Updated Definition of Being Rich

Thoughts this month from Paul Terhorst, who retired at age 35 in 1984:

“In the past, being rich meant spending a lot of money. But then came low-cost jet travel, ATMs, satellite TV, computers, Skype, and iPads. Millions of expats suddenly were able to move to places where they could live better and have more fun, sometimes way more fun, with the money they already had.

“In some countries you can live rich just on your Social Security benefits.

“I figure we need an up-to-date definition of rich, and here it is. If you live well within your means, you’re rich. If you spend more than you have, no matter how much you have, you’re poor.

“Note that living rich has to do with how you spend money, rather than how much money you have. To live well within your means implies adaptability, the ability to change or modify the what, where, and how of your lifestyle.”

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