Corporette asked this question a while back and I still can’t stop thinking about it.
- Are you rich? (Corporette)
- Poor You! (Literally) (Sweet Hot Justice)
- $250,000 does not make you rich in my town (Above the Law)
- Job Satisfaction vs. a Big Paycheque (NY Times)
I read almost all of the 240+ comments, and it seemed like there were three camps of thoughts.
CAMP #1: Rich is relative to those around you and where you live
If you are making $100,000 among $500,000 income earners, you don’t feel rich.
Also, if you make $100,000 in a small town, it is nothing like making $100,000 in NYC.
(NYC’s cost of living seemed to be a huge factor for Camp #1)
CAMP #2: Rich is based on your choices and spending
What you choose to spend your money on determines how rich you are.
Basically, if you decide that you “need” a 3000 square foot, fully renovated downtown apartment, compared to someone who chose a 600 square foot studio, then you cannot complain when you have nothing left to save at the end of the month.
The people in this camp were intense and fervent that what you spent determined how rich you were.
CAMP #3: Rich is how you feel
If you feel rich, you are rich.
Everyone is a little bit in this camp, because we all know that we’re privileged and rich compared to the majority of the world.
People in this camp varied from mid-range incomes to higher incomes. They didn’t seem to compare themselves to other people or the environment they were in. They just felt rich.
They were also a bit in Camp #2, saying that expenses and expectations are the reason why people feel poor or rich.
So I ask you:
Which of the above camp(s) are you in?
What is rich to you?
What is considered a comfortable existence to you?
How do you determine to yourself when you’ve “made it” or are a success?
You can name anything — feelings, income level, debt level, experiences.
You don’t have to just base it just on money!