Comments on: Are You Rich or Poor? Even the Experts Couldn’t Tell You. http://www.businesspundit.com/are-you-rich-or-poor-even-the-experts-couldnt-tell-you/ Entrepreneurship, Startup Companies and Business Philosophy Fri, 20 Nov 2009 20:31:15 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: Dips http://www.businesspundit.com/are-you-rich-or-poor-even-the-experts-couldnt-tell-you/comment-page-1/#comment-8067 Dips Wed, 20 Aug 2008 12:57:36 +0000 http://www.businesspundit.com/?p=4694#comment-8067 Why even look at absolute incomes? A definition that would fit any country would be: - Rich is when you can afford luxuries on your *debit card* unthinkingly, any time of the week/month/ year. - Middle class is when you 'indulge' in the luxuries after some thought of your budget, probably in a certain time of the month/ year. - Poor is when you dont even care about the luxuries. Luxuries are things you buy/ take services from, on the basis of whim, and want and not because of need or as a special thought. If you can buy a Gold Omega because you want to, you are rich; if you plan the purchase and it will be something youve really really wanted, youre probably middle class; if you look at it as something unattainable and out of bounds, well, you are poor. Why even look at absolute incomes?
A definition that would fit any country would be:
- Rich is when you can afford luxuries on your *debit card* unthinkingly, any time of the week/month/ year.
- Middle class is when you ‘indulge’ in the luxuries after some thought of your budget, probably in a certain time of the month/ year.
- Poor is when you dont even care about the luxuries.

Luxuries are things you buy/ take services from, on the basis of whim, and want and not because of need or as a special thought.
If you can buy a Gold Omega because you want to, you are rich; if you plan the purchase and it will be something youve really really wanted, youre probably middle class; if you look at it as something unattainable and out of bounds, well, you are poor.

]]> By: Lord http://www.businesspundit.com/are-you-rich-or-poor-even-the-experts-couldnt-tell-you/comment-page-1/#comment-8047 Lord Mon, 18 Aug 2008 20:48:19 +0000 http://www.businesspundit.com/?p=4694#comment-8047 It isn't even apparent their answers are that different. Obama used income; McCain may have meant wealth. Using a 4% safe rate, $5M would provide $200K in income, actually lower than Obama. It isn’t even apparent their answers are that different. Obama used income; McCain may have meant wealth. Using a 4% safe rate, $5M would provide $200K in income, actually lower than Obama.

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