Your Wealth Standards/ Stages Of Wealth

[DeletedUser9]

I BELIEVE IT'S REALLY IMPORTANT FOR US TO DEFINE EXACTLY HOW MUCH WEALTH WE WANT TO ACHIEVE IN LIFE.

YOU SHOULDN'T BE RACING TOWARD A FINISH LINE THAT KEEPS MOVING FURTHER AWAY OR NEARER TO YOU FOR THAT MATTER.

SAYING YOU WANT "MORE" CAN BE COUNTER PRODUCTIVE UNLESS YOU DEFINE HOW MUCH "MORE" IS. ITS LIKE SAYING "I WANT TO LOSE WEIGHT" THERE IS NO DEFINED FINISH LINE THAT YOU HAVE TO WORK TOWARDS.

This is just MY OPINION on the stages/standards of wealth. Of course none of this is set in stone and I am by no means an expert on personal wealth/finance.

Im just trying to gauge wealth goals/plan/aspirations of people on this forum. Please share your thoughts and the stage of wealth you want to reach in this lifetime.

The following contains:

The 5 Stages Of Wealth, The Lifestyle At That Wealth Stage, How To Be In That Wealth Stage, Notable People In That Wealth Stage (Entrepreneur/Singers/Actors/Athletes), A Rough Dollar Estimate Of Net Worth Do Be In That Stage.


1. Upper Class - Waking up when you want, not worrying about everyday bills, nice car, house multiple vacations per year flying first class.

You may have done well working as a doctor/lawyer for 20 years and saved/sold a small business/are an up and coming athlete/actor.

You are probably worth somewhere between $2,000,000-$10,000,000.

2.The Rich - 7 figure house, couple of expensive cars of choice, expensive hotel suites flying on chartered jets, high end clothing/jewellery.

You may have sold a sizeable business/ you are a rising star in sports/entertainment

Most Entrepreneurs of this net worth are not well known, Drake, Kevin Hart, Jeremy Lin

You are probably worth $10,000,000 - $40,000,000.

3. Offensively Rich - Ability to buy pretty much anything at a retail level, a $5,000,000 wedding ring, Bugatti, 40,000$/night hotel suites, 10,000S dinners, ability to buy a private plane/yacht (within reason you will be bound by your finances) multiple 7/8 figure homes.

You may have sold a sizeable chunk of a huge business or kept full ownership of a medium sized business got acquired/ Are a Household name athlete, A List actors, Superstar singer.

David Karp (Tumblr) Rihanna Taylor Swift, Will Smith, Mark Wahlberg, ,Lebron James, Floyde Mayweather)

You are probably worth somewhere between $100,000,000 - $300,000,000.

4. Super/Mega Rich - You can pretty much buy anything you'll ever need of want, the 50 million dollar yacht the 70 million dollar plane, any house you desire.

You have probably created something everyone has heard of, are a sports or entertainment icon.

Kevin Systrome (Instagram), Chad Hurley (Youtube), Madonna, Beyonce, Jerry Seinfield, Tom Cruise, Michael Jordan, Tiger Woods.

You are probably worth between $300,000,000 - $1,000,000,000

5. "Keeping Score" Wealth - You can acquire any earthly posession, any house, a fleet of planes and yachts, rare jewels. You can buy a bunch of Picasso's and use them as firewood. You are only bound by your imagination.

This category of wealth is almost exclusively for entrepreneurs. Your name is synonymous with wealth and innovation. You are a captain of industry with major holdings in public companies that you have created or invested in.

Mark Zuckerberg, Elon Musk, Bill Gates, Larry Ellison, Mark Cuban.

You are one of the richest people in the world, you are worth BILLIONS OF DOLLARS.

 

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[NicoleMarie]

This is kinda interesting, thanks for taking the time to spell this all out. I agree. If I'm always shooting for more, I'll never get there. If you can be grateful for what you've got, it'll be easier to be grateful once you've reached your goal. I'd say 1 or 2. Probably 2 to be safe.

 

[jon.a]

That was a waste of time.

 

[Joe Cassandra]

I don't agree, much like you need to learn to crawl before you run. You can set your first goal to be upperclass, reach that, than move up to your "Rich" category etc. Perhaps that's not what you mean, but that's how I thought you meant. You can't expect to make 1MM a month if you can't make $1 a month. Just like all the people who want to do a startup, but can't get clients or sales at their slowlane job.

Again, you can set whatever goal you want, achieve it, then move on.

Right now I want to reach your "Step 1: Upperclass" after that...........

 

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[AroundTheWorld]

I BELIEVE IT'S REALLY IMPORTANT FOR US TO DEFINE EXACTLY HOW MUCH WEALTH WE WANT TO ACHIEVE IN LIFE.

Why is this really important?
What will you do once you have this information for yourself?
How will it change your life?
How will you achieve this goal?

 

[GuestUser113]

 

[MJ DeMarco]

I believe "MORE" can be dangerous as it is undefined and unattainable. I'd rather have an understanding of "ENOUGH".

Nonetheless, I believe in Kaizen which is the constant and never ending improvement of SELF. Usually that disposition results in MORE.

This is just MY OPINION on the stages/standards of wealth. Of course none of this is set in stone and I am by no means an expert on personal wealth/finance.

Pretty good dissection if you ask me.

 

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[liquidglass]

Why is this really important?
What will you do once you have this information for yourself?
How will it change your life?
How will you achieve this goal?

I think you're asking growth questions here which are very important.
But to define them better (in my opinion of course) allow me to use an analogy. A captain of a ship knows what port he's starting in (at least he better!) so define where you're at. But before he can begin his journey he needs to know what port he's going to (point B). Then he can plan the steps necessary backwards from where he's going to end up to where he's at currently.
If he was to set sail without a definite port of call even if he was doing the right things he would never end up at a port. He would likely be crashed against the rocks or die in the middle of the ocean from going in circles.

- Ascertain where you're at
- See where you want to be
- Set a goal (define it exactly and why you want that goal)
- plan steps to take you there
- Take the first step

 

[Wuz]

there is people that like to establish boundaries at the beggining and people who prefer to decide that when they have the money in the bank.

there is no one size fits all type of anwser.


i think we should focus on starting aquiring knowlegde and practice, knowing what it feels to gain money from something we create.

when you know that, then you can give a thought about how much you want.

 

[Mike Kavanagh]

There are only two classifications

Time wealthy (Someone with hopefully, plentiful years left)
and
Time poor (Someone near death)

Money is just a tool. Time is your real asset.



I like the saying, "With enough time and pressure, diamonds are made"
This is pretty much saying that anything can happen over a massive amount of time.Slowlane gold if you ask me

There is a theory that if you put a bunch of immortal monkeys in a room with type writers forever, at some point in time they will eventually type out Shakespeare's complete works.

I'd like to add to that though, fastlane style of course.
"If you up the pressure and the heat, you can create diamonds in just a few short years."

 

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[Maxjohan]

That was a waste of time.

It wasn't. It appeals to my dreamy side and it takes a bit of creativity to come up with that list.

My number always changes.

A couple months ago I got a thought that made me a bit uneasy. I realized that I will probably never become a USD trillionaire.

As you can probably guess. I have a pretty wild imagination.

 

[Mattie]

If you look at this way too. I once prayed and asked for $50,000 dollars. I got $50,000 dollars in debt in loans for private schooling. Now I ask to make $500,000 dollars a year with out any debt, or borrowed money from anywhere. Money that is free of anyone else's connection to it. You can get money from other people in various ways. I just have decided to be much clearer about how that money comes. Debt free and pain free without any ties or connections to negative people.

 

[MakeItCount]

This exercise is a waste of time and of no benefit to us. If your ultimate motivation is some specific, crazy sum of money, you won't succeed.
And by succeed, I mean be happy/fulfilled. This is dream talk. Its not helping us make progress and its spreading the wrong mindset.

Stop focusing on what amount of money these people have and instead focus on what they did to obtain it. What value did they add to peoples lives?
Do you honestly think bill gates accumulated massive wealth on the dreams of what materials that wealth would bring ? Or on the rock solid target of "1 billion dollars", thats when I'll be satisfied!

Don't get me wrong, it is perfectly acceptable to dream about obtaining 100+ million dollars and buying a fleet of planes or "any earthly possession".
But, if you think that dream is going to motivate you in getting there, or that setting that target will help you sleep soundly at night and enable you to move on and begin working with laser focus, you're sadly mistaken.

I guarantee you tiger woods didn't get to world #1 on the goal of achieving the $30m prize fund. Nor did any of these super rich accumulate their massive wealth through the "money" mantra. Tiger's motivation, aswell as just about every other great sportsperson's motivation, was to be the best at their game. To be the best at what they do. Its a desire from deep inside. Sure, the money is a nice bonus. But it won't drive you to get up early on those cruel winter mornings for circuit training or to stay up all night practicing your swing 10,000 times over and fine tuning every last component of your game.

A goal of $10 million or $10 billion won't make any difference in helping you accumulate that amount. You need the desire to add value to the world.
To innovate. To be the best. As someone above said, money is just a tool. Money itself will not make you happy, nor will it alone motivate you.
On top of this, if you get too caught up on money alone, it will send you in the opposite direction. Far from the life of happiness you envisioned.
This is the wrong type of goal to be getting concerned about.

Why not set your goal as "financial freedom", or "the ability to enjoy a lifestyle free of limitations". Forget about the exact figure.
If not knowing "what amount of money will be enough" is your biggest worry, I think you'll have a hard time contending with the level of worries that life, never mind business, will bring you.

Entrepreneurship is as much a game as any other out there. And if you play this game with the wrong mindset, you're guaranteed to fall short of the mark. So if your going to take on this challenge, do yourself a favor and get your mindset right. It will be the most important step you take.

 

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[Maxjohan]

This exercise is a waste of time and of no benefit to us. If your ultimate motivation is some specific, crazy sum of money, you won't succeed.
And by succeed, I mean be happy/fulfilled. This is dream talk. Its not helping us make progress and its spreading the wrong mindset.

Stop focusing on what amount of money these people have and instead focus on what they did to obtain it. What value did they add to peoples lives?
Do you honestly think bill gates accumulated massive wealth on the dreams of what materials that wealth would bring ? Or on the rock solid target of "1 billion dollars", thats when I'll be satisfied!

Don't get me wrong, it is perfectly acceptable to dream about obtaining 100+ million dollars and buying a fleet of planes or "any earthly possession".
But, if you think that dream is going to motivate you in getting there, or that setting that target will help you sleep soundly at night and enable you to move on and begin working with laser focus, you're sadly mistaken.

I guarantee you tiger woods didn't get to world #1 on the goal of achieving the $30m prize fund. Nor did any of these super rich accumulate their massive wealth through the "money" mantra. Tiger's motivation, aswell as just about every other great sportsperson's motivation, was to be the best at their game. To be the best at what they do. Its a desire from deep inside. Sure, the money is a nice bonus. But it won't drive you to get up early on those cruel winter mornings for circuit training or to stay up all night practicing your swing 10,000 times over and fine tuning every last component of your game.

A goal of $10 million or $10 billion won't make any difference in helping you accumulate that amount. You need the desire to add value to the world.
To innovate. To be the best. As Mike Kavanagh above said, money is just a tool. Money itself will not make you happy, nor will it alone motivate you.
On top of this, if you get too caught up on money alone, it will send you in the opposite direction. Far from the life of happiness you envisioned.
This is the wrong type of goal to be getting concerned about.

Why not set your goal as "financial freedom", or "the ability to enjoy a lifestyle free of limitations". Forget about the exact figure.
If not knowing "what amount of money will be enough" is your biggest worry, I think you'll have a hard time contending with the level of worries that life, never mind business, will bring you.

Entrepreneurship is as much a game as any other out there. And if you play this game with the wrong mindset, you're guaranteed to fall short of the mark. So if your going to take on this challenge, do yourself a favor and get your mindset right. It will be the most important step you take.

A number can help you figure out what road you need to drive on and what car you need to use. In order to reach the goal you have.

Say, that I want to have a net worth of $50 million. Then you can ask your self if the ideas you have are big enough to being able to meet your goal. Yes, you need to add value and so on.

But, just because someone is motivated by money. Doesn't mean that they will automatically fail in adding value.

This topic is actually like that other topic about passion. There are some people who think that you should make money from your passion. And others that think that's a waste of time. It can work for both groups.

 

[MisterBHZ]

My enough is in the $5M-$10M range.

 

[Lauryn]

My enough is up to level 3. At the end of the day, if I can just get to level one, then God Bless the Grind.

 

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[Tommy92l]

Something tells me this rusteled some jimmies knowing that most people aren't up to level 1....

Not saying I am, but when you put "Rich" into perspective..... wow.

 

[Waisec]

 

[James Fake]

I like this thread.
At what stage would you feel comfortable getting a Gallardo ($150-200k)?
At what stage would you jump up and get a Murcie or Aventador ($250k+)?

This is a horrible daydream.. but I always envisioned a level called 'F You Money' status.. where you can smack a total ignorant F*ck'tard with a $1,000 in the face when they say something super offensive and then watch them scramble frantically trying to grab the $1,000 of bills off the ground you just smacked them with. Then just continue walking away...

 

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[ArthurDayne]

My first goal is $100,000 in passive income from paper assets - so about $2M in the bank yielding 5%. I don't crave the big toys.

 

[mikekob]

When I get to buy the expensive yogurt.