# What is considered wealthy?



## debodun (Aug 17, 2019)

I heard recently on TV that in America you have to have a net value of between 2 and 3 million dollars to be considered wealthy. I guess I still have some work to do on my finances! LOL

BTW - What dollar value would you consider wealthy?


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## mathjak107 (Aug 17, 2019)

Nonsense ...... it all depends where you live and what your lifestyle is like ....2 to 3 million generates 80-120k ....here in the tristate area  that is low for a working couple working .

A cop in Long Island makes more .

To equal the millionaire of old when I was a kid ,takes 8-9 million to equal it


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## Knight (Aug 17, 2019)

Glad you stipulated dollar value since wealthy doesn't necessarily mean money. By that I mean. Wealth can pay for the care needed but wealth can't buy perfect health. 

It depends on where you live in our world. A family of four living in poverty in America could live really well on the same dollars they have to spend in some places in Africa. Or A high earner not necessarily a millionaire living in San Francisco could feel wealthy in some parts of America's rural south. 

Overall wealthy for me translates to being monitrailly well off to not have to worry about shelter, food, and buying "wants" no matter what the want is whenever you want it.


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## mathjak107 (Aug 17, 2019)

Money can’t buy happiness either but money sure can buy choices in life on a lot of things ....I learned early on in life about how important choices can be ....the more money the more potential choices


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## RadishRose (Aug 17, 2019)




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## Aunt Bea (Aug 17, 2019)

For me, wealth is not a number it is a comfortable balance between what comes in and what goes out, it's about having enough.

_"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."_  - Mr Micawber/Charles Dickens


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## hypochondriac (Aug 17, 2019)

wealthy is 500 000 + a year aussie dollars imo. 5 to 10% of the population earn that much? the ones who can afford to send their kids to elite high schools.


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## toffee (Aug 18, 2019)

it is a individual thing wealth - but I would say in £££ -- that having in the bank 2 million .is very nice indeed ' wished )))))


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## mathjak107 (Aug 18, 2019)

toffee said:


> it is a individual thing wealth - but I would say in £££ -- that having in the bank 2 million .is very nice indeed ' wished )))))


the problem is in retirement it is no longer about the pile of money .it is only about what that pile of ,money lets you live on ... having a  million dollars saved  , buys no different lifestyle then a city worker with a 40k pension ....so if we are talking living like the "wealthy " today it takes  many millions. we have multiple 7 figures but for queens in  nyc where we live it generates the median income for our neighborhood  .. we rent an apartment and drive a subaru ... sorry no rolls or butler at these levels .


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## Keesha (Aug 18, 2019)

RadishRose said:


>


Hahaha RaddishRose. 
You’re so predictably cute!


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## Trade (Aug 18, 2019)

I'll go along with this. 

https://dqydj.com/net-worth-brackets-wealth-brackets-one-percent/


> Depending on where you live, *a net worth of around $2,500,000 is wealthy*. This is around the top 5% of all households in net worth,


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## Trade (Aug 18, 2019)

mathjak107 said:


> Nonsense ...... it all depends where you live and what your lifestyle is like ....2 to 3 million generates 80-120k ....here in the tristate area  that is low for a working couple working .
> 
> A cop in Long Island makes more .
> 
> To equal the millionaire of old when I was a kid ,takes 8-9 million to equal it



Yep, a million bucks ain't what it used to be.


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## mathjak107 (Aug 18, 2019)

Trade said:


> I'll go along with this.
> 
> https://dqydj.com/net-worth-brackets-wealth-brackets-one-percent/



it all depends what you want as a lifestyle and where you live and whether you are generating a lifetime of income off that 2.5 million or get to just spend the whole thing wildly .... based on the  income generation 2.50 million generates an income here less then a suffolk or nassau county cop  makes. my buddies pension from the police dept is more than that generates .

so there is a whole lot more to look at then net worth ... a 40k pension and zero net worth can generate the same lifestyle as a million dollars here .


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## Liberty (Aug 18, 2019)

mathjak107 said:


> it all depends what you want as a lifestyle and where you live and whether you are generating a lifetime of income off that 2.5 million or get to just spend the whole thing wildly .... based on the  income generation 2.50 million generates an income here less then a suffolk or nassau county cop  makes. my buddies pension from the police dept is more than that generates .
> 
> so there is a whole lot more to look at then net worth ... a 40k pension and zero net worth can generate the same lifestyle as a million dollars here .


math...have often wondered why retired folks continue to live in those high cost areas...such high density and surely not enough nature.  Suppose its just what they're used to?  Surely they could take their pensions and move elsewhere, where the quality of life would be more rewarding to them.  Know some do...met an ex NYC cop in Ft. Myers - works at the airport.  He and his wife chucked it and moved to paradise...lol.


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## Knight (Aug 18, 2019)

I think mathjak hit on something not thought about. Having what anyone considers wealth is one thing,  replenishing it to maintain that level or increase takes  planning.  I've read where athletes & lottery winners that have made millions wound up broke for lack of knowing how to grow that money.


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## StarSong (Aug 18, 2019)

Wealth is a state of mind not a dollar amount.  Adequate money to fund overhead and needs plus most wants.  How much that requires depends on where you live, how important your wants are to you, and how expensive it is to fulfill them.

There are some for whom no bank account could be large enough to make them feel secure, never mind wealthy. Others live happily on barely more than the amount it takes to cover humble overheads. To me, the latter group are the wealthier because they don't let money run them.


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## Liberty (Aug 18, 2019)

StarSong said:


> Wealth is a state of mind not a dollar amount.  Adequate money to fund overhead and needs plus most wants.  How much that requires depends on where you live, how important your wants are to you, and how expensive it is to fulfill them.
> 
> There are some for whom no bank account could be large enough to make them feel secure, never mind wealthy. Others live happily on barely more than the amount it takes to cover humble overheads. To me, the latter group are the wealthier because they don't let money run them.


Hey, Star...some of those guys "need to have bigger pockets sewn in their shrouds, because they think they're going to take it with them" as my mom used to say.


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## Gary O' (Aug 18, 2019)

Mathjak is spot on
So is Star

It boils down to mindset

Bent on keeping solvent?
Heed Mathjak's basic fundamentals

Happy with the basics of life?
Enjoy what that life has given you, and what you've taken out of it

Adaptation is huge, whether it be investing in a fickle market, or overcoming mental/spiritual obstacles

I have quite a few acquaintances that I'd consider quite wealthy, monetarily
But for them it's not enough
It's never enough

Others, I consider poor, feel they are quite wealthy



debodun said:


> What dollar value would you consider wealthy?



Me?

Can't seem to put a finger on it

I'm not poor nor wealthy

I'm content


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## StarSong (Aug 18, 2019)

Gary O' said:


> Me?
> 
> Can't seem to put a finger on it
> 
> ...


That's where I am, Gary.


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## mathjak107 (Aug 18, 2019)

Liberty said:


> math...have often wondered why retired folks continue to live in those high cost areas...such high density and surely not enough nature.  Suppose its just what they're used to?  Surely they could take their pensions and move elsewhere, where the quality of life would be more rewarding to them.  Know some do...met an ex NYC cop in Ft. Myers - works at the airport.  He and his wife chucked it and moved to paradise...lol.


Why  ? So we can be an active part of our grand kids lives and not be a vacation stopover like our parents were ..they never really were part of any of their grand children’s daily lives once they moved away ..

We had a second home in the poconos in Pennsylvania....we bought to in 2007 to retire to.   We thought a cheaper life would be better .

We were wrong.... once we put our retirement hat on things looked very different .

Here in nyc we have a massive mass transit system ..we can go anywhere at anytime..god forbid I couldn’t drive at some point  in the poconos ..

Here in nyc we have loads to do daily ... it would take decades of eating out every day to even try  all the fabulous places .. we have top medical care , specialists, facility’s here ... I work one day a week in retirement doing something I enjoy ..I would have to work 3 days in pa to earn the same thing.

we have the best in theater , the arts , museums ,  beaches in long island , etc .... winters were long and hard in pa with little to do as you age  .

We ended up selling and realized everything we would want we already have right where we lived

There are so many reasons places like nyc are so desirable. we don't live in manhattan . we live in a more suburban part of queens


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## debodun (Aug 18, 2019)

Here I am in the early 1950s holding a $100 bill. Today that would be worth $930.


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## Liberty (Aug 18, 2019)

mathjak107 said:


> Why  ? So we can be an active part of our grand kids lives and not be a vacation stopover like our parents were ..they never really were part of any of their grand children’s daily lives once they moved away ..
> 
> We had a second home in the poconos in Pennsylvania....we bought to in 2007 to retire to.   We thought a cheaper life would be better .
> 
> ...


Yep, its "different strokes for different folks".  Our kid lives in Ohio...owns a software company.  They would love it if we moved up there but no thanks.  The cold just goes right through our bones. They travel a lot and  come down here often...always say they relax here like in no other place.  We love nature.  Nice to be warm and close to everything you might need too.  Everyone has different wants and needs.  Its good to keep your dreams alive, though.  That keeps you young.  As long as you do you are happy, happy, happy!


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## retiredtraveler (Aug 19, 2019)

mathjak107 said:


> "......We had a second home in the poconos in Pennsylvania....to retire to.   We thought a cheaper life would be better.  We were wrong.... once we put our retirement hat on things looked very different. Here in nyc we have a massive mass transit system ..we can go anywhere at anytime..god forbid I couldn’t drive at some point  in the poconos ..Here in nyc we have loads to do daily ... we have the best in theater , the arts , museums ,  beaches in long island , etc .... winters were long and hard in pa with little to do as you age .



We understand the sentiment. We will be selling our several acres we're living on and getting an apartment closer to Chicago. There will be transit, stores, museums, parks,  entertainment in general we can walk to. Just depends on what you want and more, how 'well' you're aging. We don't want to drive everywhere.


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## tortiecat (Aug 19, 2019)

Aunt Bea said:


> For me, wealth is not a number it is a comfortable balance between what comes in and what goes out, it's about having enough.
> 
> _"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."_  - Mr Micawber/Charles Dickens


I agree and I am lucky enough to be comfortable, but certainly not rich.
Two members of my family scrapped and saved for a rainy day; never traveled, went out to eat, and would never have lived
in a lovely retirement residence as I do. 
Both have passed away leaving over a million dollars to family.  My family know that I will not leave them with debts, but
there certainly will not be any million dollars!


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## Trade (Aug 19, 2019)

I'm going to stick with my criteria of being in the upper 5% of net worth. 

That way you can look down your nose at 19 out of every 20 people.

After all, isn't that what being rich is all about?

Being able to Lord it over the peons beneath you?


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## debodun (Aug 19, 2019)




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## StarSong (Aug 19, 2019)

debodun said:


> View attachment 74880


Just as clarification, this is per family household, not necessarily per person.  A slightly fuller explanation of the report is here:
https://www.cnbc.com/2019/05/14/the-net-worth-of-the-average-american-family.html
The Federal Reserve report used for these stats is here: https://www.federalreserve.gov/publications/files/scf17.pdf


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## Trade (Aug 19, 2019)

StarSong said:


> Just as clarification, this is per family household, not necessarily per person.  A slightly fuller explanation of the report is here:
> https://www.cnbc.com/2019/05/14/the-net-worth-of-the-average-american-family.html
> The Federal Reserve report used for these stats is here: https://www.federalreserve.gov/publications/files/scf17.pdf





> The average net worth of all U.S. families is $692,100, according to The Federal Reserve’s Survey of Consumer Finances. If you look at the median, or those at the 50th percentile, the amount is significantly lower: $97,300 — and that may be a better gauge, since the super rich can pull up the average.



This 7-1 ratio between the average and the median is evidence of the obscene inequality of wealth that now exists in this country.


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## Patio Life (Aug 19, 2019)

Wealthy for me:
The ability to get on a plane and go where ever I want, for as long as I like. Then come home or go someplace else. I also want first class seats on those planes.  

I never have been or will be that wealthy.


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## mathjak107 (Aug 19, 2019)

Personally I don’t care what others have ...no one really knows what anyone has ....with an under ground economy in the trillions a lot of those low wage earners who pull the numbers down are not really low wage earners or poor .....


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## Aunt Bea (Aug 19, 2019)

We all start in different places and we all end in different places.

I'm not concerned with what others have I'm only concerned about having enough to make it to the cemetery without becoming a burden to others.

*“There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self.”*― Ernest Hemingway


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## Keesha (Aug 19, 2019)

StarSong said:


> Wealth is a state of mind not a dollar amount.  Adequate money to fund overhead and needs plus most wants.  How much that requires depends on where you live, how important your wants are to you, and how expensive it is to fulfill them.
> 
> There are some for whom no bank account could be large enough to make them feel secure, never mind wealthy. Others live happily on barely more than the amount it takes to cover humble overheads. To me, the latter group are the wealthier because they don't let money run them.


So well stated. Wealth is a state of mind more than a ‘said’ amount of money. Some people are obsessed with money. Their entire lives are about saving money and getting the best deal. They are no fun to be around because they’re so stingy. 

Some people live carefree on what they need and trust that the universe will support them on their journey. These people are fun and exciting to be around. They live in the moment.


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## hypochondriac (Aug 19, 2019)

Aunt Bea said:


> about having enough to make it to the cemetery without becoming a burden to others.


As my father used to say 'you don't want your family  "passing the hat" around to pay for your burial'.


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## Aunt Bea (Aug 19, 2019)

hypochondriac said:


> As my father used to say 'you don't want your family  "passing the hat" around to pay for your burial'.


I prepaid my funeral a couple of years ago, in my family if you pass the hat you might not get it back!


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## mathjak107 (Aug 19, 2019)

Keesha said:


> So well stated. Wealth is a state of mind more than a ‘said’ amount of money. Some people are obsessed with money. Their entire lives are about saving money and getting the best deal. They are no fun to be around because they’re so stingy.
> 
> Some people live carefree on what they need and trust that the universe will support them on their journey. These people are fun and exciting to be around. They live in the moment.


When wealth is discussed in a financial forum it is not going to be about spiritual wealth or health wealth


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## hypochondriac (Aug 19, 2019)

mathjak107 said:


> When wealth is discussed in a financial forum it is not going to be about spiritual wealth or health wealth


im poor in those areas too.


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## hypochondriac (Aug 19, 2019)

I grew up with an idealistic mindset that money was not important. And yes I can sympathise with the view that the rich stay rich by being stingy and obess about money too much.
From my sad experience, a fool and his money are soon parted. You still needcto set aside money for emergencies.
Some people get the balance right. Careful with money but not stingy. 
You gotta respect money. Otherwise you become dependant on taxpayers money and thats not good for your self esteem.


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## Warrigal (Aug 19, 2019)

Hubby and I own our own home that we have lived in for 53 years together. We also own one car and have some cash on hand in the bank. We have two income streams - a part aged pension from the government and another allocated pension derived from our superannuation and other savings.

We can afford to live comfortably, pay our utility bills and for some help around the house. When we need new clothes or shoes we buy them without hesitation.

It is within our means to contribute to the church, donate to selected charities and help out our children and grandchildren when they need it.

Should we choose to, we can afford to go on a cruise.

If that isn't wealthy, I don't know what is.


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## hypochondriac (Aug 19, 2019)

Warrigal said:


> Hubby and I own our own home that we have lived in for 53 years together. We also own one car and have some cash on hand in the bank. We have two income streams - a part aged pension from the government and another allocated pension derived from our superannuation and other savings.
> 
> We can afford to live comfortably, pay our utility bills and for some help around the house. When we need new clothes or shoes we buy them without hesitation.
> 
> ...


im envious. But you deserve to be where you are. You earned it and you didn't fritter it away.


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## Warrigal (Aug 19, 2019)

I consider true wealth to be what you carry inside yourself - your education, nor necessarily formal or academic, but what you have learned from life - strength of character, resilience and compassion.

I was much influenced when quite young by the Ukrainian family that came to live in our street. They endured the German occupation of Ukraine but when the Russians were advancing they fled and became refugees. Eventually they arrived in Australia carrying just one suitcase and their infant daughter who became my best friend.

They began to build a new life which was not easy but they never complained. They had been well off in Ukraine, able to afford a servant. In Australia the father washed railway carriages and his wife worked at home hand mending flaws in rolls of cloth. True resilience and inner strength was what they brought with them.

Later I identified with British and Australians taken prisoner when the Japanese invaded Singapore in 1942. Civilians who had been accustomed to the easy life were suddenly deprived of all wealth and had to survive by helping each other in conditions of great deprivation. The same was true for the stranded soldiers and army nurses who became POWs. All power was taken from them and nothing was left but their inner strength.

I realise that our comfortable life is not guaranteed. The future may test our inner strength in many ways. I hope our inner wealth will be enough to see us through testing times.


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## Liberty (Aug 20, 2019)

Most admire those who are extremely wealthy and not "governed" or ruled by their wealth.  They possess the money, the money doesn't possess them. Wealth to me is simply freedom. The freedom to go into a grocery store and buy whatever you want, the freedom to enjoy your life and have the time to pursue those pastimes that most interest you.  Lets face it, being poor is profoundly inconvenient.


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## debodun (Aug 20, 2019)

I have a fair amount of money saved, but it doesn't mean I want to spend more than I have to. For instance, low-dose aspirin in the supermarket is $3.99 for 100 tabs. Next door in the discount store, it's $1.99. From whom ya think I'm buying it?


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## Lethe200 (Aug 23, 2019)

This helps show where your household ranks vs where you live:

*Are You Rich? This Income-Rank Quiz Might Change How You See Yourself*

Aug. 1, 2019 NY Times (Interactive)

Answer these five questions to get a better sense of where your expectations meet reality.

https://www.nytimes.com/interactive/2019/08/01/upshot/are-you-rich.html

_(NY Times allows access to max 5 articles per month)_


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## debodun (Aug 23, 2019)

It doesn't ask how much you have saved or invested.


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## Knight (Aug 23, 2019)

You didn’t say which incomes are rich; the income you entered is higher than about *90 percent* of earners in your area and in your age group.
*You’ll have to decide
for yourself if
you’re rich or not.*


I've decided were not rich just live well & enjoy life.


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## Floridatennisplayer (Aug 23, 2019)

I just checked and it is confirmed and verified.......I am the most wealthy person on the planet. 

I have my health, wife, 2 adult kids, and most of all.......... our 2 grandkids live behind us!  I see them every day, multiple times a day. 

As a young man out of college I learned to set goals and a plan to achieve them. I honestly think the Lord looked down over the bannister from heaven......shook his head laughing and said...”we better go ahead and bless this poor goofball because he won’t make it on his own”.

I never thought I would be blessed the way I have. Proves there is a higher power than me as I am undeserving. I would never gloat, be prideful like it was my own doing. 

Lots of miserable rich people and joyful poor.


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## mathjak107 (Aug 23, 2019)

debodun said:


> I heard recently on TV that in America you have to have a net value of between 2 and 3 million dollars to be considered wealthy. I guess I still have some work to do on my finances! LOL
> 
> BTW - What dollar value would you consider wealthy?




this thread was put in the financial section for a reason ...the op was talking about MONEY ..   i think this discussion should be moved to the doctor phil forum at this point as it is no longer has anything in common with the op's question pertaining to money ...

he did not ask about anyone's health , their family , their religion , spiritual beliefs  or anything else other than  M-O-N-E-Y


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## jerry old (Aug 25, 2019)

oops,


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## AnnieA (Aug 25, 2019)

The financial ability to sustain a lifestyle of contentment through the end of one's days without having to work another day for it.  Contentment means different things to different people depending on their level of materialism.


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## Ruthanne (Aug 25, 2019)

Not me that's for sure

.


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## OneEyedDiva (Aug 25, 2019)

RadishRose said:


>


Good Lord...did they royally mess up Barrett Strong's song!!


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## OneEyedDiva (Aug 28, 2019)

StarSong said:


> Wealth is a state of mind not a dollar amount.  Adequate money to fund overhead and needs plus most wants.  How much that requires depends on where you live, how important your wants are to you, and how expensive it is to fulfill them.
> 
> There are some for whom no bank account could be large enough to make them feel secure, never mind wealthy. Others live happily on barely more than the amount it takes to cover humble overheads. To me, the latter group are the wealthier because they don't let money run them.


You're exactly right StarSong.


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