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Old 11-08-2009, 08:28 AM
 
16,437 posts, read 19,131,529 times
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Quote:
Originally Posted by cagey cretin View Post
Rich is when you can live off your investments comfortably and they still grow. No one who has to work is rich
Seriously, the wealthy people I have known all work. Of course, I met them through business, so maybe they aren't typical.
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Old 11-08-2009, 08:32 AM
 
Location: Oklahoma City
759 posts, read 709,849 times
Reputation: 238
When you consider the average yearly income for an individual in the US is around 40K/year, obviously 170k/year is "rich" by that standard.
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Old 11-08-2009, 08:33 AM
 
6,745 posts, read 8,292,414 times
Reputation: 1846
Quote:
Originally Posted by Bideshi View Post
Seriously, the wealthy people I have known all work. Of course, I met them through business, so maybe they aren't typical.
I think it's more about having the choice to work or not.
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Old 11-08-2009, 08:34 AM
 
272 posts, read 170,617 times
Reputation: 79
Wealthy is different than rich. I would say a wealthy person may have to work




Quote:
Originally Posted by Bideshi View Post
Seriously, the wealthy people I have known all work. Of course, I met them through business, so maybe they aren't typical.
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Old 11-08-2009, 09:26 AM
 
Location: Great State of Texas
86,093 posts, read 72,479,637 times
Reputation: 27565
$170K in NYC or California won't get you very far.
$170K in Podunk USA could have you living like a millionaire but how many $170K jobs could one find in Podunk ?

Salary is relative to where you live and how big your family is. Prices and cost of living is not equal across the US.
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Old 11-08-2009, 09:29 AM
 
Location: 3814′45″N 12237′53″W
4,152 posts, read 9,835,689 times
Reputation: 3416
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?

Where-Do-You-Stand-on-America's-Wealth-Spectrum: Personal Finance News from Yahoo! Finance

Trying to keep up with the Joneses 20 minutes outside of NYC....
Gads! You're signing up for the ultimate rat race, eh?
Get out while you still can.
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Old 11-08-2009, 09:31 AM
 
Location: Pennsylvania, USA
5,217 posts, read 4,261,191 times
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If you are making $170K a year, you are comfortable.

Why? Because, Yes, it's not what you make, it's what you save.

Making $170K a year, a person could save some nice money.. as long as they don't try to live like they make $1M a year.

Howevr, someone that is making, say the average American income of $56K doesn't have much saving room after paying for the basics.. basic small house, used car to get towork.. etc.

I could go a long way on $170K.. I could make some nice investments because I'd have some discretionary income and increase my wealth beyond the $170K a year.
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Old 11-08-2009, 09:33 AM
 
Location: Pinal County, Arizona
25,107 posts, read 35,193,717 times
Reputation: 4899
Quote:
Originally Posted by cagey cretin View Post
Rich is when you can live off your investments comfortably and they still grow. No one who has to work is rich
How about those who actually WANT to work?
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Old 11-08-2009, 09:33 AM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,817,345 times
Reputation: 8293
Quote:
Originally Posted by bellalunatic View Post
Trying to keep up with the Joneses 20 minutes outside of NYC....
Gads! You're signing up for the ultimate rat race, eh?
Get out while you still can.
Problem is that you can move someplace where your cost of living is less but you'll only get paid half as much. This is why seniors retire to places with low cost of living.
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Old 11-08-2009, 09:35 AM
 
Location: Pinal County, Arizona
25,107 posts, read 35,193,717 times
Reputation: 4899
Quote:
Originally Posted by TristansMommy View Post
If you are making $170K a year, you are comfortable.
It DEFINITELY is related to where you live. There are cities / locales where 170K barely makes it.
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