How much money you have to earn to be considered rich in DFW? (Dallas: insurance, mortgage)

[tcualum]

You can be wealthy without being rich but it's rare. I have some friends who have a great deal of wealth but it's in assets that aren't easily liquidated such as owning companies. On paper, they look wealthy but they don't have the cash on hand to just go and buy a Bentley, for example. Their regular income though is more middle class or upper-middle-class and they live within their means. Once they sell these assets though they will be wealthy, assuming their assets hold their value.

Originally Posted by cordata

What would anyone say is an upper middle class lifestyle or an upper class lifestyle in the Dallas area ?


Big house, pool, kids in private school, one spouse not working, country club memberships, big vacations ?

I agree that with wealthy families, most have only one working spouse (usually the spouse). If the other spouse works, it's usually some sort of fun job that they choose to do, but they don't need to do. I have a friend who owns a business that designs and manufactures clothes for local businesses (think custom uniform design for high-end hotels) and helps launch small fashion lines. She's tired of bored, rich housewives coming to her for help with launching their vanity lines. I know a lot of people these days though who can easily afford country club memberships but choose not to because they don't golf, prefer to go out to eat at the latest, trendy restaurant, and/or don't see the need to join for business connectons.

[calgirlinnc]

Originally Posted by Katana49

I have a friend of mine who is lucky to make $40k/yr. She thinks I'm rich at $240k/yr. I have a friend who is a sought after surgeon. He makes >$500k year. I think he's rich. He is friends with a well known plastic surgeon down in Miami, who makes >$1mil per year. We all think he's rich LOL.


And then there's the internet, which makes everyone seem rich, except yourself.

This.

I always say, we may not be rich, but we're a long way from poor. If someone feels
poor driving around HP or Southlake, go look at the neighborhoods you can see from the interstates.

In any case, it is not a good idea to compare. There will always be richer people than you and poorer people, smarter people, better looking people, more talented people, and vice versa.

[UnfairPark]

Originally Posted by calgirlinnc

In any case, it is not a good idea to compare. There will always be richer people than you and poorer people, smarter people, better looking people, more talented people, and vice versa.

It’s not as people are always loosing wealth, health, loved ones, youth, looks and use of talent or whatever makes them look fortunate. Buffet or Kennedy level wealth stays but border line wealthy are really susceptible to loss.

[calgirlinnc]

Originally Posted by UnfairPark

It’s not as people are always loosing wealth, health, loved ones, youth, looks and use of talent or whatever makes them look fortunate. Buffet or Kennedy level wealth stays but border line wealthy are really susceptible to loss.

Exactly, those things can be fleeting, which is why wise people learn to appreciate what they have and not overly concern themselves with superficial questions like "am I really rich compared to my neighbors?"

Once you are a 1%er it's a different world.

[stargirl007]

There's so many variables that it's impossible to really say. Professions, how much people want to keep up with the Jones', their age, etc....

I laugh at the guy that says the only people that make $300K+ around here are doctors, lawyer, C-level, people who got inheritance. You would be surprised at the growth of technology oriented businesses here in DFW. I sell enterprise software, whom often sell to those C-level people you would say are "rich" here. I took home almost $400K alone last year, and on an average year, I take home $200K plus but I also sell solutions that transform and provide enough efficiencies to some of the largest companies in the world many times over.

Looking at me on the street, the car I drive, watching me walk into my house, you would never think. I am on the younger side of my 30s and a millionaire technically. I know this is not going to last forever so I basically save every nickel & dime I can, and my top goal is the ability to retire by 55.

I have several colleagues, both in my company and others here in the area that are similar. But of course, I do know people around here that are taking 500-700-1m/year on a good year in SaaS and I think they are rich too.

Bottom line, who really cares what makes someone "rich" here, it really should be about living comfortably within your means, while also saving enough to build your longer-term future. I never felt like this was impossible when I was making $40-50k/year here, and I don't feel any differently now.

[UnfairPark]

Real rich would be someone who doesn’t have to think twice when spending on common luxuries like fancy homes, cars, vacations, kids education/wedding parties and having no fear of rainy days or unexpected turns in life making him poor. That probably requires 20 millions or more in assets and an annual spendable income of million or more.

[stan4]

Originally Posted by cordata

What would anyone say is an upper middle class lifestyle or an upper class lifestyle in the Dallas area ?


Big house, pool, kids in private school, one spouse not working, country club memberships, big vacations ?

That's us and we ain't rich.

Upper middle class for sure.

And 1% is meaningless.
The 1%er making $500k a year is living a VERY different life than the 1%er making $25 million a year. Yet they are all 1%ers.

[Soccernerd]

Well when you say "rich", do you mean how much money you have in the bank, or what house, clothes, or car you have?

There are plenty of people we know (including us for the most part) who live below their means. There are also people who live above their means. I would say if your house is over a million dollars and you drive at least one luxury car, then you appear to be wealthy in DFW.

[UnfairPark]

Originally Posted by Soccernerd

Well when you say "rich", do you mean how much money you have in the bank, or what house, clothes, or car you have?

There are plenty of people we know (including us for the most part) who live below their means. There are also people who live above their means. I would say if your house is over a million dollars and you drive at least one luxury car, then you appear to be wealthy in DFW.

It’s not about appearing but being and having, appearing is fake.

[UnfairPark]

Originally Posted by stan4

And 1% is meaningless.
The 1%er making $500k a year is living a VERY different life than the 1%er making $25 million a year. Yet they are all 1%ers.

This.