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Old 11-08-2007, 07:19 PM
 
Location: southern california
55,480 posts, read 74,374,114 times
Reputation: 47872

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Quote:
Originally Posted by baystater View Post
OK. I'm the northeast and I not quite making that much money (20 min outside of NYC). But I know even if I did I really nothing up here even. Even if I made 3 times that amount I would not be rich. I would be comfortable but definitely not rich.
So let me ask you guys. In your area (and please give us a general idea where you are.) do you think making a $170,000 makes you rich? If so what the level of income would make you below rich? If the answer is no what is the income level that would make you rich there?

http://finance.yahoo.com/banking-bud...ealth-Spectrum
not if the wife is spending 180k a year.
"rich" is defined by how big the hole is in the sack you are trying to fill.
ill tell my story unless im beaten to ti
thats my story and im a stickin to it
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Old 11-08-2007, 08:28 PM
 
Location: Wasilla, Alaska
17,850 posts, read 20,170,213 times
Reputation: 6482
Lightbulb A matter of perspective.

Both "rich" and "poor" are subjective terms. Everyone has their own definition of what those words mean. In 1993, when Clinton announced his retro-active tax increase on the "rich", he defined the word to mean anyone earning more than $31,000 per year.

The reason "rich" and "poor" are subjective is because they are a transitory class and a matter of personal perspective. Someone who is "poor" today could be "rich" tomorrow, and visa versa. Unless we are introspective, we are generally never happy with our current state and strive to achieve more. So we judge what is "rich" and what it "poor" based on our current state of being. "Rich" is always just out of reach, until you truly consider what you have already obtained and can separate your needs from your wants.
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Old 11-09-2007, 10:23 AM
 
1,393 posts, read 2,532,433 times
Reputation: 413
"If you were single, sure, but with $170K/year you'd probably live in nice diggs, which doesnt' come cheap. If you were a family of 5 with a mortgage payment, I'd say you'd live comfortably. It's all about perspective."

I have no idea where live but here you can buy a nice 4 bed room home for as little as 150 M....But that is not in downtown Houston...That would make you payments around 1,500.00 a month...My son an daughter in law bought a New 2 bedroom condo in the downtown area of Houston for 160K...And I know their combined income is no where near 170 K a year.
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Old 11-09-2007, 11:41 AM
 
10,543 posts, read 11,983,230 times
Reputation: 2798
There are certainly people with an income of 170k a year that are rich, and there are certainly some that are bankrupt. One of the big problems with society today is that people think income + material possessions equals wealth so they spend and spend. Rich has more to do with how much of your money you have not spent and how much you have put away than what you make or what size home you have.
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Old 11-09-2007, 12:01 PM
 
11,943 posts, read 17,441,020 times
Reputation: 6059
Quote:
Originally Posted by texanborn View Post
"If you were single, sure, but with $170K/year you'd probably live in nice diggs, which doesnt' come cheap. If you were a family of 5 with a mortgage payment, I'd say you'd live comfortably. It's all about perspective."

I have no idea where live but here you can buy a nice 4 bed room home for as little as 150 M....But that is not in downtown Houston...That would make you payments around 1,500.00 a month...My son an daughter in law bought a New 2 bedroom condo in the downtown area of Houston for 160K...And I know their combined income is no where near 170 K a year.
Well sure, Houston and most other places are a lot cheaper than New York City. Just as Berlin is cheaper than Munich, Newcastle is cheaper than London and Arhus is (probably) cheaper than Copenhagen. Costs vary everywhere.

You asked why is New York more expensive than Houston. Lots of reasons. Higher taxes, high insurance rates, an emphasis on public works such as subways and commuter rails that probably are not as important in Houston. Houston has an ever-expanding location while New York is mostly crammed on some islands. There are tons of rent regulations and restrictions in New York that I would guess are absent in Houston.

Mostly, its demand. More people want to live in New York than Houston. Houston is a pleasant enough place, but its not in New York's league as far as glamour, culture and excitement.
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Old 11-09-2007, 01:13 PM
 
Location: somewhere between Florida and New England
333 posts, read 349,327 times
Reputation: 79
Quote:
Originally Posted by baystater View Post
OK. I'm the northeast and I not quite making that much money (20 min outside of NYC). But I know even if I did I really nothing up here even. Even if I made 3 times that amount I would not be rich. I would be comfortable but definitely not rich.
So let me ask you guys. In your area (and please give us a general idea where you are.) do you think making a $170,000 makes you rich? If so what the level of income would make you below rich? If the answer is no what is the income level that would make you rich there?

http://finance.yahoo.com/banking-budgeting/article/103815/Where-Do-You-Stand-on-America's-Wealth-Spectrum
Not in Fairfield County, CT - that's for darn sure. You'd be middle class.
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Old 11-09-2007, 01:14 PM
 
Location: southern california
55,480 posts, read 74,374,114 times
Reputation: 47872
Quote:
Originally Posted by baystater View Post
OK. I'm the northeast and I not quite making that much money (20 min outside of NYC). But I know even if I did I really nothing up here even. Even if I made 3 times that amount I would not be rich. I would be comfortable but definitely not rich.
So let me ask you guys. In your area (and please give us a general idea where you are.) do you think making a $170,000 makes you rich? If so what the level of income would make you below rich? If the answer is no what is the income level that would make you rich there?

http://finance.yahoo.com/banking-bud...ealth-Spectrum
rich is defined by how big the holes are in the cash bag you are filling up.
if the wife dropped 180k a year you are not rich.
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Old 11-10-2007, 05:30 AM
 
Location: Somewhere in Flyover country
531 posts, read 1,582,992 times
Reputation: 161
That would be wealthy to me,but I do live in a poor region.
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Old 11-10-2007, 05:36 AM
 
Location: Hoquiam
6 posts, read 16,199 times
Reputation: 19
Okay .... what is rich anyway? Is it having everything you need? Well do you? Have your needs met? are you reasonably comfortable? are you able to enjoy life? If you can say yes to all that I would say you are doing pretty good. To me being rich is much more than the number of zeros in my bank account. It's a full life full of people I care about who care about me. It's being able to do the things I want and help others make their dreams happen too. Because we all have bills to pay. I think if you aren't in debt, if you pay your bills on time, if you have a place to hang your hat and clothes on your back and food in your belly and someone that loves you then you are rich indeed.
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Old 11-10-2007, 11:03 AM
 
17,535 posts, read 19,702,562 times
Reputation: 7290
If I had a bunch of zeros in my bank account... I know I would be much happier! Until the time when I don't really care about how many zeros are in my bank account, then I am rich!
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