You were rich because you discovered that you could eat little but peanut butter sandwiches and eggs and still be content. Others, despite having the discipline to spend less than they have, find they can't be content living under the privations that doing so entails. They do not feel free and cannot be considered rich.
You can be content on surprisingly little. It pays to find out what that "little" is.
he started CDBaby in 97. He was 28. He lived this "rich" lifestyle all of 6 years. He also went to Berklee College of Music, which wasn't cheap. He's lived almost 88% of his life with money and 12% without.
By my definition, you're rich when you can buy what you like without having to worry about money. You're poor when you can't afford to absorb unexpected expenses, so a fine or problem with your car can be enough to escalate into other problems.
I think my definition for being poor works very well, but the one for being rich needs work. I can buy a new expensive laptop without worrying about money, but I can't buy a new Tesla X without worrying about money. Not even Jeff Bezos can go on vacation to Mars without worrying about money.
OK, here’s an adaptation — what if the definition of rich might be when no part of why you decide to go to work and do the job you do is ‘for the money’?
The principle in this article helps bring or keep that line within reach. It would also not be a fixed number. Your intrinsic motivations and cash flows may fluctuate as you navigate your personal continuum of ambition and contentment.
That's certainly an interesting definition. By that definition, I'm still far from being rich. On the other hand, I get the impression that there are a lot of people who are indisputably rich, who still work to get even more money. Though at some point it becomes more of a high score than a means of survival.
My definition of rich is when your life expenses are paid from income-producing assets, and not hourly wages. Examples of incoming-producing assets are: Rental income from real estate, profit from owning a business, and dividends from equity.
