What income level is "wealthy" to you? (millionaires, sell, interest) - Economics - Page 2 - City-Data Forum

MLSFan · 06-22-2015, 07:41 PM

well... you could always take 4 wives, and have a household income with 5 working people

or just make your kids do the work too...

but isn't this poll biased? The OP thinks the minimum that a household needs starts at $80k? and in the same category, has $100k in it?

If a family can live on half their income, and invest the other half, isn't that the "beginning" of wealth creation?

Malloric · 06-22-2015, 07:56 PM

Quote:

Originally Posted by WeHa

Chris Rock does a fabulous bit about rich vs wealthy.

"Shaq is rich, the guy who signs his paychecks is wealthy"

Shaq is also rich, which isn't true of all former pro athletes. Many of them burn it all.

WeHa · 06-22-2015, 07:58 PM

Quote:

Originally Posted by Malloric

Shaq is also rich, which isn't true of all former pro athletes. Many of them burn it all.

Yupp. Honestly when a pro-athlete signs his first contract it should come with a financial manager.

Same goes for lottery winners and anyone who suddenly comes into a large sum of money they aren't accustomed too.

daylux · 06-22-2015, 08:17 PM

Enough to maintain your standard of living until death in case you are unable to work, without having to depend on anyone else.

CK78 · 06-22-2015, 08:19 PM

Quote:

Originally Posted by Lowexpectations

Income doesn't equal wealth. If I make 1mm a year but spend it on worthless stuff I'm not wealthy

I put $225,000-$300,000.

At that income you can live very well AND begin to invest/buy in things/businesses/second third homes to rent etc... to build real wealth and get cash flow.

That's why I responded under your post. Obviously real wealth is not only about income but based on real tangible assets and or businesses. At this income level you should be able to start buying into assets and investments of a cash producing nature. And begin to build "real" wealth.

reneeh63 · 06-22-2015, 08:21 PM

It's all relative to where you are now...Very few will admit to being wealthy - everyone looks at the tier above them as having it made-it would be more interesting to see what the income is of the people answering and compare that to their selection.

hbdwihdh378y9 · 06-22-2015, 08:58 PM

Quote:

Originally Posted by ColdAilment

Thanks for your definition of wealthy, but that isn't what I asked.

Yeah, it is. You asked about wealth, and then you posted a poll about income. Income can lead to wealth, but you can't measure wealth by annual income.

ColdAilment · 06-22-2015, 09:07 PM

I didn't know this was going to be a grammar lesson on "wealthy" vs "rich". Thanks for contributing anyways.

Larry Caldwell · 06-22-2015, 09:12 PM

Quote:

Originally Posted by ColdAilment

I didn't know this was going to be a grammar lesson on "wealthy" vs "rich". Thanks for contributing anyways.

You were the one who didn't define your terms. If you decide what "wealthy" is, you can make up your own mind and won't have to ask anyone else.

ColdAilment · 06-22-2015, 09:29 PM

Quote:

Originally Posted by Larry Caldwell

You were the one who didn't define your terms. If you decide what "wealthy" is, you can make up your own mind and won't have to ask anyone else.

I'm not asking for my definition of wealthy, I already know what that is, I'm asking for YOURS and everyone else who posts on here.