The greedy rich owe their ill gotten gains to three factors

[Jon Miller]

You will be. It takes 5 or 10 years to unwind from college poverty, given no support from a trust fund. For me, at year ~ 7, I noticed that I had turned the corner and that I was no longer impoverished.

He won't be rich, he will be comfortably middle class. Which is also what I hope to be in ~10 years.

JM

[DanS]

As this thread proves, "rich" is hard to define. In many respects, over half of us are rich. In the US, a two income household, where each income is reasonable, throws off an incredible amount of money -- over time it is much more than needed even for those with modest budgeting skills. In most parts of the US (e.g., Columbus, Ohio, and Newport News, Virginia), it's dirt cheap to live grand.

I view "rich" as an accumulation of wealth such that you would not have to work, even with a comfortable lifestyle. Most rich are older people who have spent less than they earned consistently through their lifetime and have invested in financial instruments with reasonable return.

[Sandman]

Have we established the identity of this particular troll yet?

-Arrian

I think it's Fez.

[Kidlicious]

I suggest everyone in this thread (except my progeny) stop what they are doing, jerk off, and then read Albert Nock's "Our Enemy, The State."

If the State is your enemy, and I'm sure that's true, maybe they'll catch you and put you in prison where you belong.

[Kidlicious]

As this thread proves, "rich" is hard to define. In many respects, over half of us are rich. In the US, a two income household, where each income is reasonable, throws off an incredible amount of money -- over time it is much more than needed even for those with modest budgeting skills. In most parts of the US (e.g., Columbus, Ohio, and Newport News, Virginia), it's dirt cheap to live grand.

I view "rich" as an accumulation of wealth such that you would not have to work, even with a comfortable lifestyle. Most rich are older people who have spent less than they earned consistently through their lifetime and have invested in financial instruments with reasonable return.

The only way you are going to accumulate wealth in the future is if you get bailout money.

[VetLegion]

I view "rich" as an accumulation of wealth such that you would not have to work, even with a comfortable lifestyle.

That's a good definition. Maintaining a high standard of living without resorting to work.

Obviously most highly paid professionals, say surgeons (I heard that in the US doctors are payed well, it's not so here), aren't rich even if they earn a lot. They still have to work.

[DanS]

Yes, it is customary in the US to pay doctors well, although doctors in major metro areas are paid less than those in smaller towns (less competition). And I agree that it will take a couple decades for that surgeon to become rich, provided again that he spends less than he makes consistently.

[Guynemer]

You will be. It takes 5 or 10 years to unwind from college poverty, given no support from a trust fund. For me, at year ~ 7, I noticed that I had turned the corner and that I was no longer impoverished.

Lovely thought. I'll be paying back these student loans for about another 25 years, and neither she nor I won't ever make more than we're making right now.

[Guynemer]

Yes, it is customary in the US to pay doctors well,

Depends on the kind of doctor, Dan. Most primary care docs will never, ever, be "rich" by your (or any other) definition.

[Patroklos]

Sounds like you left out the "smart," part

Or more seriously, you are expecting some of your payback to be in forms other than wealth accumulation.

[DanS]

Lovely thought. I'll be paying back these student loans for about another 25 years, and neither she nor I won't ever make more than we're making right now.

Through the joys of inflation and wage growth, those loans will be less burdensome over time. Get back to me in 5 and tell me how your finances are doing.

[Kidlicious]

Yes, it is customary in the US to pay doctors well

Where do you come up with this stuff?

[Patroklos]

A quick google search listed the average family doctor making 160K a year gross. Is that not considered paying them well in your book?

The specialists, obviously, were making MUCH more.

[Kidlicious]

A quick google search listed the average family doctor making 160K a year gross. Is that not considered paying them well in your book?

The specialists, obviously, were making MUCH more.

I don't know how much they make for sure. I have a doctor in my family that doesn't seem to make that much.

My comment was on the suggestion that it is "customary" to pay them well.

[Patroklos]

I, with a regular bachelors out of college after five years make right around half that, I have a hard time seeing a doctor not pushing well over the 100K range after residency and a couple years proving he is competent.