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Middle class income is $200,000 to start for someone that is single, $250,000 or more for a couple. If you are making less than that chances are your not really in the middle class. Invest a chunk of that and you can build a net worth of up to $10million over time. realize that many in the middle class make more than $200,000 a year. Lets say that you are making $400,000 a year. You are in the middle class but have the freedom to invest more. After your cost of living is taken care of the rest is money that you can spend on investments. The problem that many have is that they are trying to keep up with the Kardashians and that takes a bit more than a middle class lifestyle. It is very possible and probable to build a $10million net worth when you look at the numbers. The deal is that you may have to start your own business to do it. Our current system has not kept up with the middle class income. We have chosen to live on less and many have left the middle class by doing so.
200,000 is middle class income LMAO where do you live? Monaco?
200,000 is middle class income LMAO where do you live? Monaco?
$200,000 is middle class in the DC area where I live. Single family houses in good areas on .20 acre lots 35 miles from the city start at around $700,000.
$200,000 is middle class in the DC area where I live. Single family houses in good areas on .20 acre lots 35 miles from the city start at around $700,000.
Show me the statistics for this or I call you out on it as BS.
Why do some people risk it and try to make more money?
Lots of reasons. Maybe they have a number of kids they'd like to leave a mil or two to each, for their kids' retirement/old age. Maybe they have a charitable cause they want to support. Also, 10 mill today won't necessarily be 10 mill next week, if there's something like the dot-com bubble burst of 2001, or the housing loan/banking debacle of 2008. "Rich people" lost around 30-40% of their money in each of those events. So you need more money as a hedge against market volatility. If they can make 10 million fairly easily, relatively speaking, why not just keep on trucking?
People are talking about real estate prices. If our millionaire in in the Bay Area, he'd need 1 mill just to buy a 3-br. house in some parts of the area. Then there are property taxes, state and fed income taxes, state and fed capital gains taxes, all kinds of taxes in CA.
No, but you can imply from it. If $200,000 is rich in DC then I wouldn't be looking for a house 35 miles from the city and endure at least 3.5 hours daily commute to get to/from the city. The level of what is "rich" should be adjusted for cost of living.
No, but you can imply from it. If $200,000 is rich in DC then I wouldn't be looking for a house 35 miles from the city and endure at least 3.5 hours daily commute to get to/from the city. The level of what is "rich" should be adjusted for cost of living.
Not everyone owns. And almost no one makes 200k a year.
Because it makes you a lot happier than comparing yourself to those doing better than you.
It doesn't make me happier or not to compare myself to people with more or less than me. Really. My happiness due to wealth is all about me (and my family). Do I have enough to be secure in the future? The answer has nothing to do with those with more or less than me.
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