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

[cordata]

Are people saying that making $500K 'only' makes one upper middle class ? And that upper middle class includes the perks that I mentioned (house, private school, stay at home spouse, etc)?


And all of those upper middle class folks with $500K in annual income don't feel rich at all?

[Treasurevalley92]

Originally Posted by cordata

Are people saying that making $500K 'only' makes one upper middle class ? And that upper middle class includes the perks that I mentioned (house, private school, stay at home spouse, etc)?


And all of those upper middle class folks with $500K in annual income don't feel rich at all?

One of the biggest problems with this forum is people squew wealthy and don't want to admit it.

There is actually a really great book on this:

https://www.amazon.com/Uneasy-Street...n%2C171&sr=1-1

People tend to move the definition of "Rich" to mean more money the more money they make.

500K isn't upper middle class at all. It's straight up upper class. People tend to socialize with people who make more money than them, regardless of how much they make.

Wealthy people know "Richer" people than themselves so they tend to think just because they still worry about money and know people richer than themselves that they aren't rich.

[UnfairPark]

Originally Posted by cordata

Are people saying that making $500K 'only' makes one upper middle class ? And that upper middle class includes the perks that I mentioned (house, private school, stay at home spouse, etc)?


And all of those upper middle class folks with $500K in annual income don't feel rich at all?

It’s not like they make this kind of high pay all their lives. Mostly mid career to end so 10 years on average, loss of job or health means even earlier. Their tax bracket is similar as mega millionaires and billionaires so it takes 37%, add property tax, insurance, kids private education, mortgage etc and it thins out quickly.

[Treasurevalley92]

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.

Both are Rich. One is just richer.

The book I referenced above had people who were renovating 2nd homes in the hamptons who felt like they were simply "Upper Middle Class"

I have no problem with wealthy people, hell, I make quit a bit more than the average person in DFW and I'm only in my 20s, but I don't feel a need to downplay my privilege, I'm a lucky ****ing dude.

[Treasurevalley92]

Originally Posted by calgirlinnc

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.

The thing is most rich people don't "Feel" Rich. Doesn't change that they are though.

[calgirlinnc]

Originally Posted by Treasurevalley92

The thing is most rich people don't "Feel" Rich. Doesn't change that they are though.

They don't feel rich because :

1) they are spending more because they can and aren't living below their means

2) they might live in a very expensive place

3) money is a relative thing. Maybe they compare themselves to people who are richer than they are. It's like I said, if I go to HP I feel poor. When I see really sad neighborhoods on the outskirts of Ft Worth from I35W, I do not feel poor.

[RJ312]

The primary question in the subject line is earning. Personal or household income isn't the most relevant statistic. Net worth is. There are households with $200,000+ annual income in massive amounts of debt. I want to see real high net worth to determine if someone is rich.

[mastershake575]

Originally Posted by stargirl007

I laugh at the guy that says the only people that make $300K+ around here are doctors, lawyer, C-level, people who got inheritance.

Yeah sorry that's not 1. What I said and 2. Even how I worded it.

Those are just common examples of single income high income jobs that are common in Dallas. Of course it's not the only way to make that much money (do you seriously think I really believe there's 5 jobs in the world that pay that ?).

There just some of the most common well known careers and the one's that alot of successful parent push there kids for (whether it would be for the prestige reasons or for the ability to pass down the practice/business/firm).

[justsomeguy]

Originally Posted by UnfairPark

I know but what’s even more silly is annual income list in that article but it would be interesting to hear who qualifies as rich in DWF. Imho $2.4 million in assets and $240k/month would make one comfortably upper middle class at best.

$240k/month would make one comfortably upper middle class?? That would be extremely wealthy. Did you mean $24k/month?

[justsomeguy]

Here is how I would stratify. The "middle" bands get a little squirrely because a lot of it really depends on family size and location (e.g. single person household with $70k income in Duncanville vs family of 5 with $70k income in Plano). I would be hesitant to include illiquid retirement funds or home equity in these numbers, or at least, count them at a discount (e.g. 25% of actual value).

Elite Wealth: 9+ figure liquid net worth or income, or high 8 figure
Wealthy: 7+ figure liquid net worth or income
Upper class: ~$500k+ liquid net worth or income
Upper middle class: ~$200k+ liquid net worth or income
Middle class: ~$60k+ liquid net worth or income
Lower middle class: ~$30k + liquid net worth or income
Poor: $16k+ income and very little liquid net worth
Impoverished: under $15k income and no liquid net worth