I'm wealthy and unsuccessful

[Bitco55]

So I moved back to my rural hometown after long years of building a career in the capital city, met up some friends I haven't seen for ages. Hanged out, got to my story and their first question was where did I buy my house. I told them I didn't, I'm in a rental property like I've always been. It was strange at first but then I realized I was their idol, the "rich guy who made it". Then got on to other topics. "So what car do you have?" I told em, I dont have a car. "Fuck it bro, at least did you travel the world?" - Not yet. With 3 questions and 3 answers, I made their whole world view collapse. "Are you even wealthy bro?" Yessiriam. I consider myself wealthy. What makes a man wealthy? Having options. If I'd like, I could buy the house, buy the car or travel the world. I didn't because it's not financially the right decision, at least it wasn't at that moment.

There was a question a few days ago here, someone coined what could be the biggest problem with economies. This is one of them, for sure. People can't differentiate assets and liabilities. They think they own the house, they claim they own the car, and in the meantime they're in utter debt. People strive to take on liabilities instead of building wealth which consists of assets (favorably hard or income-generating assets). They discount their time, become corporate slaves just to keep up with the illusion of their lifestyles they ought to show to the outside world.

And I see this everywhere. The four of us in the room all came from the same school. Same age. Same opportunities. Three wheeling in heavy debt, trynna keep it up with side hustles. One with a positive balance who never needs to be a corporate slave again.

What is your definition of success and wealth? cause from the topic, i really don't get how you're wealthy yet not successful. Personally, i think you're successful but not wealthy instead. You talked about how people don't understand the difference between assets and liabilities, and i get your pov of how a house and a car aren't assets but liabilities, but don't you think renting a house and not having a car is a liability ? i think a thing can be an asset or a liability depending on how you see it and how you use it. Having a house saves you from having to pay rent monthly or annually. The difference between the money for renting and for owning a house may seem small now until its accumulated over times. In 10- 15 years, the aggregate of your rent might be more than enough to get a house. that house, you can stay there for as long and you want and even rent it out when you're tired of it. Same goes for a car. Not having one might might make you loose opportunities and time.

Maybe to you having these things may be liabilities, but to your friends they are assets. And if you don't have any asset my friend, then you're not considered wealthy, cause the measure for wealth isn't how much cash you have, its how much assets and investments you made.  

[KiaKia]

Death is the only thing standing in the way here, all you think you have acquired means nothing if death comes for you, same as those who buy a house or those who spend their years buying assets, to me the difference isn't much.

You said a house is a liability? What a joke, in 2015 I can use $4000 to build a complete three bedroom flat, I can't try it again in 2025, it will cost me $15,000 to $20,000 depending on taste.

Maybe your country situation is why you are seeing things the way you are, those who failed to build a house years ago are regretting in my country right now, because it's too glaring that having a roof over your head as your own is the best.

The cost of renting an apartment is alot of money today and it's making people pissed about it, so much that the regret of not considering a house years back is everywhere.

[Synchronice]

So I moved back to my rural hometown after long years of building a career in the capital city, met up some friends I haven't seen for ages. Hanged out, got to my story and their first question was where did I buy my house. I told them I didn't, I'm in a rental property like I've always been. It was strange at first but then I realized I was their idol, the "rich guy who made it". Then got on to other topics. "So what car do you have?" I told em, I dont have a car. "Fuck it bro, at least did you travel the world?" - Not yet. With 3 questions and 3 answers, I made their whole world view collapse. "Are you even wealthy bro?" Yessiriam. I consider myself wealthy. What makes a man wealthy? Having options. If I'd like, I could buy the house, buy the car or travel the world. I didn't because it's not financially the right decision, at least it wasn't at that moment.

There was a question a few days ago here, someone coined what could be the biggest problem with economies. This is one of them, for sure. People can't differentiate assets and liabilities. They think they own the house, they claim they own the car, and in the meantime they're in utter debt. People strive to take on liabilities instead of building wealth which consists of assets (favorably hard or income-generating assets). They discount their time, become corporate slaves just to keep up with the illusion of their lifestyles they ought to show to the outside world.

And I see this everywhere. The four of us in the room all came from the same school. Same age. Same opportunities. Three wheeling in heavy debt, trynna keep it up with side hustles. One with a positive balance who never needs to be a corporate slave again.

Have you watched Fight Club? I assume that you and other bitcointalk members have watched it because it's one of the most popular movie. There is a moment when Tyler Durden says: "The things you own end up owning you. It's only after you lose everything that you're free to do anything".
The life is tough. If you aren't born with generational wealth, then your option is to either become a successful athlete, be one of the luckiest one who invested in Bitcoin in 2011, win a lottery or I don't know, be in the right place at the right time. I think that life is mostly luck. You are either lucky or not.

[Razmirraz]

Actually what you are telling in the topic is very simple, but you are trying to make it a little complicated by pulling and pulling attitude with your friends. Of course, you are rich in the perception of not being sick, not having debts and not being responsible for other people's lives, but if measured in financial terms, you cannot be said to be rich because you cannot afford to buy a house, car and other property.
Everyone wants independence in all aspects, but the problem lies in financial capability. Therefore, you need to build wealth independently. Relying on a monthly salary won't achieve financial freedom without the support of a side income. Therefore, you should have at least two sources of income (one for daily needs and one for savings or investments).

[slapper]

You did not merely collapse their world upside down. You revealed the instability of the structure of success in the presence of consumer markers. For most people, wealth concerns signaling. House = stability. Car = mobility. Travel = experience points. But those are all liabilities when they are funded by infinity debt cycles. And debt is the silent religion that all people nowadays are practicing under the pretence of being free

What you are actually talking about is a difference between two definitions of wealth: dominance over future choices and consumption that validates present identity. The latter is visible and socially rewarded whereas the former is non-visual and solitary. One buys applause, the other buys time. The two are mixed up by people due to the fact that the society favors quantifiable symbols rather than the unquantifiable security

The paradox is that you can have options without exercising them, but can exercise without owning them is the default way of life. What is the psychological price of that? We have made a system in which your friends actually feel rich when they are in debt, and you feel unsuccessful when you are in liquid. The issue is clear, success is determined by the debts you want to flaunt not the wealth you are secretly holding

[mindrust]

Wealth come in different forms. Liquid and illiquid, both are wealth but I too like liquid wealth more but at some point having a house is inevitable imo. A car on the other hand, as long as it is not a luxury one, is a necessity. It is not a liability by all means but like I said, as long as it has reasonable maintenance and fuel consumption costs.

Owning only liquid wealth doesn’t sound like the brightest idea in that sense. A guy at least needs a car because you don’t know when you’ll need it in case of an emergency.

Owning a house also gives a peace of mind since having to deal with landlords is not easy. Still though, it is not as urgent as owning a car in my view.

[Fortify]

So I moved back to my rural hometown after long years of building a career in the capital city, met up some friends I haven't seen for ages. Hanged out, got to my story and their first question was where did I buy my house. I told them I didn't, I'm in a rental property like I've always been. It was strange at first but then I realized I was their idol, the "rich guy who made it". Then got on to other topics. "So what car do you have?" I told em, I dont have a car. "Fuckit bro, at least did you travel the world?" - Not yet. With 3 questions and 3 answers, I made their whole world view collapse. "Are you even wealthy bro?" Yessiriam. I consider myself wealthy. What makes a man wealthy? Having options. If I'd like, I could buy the house, buy the car or travel the world. I didn't because it's not financially the right decision, at least it wasn't at that moment.

There was a question a few days ago here, someone coined what could be the biggest problem with economies. This is one of them, for sure. People can't differentiate assets and liabilities. They think they own the house, they claim they own the car, and in the meantime they're in utter debt. People strive to take on liabilities instead of building wealth which consists of assets (favorably hard or income-generating assets). They discount their time, become corporate slaves just to keep up with the illusion of their lifestyles they ought to show to the outside world.

And I see this everywhere. The four of us in the room all came from the same school. Same age. Same opportunities. Three wheeling in heavy debt, trynna keep it up with side hustles. One with a positive balance who never needs to be a corporate slave again.

What exactly is the message you're trying to share? That you're rich because you have a bunch of numbers in a bank? That's great but I have a feeling that you will have an awakening one day. You can be rich on paper but still live a miserable existence and that does not sound like a good life to me. You call people corporate slaves yet are a slave to your own bank balance and only wanting to see it go up. To live a fully rounded life you should enjoy things while you are still young. It's great you've got a million and could retire at fifty years old, but your body will start to creak by then or you might succumb to illness - making all your accumulated wealth completely useless. Try travelling a little as it can really open up your perspective and stop you living like a hermit.

[Juicyhome]

 Because car, and house is not your priority does not make it a wrong choice for others. Been wealthy are measure by your net worth what you own, including your cars, houses and investment. You can not claim to be wealthy when you have no tangible things to show for it. Good health can not be underrated, But if you are healthy without having money to travel to the city of your choice of eat what you want, and being able to buy what you want. Then You are sick financially. Everyone created wants to be great, we want to live a enjoyable life on the earth. If you have money and you fail to own a car or buy house just because you do not want to show up your wealthy no one will count you among the wealthy people around, people judge by what they see you do.

If you live in the city, you will understand that car is a necessity, own your house to be free from house rent is a must. In all, everyone  know what they want. But wealth must be over you if you have the money. you cant hide it, no matter how you tried.

[Porfirii]

-snip-

Owning only liquid wealth doesn’t sound like the brightest idea in that sense. A guy at least needs a car because you don’t know when you’ll need it in case of an emergency.

Owning a house also gives a peace of mind since having to deal with landlords is not easy. Still though, it is not as urgent as owning a car in my view.

I completely agree with you mindrust. Liquidity has intrinsic value; banks know it well, and companies and people with many not easily fungible assets who must pay their bills but can't, too. But by holding liquid wealth, you're paying an opportunity cost, that is definitely too much if all your wealth is liquid. Cash-flow management isn't easy for some reason. There must be a balance.

So despite having the money to buy a house, the OP prefers to live for rent? he may end up with no money and no house. The car, on the contrary, can be secondary, as it is expensive to maintain (gas, repairs, cleaning, insurance, taxes...) and there are cheaper alternatives. But it depends on how much you need it and if the alternatives fit your needs.

[Alone055]

The real question is, are you satisfied and living a satisfactory life? Are you able to enjoy yourself whenever you want? You say you are wealthy, but you don't even own your house, you don't have a personal conveyance, and you don't travel around for fun, which is what most people love, unless you are someone who hates travelling. Anyway, if you think you've made better decisions in life, and today, you might not have all the luxuries, but you are better off than them because you don't have any debt, but that's only one side of the story, the real side is the story inside you, you should tell us if you actually enjoy your life this way.

Having no debts or liabilities is a great thing,  but on top of that, a person should be happy with their life in general. I don't think someone would say that they need to book a taxi or take a bus to travel around because they don't have their own vehicle, but they are happy this way, because some things are not bought or acquired for status, but they are done for comfort, as said by another brother earlier. So, if you are making enough money, or you have enough of it, you should at least make your life easier by using that money for necessary things.

[highalch]

What is your definition of success and wealth? cause from the topic, i really don't get how you're wealthy yet not successful

It's rather a provocative title on what others think of me.

In my eyes I'm already wealthy because I can satisfy all my needs without having to earn more.

And I'm not frugal at all.

You see, this is all subjective. Be satisfied with what you've got and don't fall for the never enough mentality.

[Cookdata]

There was a question a few days ago here, someone coined what could be the biggest problem with economies. This is one of them, for sure. People can't differentiate assets and liabilities. They think they own the house, they claim they own the car, and in the meantime they're in utter debt. People strive to take on liabilities instead of building wealth which consists of assets (favorably hard or income-generating assets). They discount their time, become corporate slaves just to keep up with the illusion of their lifestyles they ought to show to the outside world.

And I see this everywhere. The four of us in the room all came from the same school. Same age. Same opportunities. Three wheeling in heavy debt, trynna keep it up with side hustles. One with a positive balance who never needs to be a corporate slave again.

I don't know why exactly your friend asked if you have a car but there are some business that required you to have car, it package you and your business to your clients. If that's why he was asking an feels there is a need, then he is right but if they are asking because they know you are doing well financially then they don't know what financial brilliant is about, they afr financially ignorant and they want to sink you to their own hole of no return, don't think about their questions.

I can be wealthy and doing well but it doesn't necessarily mean I have to copy another person lifestyle or what other people thinks about wealth. When I was struggling to put things in order and make my investment successfully, there wasn't anyone and nobody was there with any suggestions to make it successful. Now that you are doing well, they now think they have a say in what you are going to do, then that's very wrong of them, I will advice you to ignore them.

[Pearl_20]

Well, if you have the money to give yourself a well comfortable life why not? People will eventually have something to say whether you live luxuriously or not. If you can afford a house why stay in a rented place, or if you can afford to own a car why kill yourself jumping from one cab or taxi to another ni..

The thing is if you can afford to travel, buy a house or a car and still be comfortable do it and live your Life, what I don't like is showing off when you can't afford the lifestyle your venturing into or lending to keep up with it.. fake life is what me I'm against but as long as you can afford it.. just do what makes you happy.

[Kaliandra]

Everyone has different opinions, and it's true that many people have a lot of money but don't want to buy a car, a house, or anything else. That's an individual right, and everyone has different ways of enjoying life.

But personally, if I could afford a car, a house, or anything else, I would definitely buy it as long as I had some spare cash. I think having a means of transportation like a car is important, especially when you're married. I think buying something that will be useful and have many benefits is very important. I don't think you should force yourself to buy something if you don't have any spare cash. Honestly, I respect your decision, as it sounds like you're planning to expand your company further or start your own, which requires significant capital. Ultimately, the decision is yours.

[Z_MBFM]

Only you know and understand very well what you need in your life. A car is not very important for a person, but for those who use transportation a lot, a car can be an important tool for them for personal reasons. You can calculate your monthly transportation expenses, if it is too much, then of course you can buy a personal car with which you can build a comfortable transportation system and it will reduce your hassle. Traveling around the country and abroad is a hobby of some because traveling can benefit a person in various ways, such as the first benefit being refreshment of the mind, as well as familiarizing yourself with new cultures, generating new business ideas, etc. And on the other hand, buying your own house is very important because housing is a fundamental right of people, so buying a house is very important for ensuring your housing and ensuring that future generations have their basic rights. But from your position, if you think that you do not need these, that is your personal matter. But I think these three things are very important for me.

[iBaba]

Death is the only thing standing in the way here, all you think you have acquired means nothing if death comes for you, same as those who buy a house or those who spend their years buying assets, to me the difference isn't much.

You said a house is a liability? What a joke, in 2015 I can use $4000 to build a complete three bedroom flat, I can't try it again in 2025, it will cost me $15,000 to $20,000 depending on taste.

Maybe your country situation is why you are seeing things the way you are, those who failed to build a house years ago are regretting in my country right now, because it's too glaring that having a roof over your head as your own is the best.

The cost of renting an apartment is alot of money today and it's making people pissed about it, so much that the regret of not considering a house years back is everywhere.

These two things are not luxury to me unless you acquire the one that is bigger than your budget or maintenance ability. It depends on one's financial muscle but people need to be truthful to themselves. When you can afford something without being over burdened go ahead and get it especially when you know it be of help to you and not liability.

For instance, if I should purchase a car now, I will see it as an asset and not a liability because I travel frequently and commute between different cities, so I will rather see a decent car as an asset because it will help my journey to become easier and safer than when I always use the public transport but where the car can become a liability to me is when I purchase a vehicle that I cannot maintain.

The same thing applies to houses. Some people take building of their own houses as a secondary plan. I see it as a primary plan because I can't afford to be leaving in a rented apartment when I can actually get a home for my self or at least plan towards getting one. I don't see any form of investment that I will do today that should not include in its plans, acquiring a shelter of my own.

[Accardo]

But personally, if I could afford a car, a house, or anything else, I would definitely buy it as long as I had some spare cash. I think having a means of transportation like a car is important, especially when you're married. I think buying something that will be useful and have many benefits is very important. I don't think you should force yourself to buy something if you don't have any spare cash. Honestly, I respect your decision, as it sounds like you're planning to expand your company further or start your own, which requires significant capital. Ultimately, the decision is yours.

The difference between the rich and the poor is everybody's decision. A man with a capable wife can be considered by some group of people as a wealthy man, even if he has nothing else other than a wife. While a man with a borrowed car can aswell be considered a rich man by another group of people, even though they end up seeing him walking lonely on the street the next day. It's all about decision and what everyone tell themself is real wealth.

While we all are here not to think of what others would label us, it's best we set our own goals and whenever we achieve them we'd call ourself wealthy. Everything on earth is wealth, because most times the people we think are rich, are on the inside looking for what the minority group owns. Peace of mind or inner peace is also a very huge wealth. So, it's high time we stopped relying on cars and houses as the only attribute to wealth, these are things anyone can possess, it has led people into doing what's eating them up on the inside for life.

[Jawhead999]

In my eyes I'm already wealthy because I can satisfy all my needs without having to earn more.

And I'm not frugal at all.

You see, this is all subjective. Be satisfied with what you've got and don't fall for the never enough mentality.

I see you're single, hence you say you can satisfy all of your needs.

Try to get married and have at least one kid, there's no way for you be satisfied because your partner will keep demand more and more.

It starts from motorcycle, then second car, then brand new middle entry car, then brand new luxury car, then second luxury car etc.

I will say you're not wealthy and unsuccessful, it's fine because most of people are like that, most people are mediocre including myself.

[The Cryptovator]

We have different thoughts; it varies from person to person. You are capable of buying a house and a car, but you didn't. If you have invested that money into something or in crypto, then I will say you are wealthy and successful as well. If you are just holding your cash and keeping it in the bank, then I will agree you are wealthy but unsuccessful. I have seen some people who don't buy houses or cars; instead, they live in a rented house. But they invest their funds in various ways to increase their capital. So in the future they could buy everything from their profits without losing their capital.

For me, I have built my own house but haven't bought cars even though I am capable of buying them anytime. A home I really need for my family to secure social status. So I am also renting my flats as well and have a better social status. I believe I am a successful person. I really don't need a car; when I need to move with my family somewhere, I just rent a car. So I have been investing my funds into crypto instead of buying a car. I feel better increasing my capital this way.

[Y3shot]

If you have the funds for a car get it. The problem is peoples idea of a car. A car is necessary if can afford it as an adult. It can help you save time getting from one place to another and also make your life easier. What are you making money for if you can’t at least make your stress simple. You don’t need to own a luxury car just one that is neat and comfortable.
If you don’t have the money to get a car or a house then I understand you but if you can comfortably get one but see it as a bad move you need to have a rethink.

Buying a car is not just about having the money to afford it; buying a car should only happen when one sees a good reason for having a car, a valuable reason. This is very important for those who are starting out and have not made a good amount of money. Buying a car just because you can afford it can also be stressful due to the money you will spend on fueling the car and on its maintenance. If you don't have a valid reason to buy a car, there is no need to buy one just because you can afford it.