How rich is rich?

[Seneca]

Re: Re: How rich is rich?

Originally posted by Asher

Well, if you made $130,000 p.a. you'd be mighty pissed off when 60% of that goes to the government too.

Try me...

Anyway, our top rate is only 40%.

To pay for your prime minister's salary, no less.

Even the prime minister pays tax...

[Asher]

Re: Re: Re: How rich is rich?

Originally posted by Seneca
Try me...

Anyway, our top rate is only 40%.

Here in the Glorious Empire of Canadia the income tax maxes out at 50%, with another 10% or so in sales tax on everything you spend.

It's a royal ripoff.

Even the prime minister pays tax...

Prime Minister doesn't pay tax in Canada, IIRC. I don't think any MPs do.

[WhiteElephants]

I can't remember the exact figures but the new (soon-to-be) mayor of New York (Bloomberg) was earning close to a million dollars a day. That's rich.

I'm also not sure being out of debt is a good indication of being rich or well off. For instance, if you loaned me money at 10% interest and I could invest it and get a 15% return it would be benefical to me to be more in debt seeing that I'm turning that money over into profit above and beyond the cost of interest you're charging me.

In the case of Bloomberg while he may be earning a million dollars per day it may very well cost him $975,000 per day to do it.

[Seneca]

Originally posted by WhiteElephants
I can't remember the exact figures but the new (soon-to-be) mayor of New York (Bloomberg) was earning close to a million dollars a day. That's rich.

I'm also not sure being out of debt is a good indication of being rich or well off. For instance, if you loaned me money at 10% interest and I could invest it and get a 15% return it would be benefical to me to be more in debt seeing that I'm turning that money over into profit above and beyond the cost of interest you're charging me.

In the case of Bloomberg while he may be earning a million dollars per day it may very well cost him $975,000 per day to do it.

That's still $25,000 per day profit - I'd like to think I could just about struggle by on that....

No doubt I'll be accused of envy, bitterness, naivety or something, but I have to say there is something immoral about that amount of wealth being concentrated in one person, however hard-working or talented he may be.

[WhiteElephants]

Originally posted by Seneca


That's still $25,000 per day profit - I'd like to think I could just about struggle by on that....

No doubt I'll be accused of envy, bitterness, naivety or something, but I have to say there is something immoral about that amount of wealth being concentrated in one person, however hard-working or talented he may be.

Perhaps, but I was just using that figure for the arguements sake. For all I know he's taking every last penny to the bank. Cheers to him.

Rather than assume that Bloomberg is using his money immorally lets assume he's one of the few using it morally and that the vast majority of people are the one using their money immorally. Which is more probable? Lots of moral people, or only a few?

[Seneca]

I don't care how he uses it - just the fact he has it.

And if you can't see the problem, well, I guess you're American and I'm European...

[WhiteElephants]

Originally posted by Seneca
I don't care how he uses it - just the fact he has it.

And if you can't see the problem, well, I guess you're American and I'm European...

Sounds colored with a bit of jealousy.

Let's look at it this way. Bloomberg is providing more jobs to more people than I will ever in my entire life and perhaps more than the entire population of my city. Not to mention the sheer amount of taxes he pays that also end up in the pockets of others. I can't say what the ramifications of not having Bloombergs in my country would be, but I can entertain the idea that it would be a lot harder place for most of us to live.

[Adam Smith]

My definition of "rich" depends on the context.

If we are talking politics, "rich" is anybody who makes $1 more than me, regardless of how much I am making.[/cynicism]

When do I know I have made it? When I know my kids will grow up to be happy, healthy, productive members of society who care deeply about others less fortunate than themselves.

[Ramo]

I believe the appropriate question is, "how rich is rich enough?"

I'd be perfectly satisfied with, say, $6*10^4 annually.

[axi]

Since poor is less than half your nation's PCI, then rich is more than twice your nation's PCI.

In US$ (1999) (source UNO):

USA=2*32778=65536
Canada=2*20822=41644
UK=2*24323=48646
Greece=2*11811=23622

[Rogan Josh]

I certainly don't regard myself as rich and by all the standards posted here I am not.

However, I have no debts, live in a nice house, have a nice car, go on nice holidays ever year and buy whatever I want, whenever I want without worrying about the price. I certainly don't need any more money.

But I don't think that money has a lot to do with standard of living (unless you are very poor). It is much more about where you live, what job you do, how you spend your leaisure time and your position in society.

Although many of my friends are now working in investment banks earning $200k+ a year, I regard myself as having a higher standard of living because of the way I live my life.

[MikeH]

Agreed. I could move jobs, go to some London coding sweatshop and get paid a fortune but I wouldn't be happy. Wouldn't be able to afford a house there either so screw it.

[faded glory]

This thread is meaningless. I thought the definition of "Rich" was anbody over a million $


Bill Gates is Rich. **** Cheney is rich.


I am not

[Asher]

Originally posted by axi
Since poor is less than half your nation's PCI, then rich is more than twice your nation's PCI.

In US$ (1999) (source UNO):

USA=2*32778=65536
Canada=2*20822=41644
UK=2*24323=48646
Greece=2*11811=23622

$41600/yr in Canada is RICH?
Hahahahahaa...

It doesn't scale like that, especially with the bloody tax system.

[Garth Vader]

For a single person 41600 is plenty.

I don't see why you always complain about tax, you are a student I doubt you pay any tax.