What is "Almost Rich?"
Randy Kessler
Family Law Attorney, Media Contributor, Emory Law Professor, LinkedIn Influencer (400k followers)
What is "Almost Rich?" That, is a very good question. And the answer is sure to vary from person to person. In fact, from my perspective as a divorce lawyer who has represented many wealthy individuals, I would say that even people who most see as rich, or wealthy, don't consider themselves "rich". But almost all would agree they are "almost rich". I started thinking about this after being interviewed and then reading the article, where the question posed to me was "at what level of wealth do people stop or reduce fighting about money?" Certainly even the uber wealthy are not exempt from fighting about money. But in my experience, those with extreme or high wealth, are often the least likely to fight about how to divide money. Of course they do often fight about how much there is to be divided, but the actual division is often accomplished without a trial, since trials cost money, and it is better to divide the money than to spend it on a trial. The article is here: Couples are more likely to divorce amicably if they're worth $5 million or more, says a divorce attorney.
So it has made me think about the question "what is 'almost rich'"? And I think it is perhaps the driving concept of many American success stories. Motivated workers, entrepreneurs, business owners and even the partners or spouses of the income producers often, even when they have significant assets or income, do not yet feel "successful" or "rich". They are "almost successful" or "almost rich". And of course we are only discussing financial wealth. To venture into wealth of health, family and love, would extend this article into a book.
But if you get a chance, ask the folks you consider "rich", if they consider themselves rich, and my bet is they would say "almost".
President, TriOrient Investments. Co-Chair, Private Equity Committee at AmCham Taiwan.
6yThought-provoking article, Randy Kessler, thanks. To me, I believe your questions will likely become increasingly important in the coming years as we appear to be heading in a direction where leaders - not just in government on both sides of the aisle politically but in the private sector as well - are trying to address the widening gap in wealth. It is likely that some efforts at greater income redistribution will be proposed and maybe even enacted. As such, how and who we determine as being wealthy will come under greater scrutiny. And if those methods are problematic, the policies to address possible income disparity will at best be misguided and at worst causing greater harm to the economy.
Financial "rich" is when you have enough resources to decide whether you want to work or not. That is almost always dependent on spending. I have seen people with millions who have run out of money. Then there are those who do not work, have only a couple of hundred thousand, and their net worth goes up every year. A couple of quotes from Ben Franklin “Beware of little expenses: a small leak will sink a great ship” “If you know how to spend less than you get, you have the philosopher’s stone” “Behold the rain which descends from heaven upon our vineyards; there it enters the roots of the vines, to be changed into wine; a constant proof that God loves us, and loves to see us happy.” (I just threw this one in because I like it!).
Account Executive at Texas Southwest Floors, Inc.
6ySimple question, either your the 1% or not?
Project Manager, Safety Manager, Administrator, Shareholder
6yNo such thing as being almost rich.....this is not a trick question...you either are or you are not...by definition rich equals assets and money...the answer is if you are satisfied where you are in life and you have enough assets and money to live your lifestyle you are rich, if you dont have enough assets and money you are not. To be rich may equate to material money and assets to tangibly see the value however it's the person who is in possession of this richness that determines if they are rich.
Ministry, Music, Cellist, Author & Speaker
6yA simple question to ask.