[ARCHIVED THREAD] - ...... (Page 1 of 2)
Posted: 1/13/2014 10:43:21 PM EDT
| ........ |
|
Quoted: You know the term, you hear how your neighbors or old friends aren't rich but are most certainly are "well off", Are you well off? I have a couple of friends in their 20s. They come from somewhat rich families... not super wealthy, but they have money which was earned from owning small businesses (10-50 employees). The kids will never have to work a day in their life after college, but they live in normal, middle class homes and not some huge mansion. One of them plays the stock market all day because he can. The other buys real estate and watches movies every day. He does whatever he wants and has a quarter mil coming in every year for the rest of his life. They are well off, which is just another way of saying "independently wealthy." |
|
Quoted: It is all retaliative. I know surgeons that are broke as fuck that live life like shit. I am insatiable...I will always want more. ERRRRROR. Does not compute. Brain shutting down. I just can't fathom this. I mean.... I've heard of it, but I literally can't imagine it. |
|
Quoted:
ERRRRROR. Does not compute. Brain shutting down. I just can't fathom this. I mean.... I've heard of it, but I literally can't imagine it. Quoted:
Quoted:
It is all retaliative. I know surgeons that are broke as fuck that live life like shit. I am insatiable...I will always want more. ERRRRROR. Does not compute. Brain shutting down. I just can't fathom this. I mean.... I've heard of it, but I literally can't imagine it. I know people who make lots of money and are broke, living beyond your means seems to be common in this day and age. I wish I had that problem versus being unable to make enough money to take care of everything that needs to be taken care of. |
|
Quoted:
ERRRRROR. Does not compute. Brain shutting down. I just can't fathom this. I mean.... I've heard of it, but I literally can't imagine it. Quoted:
Quoted:
It is all retaliative. I know surgeons that are broke as fuck that live life like shit. I am insatiable...I will always want more. ERRRRROR. Does not compute. Brain shutting down. I just can't fathom this. I mean.... I've heard of it, but I literally can't imagine it. Two or three alimony checks, child support out the ass. Bunch of cars that are financed, three or four mortgages, credit card debt out the ass...I have known more than a few surgeons in the process of a bankruptcy. |
|
Quoted:
I find the concept hard to understand, what is the difference between rich and well off? Having money and being well off are not mutually exclusive. Some people can handle high incomes, others cannot. Many people are are very well off with below average incomes because they know how to live. |
|
Quoted: Two or three alimony checks, child support out the ass. Bunch of cars that are financed, three or four mortgages, credit card debt out the ass...I have known more than a few surgeons in the process of a bankruptcy. WOW. Just wow. I've worked in bankruptcy before, but all of the clients were flat out poor. The only person with money lost it all by investing in real estate during the crash.  Jeez, I just can't imagine multiple people like that going through bankruptcy, but I guess if those NBA & NFL players can blow all their money, it doesn't seen too far fetched. Who could go through all of that education and hard work to just blow it on stupid shit?? That is just nuts. I knew a cardiologist at one time from out of state. He said that, because residency is so long and his school loans were so expensive, he wasn't able to save for retirement until his early 50's, and I believe him. After having to pay the loans off and the mortgage, he finally started saving for retirement and then his kids went to college. ;) |
|
Quoted:
My "boat" is just a canoe, but it floats. I live within my means, could probably survive about 6 months without getting paid, but I am by no means a rich guy. You sir have more than most people I know and are to be respected. 6 months? Most people couldn't pay their bills after 6 weeks after loosing their precious job. 
|
|
Quoted: I find the concept hard to understand, what is the difference between rich and well off? To people like me, they mean the same thing. However, others don't think you're rich until you live like Trump. A close friend of mine is most certainly wealthy (to me), but he doesn't live like it at all. He has over $20M net worth, but doesn't show it. He inherited a lot of it and also made a lot with his career and investments. He lives in a nice, suburban middle-class house and has a small office a few miles north of the city. He drives a C-class Mercedes, has an easy life, and a wonderful family, but he's not making it rain on a yacht in the French Riviera. A lot of people would think he is "well off," but not rich. I think he's rich as fuck. It's all about perspective. |
|
Quoted:
To people like me, they mean the same thing. However, others don't think you're rich until you live like Trump. A close friend of mine is most certainly wealthy (to me), but he doesn't live like it at all. He has over $20M net worth, but doesn't show it. He inherited a lot of it and also made a lot with his career and investments. He lives in a nice, suburban middle-class house and has a small office a few miles north of the city. He drives a C-class Mercedes, has an easy life, and a wonderful family, but he's not making it rain on a yacht in the French Riviera. A lot of people would think he is "well off," but not rich. I think he's rich as fuck. It's all about perspective. Quoted:
Quoted:
I find the concept hard to understand, what is the difference between rich and well off? To people like me, they mean the same thing. However, others don't think you're rich until you live like Trump. A close friend of mine is most certainly wealthy (to me), but he doesn't live like it at all. He has over $20M net worth, but doesn't show it. He inherited a lot of it and also made a lot with his career and investments. He lives in a nice, suburban middle-class house and has a small office a few miles north of the city. He drives a C-class Mercedes, has an easy life, and a wonderful family, but he's not making it rain on a yacht in the French Riviera. A lot of people would think he is "well off," but not rich. I think he's rich as fuck. It's all about perspective. He's low-end old money and definitely rich. Since he spends wisely and probably invests correctly, he and his family will stay rich no matter how the economy goes. |
| As others have said, it is all relative. Compared to my co-workers, I am probably "well-off", but compared to lots of other people I am lower middle class. I own 3 vehicles and a motorcycle, all paid for. All 10 or more years old. I bought a foreclosure for $80k in 2005 and plan to have it paid off in 2 years or less. I don't pay $100 a month for cable TV. I don't eat out everyday. I could likely live for about 2 years on my savings account if I shaved down uncessary expenses. My income increased significantly in 2013 because my wife finished her second degree and started working, but instead of going out and buying new cars, going on lavish vacations, we saved more money and put more money on the mortgage. You just have to be smart with your money to be "well-off". |
|
I do ok...essentially live paycheck to paycheck but am more or less able to pay my bills on time...
If I could get my spending habits under control I would be doing much better off...every few months when I have a few thousand saved up I somehow manage to blow it on some new toy. |
| Different things to different people. I consider myself well off. I make a decent salary don't want for much. I can easily afford my house payments and one car payment. I am far from rich, but if I lost all my income I would be fine for a number of months. Plenty of people who live around me would be toast in a month if they lost their jobs, but they tend to spend a lot more money on various things is lump into entertainment and luxury items. |
|
Cost of living also comes into play. 40k in NYC = you're broke as fuck. 40k in rural AL = you got money son!
I am comfortable, I don't live paycheck to paycheck but I just cant seem to get over the next financial hurdle that I set for myself. That could be putting the max into the Roth or 401(k), could be saving for a Scar-17, or it could be saving past 6mo of bills. Having goals is a good thing, gives me something to gauge my progress against. Somehow life always pops up... need to fix a truck, need to replace a water heater, insurance is due... etc etc. |
|
Pretty well-off would be used around here to describe someone that is not rich but might have inherited money/land, done well enough for themselves that they don't live pay check to pay check, retired with a good pension, has their house paid off, or something like that.
As in "he would have been pretty well of if he had not spend the money his Dad left him on hookers and blow".
|
|
Quoted:
I do ok...essentially live paycheck to paycheck but am more or less able to pay my bills on time... If I could get my spending habits under control I would be doing much better off...every few months when I have a few thousand saved up I somehow manage to blow it on some new toy. I had this issue. I solved it by setting up part of my accounts to auto-deduct a chunk into my Roth IRA (only $100/month, it was all I could afford to divert at the time) on a certain day of every month. Likewise with a savings account. I found it psychologically easy to spend money that was in my checking account and much harder to do so with money in my savings account. Basically, I had to outsmart myself, and it actually worked reasonably well. Never plundered my savings account for a new toy, and only dipped into it when I was out of work at one point for ~12 weeks, and again after I got laid off. As soon as I get my income back up to where I have breathing room after the essentials, I'm going to do it again. I know I'm an idiot. So I have to plan against it.
|
|
Quoted:
ERRRRROR. Does not compute. Brain shutting down. I just can't fathom this. I mean.... I've heard of it, but I literally can't imagine it. Quoted:
Quoted:
It is all retaliative. I know surgeons that are broke as fuck that live life like shit. I am insatiable...I will always want more. ERRRRROR. Does not compute. Brain shutting down. I just can't fathom this. I mean.... I've heard of it, but I literally can't imagine it. I see it in the oilfield a good bit. Guys making six figures a year broke as shit after they get back from 14 days off. |
|
It means, after taxes (Federal, State (we pay 2 because DE does not have Reciprocity with PA), Municipal taxes (2 locations where we work), your take home is less than 40%. Then you get to pay property taxes of almost 15k per year (School District, County and township). Plus you get to pay the Alternative Minimum Tax. You also get you Zero care upcharge like everybody else.
So, you have about 30-35% net of what you earn before you start paying your bills. Bills like those student loans for those docorates that enabled you to get the salaries that got you targeted by the Gov in the first place (more than some people's mortgage). It's not like we are rich born evil capitalists, comrades. My dad was a truckdriver and my wife's dad worked in an oil refinery. You also have the joy of the IRS "correcting" your return every two years or so and tells you pay another couple grand. It's a sucker move. We aren't living large (my DD is a 2008 Grand Marquis) and while on paper we make "a lot" of money, after just propping up the state, literally we're taking home 1/3 before we start taking care of household expenses. Yeah, we have an accountant; a good one, and we are getting hammered. We don't need a better account. We need a better government. |
|
IMO, your poll is missing something between "I do ok paycheck to paycheck" and "I own a boat". My definition of being well-off is that one has a serviceable vehicle, good (not designer) clothes, food in the fridge, a roof over their heads, and enough money in the bank to see them through some rough spots and afford the occasional indulgence.
Everyone's definition will differ I guess. |
|
According to the FSA and Democrats, I am.
I can't complain about being broke but it's getting tremendously hard to make ends meet--which means funding my monthly expenses, saving for Christmas and all annual expenses, paying taxes, saving for retirement and trying to figure a way to save for College expenses. I'm getting by but am running far too lean for my tastes in the immediate emergency funds department. But I'm far from catastrophe. |
|
I consider myself well off. Able to put 3 kids through college, pay my bills on time, pretty much do what I want (I don't WANT much).
In our younger years we had it tougher....lost a business, lost a house, made lots of stupid decisions.Not as dumb as we once were. Live within your means and you will be well off, regardless of how much money you make. |
|
Quoted:
WOW. Just wow. I've worked in bankruptcy before, but all of the clients were flat out poor. The only person with money lost it all by investing in real estate during the crash. </a>
Jeez, I just can't imagine multiple people like that going through bankruptcy, but I guess if those NBA & NFL players can blow all their money, it doesn't seen too far fetched. Who could go through all of that education and hard work to just blow it on stupid shit?? That is just nuts. I knew a cardiologist at one time from out of state. He said that, because residency is so long and his school loans were so expensive, he wasn't able to save for retirement until his early 50's, and I believe him. After having to pay the loans off and the mortgage, he finally started saving for retirement and then his kids went to college. <a href="http://javascript:oUtil.obj.insertHTML('<img src=http://www.ar15.com/images/smilies/smiley_abused.gif />');" target="_blank">
Quoted:
Quoted:
Two or three alimony checks, child support out the ass. Bunch of cars that are financed, three or four mortgages, credit card debt out the ass...I have known more than a few surgeons in the process of a bankruptcy. WOW. Just wow. I've worked in bankruptcy before, but all of the clients were flat out poor. The only person with money lost it all by investing in real estate during the crash. </a>
Jeez, I just can't imagine multiple people like that going through bankruptcy, but I guess if those NBA & NFL players can blow all their money, it doesn't seen too far fetched. Who could go through all of that education and hard work to just blow it on stupid shit?? That is just nuts. I knew a cardiologist at one time from out of state. He said that, because residency is so long and his school loans were so expensive, he wasn't able to save for retirement until his early 50's, and I believe him. After having to pay the loans off and the mortgage, he finally started saving for retirement and then his kids went to college. <a href="http://javascript:oUtil.obj.insertHTML('<img src=http://www.ar15.com/images/smilies/smiley_abused.gif />');" target="_blank">
You would be surprised how dumb some smart people are...especially when pussy is thrown at them. |
|
I am well off.
My family is healthy and we have a small but warm house to live in. I have a happy marriage, and When I get home from work there is food in the fridge and clean water to drink. I will never be rich in what the world has to offer, but I will be satisfied with what I have. Am I well off? what would some one born in Africa say? |
|
Well off, to me, means that money coming in exceeds money going out. You can be well off and be of fairly low income. You can be in financial trouble with an astronomical income. It has more to do with the combination of income and spending habits than income alone. |
|
Self employed electrician with no employees, three young kids and a stay at home wife. You could say I'm well off from a family viewpoint because my wife gets to stay home w/ our kids but financially, um no.
We live in a mid 70's tri-level in an unincorporated area, my car is twelve years old, her minivan is nine, my work van is fifteen (99 Ford E-350 diesel  )
I can't complain as I get to shoot recreationally, we go on "vacation" to the Dells each year, I've taken a few week long motorcycle trips with the guys but my retirement accounts could use a boost. When our two year old is in school full time my wife will get a part time job. Any add'l income will be great. |