Wealthiness

Forums: Rich, Price, House, Wealthiness
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What price of a house would you consider to mean someone is wealthy? For example, if someone's house was $2 million and they have lived there for many years, would you consider them to be rich?

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Type: Question • Score: 8 • Views: 2,117 • Replies: 8

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@34man,

Not necessarily. It depends on how highly leveraged they are. . you can be an owner of such a house, and have no cash.

If they have no mortgage, then they're rich enough

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@Ragman,

Unless they can't pay the taxes and insurance.

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@34man,

Wealth is a label.
If you have food, shelter, water and someone who gives a damn about you - You are as rich as anyone could be.

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No I would not - their house has a certain value, but if they have no cash they are not wealthy.
They probably have enough to pay regular bills, but cannot pay say a new car or new furnace. Then they are far from wealthy.

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@34man,

I see several Super-rich people once a year and they live in a home that I can afford.

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Not Really - Can't consider them rich by observing their home.

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@34man,

34man wrote:

...if someone's house was $2 million..., would you consider them to be rich?

Two million in a house in today's market isn't very much at all. When you think "rich", and you're talking about real estate, you've got to think about $100 million+.

Most Americans who are very wealthy, don't hold all of their wealth in real estate.

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@Miller,

Diversification : Making sure that you don't put all of your eggs in one basket.

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Wealthiness

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