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

[mastershake575]

Originally Posted by DFWUser1

I would say those who get that income $130k soley from salary or a job cannot consider upper middle class or rich

I never said Rich I said it's the very minimum/beginning of upper middle class. It's usually the starting point to where you can realistically afford nicer things and it's to my knowledge the very start of the top 25%.

Statistically most people though that are upper middle class are farther into the bracket ($150-200K a year household) then barely into it.

Originally Posted by NTXPerson

I think everyone has a different idea what "rich" is. I believe a lot of people see rich as having a big mansion, expensive cars, fancy clothes, and expensive vacations. However, a lot of people don't realize that a lot of these "rich" people have more debt than what's in the bank.

This is a very good post. You basically explained the difference between wealth and being rich.

You can be rich and make upper tier income but have no wealth. Wealth is when you actually own resources/assets of high value.

There's a ton of posers in Dallas that have basically what you stated ("lot of these rich people have more debt than what's in the bank")

[UnfairPark]

If you can comfortably afford to send 2-3 kids to St Marks/Hockaday/GreenHills at $35K+ per kid/year or SMU/Rice/Baylor/TCU at $70K per kid/year cost of attendance without any financial aid or merit scholarship, then you are DFW rich.

[UnfairPark]

Originally Posted by turf3

Class is not defined by how much money you have (whether income, net worth, or a combination). "Rich" and "upper class" are not the same thing. While most "upper class" people would qualify as "rich", few "rich" would qualify as "upper class".
.

Golden words.

[UnfairPark]

Originally Posted by mastershake575

I never said Rich I said it's the very minimum/beginning of upper middle class. It's usually the starting point to where you can realistically afford nicer things and it's to my knowledge the very start of the top 25%.

Statistically most people though that are upper middle class are farther into the bracket ($150-200K a year household) then barely into it.

This is a very good post. You basically explained the difference between wealth and being rich.

You can be rich and make upper tier income but have no wealth. Wealth is when you actually own resources/assets of high value.

There's a ton of posers in Dallas that have basically what you stated ("lot of these rich people have more debt than what's in the bank")

That’s just having a rich lifestyle, not exactly being rich.

[UnfairPark]

Originally Posted by turf3

Considered rich by whom? By Ross Perot's neighbors on Strait Lane, or by my yard man's neighbors off Samuell Blvd.?

By statistics.

[mastershake575]

Originally Posted by UnfairPark

That’s just having a rich lifestyle, not exactly being rich.

Exactly that's why I noted wealth is more important than just statistically being in the top 5% income bracket.

That's why it's hard to answer "how much money do you have to earn"

[UnfairPark]

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 ?

Yup. All that, good savings and no debt.

[UnfairPark]

You are rich when you have no fear of loosing your lifestyle if you stopped working.

[mastershake575]

Originally Posted by UnfairPark

Yup. All that, good savings and no debt.

For a single income it's probably going to be $300k or higher to get what he stated.

Basically reserved for successful doctors, lawyers, business owners, CEO's, VP of larger businesses, investment bankers, or in some cases "old money" where you basically just inherited a large sum of money/investments past down from previous generations.

When I worked in highland-park/Preston hollow area literally 90% of the people I ran into fell into the jobs above

[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.