What is RICH?

Discussion in 'Trading' started by Ripley, Oct 7, 2011.

  1. People throw around the word RICH without really defining it. As you all know, one persons RICH would not be the same for somebody else.

    Not only that, there is also various ways to measure being RICH as well:

    1) Money in the bank (being liquid, FU money)

    2) Annual Income (money coming in each year in a consistent predictable fashion, but is not same across the board since some people save most of the annual income and while others spend it)

    3) Net worth (an aggregation of real estate holdings, businesses, stocks etc)

    What NET WORTH are you shooting for? You may or may not get there. But, you at least go to be shooting for the stars to at least make it to the moon.

    What NET WORTH would make you feel a victor in the rough and tumble Money Game that's being played out across the world each and every single day?

    What NET WORTH would make you feel RICH? and WHY? and HOW can you get there?
  2. To be able to, at least once a week, walk up to somebody and say "I'm going to sue your ass mutha fker" and actually be able to afford to do this.

  3. Suing other people left and right is one great way to stay aggressive and keep other people on their toes, and to keep you away from frivolous lawsuits. To afford a high priced legal team and to keep them around, you would at least need a NET WORTH of around $10M. That's a good start at being RICH.
  4. Ash1972


    What a use to put money to.. sounds like a nightmare to me! It reminds me of that old curse: I hope you make a lot of money. And spend it all on doctor's fees.
  5. Rich is being able to pay the bills while taking 2 working days a week to play golf.
  6. No. In this highly litigious society, it is a matter of time before (if you stick your neck out in any way) you're sued. It is better to sue rather than to being sued.

    Lawsuits are only a way to persuade other people to your own way of thinking. It is a means of persuasion, aka getting your way, which is crucial if you don't want to be controlled by other idiots.
  7. GordonTheGekko

    GordonTheGekko Guest

    hahaha yes!
  8. Ash1972


    I thought Robert Kiyosaki had a good definition of rich in his Rich Dad series: passive income of $1m per year.

    Real income is always passive, otherwise you're just selling your time.

    Not that I ever bought any of his books; I just read them in my local bookshop :)
  9. OK.. So we have a good definition (minimum quantification) so far:

    Being RICH = $1 million in sustainable passive annual income. Which would put your NET WORTH (a multiplier of 10) at around 10 million.
  10. Rich means you can afford your own personal anesthesiologist to stick an iv in you every night and put your to sleep.
    #10     Oct 7, 2011