Are you wealthy?

**peanut** · 08-11-2011, 12:13 AM

I had an interesting conversation relayed to me the other day.

A friend was talking to another lady who knew her well, but had just met me. We were all demonstrating at the Fair together. I was doing both stitching and rug hooking. Last year I had been spinning and they were both there too.

So lady #1 turns to my friend and says "Jean must be wealthy." My friend smiled and asked her "Why do you say that?" "Because she has equipment to do everything." She informed her my DH was just a librarian and "Jean is just careful with her money".

I thought about that. After the initial shock wore off I began to wonder...would your neighbors look at you and the frugal tools you've purchased and consider you wealthy?

I mean, I do have a spinning wheel, and I spin yarn to knit. And I do have a nice rug hooking frame, and hook rugs for the floor, walls, tables, etc. And I do have a sewing machine to sew clothes and home accessories. And a serger to help in the operation (though it was a gift). And all these things are courtesy of my mother, who left me some money. But not much. We're talking investments of less than $1000/year for 4 years here.

What I don't have is more telling. We don't have a second vehicle. We don't have a boat. We don't have a camper or trailer or cabin. We don't have a fully renovated home or new garage. Ours is a 1950s wonder that is falling down.

We do have a fully funded EF and a fully paid out mortgage though.

What is 'wealthy'? To me it's a healthy, rich family life. I rarely think of wealth in terms of money anymore. Is that what being frugal does to you?

Lots of questions to think about! I am still chuckling over this lady thinking I'm wealthy, as in have a lot of money.

I'm wealthy alright, but in a different way!

**sinopa27** · 08-11-2011, 02:46 AM

she can tell that you weren't in debt. Some people have that certain "im in debt beyond belief" look. I have a coworker that looks like she is going to explode cause she is in so much debt.

**nuisance26** · 08-11-2011, 08:25 AM

~Wealthy, to most people, is when others have more than you do. You had more hobby items so maybe she assumed you had more of everything else. She can't see what you don't have and most people don't look that far before they make judgments like that.
I think the real definition of wealth is when you no longer work for money, but rather, it works for you.
In some ways though, I would consider your equipment wealth. Anything that you use on a hobby basis and not to make money to live on is something that can be perceived as more than you 'need'.
Like "Beauty is in the eyes of the beholder", so is wealth. It's skewed to the viewer's perception of what is a need and what is a want.~

**Greebo** · 08-11-2011, 08:29 AM

Originally Posted by nuisance26

I think the real definition of wealth is when you no longer work for money, but rather, it works for you.

+1000

A high income doesn't mean someone is wealthy. Lots of NFL stars go back to broke very quickly once the income stops.

Wealthy means, to me, having accumulated enough that your future is covered. That doesn't really have to be that much, if you play it right.

**OOwl** · 08-11-2011, 08:44 AM

I'm not, nor do I consider myself, "wealthy," just blessed and thankful I listened to the voice of reason before going too far down the in-debt path. To be free of the heavy burden of debt, to own my home, to have a simple lifestyle and few things, gives me a feeling far more important than material wealth. I no longer even covet true monetary wealth. I have a best friend that is very wealthy. I watch what that does to him and worry about what it does to his mental and physical health, trying to maintain that high standard of living. I think some people are just driven to achieve that lofty goal; and some, like me, are naturally content with the simple cottage on the hill.

**Greebo** · 08-11-2011, 08:54 AM

Originally Posted by OOwl

I watch what that does to him and worry about what it does to his mental and physical health, trying to maintain that high standard of living.

That alone suggests to me that your friend is not wealthy, just income affluent.

Having a high income and spending lots of money make you broke.

**Spirit Deer** · 08-11-2011, 09:36 AM

We're not. But we have everything we need and a bunch of stuff we want. That's as much as most people have and a lot more than a lot of people have. So we're content.

**Libby** · 08-11-2011, 09:54 AM

Sadly society equates wealth with having material things. But by having material things does not mean they're all paid in full either.

A lot of people don't realize the real wealth that they already have and play the 'woe is me victim' b/c they don't have the latest and greatest gadgets or McMansion. They viewing having debt as wealth. Oddly enough, over in less fortunate countries, being overweight is viewed as being wealthy - you CAN afford the food to get fat.

Agreed, its all a matter of perspective.

**craftypam** · 08-11-2011, 09:55 AM

Like some of the op in here I think being wealthy is sooo much more than money. I have my health back (this is something people don't think of until they've had health problems) I have a wonderful dh actually the best there is, I have very little debt, retirement money, a large ef and all the crafts I ever want to do (this is for you peanut; LOL)

**Contrary Housewife** · 08-11-2011, 10:13 AM

I consider us 'well off'. We have more than we need and most things we want and are settled financially and on the road to retirement stability. We didn't get here by blowing $$$ on crap just because we have the $$$ to blow. A lot of people would not say we are wealthy because I drive an old car, and we live in a small old house, and there's a lot of toys we don't have like a wide screen tv or a fancy cell phone.

Most of the time now when I see people who have a lot of "stuff" and who are buying more I remind myself that it is probably all being paid for with credit, and they are making payments for years to come.

Right now everything I have, I own.

**peanut** · 08-11-2011, 10:32 AM

Now there's an interesting thought. I should invite her over some day so she see everything we don't have!

No big screen TV, and an eclectic mix of secondhand furniture.

**Debbie-cat** · 08-11-2011, 10:55 AM

I am far from wealthy but I have everything I need. I love living the simple life and am blessed way beyond material possessions.

**Russ** · 08-11-2011, 11:03 AM

All perspective in my opinion.

So if you bring home X amount, and SPEND X amount, does that make you feel more broke?

VS

Someone who brings home the same X amount, and DOESN'T spend it all?

Who feels richer?

**Greebo** · 08-11-2011, 11:06 AM

Originally Posted by Russ

All perspective in my opinion.

So if you bring home X amount, and SPEND X amount, does that make you feel more broke?

VS

Someone who brings home the same X amount, and DOESN'T spend it all?

Who feels richer?

Having been someone who:
Brought home X and spent X + Y;
Brought home X and spent X; and
Brought home X and spent less than X...

THe last one makes me feel so much richer than the other two ever did.

**peanut** · 08-11-2011, 11:21 AM

And what about the poor bloke who brings home X amount, doesn't spend any of it, and still feels broke?

I know some people who panic about money and just hang onto it as if they have a co-dependent relationship with it. I would say they are misers, but not really. Just people who have a very unhealthy view of money. Like a poverty complex or fear of being/doing without.

I know someone like this. A family member finally got him to stop 'saving for a rainy day' when he hit 75 years old and got a new wife. Told him to spend his money. It's been real hard for him. But he's finally managed to come to terms with it...I think. He doesn't bring in a huge income, but he has been saving it for years. There's no way he's going to plow through that money before he dies with his frugal lifestyle!

Yes, the conversation about estates and wills has been carried out and things set up.