What Does It Mean to Be Rich?

Do you consider yourself “rich” if you have a million dollar net worth? If someone makes over $100,000 per year is she rich? Or wealthy means that you have paid off your mortgage and have enough money in investment accounts to retire early? So what does it meant to be rich? Amy Livingston at Money Crashers says: “The truth is, we don’t all know what “rich” means, because it means different things to different people. And if becoming wealthy is one of your personal financial goals, it’s important to think about exactly what wealth means to you. You need to have a clear idea of what your dream of wealth looks like – what kind of rich person you want to be – before you can come up with a plan to make that dream a reality.” Livingston explores what it means to be rich in different nuances: Wealth as income, wealth as net worth, wealth as lifestyle and wealth as life satisfaction. (moneycrashers.com)