Do you qualify as 'rich' in Australia?
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- Опубликовано: 8 фев 2025
- Curious if you truly qualify as “rich,” or just aiming to grow your wealth?
The ambiguous and wide ranging definitions of what it is to be rich shows the importance of setting goals.
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i meet all 3 definitions, all i can say is, i dont feel rich, but i do have more options and I can choose what to focus on more wisely with my time, i think that is the greatest gift overall cos i came from a grassroots family and started with nothing by living from paycheck to paycheck for a decade till i wised up to change it
Very good commentary. Often the problem of attaining wealth is that most people never have the consciousness to think about the future or to plan to grow their personal wealth. Also, most people unfortunately can only live from paycheck to paycheck.
So good talking about this with maturity, intelligence and humility. Great job - as always!
Glad you enjoyed it!
Most basic level of rich is where your passive income is larger than your daily / annual expenses including ongoing investment allocation.
For 99% of people that isn't even remotely close to rich.
Most people retire with less than 7 figs and make it work.
We are both saying the same thing. It doesn't have to be millions if your expenses are under control. More is always better though as you will have more options. Suggest reading Richest Man in Babylon. Has some great lessons in it.
Rich or wealthy - it's simply choice.
If you're in a position to buy, support or engage in the activities of wants and needs - without uncertainity, fear or having to juggle/ offset.
Then you're fine.
Rich is earning a good income, wealthy is not relying on an income
Is that your interpretation of the difference between rich and wealthy.
@ no
You can own your house,but government taxes and rates is the same as rent just about.The average worker keeps about 35% of his actual income after all the government taxes.
You never own it. Stop paying rates on it and its gone.
Being rich is someone not being controlled by debt, I am not rich but I own my own place and debt free at 65 years, This become possible by living in a same rural village, that small that the whole village would fit inside a passenger train carriage
YOU CONTRADICT YOURSELF IN YOUR 1ST SENTENCE 🧐🥳🥳😎
@@adurasarangheyo9597 So then being controlled by debt is being rich?, so not owning your home you are now Rich?, it's all about being comfortable, not rich without all the bells and whistles and your desires all being meet
@@sjdtmv LOL R-E-A-D his first sentence S--L--O--W--L--Y. apologies accepted. 🧐🤓😎
If you have nice meals for today and decent clothes for the day and roof above your head and feel safe. You should consider your situation as RICH
In my 55 years in property in well located areas 0:15 it doubles in price every 10 years
Best investment you can make in my personal opinion as it keeps up with inflation and currently tax free
Fully owning a delapidated dog box in Sydney makes you a millionaire.
1 million is nothing in Sydney. Sydney is very expensive. even you own your house upright, you can still be very poor in Sydney.
Sydney is a hole. Don't know why anyone would willingly live there
Very poor is exaggerating, but yeah, Australia is an expensive country nowadays.
If your house is paid off. You can live comfortably off a min wage full time job in Sydney. If you have a $1M mortgage loan, a $150K salary is going to be stressful.
@@henrytang2203 depends how shit with money you are.
Sydney is a hole anyway. Why would anyone want to live there?
It's not what you make, it's what you keep.
I define rich as all bills paid on time, having shelter, never hungry and not waiting on next cheque to cover anything. So I'm on benefits but I'm rich.
Wealth, being wealthy. That's what is up for debate right now. Some what to define it as more than 3 million and tax unrealised capital gains over that amount. Unindexed that will affect more than many realise while not actually taxing the wealthy.
While I'm not anywhere near that, I still aspire. I guess I'm one of the fortunate.
Stick all your money in superannuation- tax free capital gains and tax free income in pension phase. NOTHING else comes close
The gains in accumulation mode are taxed at 15%.
Rich is about AUD$10 Million in an investment portfolio - excluding the family home. For example, you can live in an expensive house with little investments and be forced to live off the Age Pension.
@malkovOOO1 - if a person in Australia owns a property they live in & they have a seperate standalone nest egg worth AU$10 million that keeps growing or gives out a little yearly income = they are ‘wealthy’ ..’Rich’ is a Dr Lawyer Engineer Accountant or similar who earns $250,000+ a year and has a nice house but with a mortgage and two cars BUT if they get sick for 6 - 9 months & can’t work and their income stops and can’t keep up with costs and have to sell the house and one of the cars
@@Sensei.6011 How do you separate and give two different definitions of “rich” and “wealthy” ? Most would say they mean the same. It’s like arguing there’s a difference between “poor” and “impoverished”…
@@foxx441 Wealthy is let’s say you stop working a job due to a medical issue that keeps you bed ridden or in-house & pay cheque stops - you can still keep up same lavish lifestyle easily via investment income.. ..Rich is when someone outwardly lives lavish lifestyle but it’s fueled by their full time job income - stop work for few months or year and paycheque stops their lavish lifestyle ends.. I also only learned the difference a little while ago, Wealthy people use this when they meetup at a cafe/restaurant and for a chuckle they will play the funny guessing game of “guess if that guy/gal is Rich or Wealthy”
@@foxx441they are not the same.
@@michaelholmes8848Rich: Of a person. Having much money or abundant assets; wealthy, moneyed, affluent. Opposed to poor.
Wealthy: Of a person or group: having money or valuable possessions in abundance; rich, affluent, well off.
(Oxford English Dictionary). Sounds the same to me. They’re synonyms of each other.
Whats high net worth?
$10m is the bar for being considered rich
Yep, 5 million in a house, 5 million liquid. For someone older say 70+ expectations a bit higher, for someone in their 30s maybe slightly lower.
@@jeanlucbergman479 I saved $200K and retired at 23 after moving to Asia with annual living expenses of $5K and taking out 4% of my savings ($8K) each year and keeping my savings invested in a stock index fund. I have $3K play money each year which grows each these as my 4% withdrawal is below the stock growth. Own no property or non-liquid assets except laptop, live in luxury hotels, compete freedom.
Damn, just a couple of months ago I read a story about exactly this.
Those involved said in 2024 in Australia to be considered rich in Australia you need
$11.7 million. Sorry I don’t have any link or information on where I read it, I blacked out after falling off my chair.
I love this comment. Too funny 😂. 11.7 million feels like you’re adequately rich but not super rich. What does 11.7 million even buy these days? 2 bags of groceries from Coles on discount day.
I saved $200K and retired at 23 after moving to Asia with annual living expenses of $5K (and increased quality of life) and taking out 4% of my savings ($8K) each year and keeping my savings invested in a stock index fund. I have $3K play money each year which grows each year, as my 4% withdrawal is below the long-term annual stock growth. Own no property or non-liquid assets except laptop, live in luxury hotels, compete freedom.
1 DECENT SIZED mistake from having to reenter the workforce, as u r young, wont matter, you iz already way ahead of the curve.
If think getting rich is easy then you are mistaken
Not many inherit wealth and it requires many sacrifices
I watched an interview sometime ago with Donald Trump and Robert Kiyosaki
And they were asked the same question to which Kiyosaki responded by saying Forbes magazine back in 2009 defined rich as $100,000 US a month in passive income regardless of whether or not you turn up to work
And Kiyosaki is right! I would leave all those definitions, like "rich" and "wealthy" to upper class snobs, and operate with much more understandable "financially stable" and "unstable". If you worry about paying your bills in case of not working, you're "unstable", if not - you're stable. It doesn't have anything to do with owning a property or having millions in assets.
@@donkaster9738
Here's the video title:
"Financial Literacy Video with Robert Kiyosaki - Live"
Starts at the 2 minute mark - its 1M US a year passive income....... If I put a link to the video RUclips deletes the comment as spam.
Real rich (Minimum ) are all the things mentioned and is someone who can afford Business class seats comfortably . like a average Joe in Australia can afford economy.
Being able to afford a beer
I never got the covid jab, therefore, by definition, I am super wealthy.