Curious, any members get ridiculed by family members for their Rolexes?

[Wesley Crusher]

Originally Posted by petee1997

After reading this thread I have a question. What is the bare minimum net worth that a person must have, to be called wealthy?

I ask the question out of curiosity over people's perception of wealth. Give me a number.

100 billion dollars.

[louis redfoot]

Originally Posted by petee1997

After reading this thread I have a question. What is the bare minimum net worth that a person must have, to be called wealthy?

I ask the question out of curiosity over people's perception of wealth. Give me a number.

1 million is enough to get started. beyond that it's just more stuff, bigger houses, nicer hotels and vacations etc. if you know what you're doing, $1million is enough f-you-money

[Kyu]

Originally Posted by louis redfoot

1 million is enough to get started. beyond that it's just more stuff, bigger houses, nicer hotels and vacations etc. if you know what you're doing, $1million is enough f-you-money

Not sure, as much as I do agree 1 million is enough
but the phrase and meaning of "wealthy" for me is
You have so much, your kids are financially set, and so are your grand kids
and all the way to great great great great grand kids

[louis redfoot]

Originally Posted by Kyu

Not sure, as much as I do agree 1 million is enough
but the phrase and meaning of "wealthy" for me is
You have so much, your kids are financially set, and so are your grand kids
and all the way to great great great great grand kids

oh, i was defining at a personal level. though in your case, a ranch in utah could also do that. hope your family likes chicken lol

[petee1997]

One million may be a little security but it is not wealthy. I realize that a person renting and living from paycheck to paycheck may see 1 million differently.

Being affluent, owning your home and cars outright with one million in investments would mean a person is well off but far from wealthy. I always thought wealthy was at least 50 million in investments. The house and toys are just that, wasted money that earns nothing.

There are many affluent people but very few wealthy ones.

I am not wealthy.

[i2onnel]

Originally Posted by tkerrmd

Not from my wife and kids!!

amazing sir

[psv]

Originally Posted by petee1997

After reading this thread I have a question. What is the bare minimum net worth that a person must have, to be called wealthy?

I ask the question out of curiosity over people's perception of wealth. Give me a number.

$25M and above.

[locutus49]

This is from an article about wealth in America. I don't know if it is accurate. The table did not copy, but you can figure out the columns:

"Exactly how rich are the Top 1%?

People often wonder exactly how much income and/or wealth someone needs to have to be included in the Top 1% or the Top 20%; Table 1 below lists some absolute dollar amounts associated with various income and wealth classes, but the important point to keep in mind is that for the most part, it's the relative positions of wealth holders and income earners that we are trying to comprehend in this document.

Table 1: Income, net worth, and financial worth in the U.S. by percentile, in 2010 dollars
Wealth or income class:

First number: Mean household income. Second number: Mean household net worth Third number: Mean household financial (non-home) wealth

Top 1 percent $1,318,200 $16,439,400 $15,171,600
Top 20 percent $226,200 $2,061,600 $1,719,800
60th-80th percentile $72,000 $216,900 $100,700
40th-60th percentile $41,700 $61,000 $12,200
Bottom 40 percent $17,300 -$10,600 -$14,800

From Wolff (2012); only mean figures are available, not medians. Note that income and wealth are separate measures; so, for example, the top 1% of income-earners is not exactly the same group of people as the top 1% of wealth-holders, although there is considerable overlap.

[Thunderball57]

Originally Posted by foodle

I learned from lending my brother-in-law money, that I should always consider any money "lent" to relatives as a gift. I never have any expectation of seeing the money ever again, no matter how much they promise about paying us back. Makes it easier for me to mentally accept it when they never pay a dime back.

You've got that straight.

[Racerdj]

There are envious people everywhere.

[louis redfoot]

Originally Posted by locutus49

This is from an article about wealth in America. I don't know if it is accurate. The table did not copy, but you can figure out the columns:

"Exactly how rich are the Top 1%?

People often wonder exactly how much income and/or wealth someone needs to have to be included in the Top 1% or the Top 20%; Table 1 below lists some absolute dollar amounts associated with various income and wealth classes, but the important point to keep in mind is that for the most part, it's the relative positions of wealth holders and income earners that we are trying to comprehend in this document.

Table 1: Income, net worth, and financial worth in the U.S. by percentile, in 2010 dollars
Wealth or income class:

First number: Mean household income. Second number: Mean household net worth Third number: Mean household financial (non-home) wealth

Top 1 percent $1,318,200 $16,439,400 $15,171,600
Top 20 percent $226,200 $2,061,600 $1,719,800
60th-80th percentile $72,000 $216,900 $100,700
40th-60th percentile $41,700 $61,000 $12,200
Bottom 40 percent $17,300 -$10,600 -$14,800

From Wolff (2012); only mean figures are available, not medians. Note that income and wealth are separate measures; so, for example, the top 1% of income-earners is not exactly the same group of people as the top 1% of wealth-holders, although there is considerable overlap.

i'd say mean figures (as a measurement to define the rich) are fairly useless since the billionaires screw up the average. iirc, entry point into top 1% is ~$5million net worth

[Thunderball57]

Originally Posted by foodle

Anywhere from $0 to $100B. Depends on what you value.

Truth. My background is blue collar; not moneratirly rich by any stretch of the imagination. I'm a retired member of the most powerful maritime union on the planet. My home and cars are paid for. I've generous retirement benefits with full medical, dental and $1.00 deductible on all prescriptions, brand name or generic. I consider myself a very fortunate man.

[mannyv11]

Originally Posted by Thunderball57

Truth. My background is blue collar; not moneratirly rich by any stretch of the imagination. I'm a retired member of the most powerful maritime union on the planet. My home and cars are paid for. I've generous retirement benefits with full medical, dental and $1.00 deductible on all prescriptions, brand name or generic. I consider myself a very fortunate man.

I agree with you 100 percent my friend :)

[inzunzar]

Originally Posted by mannyv11

I would have never talked to that Ahole again or let him in my house, I also would not have known him since 69 would have let that friendship go a loooong time ago.

Well done, he does not deserve to be your friend


Sent from my iPhone using Tapatalk

[harrjaso]

My wife rolls her eyes. I stopped telling her about new watches. Every now and then she'll notice one and ask if it's new, but if she doesn't ask, I don't tell.


Sent from an iPhone on a secluded island

[harrjaso]

Originally Posted by Headshrinker

I dread my wife's family get-together every summer. The trouble begins when we sit down for dinner and my two brothers-in-law begin broadcasting to all in attendance how much they thought I paid for my Rolex watch. It only goes downhill from there. (I never drive my Porsche there anymore after my brother-in-law thought it was funny to fart in my new car; he is 45 years old) anyway, I wondered if I was the only one to endure such beaver poo?

Sounds like someone needs an a@& whooping. Don't underestimate (or abuse) the persuasive nature of violence. I'm not an advocate, but it has it's place.


Sent from an iPhone on a secluded island

[DCGuy1965]

Oh dear this is going to be one of those threads. Me really like reading the responses :) and the creativity that ensues. As for me my family respects I love Rolexes and are astute enough to understand they hold value extremely well. All my family are Antique Road Show watchers. They've seen the Patek Philippe watches appear and be valued something ridiculous. Mom agrees a Patek would be a hell of a nice midlife purchase

Now for the joker farting in the Porsche all I can say OP is you showed amazing restraint not punching him in the face. I'd be less offended if he lit a cigarette in my BMW but farting is just plain over the top

[T01]

No ridicule here!

[Thunderball57]

Originally Posted by inzunzar

Well done, he does not deserve to be your friend


Sent from my iPhone using Tapatalk

I was sitting out back with a scotch the day he showed up, still in a state of shock. The good thing was he brought an old friend with him who we've known since 1971 and I hadn't seen in years. I didn't even recognize her for the first half hour or so until she started talking about the old days. We've been hanging out since; movies, dinners, concerts and the like. Funny how things work out sometimes.

[Thunderball57]

Originally Posted by mannyv11

I agree with you 100 percent my friend :)

:)

[porschejeff]

What's with these threads lately. I frequent Porsche forums and on two of them there were posts of have you been ridiculed or feel awkward driving a Porsche, or How do you respond when asked how much did that car cost. I'm kind of tired of these threads and how many people really ask?

[Keith1]

Originally Posted by DCgator

Don't say a word about the watch after you've bought it. If they happen to notice and ask questions, give them a non-answer or dismiss the questions right off....you're a grown a$$ person and ought not be treated like a child. My 2c.

+1 Well said!

[BLACKHORSE 6]

I was in a training course a few months ago when I complemented one of the instructors on his two-tone GMT. He bought it as a gift to himself after he retired with 30 years with the same company and was striking out on his own as a contractor. He said most of his friends bought themselves boats that they could only enjoy when the weather permitted and gave them constant headaches, but he wore his Rolex everyday and needs a service once every few years.

As a few others have said, everybody spends their money on something they valve.

[ec51]

Originally Posted by petee1997

After reading this thread I have a question. What is the bare minimum net worth that a person must have, to be called wealthy?

I ask the question out of curiosity over people's perception of wealth. Give me a number.

Once you no longer have to do your own laundry = wealth.

[GB-man]

Originally Posted by porschejeff

What's with these threads lately. I frequent Porsche forums and on two of them there were posts of have you been ridiculed or feel awkward driving a Porsche, or How do you respond when asked how much did that car cost. I'm kind of tired of these threads and how many people really ask?

I had one man yell f you and your dad for buying you that as I was exiting a parking lot with the windows down, bs of course as I bought my 991 with my own money.

I had a guy approach me last weekend in a bar parking lot out of nowhere and start asking how much it costs. I ignored him and he started guessing and asking if he was close. I'm guessing he was drunk and high. Mind you this was at a Dave and busters! Just stopping in for a beer jeez!

These useless a holes exist. You're lucky to have avoided them.

[fmc000]

Originally Posted by louis redfoot

1 million is enough to get started. beyond that it's just more stuff, bigger houses, nicer hotels and vacations etc. if you know what you're doing, $1million is enough f-you-money

I'd easily settle for half that money.

[Laszlo]

Originally Posted by Kyu

Not sure, as much as I do agree 1 million is enough
but the phrase and meaning of "wealthy" for me is
You have so much, your kids are financially set, and so are your grand kids
and all the way to great great great great grand kids

My dad told me wealthy is when you make money while you're sleeping.

[shaunylw]

Originally Posted by Laszlo

My dad told me wealthy is when you make money while you're sleeping.

Smart man!

[hdrazor251]

Originally Posted by Laszlo

My dad told me wealthy is when you make money while you're sleeping.

Does sleeping on the job count?

[Castor]

Originally Posted by Laszlo

My dad told me wealthy is when you make money while you're sleeping.

Agreed.