Jagoinvestor

August 22, 2019

How much money would it take for you to feel “Rich”?

“How much money would it take for you to feel “Rich”?”

I recently came across this interesting question on my Facebook timeline and the answers given by people were very interesting. I thought of sharing it with you all and discuss this insightful and interesting point with you all.

feeling wealthy and rich

I want to become RICH and I am sure even you want to become one. We all have different definition of “being rich”.

Below are some of the unique and interesting answers which were given on the question – ““How much money would it take for you to feel “Rich”?

Read these answers carefully and it will tell you a lot on what is a person’s belief system about money and wealth. Here they are !

  • My dad gave me 200 rupees when I was going to work for the first time back in 2005, I’m rich till I have 200 bucks in my pocket
  • Once I have no loan
  • All the money my boss has
  • When I own my private jet..
  • Money can’t buy Richness… It has to be in your nature..
  • Fifty thousand a month
  • As long as it pays the Bill and afford my material needs and few luxury to some extent
  • 10 crore per month
  • Answer depends upon ones needs or greed
  • Fill 10 x10 x10 room with 1000 doller note
  • 1 crore per month
  • only my husband, He with me I feel rich
  • One roti with dal fry
  • Only mother and father nothing else no money required
  • 1 Rs. more than Bill gates
  • At least 1 lakh to spend per month. No taxes either.
  • Modiji hain na… we all will be rich very soon!
  • Just a safe place giving shelter to me in any condition with a bowl of rice to eat with chickens from the farm and a cigarette to smoke before switching off to bed
  • So much money that I could feed all the people on earth who have no food n clothes n no shelter… I want that much money..

Had Fun?

I am sure you must have enjoyed reading various answers mentioned above. While they all look fun and crazy answers, deep down they are telling how these people see money and what is their relationship with money.

The answers tells us something about them as a person and how they see MONEY in their life. Based on the answers, I can see 3 ways people think about “Feeling Rich”

Category #1 – Attached to an absolute numbers

People who have given answers like “10 crore per month” and “Once I have no loan” are thinking purely from a absolute number in mind. They are currently having some particular income or net worth, and they feel that once they reach a new height called Y, it would be a great situation to be in. They will then feel “RICH”

This kind of belief system builds when one is looking at money as a tool to acquire things in life. You know you need some particular amount of money to buy a house, go on a vacation, buy a car and meet your day to day expenses, and you look at a number which is surely enough to buy those things. I feel this is a very natural definition of “RICH” and most of the people start this way!

Category #2 – Comparing with Others

There are investors who feel rich not at absolute level, but in comparison with others in society. So answers like 1 Rs. more than Bill gates” and “All the money my boss has” tells that the person mainly wants to have more than someone else. Its not about his requirement or desires, but how he/she feels in contrasts with others.

I think this is quite dangerous, because there will always be someone wealthier and happier than you and even if you have enough resources in life, you may feel miserable looking at others. Surely not something I would recommend.

Category #3 – Not giving money any importance

There are some answers like “Money can’t buy Richness… It has to be in your nature..” and “only my husband, He with me I feel rich” and even “Only mother and father nothing else no money required”

I personally have mixed reaction to these kind of answers. At one level, It feel great and really good that a person places more importance to relationships, values and memories. Money is a human created thing and there is really no limit to greed. Its good that a person givens answers which shows their detachment with money and shows that their happiness is not entirely dependent on money.

However, now at a different level, these answers also look to me a little unthoughtful. Money is surely a reality in life. I am not saying that you acquire obscene amount of money, but people around you (if not you) want to live a convenient and decent lifestyle. Just saying that “No money is required to feel rich” is not everyone’s cup of tea.

You might be a person who don’t need money to he happy and feel rich, but what about your spouse, your kids and your parents? Do they also feel that way?

A common man who has to pay rent, pay school fees of children, put ration in home and do all sort of real life expenses. One can’t deny the fact that money is required in life for most of the things.

So keep a balance between both the things. Every thing has a role in life. Money is not important, but important in life and its quite easy to make these statements when you have enough food at home and your future is sort of taken care.

Can there be a 4th Category?

I am not sure if there can be other categories or not. I was not able to think beyond 3 categories myself. Can you think of more?

Btw – Can you answer me (and to yourself) the same question – “How much money would it take for you to feel Rich?”

Can you share your answer in the comments section?

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59 Comments
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Abhishek shaw
Abhishek shaw
4 years ago

My belief system is saying to me bro you can’t be rich if you’re not paying 10% surcharge to govt. ????

Team Jagoinvestor
Reply to  Abhishek shaw
4 years ago

Thanks for your comment Abhishek shaw .. Please keep sharing your views like this..

Vandana

manoj kumar
4 years ago

Thanku So Much. Very good article on site…as usual. Appreciate you sharing your personal experience along with book references.

Prasad Gawde
Prasad Gawde
4 years ago

When the interest of the money accumulated till date can take care of my monthly expenses (thereby no need to earn further to add to that accumulation) then I would be Rich.

Ritesh
Ritesh
4 years ago

I will feel rich if, I have
1) financial freedom (i.e:- I will not need to work for money, money will work for me)
2) Good Health
3) Good relationship

Team Jagoinvestor
Reply to  Ritesh
4 years ago

Hey Ritesh

Glad to know that you liked the article.

Please share it on your social media profile so that it can reach more and more people !

Vandana

Team Jagoinvestor
Reply to  Ritesh
4 years ago

Thanks for your comment Ritesh .. Please keep sharing your views like this..

Vandana

jitender
4 years ago

what is meant by rich money is not the only instrument to be called rich bcoz in commerce money means cash and a rich person also has other assets apart from cash which make him rich
money is a man made instrument which operates in a system if the system is rigged than so does money
if the system is correct but the person who makes money is rigged than so money earned by him is rigged
money should be earned lawfully are legally in this way the person gets respect from society and system and one can lead a honest,secure,dignified and happy life and in this way if a person is able to meet his current needs and next 5 yrs or as the system turn around he is rich
thinking too much about future is foolishness

Team Jagoinvestor
Reply to  jitender
4 years ago

Thanks for your comment jitender .. Please keep sharing your views like this..

Vandana

Srinivas
Srinivas
4 years ago

How much money would it take for you to feel “Rich”?

My answer is “enough”.

To me richness is not a feeling I get from money or possessions I get from my wealth. My way of defining life is via happiness and my wealth can partly be a source of it, but not all.

My needs are minimal and as such many of them are already fulfilled/being fulfilled. My happiness comes from two main sources
1. Power to / Helping others
2. Enrich myself with knowledge so that I can be a better person. To be specific, this seeking knowledge helped me become knowledgeable specially about personal finance and helped me manage my wealth better.

My (above)definition is helping me be happy with what ever I have for the past few years.

Hence it is “Enough”

Srinivas
Srinivas
Reply to  Jagoinvestor
4 years ago

Why I said enough is because, the quantification is subjective.
For me, I feel 4-5 crore will be sufficient. I am on my way to achieve the same in next 4-5 years.

avinash
4 years ago

I feel rich if i have
– no loan
– financial freedom
– good health
– peace of mind

rajesh
rajesh
4 years ago

For me Rich means freedom in life. The word we use financial freedom could be part of that. What I mean freedom in life means:
1. I should be able to do what i love and what makes me happy. (Not some thing which don’t like but still need to do because to pay bills)
2. Freedom to think beyond the day to day work.
3. spending quality time with family (People might say work life balance, but bit difficult in present if you take work to your heart.)
4. Freedom to decide the activities of the day.

As so many people told richness might have different definition to everybody. But the way I see once we can come out of the regular box of doing things for survival instead of being happy, through this one can be rich in mind which can help/lead the person to any extent of achievements.

Team Jagoinvestor
Reply to  rajesh
4 years ago

Thank you Rajesh for a very thoughtful opinion.

Vandana

Suvarna
Suvarna
4 years ago

Once I start living in Financial independence, I am Rich.

Team Jagoinvestor
Reply to  Suvarna
4 years ago

Hi Suvama

Thanks for your comment

Vandana

Jagdish Joshi
Jagdish Joshi
4 years ago

I totally agree with Mr. Padmesh’s thoughts. Thanks.

Ankit
Ankit
4 years ago

Having 2X cashflow from passive investments vs average monthly expenditure

Team Jagoinvestor
Reply to  Ankit
4 years ago

Hi Ankit

Thanks for your comment.

Required Passive income amount is subjective. For me earning 10K of passive income monthly is ok for now but for feeling that I am rich 2 times of it that is 20K will not be sufficient at all.
So, your perspective on passive income might be good in your case but not generally.

Vandana

Ankit
Ankit
Reply to  Team Jagoinvestor
4 years ago

Hi Vandana,

You are correct. That’s the reason its called PERSONAL finance :). There is no silver bullet as each individual has very specific aspirations.

Just to add, as your monthly expenditures grow (either forced due to inflation or voluntary due to improvement in lifestyle) growing the passive cashflow becomes just as important – Its a moving target. In other words, the 10K today is good, but needs to keep pace to grow to 20K and beyond.

Team Jagoinvestor
Reply to  Ankit
4 years ago

Thanks for your comment Ankit .. Please keep sharing your views like this..

Vandana

Dr Rajdeep Saha
Dr Rajdeep Saha
4 years ago

Money is very useful for life but wealth is just one of the tools towards human wellbeing, not the whole of it. What we need in the world is not just “wealth creation.” We need to create wellbeing. Wealth is just one of the tools towards human wellbeing, not the whole of it. Wealth means making the outside pleasant for ourselves. But right now, people are going at it like it is a religion. Money is just a means; it is not an end by itself. We are making it too big for nothing. Is it bad? Is it good? It is neither; it is just a tool that we created.
A person have three choices
1)earn more money, can’t utilize it and suffer.
2)earn less money, can’t have to utilize it and suffer.
3) earn adequate money (according to him) manage it properly and enjoy life.
PS: I’m a doctor by profession and supposed to have adequate money for living but still I’m helpless as my only son is suffering from a fatal brain tumor, treatment of which is unavailable & money can do nothing in this case.

Team Jagoinvestor
Reply to  Dr Rajdeep Saha
4 years ago

Hi Dr. Rajdeep

Your comment was very heart touching for me. Thank you so much for sharing your views and wish you and your family all the very best, good health and more power to you.

Vandana

Ravinder Singh
Ravinder Singh
4 years ago

This answer is for those who are at the age of 58 & above & have educated & married children
If you have your own house I believe a sum of Rs 30,000/- pm would take care of your day to day expenses & a health insurance would be mandatory
Consequently if you have an equity investment of one crore and have a systematic withdrawal plan of 4% per annum hence this should satisfy your needs
this should make you feel rich

Team Jagoinvestor
Reply to  Ravinder Singh
4 years ago

Thanks for your comment Ravinder Singh .. Please keep sharing your views like this..

Vandana

INTURI RANJITH BABU
INTURI RANJITH BABU
4 years ago

The difference between Income and Expense defines the richness of Individual.

Team Jagoinvestor
Reply to  INTURI RANJITH BABU
4 years ago

Haha good one!!

However, this also varies from person to person. I might be spending Rs. 50K out of my earning of Rs. 52K so just left with 2K. 🙁 I won’t feel rich at any point of time.

Thanks

Deep Desai
Deep Desai
4 years ago

When my family doesn’t have to think about money before using it for things that make them happy.

Team Jagoinvestor
Reply to  Deep Desai
4 years ago

Hi Deep Desai

Good thought and Thanks for your comment.

Vandana

Krishna Ghotekar
Krishna Ghotekar
4 years ago

Quite Interesting subject…
I feel rich as long as i am on right track to achieve my objectives like:
(a) retirement planning with monthly SIP flowing smoothly
(b) kids education planning with monthly SIP flowing smoothly
(c) my other monthly spending is within budget & also i can achieve my monthly savings SIP
Well feel more richer, when i exceed my KPI (c) 🙂

Dharmadas Mohite
4 years ago

I think the book “Rich Dad, Poor Dad” has a particular answer to this.
The author says, “If you have enough money to survive till you die and you don’t have to work for it, then you are reach”.

Padmesh KC
Padmesh KC
4 years ago

Great article with summarising replies within 3 categories.

To answer the question, when I am able to spend a decent life without thinking second thought about our daily needs(not wants), I am RICH.

KC Padmesh.,

Mayur Sankalia
Mayur Sankalia
4 years ago

May by this answer is some what wage but can be true also. Once the person have enough money and sure that the amount of money will be enough to sustain him and his family, the person will start donating money to the needy. I thing this is the point where I can feel as “Rich”.

Team Jagoinvestor
Reply to  Mayur Sankalia
4 years ago

Okay, Quite good that when you can start donating without having any hurdles in your financial life.

Thank you for commenting,

Vandana

Sandeep
Sandeep
4 years ago

Very Nice Article and food for thoughts.
Well, I personally feel I would feel rich always as long as I have money which can take care of my daily basic needs ( Home loan EMI, School Fees, Monthly expenses, travelling). Rest I agree that money can’t make someone happy, it has to be in Person Nature and behavior.