Location, NH
Quoted from xfassa:I keep seeing these terms "rich" and "very rich" people. Can anyone put some numbers to it? Just curious.
I would define a rich person as one who has free cash flow far beyond monthly expenses and with little or no long term debt. This type of person will have a checking account that will always have a balance in the account that will far exceed and necessary monthly expenditures. Lets say a balance in the $30,000 range. Beyond that the person would transfer the money to investment accounts. This "wealthy" person would have no trouble dropping $15,000 on a pin or $40,000 on a watch. Although the account would take a hit for the month, the next month the account would be replenished with the free cash flow that is the engine that keeps this person rich.
This is one reasonable, very realistic scenario.
