being rich
 

im not rich (far from it), but i was wondering how much income somebody would have to make to be considered "wealthy" or "rich"

i think if you can afford a 1m home, you can call yourself rich.
to afford a 1m home you probably need to be making around 250k/yr (gross)
and just because you own a 1m home doesnt make you rich either, since most ppl bought a 500k home 5-10 years ago and now its worth 1m... that doesnt count.

discuss

Being rich in my definition is being able to afford all your necessities and then some. No debt, no worrying about bills. I've learned that the general household income in B.C. is around 50k and my dad earns quadruple that. So I consider my family well off.

A rich person is one who can sit and do nothing and support an above average lifestyle.

Rich by my definition means you can buy million dollar homes on a monthly basis.

Wealthy is someone who signs ^ guy's pay cheque.

Why do you care anyway OP? Your not going to get any closer to wealth by discussing other peoples fortune. Get off your ass, get an education, find a job that you love and pays well, work hard. Then you'll go places.

you don't have to make 250k to afford a 1m home... at least not on a mortgage. When you're married you're also making twice as much.

If i recall doing the research couple years ago you have to be making 120K annually to be living comfortably in vancouver that means... eat most you want, buy most you want. Now anything marginally over is considered rich in my mind because now you have a lot of disposable income.

So if my gf and i make 90 - 100K each and live together, I would consider us relatively rich.

That's my $0.02

There's a difference between having a high income and having a large accumulation of wealth. Being "rich" refers to someone's wealth or net worth, not their income. Many people who have high incomes are quite poor due to poor spending habits and lifestyle choices. Just like many people making modest incomes can become wealthy. A high income can of course lead to being wealthy given proper decisions.

Just because you can make 250k+ every year does not make you rich. Being rich and wealthy for the long run is all about having disciplines and an overall financial strategy to protect your assets and properly invest your capital to your risk level.

i dont really care, i was just trying to start a discussion.

200k combined income (gross) or higher
having a couple properties
having 70k+ cars
no debt
some investments
lots of money going into retirement funds and kid's RRSP
vaycay every 4 months
helping out families (immediate and distant) with money if they were having financial difficulties

Top 5% of Canadians earn about $90k a year and apparently over $60k is top 10%.

flying on g5

Shaquille O'Neal is rich but the dude signing his paycheques is wealthy

wealth is a state of mind

2004 Chris Rock called, he wants his joke back.

have you heard about the term "house rich, cash poor" ?

= thats is what defines a lot of people in vancouver

Rich - is someone that can afford anywant he wants to without having to think about it.

even make 250k isn't rich, taxes and spending habits can ultimately kill your capital.

Carl about probably hit the bang on about being rich and wealthy.

wow engrish at its finest.

anyway, i disagree about rich meaning you can afford anything. no matter how much money you have, theres always going to be something new that you want and cant afford.

Rich is knowing how to spend your money wisely.

Wealth is what you get after few years of being rich.

I agree with the first part.

The 2nd part should be,

Wealth is your kids doesn't have to know have to spend you money lol

CLAIMMMMM

Says the claimer doing summer school for a failed class.

You can be poor, but rich in love?

its called the MULTI+ button!!

yeah im finally appreciating his jokes, they are as profound as Carlin i find

What if you have one nice property? Why do you need to have an expensive car? No debt maybe in Canada.. in the states it actually doesnt make sense for you to not have a mortgage since you can actually write the interest off.