Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Interesting Discussions
S/O What do you consider “wealthy”?
Previous  1  2  3  4  Next



Post new topic   Reply to topic View latest: 24h 48h 72h

amother
Blonde


 

Post Mon, Jul 16 2018, 12:10 pm
lovesHashem-I would call that comfortable not wealthy which just goes to show it's relative. If I can't provide my kids with what they need including therapy or save for a rainy day then I'm not comfortable.
Back to top

amother
Burlywood


 

Post Mon, Jul 16 2018, 12:12 pm
Mommyg8 wrote:
That was my comment, I'm sorry it bothered you. I did not mean that you're wealthy, I meant that many Lakewood families live very close to the poverty line. So a store like Dlux would not be a place they hang out in. If you're in Dlux, then yes, you're part of the "regular" crowd as opposed to the "very simple" crowd. I'm sorry I used the wrong word, and I'm really sorry it bothered you (who knew that wealthy is an insult ?)


Not insulted or bothered at all! Sorry if I gave that impression. It was more food for thought than anything else. And I thought it could be an interesting discussion. Hence the forum I chose Wink
Back to top

amother
Natural


 

Post Mon, Jul 16 2018, 12:16 pm
Obviously, enough current income to meet all current costs at a relatively high level (ie, "nice" home, foreign vacations twice a year, luxury cars, household help, etc).

Retirement plan fully funded, or on its way to be fully funded, at a level that would allow you to continue to live in the lifestyle described above.

Fully funded college savings for all kids, plus simcha funds (wedding, bnai mitzvah). And trust funds of at least $1 million for each kid.

Further assets of at least $1.5 million.
Back to top

LovesHashem




 
 
    
 

Post Mon, Jul 16 2018, 12:19 pm
amother wrote:
lovesHashem-I would call that comfortable not wealthy which just goes to show it's relative. If I can't provide my kids with what they need including therapy or save for a rainy day then I'm not comfortable.


I guess when you live in a country where 1/5 of the country is under the poverty line, comfortable becomes wealthy. 70 percent of chareidim live under the market poverty line.

In any case, that's all I want to be, and all money comes from Hashem anyway.

This just shows you how it's all relative.
Back to top

LovesHashem




 
 
    
 

Post Mon, Jul 16 2018, 12:20 pm
amother wrote:
Obviously, enough current income to meet all current costs at a relatively high level (ie, "nice" home, foreign vacations twice a year, luxury cars, household help, etc).

Retirement plan fully funded, or on its way to be fully funded, at a level that would allow you to continue to live in the lifestyle described above.

Fully funded college savings for all kids, plus simcha funds (wedding, bnai mitzvah). And trust funds of at least $1 million for each kid.

Further assets of at least $1.5 million.


Basically a millionare?
Back to top

amother
Natural


 

Post Mon, Jul 16 2018, 12:29 pm
LovesHashem wrote:
Basically a millionare?


Well, more than a millionaire. Including retirement and home equity, I have more than a million in assets, and still worry about how I'll put my kids through college.

But yes, that's "wealthy."
Back to top

allthingsblue




 
 
    
 

Post Mon, Jul 16 2018, 12:38 pm
amother wrote:
Well, more than a millionaire. Including retirement and home equity, I have more than a million in assets, and still worry about how I'll put my kids through college.

But yes, that's "wealthy."


I fully agree with your definition.
Back to top

Mommyg8




 
 
    
 

Post Mon, Jul 16 2018, 12:41 pm
amother wrote:
Not insulted or bothered at all! Sorry if I gave that impression. It was more food for thought than anything else. And I thought it could be an interesting discussion. Hence the forum I chose Wink


Thanks for clarifying.

For me, being able to afford a frum lifestyle without any outside help (government or otherwise) Smile.
Back to top

BH5745




 
 
    
 

Post Mon, Jul 16 2018, 1:54 pm
The Talmud says people never die with half their desires fulfilled... so being able to buy everything one "needs" doesn't make one wealthy. As soon as we meet one need, we think of another to meet. And as soon as someone has $1 million dollars they feel insecure until they have $2 million.

And even if someone has $50 million in assets, they wouldn't be rich if the dollar declined, or an economic collapse happened that wiped out their savings or something devalued their assets(stock market crash, company closed, etc.) Money comes in and goes out in so many ways. Just because one has money and assets today doesn't mean they'll have it tomorrow or that it will be worth anything, and vice versa.

sounds cliche, but Chazal say wealth is being happy with what we have...
Back to top

amother
Pink


 

Post Mon, Jul 16 2018, 2:36 pm
salt wrote:
We have an apartment and a car, my kids get private lessons if they need, and we have money over at the end of the month, b"H, but I would NEVER buy a pair of shoes for $100 shock


People spend differently. I spend money on shoes , sometimes 200$ but I'm not wealthy. I never had much growing up and shoes are my treat.
In my opinion someone is wealthy if they don't have to think about buying a car or having extra bills come in. they don't need to worry about money. I wouldn't say they'd have to be millionaires. Someone who makes 150-200k is wealthy in my eyes. I'm European though so we have different wages here. 150 thousand euros is a lot more here than 150 k would be in the states.
Back to top

amother
Burlywood


 

Post Mon, Jul 16 2018, 2:39 pm
150k for a frum family, even a small family, is not wealthy.
Back to top

amother
Ruby


 

Post Mon, Jul 16 2018, 2:45 pm
Wealthy- someone who has larger financial means than you. Poor- someone who has less than you.
Back to top

amother
Brunette


 

Post Mon, Jul 16 2018, 2:50 pm
For me, wealthy = being able to give as much tzedakah as I want without having to worry about providing for my family.

IY"H one day!
Back to top

SixOfWands




 
 
    
 

Post Mon, Jul 16 2018, 2:52 pm
salt wrote:
We have an apartment and a car, my kids get private lessons if they need, and we have money over at the end of the month, b"H, but I would NEVER buy a pair of shoes for $100 shock


I'm not sure why you find $100 shoes so shocking. That's not even high end these days. Except on sale, I'd be hard pressed to find comfortable, well-made flats for work for significantly less.
Back to top

naturalmom5




 
 
    
 

Post Mon, Jul 16 2018, 2:52 pm
LovesHashem wrote:
I actually do buy 100 dollar shoes.
There's a specific company I like that has good quality leather shoes that'll last years. I can't stand those ballet flats that are like cardboard under your feet...

And I don't own 30 pairs, I own like 3.


You also need to know how to shop.. My husband got a very nice pair of Ferragamo shoes in brand new condition..

500 dollars shock in Nordstrom

He paid 20$ in a consignment store in Jackson
Back to top

Maya




 
 
    
 

Post Mon, Jul 16 2018, 2:55 pm
amother wrote:
150k for a frum family, even a small family, is not wealthy.

150K annual income is not considered wealthy for anyone, frum or not.
Back to top

amother
Burlywood


 

Post Mon, Jul 16 2018, 2:59 pm
Maya wrote:
150K annual income is not considered wealthy for anyone, frum or not.


True. It is however in the highest or one of the highest income brackets on most forms. I guess what I was really saying is that especially for a frum family when you factor in tuition, food, Yom Tov etc, it is even farther from wealthy than in the non Jewish world.
Back to top

amother
Lime


 

Post Mon, Jul 16 2018, 3:23 pm
amother wrote:
People spend differently. I spend money on shoes , sometimes 200$ but I'm not wealthy. I never had much growing up and shoes are my treat.
In my opinion someone is wealthy if they don't have to think about buying a car or having extra bills come in. they don't need to worry about money. I wouldn't say they'd have to be millionaires. Someone who makes 150-200k is wealthy in my eyes. I'm European though so we have different wages here. 150 thousand euros is a lot more here than 150 k would be in the states.


I live in Europe too and not sure if that is accurate. Housing and food costs the same or more in Europe, depending where you live. (although I think kosher items cost a lot more in Europe, other items, like fruit and veg, may cost less.) Tuition might be less, and health insurance is almost certainly a lot cheaper, if its not free. But taxes are higher. If you send your kid to seminary or yeshiva in Israel, you get charged the same as the americans.
Back to top

amother
Violet


 

Post Mon, Jul 16 2018, 3:26 pm
Maya wrote:
150K annual income is not considered wealthy for anyone, frum or not.


Wealth is a measurement of what you have, not what you earn.
Back to top

Maya




 
 
    
 

Post Mon, Jul 16 2018, 3:37 pm
amother wrote:
Wealth is a measurement of what you have, not what you earn.

The two are not necessarily separate.
Back to top
Page 2 of 4 Previous  1  2  3  4  Next Recent Topics




Post new topic   Reply to topic    Forum -> Interesting Discussions

Related Topics Replies Last Post
Do you consider where family when you choose where to live?
by amother
13 Sun, Mar 24 2024, 8:55 am View last post
[ Poll ] Until what age do you consider your child a baby? Poll
by amother
49 Tue, Mar 19 2024, 9:45 am View last post
Do you consider your autistic child special needs ?
by amother
83 Sun, Feb 04 2024, 7:59 am View last post
Things that make you think, wow they are really wealthy!
by amother
195 Wed, Jan 17 2024, 2:25 pm View last post
If you consider yourself very frum and yeshivish
by amother
29 Tue, Dec 26 2023, 4:07 am View last post