How Much Money Does It Take To Be Rich?

 

I posed the following question to 10 different people. “How much money would you need to have to consider yourself rich?” I wanted to get different peoples responses as to how they would describe wealth. The answers varied dramatically.

Here are some of the responses.

– 6 people said $1 million dollars is a sign of wealth.

– 1 person said $2-3 million dollars.

– 1 person said $5 million dollars.

– 1 person said $50 million dollars

– 1 person said enough money that they were financially comfortable. (bills paid, not stressing over money)

I have always thought about wealth in numerical terms. My personal goal for wealth has always been to acquire $1 billion dollars over a 25 year time period. Why such a lofty goal? My thinking was always that even if I fall short of the goal, I would be quite happy with $200 or $250 million dollars. However, the last response caused me to rethink my position. Being rich is about more than just acquiring a bunch of money. Don’t get me wrong, it would be nice to be a billionaire but it is not all that matters. You should consider yourself financially rich if you live a comfortable lifestyle. Being rich is about financial peace. You no longer have to stress over mortgage payments, car notes, and college loans. You aren’t working yourself to death 50-60 hours a week just to make ends meet. You should have some time to enjoy your life. You cannot put a price on this kind of financial peace.

The main impetus for acquiring wealth is to improve lives. Once you have acquired significant financial resources then you can give back. You can help family, friends, charities, and the less fortunate. Remember the goal is to not just simply acquire money but to give back and help someone else. So, if you haven’t achieved all of your financial goals just yet, don’t stress out. Stick to your plan and remember that if you have a loving family and friends, you are already rich!

 

Photos by: AMagill

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2 Responses to “How Much Money Does It Take To Be Rich?”

  1. [...] Like Buffett – Meanwhile, Mark asks us to consider how much money we need to be rich.

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