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To: Paul Senior who wrote (63173)4/23/2006 12:43:31 AM
From: Mark Mandel  Respond to of 206334
 
Just how rich is rich, really?

Interesting read from MP Dunleavey of MSN Money

moneycentral.msn.com

And a handy dandy tool that calculates how stinking rich you are. globalrichlist.com

Have fun getting rich... I'd rather be happy and have fun.
Mark



To: Paul Senior who wrote (63173)4/23/2006 12:52:21 AM
From: Dave  Read Replies (1) | Respond to of 206334
 
<<<Dale Baker, another way of possibly categorizing "rich":
Barron's this week talks of Financial Advisors managing monies in three classes: Individuals (under $1M), High Net Worth ($1-$10M) and Ultra-High Net Worth. >>>>

Paul Senior
A very interesting discussion of categorizing rich. I suspect it very much depends of life style and income. My wife and I have two rules:
1. If we can't pay cash (or check or debit card) we don't need it.
2. No interest charges, house or car interest etc.

I have been retired 11 years and we live very well on my two pensions, her pension and two SS checks. However, we have been very fortunate to have no major medical problems to date. This year we both must start to receive IRA distributions, which will increase considerably our income. Net worth, however, is under $2MM. My personal opinion is we are "rich" since we travel some, eat out too often for staying slim and can pursue hobbies (art for her, fishing/hiking for me) and still have our health.

I suspect the younger people will suffer if they do not have a 401K or pension or health plan that continues into retirement; it will take a very large net worth to live "rich".

Dave



To: Paul Senior who wrote (63173)4/23/2006 8:59:14 AM
From: tom pope  Respond to of 206334
 
Paul, I'd agree that one should exclude one's home from net worth calculations - it's certainly not a productive asset - in fact it's a call on financial assets for taxes and maintenance.

This has been balanced by the appreciation in value in recent years, so houses have been excellent investment assets. Until now.

We have a second home in NC which we are selling, with a closing scheduled for May 18. I can't wait.


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