one for Melinda and one for young Jennifer Katherine.
Yet More:
Evan Marcus, a Systems Engineer from Fair Lawn, New Jersey who maintains a Bill Gates Net Worth Page on his web site, notes that Bill could buy every single major league team in Baseball, Football, Basketball and Hockey for only about 35% of his net worth -- plenty left over to buy a European sport.
Of course then he wouldn't have around $150 for every person in the USA as he does now. Nor could he still give $6.70 to every person on the planet.
Marcus suggests that Bill could increase Michael Jordan's 1997 salary only 1300 times, but that he could buy 902 million subscriptions to TV guide.
He's also fascinated by how much all this money would be if put into dollar bills. Laid end to end, the Bills would stretch 3.8 million miles -- to the moon and back over 8 times. They could paper over all of Manhattan 7 times, or be stacked 2,690 miles high -- watch out for satellites. They would weigh 40,000 tons -- 100 times the weight of one of those 747s he bought above.
But one thing Marcus says Bill can't do is even dent the national debt. Should he selflessly donate his stock to the U.S. treasury, he would reduce the $5.37 trillion national debt by well under 1%.
It's nice to put things in perspective.

[Rexone]

But one thing Marcus says Bill can't do is even dent the national debt. Should he selflessly donate his stock to the U.S. treasury, he would reduce the $5.37 trillion national debt by well under 1%.
It's nice to put things in perspective.
Especially that part as we continuously elect politicians that just love to spend money on inappropriate shit and programs (as long as it ain't their own).

[dschifan]

i'm 24 and financially fukd! thanks DCB :D

[BADBLOWN572]

I think that to properly answer this question, you would have to define what is considered "rich" & what is considered "wealthy." To me, a "rich" person is probably closer to a "baller" who has all of the toys. Nice home, toys, etc... They are "rich" in terms of what their assets are. Not necessarily what their equity is in those assets, but it looks like they are living the life. They might be making a ton of money, but it is all going out to support their lifestyle.
To me, a wealthy person is someone who can look like they are "rich" but lives well within their means. Their portfolio increases every year and their assets well outnumber their liabilities. They are able to live within their means and keep increasing their "nest egg."
It is hard to consider what is rich/wealthy, etc. in today's society. I know people who have a home worth $3M and they do not consider themselves rich or wealthy. They consider themselves fortunate. The problem is that these people usually bought the home for 25% of its current value, but can't afford to sell it because if they do, their property taxes on the new home will kill them. So, they just sit back and live their lives at their current capacity. How do you define them? Rich? Wealthy? Poor? Their annual income would consider them poor, but their assets dictate otherwise. Their net worth is several million, however if they try to downsize, their monthly expenses will increase.
It is tough in today's society to classify rich, poor, wealthy, etc... If invested right, people who make $40K will be worth more than people who make $250K. It is all about making plans for the future and living within your means. :)

[BADBLOWN572]

Dave C, do you have an opinion on Family limited Partnerships?
According to a family friend, who is a lawyer, it is the only way to go. It limits exposure to any/all family members who are involved and can decrease net worth by a ton yet still let that person direct assets and cash. He says it is a no loose situation as long as it is setup properly. Usually big $$$ to setup properly, but well worth it in the end. Most people are not as far sighted to see that they are giving up the money on paper, but still have complete and total control over it. They just think that they are going from millionaires to broke on paper, which is true. In the end, millions of dollars can be saved if a FLP is properly setup. :)

[NashvilleBound]

According to a family friend, who is a lawyer, it is the only way to go. It limits exposure to any/all family members who are involved and can decrease net worth by a ton yet still let that person direct assets and cash. He says it is a no loose situation as long as it is setup properly. Usually big $$$ to setup properly, but well worth it in the end. Most people are not as far sighted to see that they are giving up the money on paper, but still have complete and total control over it. They just think that they are going from millionaires to broke on paper, which is true. In the end, millions of dollars can be saved if a FLP is properly setup. :)
We had Family Trusts for a long time but now have switched to FLP's. Your right, the setup is VERY important. Constant updating with your changing portfolio is mandatory. From what I know, which is probably little :eek: , its definitely the way to go.

[dirty old man]

ClassisDaycruiser, if you are correct, you've dashed my dreams. Yes, I was a working class guy, but if at 70 with 5M in cash and no debt whatsoever, you think I won't make it, then maybe I'd better start looking for a job.
Bad Blown, we're on the same page

[framer1]

ClassisDaycruiser, if you are correct, you've dashed my dreams. Yes, I was a working class guy, but if at 70 with 5M in cash and no debt whatsoever, you think I won't make it, then maybe I'd better start looking for a job.
Bad Blown, we're on the same page
Classisday cruiser is dead wrong. 5 mil at a shity 5% will pay you 250,000 a year and that being conservative. That's not to bad. 4800 hundred a week is livable with the 5 mil backup for anything extra.

[Halvecta]

Dave, a lot of friends think they need to die before 2010 to avoid a big tax hit. Do you think they'll repeal the sunset rule
They will not repeal the sunset rule (no law creating a deficit can remain indefinitely), it is actually a good one for accountability reasons.
The question is, will they extend or amend the current law to prevent a roll back of the current law to the "old" numbers? That is important.

[Halvecta]

Dave C, do you have an opinion on Family limited Partnerships?
I am not Dave C, but...
I have heard many times that the IRS likes to do very thorough audits of FLP's.

[Halvecta]

... As we only have a few more years to spend, a few million should work out if we've got lots of life insurance to pay estate taxes. Right? Thoughts
It may be good to put the Life Insurance in Warlocks irrevocable trust idea to prevent adding to your estate at death.

[dirty old man]

Halvecta, IRT's already done. Recommend that to everyone

[uLtRADeNniS]

Rich.....
http://www.mtv.com/content/music/best_of/2006/images/flipbook/lil_jon/67_brian_appio.jpg
Wealthy...
http://www.kimbrooke.com/graphics/bill-gates-impersonator.jpg

[4day!!]

spending $999,999 of your annual $1mil income makes you poor......but very likely popular.
make that $1,000,001 of your 1,000,000 of your annual income:D

[prosthogod]

Don't forget to have another 75k/person available for teeth. No one plans for it but thats the cost for a rehab, and insurance doesn't pay for it. It will only last 10-20 yrs.

[Dave C]

Lets not go overboard on the FLP. It may not be for everyone.
The problem remains, how to put the elephant through the door. The FLP does not change this problem.
The FLP is a strategy to pass assets along in a different and more orderly manner during your lifetime. Basically the person gets to retain control of the assets. Its an attempt to exploit timing differences which may work for somepeople's assets.
But filing a partnership tax return is expensive plus setup. So unless this strategy will save significant $$ over lifetime I don't see where it would save MOST people enough to justify the expense.
The strategy seems to be advantageous for people that plan on keeping substantial assets that will continue to appreciate in value over significant periods of time and plan on giving it to their heirs.. By substantial I mean assets over $1 million exemption.
They audit FLP looking for shams transactions within the partnership. Its its administered legit then there are no worries, just fees to the CPA to defend it ;)

[Big Warlock]

In any event, consulting a professional is a good idea. If anyone requires that in Az., I have a very reputable tax attorney that is excellent at doing the planning aspects. Depending on your situation, you may require a second, specialized estate attorney and a good accountant. FYI :D
If you win the lotto, call me, I have plan "B" ight here in my office that will save you millions!!!! :D

[HBjet]

So why does being wealthy or rich have to equal to a dollar amount or the numbers of toys/assets?
Take 2 people who live in the same neighborhood.
One makes 150k a year, drives only used vehicles (Truck/Car), has a used custom boat with moderate power, keeps a used travel trailer in storage at the river, and is able to provide food, shelter, and a good, but moderate living for their family.
The other person makes 300k a year, but always has to have the newest luxury car every 2 years. Custom wheels, trick stereo, you name it. Has the TopKick and 40' Weekend Warrior to match. Custom rail that usually gets replaced every 3 years and new bikes and quads for the family when the latest stuff comes out. Has a custom home at the river with the Rhino, and another truck to tow the boat from the house to the ramp. Of course this truck is lifted on 40" tires, triple shocks on all four corners, the works. This guy is a baller and it certainly shows. He has nice stuff and it's always new.
Now, looking at these two people it would be easy to say the guy who makes more, has more, and he must be rich, certainly more so then his neighbor who has mostly the same stuff, but used. Is this how wealth should be measured? Wealth should be measured on how long you can maintain your lifestyle with no income. So if you lost your job today, how many months, or years could you continue to live how you currently live? In this case, which of these two guys would be able to maintain their current lifestyle the longest with no income? Take the guy who makes 150k a year, but is able to save 50k a year for 6 years. This would allow him to maintain his lifestyle for 3 years (100k a year) with no income. Take the guy who makes 300k a year and saves the same amount (50k) for 6 years. This would only allow him to maintain his current lifestyle for a year and a few months (250k a year). So really, who is wealthier or more rich? In my opinion, it’s the person who has not lived beyond their means allowing them the ability to maintain their lifestyle for up to 3 years with no income. That to me is someone that is wealthy. Not how much you make, but how smart you live and spend the money you do make.

[uvindex]

http://www.kimbrooke.com/graphics/bill-gates-impersonator.jpg
You know that's a fake BillG right? :)

[whiteworks]

Dirtyoldman, Fock giving it all to the kids! spend every last dime on them, your wife your grand kids in person. Watch there gonna think its cool at first, then there gonna start to freak out and think your losing your mind and try and shut you down. I saw your other thread about the $540. an hour gas bill, that's a great place to start you could run that pig for 8 hours a day for the next 3 years:D I'm sure that would get old after about a week.
here are some suggestions:
Germany for October fest
50 yard line for the Superbowl
Auckland for new years
Sailing in the Caribbean
You get the idea places to go and things you can do as a family. Money comes and goes, but the time you spend together cannot be replaced.

[NashvilleBound]

.........
here are some suggestions:
Germany for October fest
50 yard line for the Superbowl
Auckland for new years
Sailing in the Caribbean
You get the idea places to go and things you can do as a family. Money comes and goes, but the time you spend together cannot be replaced.
WELL SAID!! Then put the rest is LFP's... :D :D :D

[centerhill condor]

being cancer and court date free makes me rich...the rest is gravy.
CC

[SB]

Most millionaires have a million and owe a million.
If you have $1 million invested at 10% and spend $100,000
it's about the same
as making $100,000.
So you could say a guy who makes $100,000 lives like a millionaire.

[uvindex]

Most millionaires have a million and owe a million.
In this case, they have a net worth of zero -- definitely not a millionaire in my book. :)

[dirty old man]

BINGO, Whiteworks. G/F and I figured this out years ago, so all grandkids are set up for college (and it looks like they all will go based on grades), and we give enough things out yearly so we can watch the fun. Hope to use as much as possible before the big trip to the sky. And believe me, $540/hr for gas is nothing. When you have two million dollar homes, a place at the lake, and $500,000 boat that loves gas, this is what I worked for. However, my old fashioned work ethic cringes when I pay $4.00 for a gal of gas, $150 for dinner for two and drink water from a bottle

[2Driver]

Rich: All the money I need
Wealthy: All the money I want