Article: "So, are you rich?"

[yevhon]

What if 20k nga lang income ko, wala naman akong utang, hindi naman ako mahilig sa mga gadgets at iba pang mga luxuries kumbaga hindi ako materialistic. At hindi rin ako naiinggit sa ibang tao. Simple lang mga damit ko. Halimbawa isa akong misyonaryo o di kaya isa akong matinong public servant na kuntento at ang fulfillment lang sa buhay ay magserbisyo sa iba. Yung tipong "making a difference" ang dating ng pag-iisip.

Sa 20k, palagay ko kayang bumuhay ng simple na yan ng family of 3 at syempre uunahin ko ang savings bago expenses then invest ang savings to earn more than the inflation rate. Baka makakasapat na rin yan para sa retirement ko in the future, probably sa age na 60-65.

So, am i rich?

[tidus1203]

Yes mabubuhay ka pero you're not rich. Rich people probably have 3 cars , no consumer debts (business debts is okay especially for capital spending) except credit cards which will be paid in full anyway at the end of the billing period, tapos a nice 500 sqm house and lot in a gated village. Of course its just my idea of a rich person...

[ghosthunter]

Yes mabubuhay ka pero you're not rich. Rich people probably have 3 cars , no consumer debts (business debts is okay especially for capital spending) except credit cards which will be paid in full anyway at the end of the billing period, tapos a nice 500 sqm house and lot in a gated village. Of course its just my idea of a rich person...

Three cars would be middle class. And depends on what those cars are. SUVs, full size sedans, etc.

Kinda hard to be defined as "rich" when all your three cars are Vios, City and a Getz.

[uls]

What if 20k nga lang income ko, wala naman akong utang, hindi naman ako mahilig sa mga gadgets at iba pang mga luxuries kumbaga hindi ako materialistic. At hindi rin ako naiinggit sa ibang tao. Simple lang mga damit ko. Halimbawa isa akong misyonaryo o di kaya isa akong matinong public servant na kuntento at ang fulfillment lang sa buhay ay magserbisyo sa iba. Yung tipong "making a difference" ang dating ng pag-iisip.

Sa 20k, palagay ko kayang bumuhay ng simple na yan ng family of 3 at syempre uunahin ko ang savings bago expenses then invest ang savings to earn more than the inflation rate. Baka makakasapat na rin yan para sa retirement ko in the future, probably sa age na 60-65.

So, am i rich?

well yeah, you can say "it's not how much money i make, it's how much i save"

the article above uses income as a measure

no mention of savings or investable assets

i would define rich by how liquid a person is

like if the person was asked to produce a large amount of cash in short notice

like to pay ransom hehe

can that person come up with the cash?

another way to determine if a person is rich -- does he qualify for private banking?

if he qualifies for private banking, then he's rich

[niky]

Rich is very hard to define. You could be making 200k a month and be deep in debt.

For me, a rich person is someone who's making enough to support himself and his family, with money left over to save. I may be making more than most, but a lot of that goes to payments. I don't consider myself rich.

Of course, if I had 200k in salary every month and a monthly debt of just 50k, I really wouldn't mind.

[tidus1203]

Sige na nga ipagpalagay na lang natin the commulative worth of all you cars is around P2.5M then mayaman ka na...

[niky]

Rich is very hard to define. You could be making 200k a month and be deep in debt.

For me, a rich person is someone who's making enough to support himself and his family, with money left over to save. I may be making more than most, but a lot of that goes to payments. I don't consider myself rich.

Of course, if I had 200k in salary every month and a monthly debt of just 50k, I really wouldn't mind.

[uls]

i don't use number-of-cars to determine if someone is rich

there are people who own 2 or 3 late model cars pero nagrerent lang ng apartment

inuna ang oto

well, kasi yan ang nakikita ng mga tao

di naman nakikita kung saan sila nakatira

[baguhan88888]

i don't use number-of-cars to determine if someone is rich

there are people who own 2 or 3 late model cars pero nagrerent lang ng apartment

inuna ang oto

well, kasi yan ang nakikita ng mga tao

di naman nakikita kung saan sila nakatira

i strongly agree. yan ang pinoy. basta naka magarang kotse, kahit tuyo ang kinakain, kahit apartment lang ang tinitiran (nahuhuli pa sa bayad).

kotse = status symbol

[ghosthunter]

Meron nga, new 5-series bimmer but lives in an old apartment unit (not so maintained) that he owns.

Makes you wonder... hidden wealth?