[ SECRET POST #3288 ]

[case]

⌈ Secret Post #3288 ⌋

Warning: Some secrets are NOT worksafe and may contain SPOILERS.

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Notes:

Secrets Left to Post: 02 pages, 044 secrets from Secret Submission Post #470.
Secrets Not Posted: [ 0 - broken links ], [ 0 - not!secrets ], [ 0 - not!fandom ], [ 0 - too big ], [ 0 - repeat ].
Current Secret Submissions Post: here.
Suggestions, comments, and concerns should go here.

Comments

Re: When do you consider someone well-off?

[(Anonymous)]

Income is not a given, actually. If someone is making 10k a year doing hobby work but have a net worth of ten million dollars, they are not poor in the least.

Meanwhile, a doctor who makes 200k a year but has 300k in student loans and a 500k mortgage is not well off. They just seem like they are and are living well beyond their means. Should an accident happen where the doctor loses their job or can't practice any more, they're fucked and still on the hook for near $1M in debt. People who live like that are taking huge risks.

Conversely, a doctor who is making 200k a year and is managing to save most of it, they're well off.

Net worth matters a lot more than income. Higher income makes it easier to gain net worth, but is not always related.

Re: When do you consider someone well-off?

[iceyred]

This is an excellent point.

Re: When do you consider someone well-off?

[(Anonymous)]

Thanks. The responses in thread is making me frown a little bit.

To add some more, making 80k a year in backwoods Oregon is not the same as making 80k a year in the SF Bay area or NYC and both are not the same as making 80k USD in Vietnam because COL matters, but I see nobody bringing this up or that well off is completely relative.

If I had to put a non-numerical value on being well off, I'd say, "how long you can continue your current lifestyle should you suddenly lose your source of income?" The longer that is, the more well-off you are.

Re: When do you consider someone well-off?

[iceyred]

There's a philosophy that espouses the opinion that the less you want, the more you will have. It focuses on being happy with fewer things and putting the money you would normally spend on things towards debt reduction or savings/investment. You will have fewer objects to worry about and more wealth. Once you have cut down your spending enough to live off your investments, you can do whatever you want.

There are a bunch of blogs out there that explain how to go about doing this. Last year there were several months where I was saving 35% of my income. Not a GREAT savings rate, but not too shabby. Sadly, I fell victim to temptation in the form of dresses and shoes, but this is a new year. I will try again.

Re: When do you consider someone well-off?

[(Anonymous)]

Going for FI/RE?

I've thought about it, but it's hard to explain to friends and family who are stuck in the "work = meaning" and "no work = lazy" mindset why it's such an awesome idea.

Re: When do you consider someone well-off?

[iceyred]

Yup. I figure that even if I don't retire EARLY, the retirement I do have will be better if I save a lot now.

My mother also thinks that not working equals sitting around the house. Frankly, I'd travel, hike, read, and volunteer more if I was retired now. Maybe I'd start a business and work part time, I dunno. But I wouldn't be stuck in an office like I am now.

Re: When do you consider someone well-off?

[(Anonymous)]

I've just started paying real attention in terms of % income saved and all that - made it a resolution to write down all the numbers this year. Do you use any particular apps or sites to keep track?

And same here, I'd do a lot more physical activity and volunteering if I didn't have to be at work all day. I'd go stir crazy sitting at home doing nothing.

FS is the last place I expected to be having this conversation, lol.

Re: When do you consider someone well-off?

[ariakas]

Corollary to this:

If you have a mortgage, get it insured so that if you can't work, it gets paid. This is exactly why they offer it to you when you get one.

Re: When do you consider someone well-off?

[ill_omened]

This is overly simplistic.

Class and wealth can't be broken down to mere assets minus debts. Generation and earning potential are hugely important, and there's pretty much no meaningful way to compare a cleaner who's scrimped and saved and got lucky to pull together their assets and a doctor.

Yes things outside of your control can impact your earning potential - but the same is true of all your assets.

Re: When do you consider someone well-off?

[(Anonymous)]

It's overly simplistic in order to respond to an overly simplistic claim that "income is a given" when determining whether someone is well-off.

Re: When do you consider someone well-off?

[(Anonymous)]

*tips fedora*