But what about someone like Curt Schilling? He seems to be a bright guy and he ended up hopelessly in debt? Again, I'm not saying I'd rather be poor, just not too rich. Or maybe I could be rich but carry myself as the average guy does.
Most Americans are in debt. When you have more money and you aren't smart the numbers are just bigger.
Everyone has debt. Also difference of the method to gain that wealth. The difference between Curt Schilling and Warren Buffet is that one had to work harder for his money and amassed that money over a longer period of time coupled with a habit of frugality. If you come into money all of a sudden like that, chances are you are not disciplined enough to handle that much money.
book smart doesn't equal money smart. when you don't have a foundation in respecting money when you have very little of it by going into debt, it's going to manifest itself into a black hole of debt when you have a lot of it.
i agree, i want enough money to take care of most problems money can take care of. and that doesn't mean bailing my kids out of jail for murder
I say, people cannot handle having a lot of money if they cannot manage the little money and time that they have. If you can't plan, budget, prioritize, show self control, self restraint, you will end up broke, no matter how much money you have.
Good points. A big reason for me to not necessarily desire to be rich is that there is a startling number of poor people in the world. http://www.unmillenniumproject.org/resources/fastfacts_e.htm 2.7 billion out of 7 billion live on less than two dollars a day. People right now in places like Haiti are eating dirt to stave off hunger pangs: Spoiler These facts kinda changed my perspective on life and wnating to be rich. I mean, I get it, you can't save everyone but you can make an effort but using fewer resources so the price of those resources go down. And maybe they should stop having so many kids (the majority of the world's growth is in developing countries) but that's a complicated issue imo.
There's no point taking a voluntary paycut in the hopes that some of that money will trickle to some poor kids in developing countries. It won't. That money from the paycut lines the pockets of your boss who just saved money on wage prices. In any case its okay to be rich and donating a good chunk of your wealth to said poor kids in developing countries. Its far more effective than convincing everyone to start hating money.
Depends on your definition. I'd be very happy living the rest of my days in the upper middle class, which would be rich to a lot of people. At the same time, I'm not going to give away my fortune if I win the MegaMillions either.
i'm not rich by any means but i don't begrudge those who are. people who "hate" the rich are just insecure and feel they're entitled to that money. no, you need to earn your own money. and don't squander what you have earned by trying to "look" rich. there is absolutely nothing wrong with being rich. like i said, it beats the alternative and you can do so much more with your life and for others less fortunate.
Being rich doesn't make you good with money. If you're bad with money before you're rich you'll probably be bad afterwards.
The thing is that when you blindly donate,that money may or may not get to those people. Many times in charities, including famous ones like the Red Cross, there's always some big shots in background waiting to get their cut. Then some charities are fronts by criminal organizations and the money doesn't reach those people. My point is that being more aware of them has changed my perspective and that buying all these expensive things and spending so much of my life working just to have a rich lifestyle (did I mention the fiscal cliff yet by the way?) doesn't seem as worth it as it used to. I mean, I like the idea of being in position to not be flat broke every few weeks but to be filthy rich? I don't care anymore.
Being rich means having a place to live, food, health, a career you love, and loving family and friends, and maybe some savings for the future and fun.
That's essentially what I want. So I guess it depends on the definition. I don't need to be rich to the point where I just use my money to try and impress people.
Most people that say they do not want to be rich are full of it. I have been dirt poor (wore the same shoes 4 years in HS and only had dinner 3-4 times a week, we had no car) and I also have been relatively rich (won a few huge cases right out of law school and had more money than ever imagined... For awhile) and there is no comparison.... Being rich is better. The only drawback is people want it from you. I cannot tell you how different you are treated when you have money, people are nicer, you can help your family, don't have to worry about cars breaking down, can vacation when and where you want and it makes you feel more secure. I spent all my money, didn't work for years and gave the rest away (worth it). I think the real question is whether people are "ok" not being rich. I am doing very well now ( not like before though) and other than impressing people and buying my wife 2.5 ct diamond ring instead of a 5 ct ring, see very little real difference. But.... Being poor sucks, I still fear being poor again.
I define "rich" as having enough money that the money itself generates enough low-risk passive income to live an upper middle class lifestyle (and up from there) without spending the principal. This is my goal. I do not define high income from a career or job as rich as that has risk of disappearing due to forces beyond my control. It would be to have enough money to be independent from a particular job/career. I will then travel quite a bit, volunteer quite a bit, and work at places that interest me from time to time. I would also probably enjoy getting additional education in subjects that interest me and starting some sort of second career with low stress.
Well, if you're filthy rich, you'll have plenty of time to find a legitimate charity and the resources to start your own if you don't find charities that are to your liking. Having more resources is always better than having less resources if you have the ability and willingness to manage your money intelligently.
