I had gone to bed after a long day at office. After a similar discussion with a friend a while back, I started wondering why was I sleeping? Was it on account of the ritual that we should sleep every night to go to work in the morning? or Was I tired ? or some other reason? It had been a long day, but, not very tiring physically but I had exhasuted myself mentally with plenty of other thoughts in mind. And just wondering about why am I sleeping.... I could not sleep. So, had got up to finish up the Rich Dad, Poor Dad. which I am just 65 pages short of finishing it up
Just recalled the discussion I was having with a friend the other day. What parameters define one to be rich, poor, wealthy, or middle class? Having a lavish life-style, or owning a car does not show one is rich or wealthy. After a little perspective I got from the book, and with little of my understanding, I feel the conclusion is based on some mathematics and not exactly on the amount of money a person has or the no. of cars or his/her life-style. More often, I feel these words are mis-interpreted/mis-understood by people.
Wealthy as per this book shall be a temporary concept. So, is being broke. If one can maintain the same life-style for x no. of days from their savings and wiith no other source of income, then the person is addressed as wealthy for that period of time. It does not define what "rich" means.
Can one remain rich forever? is the question I had posted to a friend of mine. My friend defined "rich" as the ability to be wealthy for the entire life. Being a CA, and almost a CFA, by his number crunching skills, he made the calculations as: Lets say, I would stay alive for another 40 years (though too long as per life expectancy in India), and I maintain a particular standard of living, and my savings are sufficient to meet those standards for 40 years, then I am rich, whether or not I can afford an expensive car (the ones we see in the parking lot in Maker Tower during lunch hours :P). I asked him what would happen after he is married, he has kids..how can he freeze his standard of living or make computations with varying standards of living? We had no answers.
Just recalled the discussion I was having with a friend the other day. What parameters define one to be rich, poor, wealthy, or middle class? Having a lavish life-style, or owning a car does not show one is rich or wealthy. After a little perspective I got from the book, and with little of my understanding, I feel the conclusion is based on some mathematics and not exactly on the amount of money a person has or the no. of cars or his/her life-style. More often, I feel these words are mis-interpreted/mis-understood by people.
Wealthy as per this book shall be a temporary concept. So, is being broke. If one can maintain the same life-style for x no. of days from their savings and wiith no other source of income, then the person is addressed as wealthy for that period of time. It does not define what "rich" means.
Can one remain rich forever? is the question I had posted to a friend of mine. My friend defined "rich" as the ability to be wealthy for the entire life. Being a CA, and almost a CFA, by his number crunching skills, he made the calculations as: Lets say, I would stay alive for another 40 years (though too long as per life expectancy in India), and I maintain a particular standard of living, and my savings are sufficient to meet those standards for 40 years, then I am rich, whether or not I can afford an expensive car (the ones we see in the parking lot in Maker Tower during lunch hours :P). I asked him what would happen after he is married, he has kids..how can he freeze his standard of living or make computations with varying standards of living? We had no answers.
Hand- to- mouth existence or no troubled existence means one is poor? When one cannot classify oneself in either of the two categories (rich or poor), then they call themselves middle class (inspite of myself being part of middle class, it is a term which I genuinely hate).
Really complicated terminology(ies)!
