What Do You Consider "Rich" in Atlanta? (Alpharetta: renting, home)

[ronricks]

Originally Posted by citidata18

Me personally, anyone who earns more than the amount that, according to the AJC article below, the US Census has deemed "Upper Income" in Metro Atlanta ($109,604) is considered "rich."

https://www.google.com/amp/s/www.ajc...0XvtK/amp.html

Do you agree?

You can’t ascertain anything from that data. Who is wealthier in these two situations:

Person A makes $68,000 a year and maxes out their 401k and a Roth IRA every year while driving a paid for older vehicle and has a modest mortgage.

Person B makes $109,604 contributes minimally to retirement accounts has a huge mortgage and a $600 car payment a month.

Income means nothing. Just like total COVID cases means nothing. You have to dig deeper for the real answers.

[Thulsa]

I would define rich as:
"I have no debts, or I could pay off any debts I might have right now.
Although I may seek the best deal, I can buy most anything I want (within reason).
I don't have to make tradeoffs when deciding what things I wish to spend money on or invest in.
At the end of the year I have more money than I started with.
I don't forsee a future where I might not have enough money."


For one person it might be: I can't afford the best apartments on Manhattan, but otoh I could afford to live in a good one there without a change in my circumstances.
For another, it might be: I own a fair bit of land and can grow most of my food, but I don't have to. I don't want to travel, and I have enough money to pay my property taxes in perpetuity. I could buy a nice car, but I want something I can haul my prize hog in.

[arjay57]

Anybody who's knocking down $100K a year ought to be in pretty good shape.

[citidata18]

Originally Posted by arjay57

Anybody who's knocking down $100K a year ought to be in pretty good shape.

That's my thought as well.

If they're not, at that income level, I suspect it's more of a money management problem.

[aslowdodge]

Originally Posted by arjay57

Anybody who's knocking down $100K a year ought to be in pretty good shape.

But are they rich, or just in good shape?
What if they have 6 kids?
What if they have a child or spouse with disabilities?
Elderly parents to take care of or supplement.
Not everybody making that kind of money can be labeled as rich and support others welfare or subsidies.

[markjames68]

Originally Posted by arjay57

Anybody who's knocking down $100K a year ought to be in pretty good shape.

My guess is you don't make anything close to that, because there are a lot of variables there, including personal lifestyle choices. $100K is hardly largesse.

[Need4Camaro]

Originally Posted by markjames68

My guess is you don't make anything close to that, because there are a lot of variables there, including personal lifestyle choices. $100K is hardly largesse.

Agreed, I could easily max 100k if I wanted to. Living in an afluent area, Alpharetta, Milton, Suwanee, Roswell, the lesser expensive parts of Buckhead (the more expensive parts will require more than $100k), Vinings, Midtown, ect will put you pretty close.

$100k is an overrated salary and isn't as much money as some people think.

Originally Posted by aslowdodge

But are they rich, or just in good shape?
What if they have 6 kids?
What if they have a child or spouse with disabilities?
Elderly parents to take care of or supplement.
Not everybody making that kind of money can be labeled as rich and support others welfare or subsidies.

Yes, this is the mistake California, as well as other metro's (Boston, NYC, ect) are making, they barr'd the middle class well into the 6 figure territory, like literally.. ..WELL into it, where as you can be making up to $300k and still be sweating after taxes and mortgages.

[markjames68]

Originally Posted by Need4Camaro

Agreed, I could easily max 100k if I wanted to. Living in an afluent area or part of town almost anywhere of this country would put you pretty close.

I did an inflation calculator as to what I made a long while back and converted it to 2019 dollars. Net-net was that I was making around $113K back then, and I did "pretty well" meaning I paid my rent, my car payment and could afford a few things. Perfect for the average single guy. But when you add a spouse, a house, kids and other things it adds up.

[mrarctic]

The median HOUSEHOLD income in Atlanta is $65k. If you’re saying you are poor at $100k then you need better financial management.

But I do think that people think money goes a lot farther than it does. Nobody making $300k is flying around in a private jet...at least not anybody that has good financial sense.

[Need4Camaro]

Originally Posted by markjames68

I did an inflation calculator as to what I made a long while back and converted it to 2019 dollars. Net-net was that I was making around $113K back then, and I did "pretty well" meaning I paid my rent, my car payment and could afford a few things. Perfect for the average single guy. But when you add a spouse, a house, kids and other things it adds up.

Yeah, kids get very expensive. $100k doesn't go very far with children.

Originally Posted by mrarctic

The median HOUSEHOLD income in Atlanta is $65k. If you’re saying you are poor at $100k then you need better financial management.

But I do think that people think money goes a lot farther than it does. Nobody making $300k is flying around in a private jet...at least not anybody that has good financial sense.

Most Americans who earn $90,000 a year say they don’t consider themselves rich

Not saying its poor, far from it - but to think that its a worry free life at that salary and you're as free as a kite, even in Atlanta isn't the case. If you're going to be making $100k your priorities change, you have to live closer to work as unless its a laid back or remote work environment, thats not the kind of job you can slip in 15 - 20 minutes late to every other day because of traffic as there will always be someone else willing to take that job... Meaning you will most likely be living in an affluent area, and your housing costs go way up. Then there are taxes, you enter a different bracket at that salary and do not bring home close to the amount that you gross. Do not forget that a household making $65k with children recieve a much much much much MUCH larger tax incentive than a single making $100k. Does it balance itself out? Not quite no, but the playing fields are closer than one might think. Car, Fuel, Food ect get easier. But when you start adding onto things, pleasures, vacations, a family (especially) - that stuff adds up and you can find yourself maxed out at $100k pretty quickly. My point is some people feel that $100k is that magic goal market to say 'I've made it' and while its a respectable salary, its definitely not the 'I've made it' territory. $100k has more limits than some people realize, and a household making $100k is really only a $17.2k increase per two individuals from a $65k avg salary standpoint.