8
   

Wealthiness

 
 
34man
 
Reply Wed 3 Feb, 2016 04:32 pm
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: 1,233 • Replies: 8
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Ragman
 
  2  
Reply Wed 3 Feb, 2016 04:36 pm
@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
ossobuco
 
  2  
Reply Wed 3 Feb, 2016 06:57 pm
@Ragman,
Unless they can't pay the taxes and insurance.
0 Replies
 
mark noble
 
  -1  
Reply Thu 4 Feb, 2016 09:00 am
@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.
0 Replies
 
saab
 
  1  
Reply Thu 4 Feb, 2016 09:22 am
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.
0 Replies
 
Onetallgentleman
 
  1  
Reply Wed 8 Jun, 2016 12:20 am
@34man,
I see several Super-rich people once a year and they live in a home that I can afford.
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rubbywilliams
 
  0  
Reply Wed 8 Jun, 2016 04:32 am
Not Really - Can't consider them rich by observing their home.
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Miller
 
  0  
Reply Wed 8 Jun, 2016 08:48 am
@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.
Onetallgentleman
 
  1  
Reply Sat 11 Jun, 2016 01:06 am
@Miller,
Diversification : Making sure that you don't put all of your eggs in one basket.
0 Replies
 
 

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