Are you rich?

[Debashis]

If someone is earning a lot of money, it doesn't necessarily mean that person is rich.
The person's expenses determine whether she/he is rich or not.
Here's something I feel that might be close to reality when determining whether a person is rich:

Let's begin with a question: How much of your total monthly in-hand income do you save currently? What's the %?
You can use this data to find out if you are rich or not. You can find the class/category you fall in.
Basically, you fall into:

• Lower Middle Class: If your total monthly expenses are 80% - 90% of your total monthly in-hand income
• Upper Middle Class: If your total monthly expenses are 40% - 50% of your total monthly in-hand income
• Rich: If your total monthly expenses are <= 10% of your total monthly in-hand income

Now, that you know where you fall, do you have any plans on getting to the next level? Or are you happy and satisfied with where you are?
New Year's a day after, so, we can think of something that we would like to implement in our life from day 1 of the year to become more financially strong.

 

[Cheryl]

I can say I am rich in experience

 

[Cedric]

I'm rich in having a lovely family. I'm rich in being healthy. That's worth more than any currency.

While I hope for 2024 to have a bit more wealth, I can honestly say I couldn't care less what amount I have on the bank.

 

[Kyng]

I've certainly never thought of myself as "rich" . And this thread confirms it: my monthly expenses are certainly more than 10% of my income after taxes (but nowhere near 80-90%).

To be fair, though... I am probably in the richest 5% of the world population, maybe even the richest 2%.

 

[Liam]

Interesting way to look at it. Based on that equation I reckon I’d fall into upper middle class

 

[Cory]

I'd probably fall in the lower middle class, considering I have one job that gives me consistent work at the moment. I haven't had a work order for my second job in about a month now for some reason. I make only about $300-something every other week. I wouldn't be able to survive on my own, that's the main reason I live with my parents.

 

[Cam]

I'd probably fall in the lower middle class, considering I have one job that gives me consistent work at the moment. I haven't had a work order for my second job in about a month now for some reason. I make only about $300-something every other week. I wouldn't be able to survive on my own, that's the main reason I live with my parents.

It's certainly difficult to leave the nest these days. I was able to live with my parents and save money until I reached the point where I could buy a home. I feel bad for the folks that have parents who aren't helpful like that. One of my friends lives with his parents and he's been paying rent every month since he turned 18, which seems to mean he'll never have enough money to get out on his own.

 

[Debashis]

It's certainly difficult to leave the nest these days. I was able to live with my parents and save money until I reached the point where I could buy a home. I feel bad for the folks that have parents who aren't helpful like that. One of my friends lives with his parents and he's been paying rent every month since he turned 18, which seems to mean he'll never have enough money to get out on his own.

It is certainly difficult but not impossible. Just needs a drive and hunger for being independent. Tough times create strong men, so they are definitely capable of overcoming situations created by it.

 

[Empire]

I'm rich in satay sauce

 

[Reverie]

I don't save anything really... Working on fixing that slowly but surely. Got things to pay off - once that is done I should get some to save again xD

 

[Kyng]

I'm rich in satay sauce

Can I buy some, please ?

 

[MrDawn]

I wish I was rich.

 

[Cory]

It's certainly difficult to leave the nest these days. I was able to live with my parents and save money until I reached the point where I could buy a home. I feel bad for the folks that have parents who aren't helpful like that. One of my friends lives with his parents and he's been paying rent every month since he turned 18, which seems to mean he'll never have enough money to get out on his own.

My mother and father don't make me pay rent, but I have a few bills and medical stuff I have to pay for. I am very grateful to have parents like this, who have the best interest of their children at heart. I used to blow a lot of money on hobbies and eating out, but in the past month or so I've been a lot more careful with my money. My goal is to become more financially stable for when things are in dire need of finances I'll have backup funds to attend to them. I truthfully never see myself not living with a family member considering I have so little experience in the field and it sometimes almost feels like I have a learning disorder where it becomes hard for me to learn new things that could be beneficial to my independence. For the most part, I just plan to stop blowing so much on hobbies and eating out and try to build the largest nest egg I can for when the time comes I do need it.

 

[Jason]

I wouldn't want to be rich. However, a half a million dollar home in Nashville TN is not rich. I don't have that but if I did, it would only be middle class.

The problem with wealth is fake friends, kidnappings etc.

 

[Empire]

Can I buy some, please ?

$500 a kg please