Definition of Rich and Upper Class, Research Paper Example

Introduction

The use of definitions helps to eliminate difference in our language. A lexical definition is the most common for it simply states the way in which a term is already used in everyday language. A stipulative definition proposes a whole new way of adding meaning to a word by use of a never before used means. Further it is used to make theoretical arguments to state specific cases.  Lexical and simulative definitions are often combined in usage to created theoretical use of definitions in novels and other academic works in order to reduce vagueness of a word and create a more powerful meaning to a phrase. An example of a stipulative definition might be “If I say President Obama is a “defiant and overzealous” ruler, then that justifies a reason to call him an elective tyrant.” (Kumar, 2009).

Definition of Rich

Wealth can be defined in value of monetary possessions, assets such as homes, cars, stocks, CD’s, money market accounts, 401K plans, retirement plans and other investment plans and the ability to keep them stable in the downward market. Further wealth can be defined as having a business or having rental property income or simply by how much money a person has in his/her checking account or savings account. Wealth is defined in the eyes of the beholder. I may greet someone and learn that they are a doctor or a lawyer driving a BMW and assume they are wealthy just because of the status of their job or their car without knowing they are a partner in a firm that is about to crash and their BMW note is $1000.00 a month and they can barely pay it because of the lack of client’s at the firm they are employed. Further, the way a person dresses often gives a false impression of wealth. If a person is dressed in a nice classy suit and carries themselves with distinction one may come to the assumption that they must possess wealth because they are dressed that way. Maybe it is the only suit of such they possess. The point I am trying to render is that wealth is stereotyped to what a person shows as value or how he/she dresses or by the car he/she drives. However the more conservative person may possess just as much or even more wealth than the less flashy person, but may not advertise through extroverted mannerisms. He/She may drive an older modelled car and live in a smaller home but have thousands in the bank. In America, too much emphasis is put on material possessions to define wealth.

There is another aspect that I will touch on with regards to defining rich and that is rich in spirit. A person is considered to be rich in spirit when they live a simple and humble life and are completely content with the way their life is without expecting anything more. That does not mean they do not have personal dreams, it simply means they are spiritually full with what they have been given and are satisfied even if they do not achieve more than their neighbour. They do not possess and jealous nature waning for more than the other has. “Richness in spirit is a fullness of life, children, family, employment and more.” (“Lifestyles of the Rich in Spirit”). An easy example of this would be a monk that gives away all of his material possessions to be with God in solitude. He gives commitment to the Lord and in return he is given spiritual richness forever if he totally commits himself to this way of life. Now we do not to go to extremes as monkhood to achieve spiritual richness for it is achieved through a way of living your life with humility, kindness, generosity and love. Donating your services to a charity as a regular standard would help to achieve this spiritual richness if it is done with the intention solely of helping others.

What Rich Means to Me?

“Studies show that when people are asked how much it would take for them to consider themselves rich they always give twice their annual salary.” (Frank, 2008). If I had two million US dollars I would consider myself wealthy or rich. Why? Because I would take these two dollars and put it in a medium interest stock fund and live on the interest. I would not change my lifestyle for at least one year. I would allow the interest to accumulate a bit before making any major financial decisions in my life. The only financial decisions I would make are to purchase a small home, small car and give some money to my family. That way I would not have to live on rent and drive an old used car anymore. I would feel rich because it is more than I have now and all my bills would still be paid off. A rich person is one that can purchase items in cash without financing at the bank. Further they can have money in the bank for times of emergency such as medical bill, legal bills, school bills, etc. I would be able to take another trip to Europe however; I would wait at least six months before commencing such a trip to ensure I would not be touching any of my invested money. The interest rates are very low at present because the economy is on a downward trend and the banks are not giving much on money deposited.

I would feel very rich inside by helping my mother and two brothers to relieve their financial burdens. Giving them financial assistance would make their life very easy and happier and that would bring me great joy. “Studies show that the majority of Americans view richness as the ability to meet their family’s needs.” (“What is Your Definition of Rich?”).

After one year of interest building I would consider buying me one or two rental properties and opening a small business to ensure I would have income for the rest of my life. My definition of rich includes a very conservative plan to keep my money and live comfortable whilst helping my family to live comfortable at the same time.

There would absolutely be no extravagant purchases that would hinder my progress to keep a stable income for the rest of my life. I feel vehement about this because I have had very good paying jobs and spent much money during those years and looking back I was rich in those days, probably not Donald Trump rich, but very well off. Rich is in the eyes of the beholder and decreed when a person is comfortable financially without bills and creditors breathing down their neck. Further rich is being able to take a vacation twice a year and spend within reason what you wish to treat you and your family without feeling a pinch in your pocket book.  Rich is further being happy inside that you are living comfortable and right and you can share your wealth with others. You must always give a little away to keep what you have!

What do you think of this proposed definition given by an American citizen of being rich “You are Rich when you have Freedom from Money?” The pursuit of money controls many people’s lives hence are they really rich? (Todd, 2009).

References

Frank, R. (2008) A Rich Person’s Definition of Wealth Retrieved October 3, 2009 from, http://blogs.wsj.com/wealth/2008/01/09/a-rich-persons-definition-of-rich/

What is Your Definition of Rich Retrieved October 3, 2009 from, http://frugaldad.com/2008/10/16/what-is-your-definition-of-rich/

Todd (2009). How do you Define Rich? Retrieved October 3, 2009 from, http://tmtips.com/how-do-you-define-rich/

Lifestyles of the Rich in Spirit Retrieved October 3, 2009 from, http://www.context.org/ICLIB/IC26/Tstimony.htm