To be considered as rich, how much money do you think a person should have?

@scheng1 (24748)
Singapore
April 19, 2009 10:14am CST
We always hear the word "rich man" or "rich person" or "the rich". Just how much money do you think a person should have to be considered as rich? In Singapore, during the property boom, some high rise apartments were selling as much as S$700,000. The sellers did not think this was enough money to be considered as rich. After all, once they sold their apartment, they had to buy another apartment, otherwise they would be homeless. After deducting the cost of purchasing a new apartment, they might have a net profit of $300,000. So how much do you think a person need to have to qualify for using the word "rich"?
4 people like this
19 responses
@nzalheart (2352)
• India
19 Apr 09
Hello fren!!! People are never satisfied with how much they get. They are always wanting more than what they have.... And about the qualification of richness in terms of money, its the relative thing. Rich in comparison to whom? Ok in case of our country, the person with S$700,000 and even $300,000 can will consider him reach if he come to Nepal. Because s$700,000 = 700000 * 53 = 37,10,00,000 Nepali Rupees. i.e 37 crore and 10 lakh Nepali Rupees...I am going to faint lol.....If someone in my county says that he has that much sum and still says himself that he is not reach, then do you think will i believe him... Hey scheng1, come to Nepal with your singapore dollars and come to nepal, covert your money into Nepali rupees, then you will be a rich person of Nepal hehe....And this is the main reason why Nepali people are keen to go abroad, earn some nice dollars, and they don't live there forever, they wan't to return to Nepal, convert the sum into Nepali and lead a rich Nepali life....
1 person likes this
@scheng1 (24748)
• Singapore
20 Apr 09
haha Nzal, once the family moves to Nepal with S$300,000, the money will be gone within a year! The corrupted government officers will make up thousands of excuses to suck the money away. S$300,000 is a large sum of money, but not that fantastic. The cost of living is very high over here. Imagine that, Singapore does not even have enough drinking water. We still have to fork out money to buy water from Malaysia.
@nzalheart (2352)
• India
20 Apr 09
No scheng1. I was not just joking. But it is a real fact. The expenditure will not go as you are thinking, it will go quite less than you are thinking. We call person with 1,00,00,000 Rs a crorepati. This is a great sum, and then 37 times of this is not a joke hehe. Yes some people in nepal are crorepati too. Imagine, if a people in Nepal earn a happy life with Rs 10,000 per month, then how much is that. Just calculate and imagine hehe.... Till now I have not been able to reach the payment, and I have to say 10$ is still a greater sum. Because it is worth 800 Nepali Rupees and this can be almost my pocket money for the whole month.... Keep mylotting fren...
@scheng1 (24748)
• Singapore
20 Apr 09
In term of standard of living, the S$300,000 will of course last a very long time, can buy a lot of houses and land, and build factory to provide employment. It's the corruption in the government that is the real problem. Obviously government officers like to get close to the rich people and hint about this and that. If want to live a peaceful life, better get ready to "donate" some money as birthday presents or whatever.
@sanuanu (11238)
• India
20 Apr 09
It depends on every person's thinking my friend. I can say that even $10K is a big money for me and i would consider myself as a rich person. many persons like Bill gates would not feel like that. When i was a child, if I had Rs 10 in my hand, I was feeling like king of the world!
@scheng1 (24748)
• Singapore
20 Apr 09
I guess it all depends on where you live and how you live. If all the people in the town or village are not rich, even a thousand dollars in the bank make you feel like a rich person. Sometimes people staying in the cities who have much more money in the bank do not feel rich, because they know that everyone has even more money than them.
1 person likes this
@sanuanu (11238)
• India
21 Apr 09
What is the amount which will please you and feel that you are rich? I have seen a movie in which a person called another one poor because his sallary was only $600 per month! For me $600 per month is a big salary!
@scheng1 (24748)
• Singapore
21 Apr 09
That depends on the standard of living in your country. Over here, $600 (in Singapore currenty) is very little, not enough for survival. If you want to rent a room, it will cost $500, and with just $100 left, it's really not enough to pay for the food and the transport. Even if converting US$600 into our currency, that amounts to S$900, still barely enough to live for a month. Food cost about $10 a day. One way bus fare costs between $0.70 to $1.40. The $600 a month salary may last you for a long time in your country. It's less a feeling of "rich", more the practicality of using the money to buy things. That's why you like to earn US$600 a month.
1 person likes this
@acekala (163)
• United States
20 Apr 09
I think a truly rich person has te ability not only to take care of thereselves but the desire to elevate others as well. One would not only be rich financially but in spirit and character as well. Good Question thanks for the topic.
@scheng1 (24748)
• Singapore
20 Apr 09
True, people can be rich in many different ways. I guess most of us desire to be rich in every sense, and to enjoy life to the fullest. As long as a person has positive attitude towards life, "rich" in many senses are attainable.
1 person likes this
@cupcyke (363)
• Philippines
20 Apr 09
For me if i can buy all the things i want, even if its too expensive i can call my self rich person. being have all the luxury in life, high tech gadgets im contented enough. but on other side may be if you will earn millions everyday or if you will not need to work in order to survive, you may also call your self a rich one.
@scheng1 (24748)
• Singapore
20 Apr 09
Agree that a lot of money means purchasing power. Many people go to work in the morning hoping that one day they can have enough money to choose not to work. When I'm really to declare myself financially free, and able to choose what I want to do for the rest of my life, I guess that is the real monetary riches.
• Ireland
20 Apr 09
In my opinion,if one have much money,have their own big house and theie own private car,have a happy family,i think the person like this is "rich". Although the purpose of becoming rich is so far from me now,but i think if i make all my efforts to do it,i will become rich one day.and let my family lead a happy life.If the money i earn can meet my basic need of life,i will satisfy.
@scheng1 (24748)
• Singapore
20 Apr 09
I like the way you want to enjoy riches with your family. Family does come first and should share in our riches (when we have it). Hope you can reach your financial goal and make your family very happy, without any worries about money problems.
@tabachi (263)
• Philippines
20 Apr 09
i think that for a person to be considered really rich he should have at least a cashflow of minimum 100million dollars...if i were to have that amount 10percent of that amount will be my revolving money for the charities that i will support..for the street children,the elderly and for the cat welfare....and the rest for taxes and whatever liabilities i may have and of course that money that i have to splurge on my family and pleasure..
@scheng1 (24748)
• Singapore
20 Apr 09
cash flow of $100 million dollars in what time frame? I think even $100 million dollars in a lifetime is still a very grand figure. This sum of money is really out of my imagination, it's simply too big a sum to think about. Agree that a person with cash flow of $100 million is very rich.
• Philippines
20 Apr 09
well if you are basing it on money only.. I dunno. The thing that I know is that it's not only based on the money that the person has. You also have to consider the person's assets and liability.... :D But I don't consider someone rich if he has all these things. He might have all this things but does he have friends? and I mean real good trust worthy friends who got his back?What if all of a sudden he got broke and lost everything? see what I mean?
@scheng1 (24748)
• Singapore
20 Apr 09
Nobody can know who is his or her true friend, until he or she gets into trouble and the friends are willing to make sacrifice to help. It is hard for the rich people to know who are the trustworthy friends. But same for us, how many of us have friends that we know will make sacrifice for us? And come to think of it, if my friend is trapped in the burning house, I doubt I have the courage to go into the house to save her. The most I will do is to call the fire engine and use fire extinguisher or water to put out the fire.
• India
20 Apr 09
As long as i have every thing i wanted i will consider my self rich. richness is not about the money you have .It is all about how happy are you with what ever you have
@scheng1 (24748)
• Singapore
20 Apr 09
haha Deepika, you must be a very happy and contented person. Not many people dare to use the word "everything I wanted", knowing that they can never have everything they want. When they have one car and drive the car for 5 years, they want another newer car to replace the old car that is giving them mechanical problem. I like the way you say "As long as I have everything I wanted", I dare not commit myself to say that. The most is to say "everything I need for survival".
• India
20 Apr 09
I really don’t know how much money a rich person has coz I am definitely not rich and there is no limit really to acquiring money but I think the lifestyle gives an indication of how rich a person is. Two or three houses or maybe a plush apartment in one of the posh areas of the city, two three latest cars costing the heavens, jetsetting holidays, children going to the most expensive schools, designer clothes, parties…the sort you know we read of in the glossies! These people are definitely considered rich.
@scheng1 (24748)
• Singapore
20 Apr 09
haha, that is definitely one way to look at things. Maybe you can ask those living in posh apartment, with a few cars, designer clothes and whatever else, just how much debt they have. It's very easy to buy a lot of designer goods by taking on debt. Unless they have paid off all the mortgages and debt, then they are truly very rich.
• Philippines
20 Apr 09
$.5-2 million (ish).... i think that can start you off as a well off guy and get you started on businesses that can bring you more money and be really rich.
@scheng1 (24748)
• Singapore
20 Apr 09
haha, most people make half a million dollars by starting a business. Not many people work and save half a million dollars, then start a business. Earning money as a full time employee is very hard to save half a million dollars, unless the person is a very disciplined investor. Hopefully I can see the half a million dollars in my bank account, then I can afford to retire.
@zedlav23 (458)
• Philippines
19 Apr 09
I guess this is one of the things that people have varying standards to classify a person whether he is rich or not. But in my personal opinion, I believe that a person is rich if he doesn't have any debts and he can provide for his familys needs and simple pleasures. It doesnt mean that you should have millions because even so, if you have millions of debt also then it's useless.
@scheng1 (24748)
• Singapore
20 Apr 09
That's a good definition. In reality, rich people do have a lot of debt. They like to use the debt to generate more money for them. Anyway, they do not need to take on additional debt, just that they want to make more and make use of other people money. It does make business sense.
@ionsquare (534)
• Singapore
19 Apr 09
Hi, In my point of view, one will be considered as rich when he do not have to work for money. He/ She can choose to work or not to work as he/she does not have to worry about money. One should have the assets such as house or car and able to enjoy the quality of life.
@scheng1 (24748)
• Singapore
20 Apr 09
Very good definition. To add to your comment, I would say that the person does not have to work for the rest of his or her life and have enough money left for his or her descendants. The enjoyment of life is also a very important factor. Able to enjoy all the good food and able to enjoy nature and whatever other hobbies are equally important.
@carrine (2749)
• Philippines
19 Apr 09
a person called rich if he/she has millions and billions funds in the bank and has a millions and billions worth of properties she/he owns.
@scheng1 (24748)
• Singapore
20 Apr 09
haha, very short and sweet answer. I like that. In reality, nobody has so much money in the bank. Most of the money are locked up in the business, stock market and real estate. The cash in the bank is more likely to be quite modest. But then, bankers are willing to lend the rich people a lot of cash to use.
• United States
19 Apr 09
Hmm, if a person works hard,invests right or negotiates properly is it really anyone's business what an individual earns? Yes money isn't and should not be everything but there are those who have a drive to be as successful as possible. It really amazes me the level of wealth envy that has permeated this country. Many are concerned with a CEO's pay but say nothing about a professional athletes salary. "How much should a person have to be rich?" according to the government 100K seems to be the dividing line others think that isn't near enough. Rich is what makes one comfortable.
@scheng1 (24748)
• Singapore
20 Apr 09
Ya, it's a very funny world, professional athletes do earn a lot of money. Probably they do not have the power of hiring and firing that CEO has. CEO has the power to break the rice bowls of many rank and file employees in the company. Maybe that's why the rank and file feel very unhappy about the high salary that CEO draws. Plus professional athletes get a lot of criticisms if they lost a major match. Nobody in the company dares to use the same kind of words to scold the CEO in the company.
@rishikon (31)
• India
19 Apr 09
I think money is important but not everything, one should have really peace of mind to consider rich in real sense. But if you really talking about money then I should say it endless, no matter how much you earn you will always need more.Look at the top 5 rich people in the world they never stop earning money.
@scheng1 (24748)
• Singapore
20 Apr 09
Yes, that is what I'm thinking of when deciding the name for my personal blog. I christen it rich in every sense, to show my desire to be rich in every sense. Actually the top 5 richest people may spend lesser time at work than us. They are able to earn because the company is already stable and very profitable. The foundation of their businesses is good, and they are now enjoying the fruitage of their labour.
@mansha (6301)
• India
19 Apr 09
Well Forbes does take out the list of richest people every year but then richness or poorness depends on your perception. Ask a person with his first salary in hand, he feels at the top of the world with his hard earned money and will tell you he is rich. While a millionaire ght keep brooding over his losses and keep telling everyone how he does not have enough money to even buy a dinner for himself. It all depend on the frame of mind of the person and the satisfaction a person has in himself with whatever he has got.
@scheng1 (24748)
• Singapore
20 Apr 09
Agree with your viewpoints. And to add that the Forbes list of richest people are only an estimate. Nobody will know how rich the richest persons are, since most of their wealth are in stock market, business and real estates. The valuation changes every day. And the richest persons might have other rare collections that do not have updated valuation.
• United States
19 Apr 09
If you honestly want an amount, I know in the United States to be considered even partly well off you need to be making over $100,000 if not more depending on where exactly you live. For me I live about an hour outside of DC so the number is way higher. Now overall, I think you can be considered rich if you are living the lifestyle you want to live and are still able to have money in the bank to spend on your wants in life or save.
@scheng1 (24748)
• Singapore
20 Apr 09
True, making $100,000 a year seems to be good money, provided not living in New York or DC. After the taxation, the actual deposable income is not that fantastic. Plus the money spent on designer goods to "look" professional also eat up a huge portion of the income.
• United States
19 Apr 09
I think rich means different things to me. I don't need money to be rich. All I need is love happiness,and my health. If I had enough money to cover my bills and my over head for my living I am rich enough. Since you asked for a figure I will just say $10 grand
@scheng1 (24748)
• Singapore
20 Apr 09
Hi Giftsandbags, I like your balance view of life. Money is important, having enough money for paying bills and other living expenses is very important. On top of that, having a bit more money in the bank to cover emergency spending is prudent. You must be living a very simple life when you say that $10 grand is rich enough. Over here, the cost of living is very high, $10 grand hardly last long enough for a jobless person to find another job. Once a cooked food seller got sick and stay in hospital for 3 weeks, his fever refused to subside. Even though he stayed in public hospital and in cheaper ward with 5 other patients. Even without surgery, the medical cost alone exceeded $10 grand. Plus the loss of income for not able to sell for 3 weeks and he still had to pay the stall rental.
@dragon54u (31636)
• United States
19 Apr 09
That's hard to say. To someone like me, a person that has a million dollars in the bank is certainly rich, as he or she can live off the income from the interest and not have to work. I would say someone is rich if they have enough investments that they don't have to work in order to have shelter, food and clothing.
@scheng1 (24748)
• Singapore
20 Apr 09
I like your comment, it is very insightful. A person with a million dollars hard cash is not the same as saying a person is a millionaire in term of assets. And yes, I much prefer to have one million dollars in bank than to inherit a million dollar property that needs monthly maintenance.