Phil for Humanity Phil for Humanity
A Guide for the Survival of Humankind and Helping the World, Society, and Yourself.

What is Rich?

Almost everyone has a different definition of being rich.

Some people think that earning a lot of money is rich. Some people think that saving a lot of money is for the rich. Some people think that being able to spend a lot of money, whether on credit or not, is something that only the rich do. Most people think that having a lot of money is rich. Heck, even the concept of "a lot of money" is very subjective to each person too.

However, I disagree with all of these definitions of being rich. My personal definition of being rich is not having to work for a living. Earning, saving, spending or just having a lot of money does not satisfy my personal definition of being wealthy.

My definition of wealthy means having to save and invest enough money to be able to live comfortably from just those investments, even after inflation and taxes for any number of years. Of course, being "comfortable" is very subjective too. For me, it is having a more than modest home that is mortgage free, no debts, and residue income from several investments to pay all of my bills without the fear that a stock market crash, inflation, real estate crash, and/or taxes will eventually force me back to work. Even though I am not yet rich, I am optimistic that if I continue to work, save money, and invest wisely, then I will eventually retire rich. That is rich for my standards.

In conclusion, my definition of rich is basically the philosophy of having your money work for you, rather than you work for money. Furthermore, being wealthy is having enough money invested so that you do not need to ever work again. Now that is my true definition of being wealthy.

by Phil for Humanity
on 06/24/2008

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