[ckingalt]

I'm not currently what I would consider wealthy but I plan to be. I have often considered the implications and what is required in order to achieve "wealth", so I can tell you exactly what it means to me.

I have decided that I will consider myself wealthy when I own my home free and clear of any mortgage (a nice home but not an overly extravagant one), and I have obtained $2,000,000 worth of investments and assets not counting my house. I choose to exclude my home from estimating my net worth because in terms of available wealth, counting my home would just make me a homeless millionaire. I set my target for invested wealth at two million because if I anticipate a reasonable 7% average return from revenue, dividends and capital gains then 3% will off-set inflation and the remaining 4% would give me an average income of $80,000 per year. Eighty thousand without a mortgage could provide a very comfortable life as far as I am concerned.

So for me being wealthy is achieving a level of financial security that would permit me to provide a comfortable and privileged life for myself and family while simultaneously being free of any work obligation. That is not to say that I would not work, but I would find it liberating to have that choice or protection should I become unable to work. That is what true freedom means to me.

I don't know for certain that I will ever achieve such an ambitious goal. I actually think I will, but I will probably be in my fifties by the time I do. I don't think this makes me selfish. I consider myself to be a kind and giving person, and most who know me would agree. I realize that the measure of wealth I seek will not be attainable for every person on this earth. I however, do not believe that attempting to obtain something that others can't have makes you automatically a bad person.

What does wealth mean to you in real terms?

Do you think there is any feasible outcome in which you will obtain it?

Do you resent the wealthy simply for being wealthy?

[the bear]

Talking about your wealth is as fascinating as discussing your bowel motions

[Booyah]

Being wealthy is about being able to say you have done something in your life not just monetary values, being wealthy allows you to bring opportunity to your children to be able to show them a path which you weren't able to tread.

You can be wealthy with money or wealthy in spirit, I would rather be wealthy in spirit when it comes to anything, if I have lived a good life and left my footprints on the Earth I am wealthy.

[MagicNMedicine]

Fine there's no problem with that, you don't have to justify yourself to anyone.

In reality that will be a pretty tough target if you plan to achieve it through working for someone else, unless you are in investment banking. Even in a profession like law, medicine etc you would have to live a very frugal lifestyle for 30 years to get anywhere near that savings target especially as the return on assets like property is unlikely to be the rapid rising jackpot it used to be.

You will probably need to be an entrepreneur and a very skilled one, most of the people who have very high levels of wealth own their own businesses.

[Herr]

Let me know when you do get there....... then we'll talk.

[poohat]

Unless you can inherit it, getting £2m+ will require devoting much of your life to the pursuit of money, and sacrificing most other things. Thats fine if you are able to do something you love (eg starting your own company) but most likely its going to involve working 50+ hours a week in an investment bank or law firm doing a job you're not especially passionate about. There's nothing wrong with that of course, just be aware that (like everything) its a trade-off.

Money is awesome, its just a case of deciding what you're willing to give up in order to get it, and what other options you have.

[anarchism101]

I resent the wealthy because most of them earn their wealth through extracting wealth created by others, not simply because they are wealthy.

[Codders1111]

(Original post by anarchism101)
I resent the wealthy because most of them earn their wealth through extracting wealth created by others, not simply because they are wealthy.

Exactly. Wealth inevitably comes at other people's expense.

[A Perfect Circle]

Nothing wrong with that.

[Obadetona]

(Original post by anarchism101)
I resent the wealthy because most of them earn their wealth through extracting wealth created by others, not simply because they are wealthy.

(Original post by Codders1111)
Exactly. Wealth inevitably comes at other people's expense.

How? What has Mark Zuckerberg or Wayne Rooney done to anyone else? If you provide a good service, people will pay

[The_Last_Melon]

tl;dr (I saw a $ and % symbol and realised it wouldn't interest me) OMG FIRST PUN IN YEARS

Wealth is useless if you don't have something to do with it. It's like having loads of RAM but no processor. Also there are much more valuable things that you can pass onto your kids like ethics.

[seanfromtheblock]

There's not anything particularly wrong with it, but I've always thought it was a sort of 'empty' goal.

I'd much rather be happy and poor, than rich and miserable.

[Nephilim]

(Original post by seanfromtheblock)
I'd much rather be happy and poor, than rich and miserable.

No, no you wouldn't. What you mean is "Average or slightly less than average income". Poverty means you are lacking in every single area. Little to no food, no house/shelter, old and torn clothing. You cannot be happy if you are starving to death.

[Rarrgh]

As long as I make enough money to live comfortably, I don't care how much it is.

However there is nothing wrong with setting long term goals and ambitions for how much you'd like to make. It gives you something to aim towards, but make sure not to neglect others and things which are important to you in the pursuit of that goal. If you end up with 2mil but no one to share it with and nothing to do that wouldn't be so good...

[dgeorge]

(Original post by anarchism101)
I resent the wealthy because most of them earn their wealth through extracting wealth created by others, not simply because they are wealthy.

Doesn't EVERYONE earn money from wealth created by others?

[silverbolt]

(Original post by Nephilim)
No, no you wouldn't. What you mean is "Average or slightly less than average income". Poverty means you are lacking in every single area. Little to no food, no house/shelter, old and torn clothing. You cannot be happy if you are starving to death.

Theres a difference between poor and poverty stricken. In a western country even the poorest have it better than those who are proverty stricken. and i agree with him. Poor and happy is far better than rich or miserable (though granted i bet i could stave off misery for a long time if i was rich)

and OP frankly i couldnt care what you do, its your life. If money is what you care about then go for it. Not everyone wants or is cut out for a family

[Codders1111]

(Original post by Obadetona)
How? What has Mark Zuckerberg or Wayne Rooney done to anyone else? If you provide a good service, people will pay

I think you misinterpreted my point. 'Twas my fault, I wasn't very clear about it.

Mark Zuckerburg and Wayne Rooney are actually decent examples. They're both sitting on huge fortunes and haven't done a huge amount to earn them (one just had a decent idea and followed through with it; one was lucky enough to be born with athletic genes and probably trained fairly hard). Imagine the good these unused, unearned, unnecessary riches could do if they were redistributed throughout the rest of society!

[Codders1111]

(Original post by dgeorge)
Doesn't EVERYONE earn money from wealth created by others?

Not subsistence farmers. I have the utmost respect for them

[Bubblyminty]

Nothing is wrong with being wealthy. I want to be wealthy too.

I hate how some people say "I don't care about having money" when it is obvious that they do. However money will bring only a limited amount of happiness.

[randomflag]

There's nothing wrong with that at all!

It's all about what you want out of life. Some people want kids, some people want a happy marriage, some people want money. It's up to you to decide what you want.

People will begin to criticize when you reach a target - and let me tell you something, - these people are jealous. They don't realize the hard work and dedication it takes to make that kind of money from scratch. People only see the end product. - like when people get jealous of a marathon runner - they don't see the hours of hard work and dedication it takes to get this far.

Everything in life has trade-offs and you can't have everything - it's impossible. Just make sure you know what you want. It's ok to change priorities.