Rich is paying your bills and getting to the end of the month and still be able to go in a store and buy whatever without having to check your check book to see if you have the money to cover it
-Jim
I so agree!
Rich is not being tense on payday. Rich is having cash after your monthly obligations are paid. After your expenses, anything extra becomes your wealth. When you get back from a nice vacation and not being welcome to a bunch of debt and bills.
We all know Rich can be relative. If you make $100,000 and your peers make $50,000 or less a year well you are rich. If you make $100,000 and your peers make $250,000 you will feel poor. It is simply a state of mind. You will never feel rich when you compare to people that have a higher income than you.
We as Americans tend to compare ourselves with neighbors, peers and friends
There‘s no single cutoff point that defines “rich” …technically
It’s up to you to define it for yourself. It’s never an exact amount of money. It’s when your assets (what you own) is much higher than your debts (what you owe). I want to not worry about bills and who I owe debt to. I want to a little freedom, a little cushion, a little less stress. I don’t want to ever run out of money. I don’t want to be average either. I wanted enough cash to not be living paycheck to paycheck. I took all my risks in my 20s: college, struggling, dead end jobs, failed businesses, not owning a car etc. Once I reached 30, I wanted a different world each risk educated me and taught me the path of prosperity. So it was all worth it!
Absolutely.
This is why I feel rich. I don’t go out and buy jets, but I never stress if I go over my budget a little each month.
Glad to see some people are living a decent life. Once I figured out how to save and spend, no more tight budgets and being miserable.
Mind blowing post to say the least. In fact its a great source of lesson to have a calculation as in how we should spend and save simultaneously. We should have ample amount of savings in hand and shouln’t waste money in every bits and places. Initially I had a problem managing all these when I started to earn for the 1st time. But now I have managed to have a consistent financial life.
Everyone need different ideas. Personal finance is so personal. There should not be cookie cutter advice for everyone. As long as you get to your goals. There are different paths to take