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View Diary: Making it work on $250k/yr (90 comments)

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  •  It really depends how you define "rich" (3+ / 0-)
    Recommended by:
    madhaus, CA wildwoman, GoGoGoEverton

    Is a person "rich" if they have any money left over after paying for basic needs?  Or do they need a certain amount left over, below which they are not rich?  Maybe an income of $50,000 or $75,000 is rich?  It certainly would be in many parts of the world.

    From my perspective a person is rich if they don't need to work, and can live off income from investments.  If you need to work, then regardless of your income you're not rich.  You have skin in the game, you're vulnerable, and you need to pay attention to what's going on like everyone else.

    •  Critical mass (3+ / 0-)
      Recommended by:
      mdmslle, GoGoGoEverton, Roger Fox

      Enough from your investments that you need not work again.  It's a good definition of being wealthy.

    •  so how do you define someone who, for example, (0+ / 0-)

      runs a business or organization that COULD run itself but that they still administrate? And that person's business earns, say, 10 million a month?

      I'd call that rich. Even though there's still "skin in the game" and your still have to work.

      If I had, say, 5 million dollars, I would never need to work again. Ever. Even if I had no investments. Would I be rich? And  what if I was working and earning 5 million a year? Is that rich?

      For the record, I am not a member of Courtesy Kos. Just so you know. Don't be stupid. It's election season. My patience is short.

      by mdmslle on Tue Dec 11, 2012 at 04:03:21 AM PST

      [ Parent ]

      •  *Have to work to provide a decent living (1+ / 0-)
        Recommended by:
        mdmslle

        was the key there, I think.

        I challenge you to find TWO companies that have consistently profited $120million a year. where there's ONE owner.

        •  well incidentally, I know someone like that. (0+ / 0-)

          If fact I know a couple someones like that.

          One is a internationally renowned dermatologist who has a few NYT best sellers and his own skin care line blah blah...his company, last I checked, was doing about 150 million a year. It's not publicly traded. He owns it.

          The other owns a few gas stations (30 or so). Again, not publicly traded. His. And his own brand in fact. He does 12-15 million a month.

          I know these people personally.

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