> So far I have tried to quantify what income level you need to be rich. I’ve tried to give you numbers that you could use to compare yourself to other people. However, in my many years of writing about money, I’ve come to realize something—being rich is more than a number. Being rich is a feeling.
> Because even if the numbers say that you are doing well, if you don’t feel rich, then it doesn’t matter. You could be making $10M a year, but if you feel like you need to make $20M, then you will feel poorer than someone making $100,000 who only feels like they need to make $50,000.
> "The highest form of wealth is the ability to wake up every morning and say, 'I can do whatever I want today.'"
Which is something only those wealthy enough to have paid off their house and have sufficient expenses for the rest of their life or passive income. A reality that has nothing to do with whether you feel rich, it's simply an economic reality
> You could be making $10M a year, but if you feel like you need to make $20M, then you will feel poorer than someone making $100,000 who only feels like they need to make $50,000.
Yeah, but there is still very material difference between these two people. The difference is not just the feeling in the moment. It is difference in "if I get sick, how much healthcare I can pay" or "if I get into legal trouble, can I afford justice or layer" ... and either of those situations will change their feelings quickly.
I think that's because the difference between the top of that 1% and bottom of that 1% is a magnitude of thousands. It goes from a few million to hundreds of millions, and up to many billions.
The bottom of that 1% doesn't have to worry about spending money for daily things, but going higher, the upper portions can spend on _anything_. So, the difference at least feels large between the rich and "obscenely" rich, as opposed to the 50%ers vs the 75%ers.
