Just read a story from Bloomberg. The survey says that wealth is variable, 1.5 mil, Generation Z number (not sure what age range is Gen Z) to 2.5 mil for Boomers (right in the middle of that gen). So how do we determine “wealth”? I’m retired (not bad retirement income) and on SS, can do pretty much whatever we choose, within reason, but certainly not the 2.5 mil the survey reports. I guess my topic for this thread is how do we define wealth?
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5 replies on “What is “wealth”?”
Wealth is whatever can be traded for something else that you want, and of course it is variable. And non-linear: I can buy $100 worth of paint, spray it over a canvas with a lawnmower, convince somebody it constitutes priceless art, and “trade” it for something more substantial, like a house or a warehouse full of food. Wealth comes from the air, and is mostly a psychological phenomenon.
Play your cards right, and you can end up ginormously wealthy. Play them wrong, and you can still end up happy. That, to my mind, is more important than things to trade.
More to the point of this article, in my opinion being wealthy is having enough to do what you want to do. Obviously if all you want is a new car every few years, it takes less than if you want a new yacht every few years. Personally, once I had my retirement cash flow in a condition where I discovered that I could spend $1K-2K per month on whatever the hell I wanted to, I considered myself comfortably wealthy.
I have simple tastes.
Gen Z is 1997 onward.
I draw the line at 2000. It’s just easier that way, plus my sister is such a millennial and she was born in ’98.
Link: https://www.msn.com/en-us/money/markets/how-much-money-do-you-need-to-be-wealthy-in-america/ar-AABikDO?li=BBnbfcL
Cost of living and land prices play a big part of the definition. Given the source the numbers probably are mainly for New York or California. Both are very expensive.
This relates to my Star trek budget post here: https://billwhittlecom.wpenginepowered.com/2019/04/17/star-trek-budget/
Long term its a solution for these problems but in the hands of the left its doomed to fail.