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What's rich? (The definitive/practical answer)

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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 01:26 PM
Original message
What's rich? (The definitive/practical answer)
Edited on Thu May-12-11 01:34 PM by RUMMYisFROSTED
The FDIC deposit guarantee.

$250,000+.

http://bx.businessweek.com/federal-reserve/higher-fdic-... /


That's where Johnny Law draws the line. (Aka: "This is how poor we'll let you (rich people) be, if everything turns to shit.")



It's a legal "End-of-Discussion."
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handmade34 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 01:30 PM
Response to Original message
1. ok
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Incitatus Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 01:33 PM
Response to Original message
2. They can keep funds at multiple institutions, $250K per account.
Edited on Thu May-12-11 01:33 PM by Incitatus
They also have other investment options to keep their money protected.
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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 01:39 PM
Response to Reply #2
4. But of course.
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OffWithTheirHeads Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 01:38 PM
Response to Original message
3. I used to think it was having enough money to live comfortably for the rest of your life.
Now, after watching our corporate overlords decimate the rest of us, I think having enough money to pay all your bills on time and feed, cloth and shelter you and yours without having to worry about how you will do it all again next month, well, now days I think that is rich.
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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 01:44 PM
Response to Reply #3
5. Up next: Eating randomly found grubs.


:patriot:
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MilesColtrane Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 01:47 PM
Response to Original message
6. rich - v., Having enough wealth to purchase your very own Congressman.
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BOG PERSON Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 01:48 PM
Response to Original message
7. it depends on the region doesnt it?
in some places, $250K barely keeps body + soul together. in other places it's enough to retire on.
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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 01:50 PM
Response to Reply #7
8. there is nowhere in the world where $250k "barely keeps body + soul together".
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mainer Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 02:18 PM
Response to Reply #8
11. If your total assets are $250,000
and you have to make that last through 25 years of retirement, you're talking about $10,000 a year. Plus whatever interest you accumulate on that money -- currently around 2%.
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My Good Babushka Donating Member (966 posts) Send PM | Profile | Ignore Thu May-12-11 02:06 PM
Response to Reply #7
9. I'm sure in a region
where $250,000 "barely keeps body and soul together" there are housekeepers, gardeners, daycare workers, food preparers, and nursing home workers making $18,000 - $25,0000 a year and no one gives a fat fart how they keep body and soul together as long as they show up for work and don't try to unionize.
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Tunkamerica Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 02:15 PM
Response to Reply #7
10. someone has misled you
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