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How Do You Define Rich?

by Ken Vincent, Featured Contributor

THERE ARE A LOT of ways that one can be rich. Many friends, supporting family, health, and a dozen others. But, when the term “rich” surfaces, most people immediately think in terms of economics. High income, and high net worth type of rich.

Question2When I was a kid, rich was pretty easily defined. A millionaire was rich by anyone’s standards. Of course we didn’t know any millionaires, but we assumed there were some out there.

Today it isn’t so simple. Some idiot has come up with the definition that to be rich one has to have $1 million that can be invested to earn a return. That is exclusive of house, cars, furniture, etc. That makes no sense to me. If one has that amount invested but their house is under water by $600,000 then they are not a millionaire, much less rich.

Of course the terms “rich” and “poor” are relative terms. Rich compared to what? When I was a kid we had no central heat, no running water, and an outhouse. Pretty poor by most standards. However, we always had food on the table, so to someone that didn’t eat regularly we were pretty rich.

How do you define rich today? Is a millionaire rich? How do you even define a millionaire today? Do you know some millionaires, and if so do they think they are rich?


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Ken Vincent
Ken Vincenthttp://sbpra.com/KennethVincent/
KEN is a 46 year veteran hotelier and entrepreneur. Formerly owned two hotels, an advertising agency, a wholesale tour company, a POS company, a leasing company, and a hotel management company. The hotels included chain owned, franchises, and independents. They ranged in type from small luxury inns, to limited service properties, to large convention hotels and resorts. After retiring he authored a book, “So Many Hotels, So Little Time” in which he relates what life is like behind the scenes for a hotel manager. Ken operated more that 100 hotels and resorts in the US and Caribbean and formed eight companies. He is a firm believer that senior management should share their knowledge and experience with the next generation of management.

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