Article: "So, are you rich?"

[projector]

pag contento ka sa meron ka, masaya, walang sakit, walang problema = rich ka!!!

ung kakilala ko 20 million per month ang kita pero malungkot kac may problem sa family.

[uls]

bro digging deeper dun sa article, found another link ang labo lang ng middle class, pero good read...

Low Income = 294, 296
Lower Middle Class Limit = 294,296
Upper Middle Class Limit = 2,393,125
High Income = 2,393,125

baka ganito:

from zero to P294,296/year = low income

from P294,296 to P2,393,125/year = middle income

from P2,393,125/year to infinity = high income

[Jun aka Pekto]

What I consider rich:
Have my own private 4-engine jet plus the runway to take off with and land with the jet being "garaged" right there at my house a la John Travolta.


So no. I'm not rich. Content? yes. Rich? No.

[dtruth]

naalala ko lang nung early 80's pag sinabing milyonaryo na si ganyan ganito, mayaman na ..

ngayon pag may 1M ka......namomoblema ka pa ng pag budget kung ano

unahin mo. pang dodown ba sa house, car or watever..

[roninblade]

From the site just for reference

----------------------------------------------------
Year | Low . . . | Mid (lo)| Mid (Hi). | High . . .
-----+-----------+---------+-----------+------------
2010 | < 294,296 | 294,296 | 2,393,125 | > 2,393,125
2009 | < 285,551 | 285,551 | 2,320,606 | > 2,320,606
2008 | < 276,627 | 276,627 | 2,248,087 | > 2,248,087
2007 | < 253,069 | 253,069 | 2,056,637 | > 2,056,637
2006 | < 246,109 | 246,109 | 2,000,072 | > 2,000,072
2003 | < 203,109 | 203,109 | 1,651,632 | > 1,651,632
2000 | < 178,468 | 178,468 | 1,449,295 | > 1,449,295
----------------------------------------------------

[CVT]

Naalala ko tuloy, nuong grade school pa ako sa isang public school many years ago- tanong ng teacher,-

"Itaas ang kamay ng mga mahihirap",- walang nagtaas ng kamay
"Itaas ang kamay ng mga mayayaman",- walang nagtaas ng kamay
"Itaas ang kamay ng mga middle class",- lahat nagtaas ng kamay
... mga bata pa lang kami,- hindi namin matanggap ang tunay na estado namin sa buhay, although may 1 o 2 kaming kaklase na may malalawak na lupain/bukid sa lugar namin....- Metro Manila public school ito, ha? Basta middle class ang isip mo, okay na....

10.3K:sumo:

[CVT]

naalala ko lang nung early 80's pag sinabing milyonaryo na si ganyan ganito, mayaman na ..

ngayon pag may 1M ka......namomoblema ka pa ng pag budget kung ano

unahin mo. pang dodown ba sa house, car or watever..

Heto ang utak ng karamihan, (hindi lang ang Pinoy):

Kung bibili ako ng bahay at lupa,- multimillion (peso) ito na mabigat sa bulsa, hindi naman pinupuntahan ito ng aking mga kasama sa trabaho, kakilala sa labas etc...

Kung bibili ako ng sasakyan,- mga one million pesos ito na tingin ko ay 'affordable' sa akin,- makikita ito araw araw ng aking mga kasama sa trabaho, at mga kakilala sa labas etc....Depreciating nga lang....

10.3K:sumo:

[tidus1203]

Yep that's why many stays at MIDDLE CLASS... While houses also depreciate it won't drop as fast as cars or especially mobile phones! The land will even appreciate and will most likely recover any losses from the houses depreciation...

[RustyXIII]

Income is a weak indicator of wealth. Many earn a staggering amount but spend most of it. But since figures of net worth are hard to come by, studies had to make do with income as an indicator.

For me, being wealthy is the ability to choose to stop working anytime and still be able to maintain your current level of consumption or lifestyle choices for the remainder of your lifetime.

Not just living off your savings but having assets that earn - ideally, you will not be even touching your nest egg. Being rich has a lot to do with having financial security/stability.

[Galactus]

It's a common misconception that the rich DON'T buy assets, like cars or yachts, that they flaunt around. That they only buy assets which increase their present wealth. (They do so mainly to expand the business).

Check the Forbes list again, andaming billionaires diyan na magagara ang mga bahay at kotse. They even buy their own private planes. It cuts across race, doesn't matter whether you're Caucasian or Asian or Black.

Society dictates that he who is perceived wealthy has power. And by projecting wealth, they project power.

Which is why Buffett is somewhat a celebrity, kasi he's a miser. A rarity among the elite.

Pero to answer the question, I'm not rich. But I am content with what I have, and I'm not that deep into debt.

[uls]

It's a common misconception that the rich DON'T buy assets, like cars or yachts, that they flaunt around. That they only buy assets which increase their present wealth.

they do buy "stuff" but the money that they buy stuff with comes from their assets that generate income

one common characteristic of self-made people (not those who inherited wealth) is that they're highly disciplined

they're able to sacrifice present comfort for future gain (delay gratification)

they bought income generating assets before buying depreciating assets

about private jets -- though it is a luxury, i think they see it more as a tool to save time

time is the most valuable commodity for people like them

with business interests all over the world, having a private jet saves them a lot of time

except maybe for Travolta... he probably flies for fun

[tidus1203]

Right. How they pay is very important... Rich people buy luxuries using the juices of those money making assets like stocks, businesses, and rented properties... Middle class people and low income people buy their luxuries using their sweat, blood and tears as payment and normally naka loan pa or 6 months to pay hehehehe. In other words the middle class / low income class haven't earned it yet but someone already has a claim on those future income...

[uls]

From the site just for reference

----------------------------------------------------
Year | Low . . . | Mid (lo)| Mid (Hi). | High . . .
-----+-----------+---------+-----------+------------
2010 | < 294,296 | 294,296 | 2,393,125 | > 2,393,125
2009 | < 285,551 | 285,551 | 2,320,606 | > 2,320,606
2008 | < 276,627 | 276,627 | 2,248,087 | > 2,248,087
2007 | < 253,069 | 253,069 | 2,056,637 | > 2,056,637
2006 | < 246,109 | 246,109 | 2,000,072 | > 2,000,072
2003 | < 203,109 | 203,109 | 1,651,632 | > 1,651,632
2000 | < 178,468 | 178,468 | 1,449,295 | > 1,449,295
----------------------------------------------------

so tama nga

from 0 to P294,296 = low income

from P294,296 to P2,393,125 = middle income

from P2,393,125 to infinity = high income

[uls]

old photos of Malcolm Forbes' aircraft named Capitalist Tool

[uls]

What I consider rich:
Have my own private 4-engine jet plus the runway to take off with and land with the jet being "garaged" right there at my house a la John Travolta.

Travolta's 707

that's in Jumbolair Aviation Estates in Florida

a gated community for people who own airplanes

they use the runway of a private airport called Greystone

[Galactus]

they do buy "stuff" but the money that they buy stuff with comes from their assets that generate income

Really now? What makes you such an expert on this matter? Have you ever done that?

This is really funny, somebody having 3 cars is now qualified as "rich." No, make that 3 cars worth 2.5 million. And even dares to comment on the economy like some Mr. Know-it-All. Blech!!!

By the way, regarding the jet, see below:

Congrats, newly minted NBA rookie!

Now you've been drafted. Next comes the delicious multimillion-dollar contract. And that's when you must do what most NBA players do: start going through cash like Jack Black through the Keebler factory.

Filing for bankruptcy is a long-standing tradition for NBA players, 60% of whom, according to the Toronto Star, are broke five years after they retire. The other 40% deliver the Toronto Star.

It's not just NBA players who have the fiscal sense of the Taco Bell Chihuahua. All kinds of athletes wind up with nothing but lint in their pockets. And if everyone from Johnny Unitas to Sheryl Swoopes to Lawrence Taylor can do it, so can you! With my How to Go Bankrupt* DVD series, it's a layup to go belly-up!

Ten essentials, just to get you started:


Screw up, deny it, then fight by using every lawyer and dime you have. Roger Clemens just sold his Bentley, reportedly to pay legal bills. Marion Jones lawyered herself broke before she finally copped and went to prison. Paging Mr. Bonds, Mr. Barry Bonds.

Buy a house the size of Delaware. Evander Holyfield was in danger of losing his 54,000-square-foot pad outside Atlanta, and it's a shame. He had almost visited all 109 rooms! FROM $300M UP TO $27M DOWN? EASY.


Buy many, many cars. Baseball slugger Jack Clark had 18 cars and owed money on 17 when he went broke. And don't get just boring Porsches and Mercedes. Go for Maybachs. They sell for as much as $375,000—even though they look like Chrysler 300s—and nobody will ever know how to pronounce them, much less fix them.

Buy a jet. They burn money like the Pentagon. Do you realize it costs $50,000 just to fix the windshield on one? Scottie Pippen borrowed $4.375 million to buy some wings and spent God knows how much more for insurance, pilots and fuel. Finally, his wallet cried uncle. The courts say he still owes $5 million, including interest. See you in coach, Scottie! (For that matter, why not a yacht? Latrell Sprewell kept his 70-foot Italian-made yacht tied up in storage until the bank repossessed it, in August 2007. He probably sat at home and cried about that—until the bank foreclosed on his house, this past May.)
Spend stupid money on other really stupid stuff. In going from $300 million up to $27 million down, Mike Tyson once spent $9,180 in two months to care for his white tiger. That's why Iron Mike's picture is on our logo!

Hire an agent who sniffs a lot and/or is constantly checking the scores on his BlackBerry. Those are the kinds of guys who will suck up your dough like a street-sweeper. Ex-Knick Mark Jackson once had a business manager he thought he could trust. Turned out the guy was forging Jackson's signature on checks—an estimated $2.6 million worth—to feed a gambling jones. "And it wasn't like I was a rookie—I was a veteran," Jackson says. The only reason he says he's getting some money back is because he didn't …

Sign over power of attorney. What's it mean? Who cares? Just sign! The guy you're signing it over to knows. And while you play Xbox, he'll be buying large portions of Switzerland for himself. Kareem Abdul-Jabbar let an agent named Tom Collins have power of attorney once, and it cost Kareem $9 million before he figured it out.

Spend like the checks will never stop. Also known as the Darren McCarty method. Despite earning $2.1 million a year, Red Wing McCarty, who started a rock band called Grinder, went splat by investing in everything but fur socks ($490,000 in unlikely-to-be-repaid loans) and gambling large ($185,000 in casino markers). In other words, a Tuesday for John Daly.

Just ball. Don't write your own checks. Don't drive your own car. Don't raise your own kids. Just be a tall slab of skilled meat for others to feast on. Not to worry. It'll be over before you know it.

Most of all, set up a huge support system around you. It'll be years before you'll realize they call it a support system because you're the only one supporting it. They're all on full-ride scholarships at the University of You. "Guys go broke because they surround themselves with people who help them go broke," says ex-NBA center Danny Schayes, who now runs No Limits Investing in Phoenix. "I know all-time NBA, top-50 guys who sold their trophies to recover."

[Galactus]

Double post!

[tidus1203]

^^Hey its just my opinion, maybe you don't agree and that is fine. Pero ano ba rin alam mo? Isa ka lang ding nagmamarunong, pero wala din naman! PWEH!

[Starex_Gold]

Tama na yan. hehehehe..

Middle class lang kami.

But satisfied.

[tidus1203]

Ah sus kungwari ka pa dyan Starex_Gold... Nakita na kita eh, you're definitely not middle class.