Q: What is your definition of "rich"? In terms of either income or net assets. Obviously this is very subjective, but I'm interested to hear what people's definitions are.
Picture completely unrelated.
In my mind "rich" generally means well off. Income above $150-200k, liquid net worth (not including residence) above $1 million.
Wealthy, on the other hand, is the people who have lives that "normal" people simply can't fathom. Incomes in the multiples of millions per year, net worth of $20+ million.
Rich means nothing. That's just upper middle class. These people drive BMWs, entry-level Porsches, they fly first class or business class. They probably still work 40ish hours a week. Maybe they go on a cruise every summer.
Wealthy is what matters. These people live lives that are just... it just doesn't make sense to a normal person. Your son just turned 16? Sweet, he gets a McLaren. Honey, gather up the kids, we're going to fly to Monaco on a chartered jet (or maybe one that they outright own). I really like this business idea, I'm gonna put $5 million up for an ownership stake.
>Q: What is your definition of "rich"?
Someone with few desires. This can be achieved in two ways: work hard and smart to feed your desires, or train yourselves to be happy with a few things.
Basically, only the CEO and the stoic are rich.