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Old 11-08-2009, 10:09 AM
 
Location: Earth
24,639 posts, read 24,838,436 times
Reputation: 11318

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Quote:
Originally Posted by odinloki1 View Post
I like that quote. I think it makes a lot of sense. Of course its still quite relative.

Personally I think if you have half a million in the bank and you have a house paid off, you are set for life if you want to be and you can do something for your enjoyment, not because you need an income. At the very least you'd only need to work part time.
I have both of those but make $100k less.
I'm more than comfortable.
Of course, I don't need a lot of creature comforts, like a mansion or a lot of land.
I have a 16 year old second hand vehicle, contribute to those less fortunate than myself.

If you only consider $170k comfortable, you're living in a dream world.
That income is 3 times more than the average family of 4.

Income - Median Family Income in the Past 12 Months by Family Size (http://www.census.gov/hhes/www/income/medincsizeandstate.html - broken link)
Median income for a family of 4, by state.
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Old 11-08-2009, 10:16 AM
 
6,745 posts, read 8,297,695 times
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Quote:
Originally Posted by cagey cretin View Post
Wealthy is different than rich. I would say a wealthy person may have to work
It means the same thing to me. But personal definitions are subjective.
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Old 11-08-2009, 11:35 AM
 
Location: between Ath,GR & Mia,FL...
2,574 posts, read 1,994,851 times
Reputation: 327
170K net,after all taxes,is a lot of money,in every place apart from the big 3 , NY,CH,LA...(where u need 250K to feel rich)
Probably u mean 170K gross,which is some 110K net...
Then,u are rich only in small city ( pop< 100K) South......
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Old 11-08-2009, 12:00 PM
 
Location: Prepperland
13,739 posts, read 9,855,005 times
Reputation: 9856
Q: IS that 170k in "dollars" (gold / silver) or in "dollar bills" (worthless IOUs)?

Based on 1914 value, 170k in "dollar bills" translates to 1700 dollars. (100:1 devaluation according to the wholesale price index).
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Old 11-08-2009, 12:05 PM
 
Location: Florida
63,103 posts, read 34,367,413 times
Reputation: 10488
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
It would put you in the top 2% income bracket, but of course of you blow it all, you would not be rich.
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Old 11-08-2009, 09:17 PM
 
4,182 posts, read 5,801,816 times
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It depends on your lifestyle, where you live etc. Also depends on how you're making that $170k. If this is mostly passive income from dividends and interest, you're rich. You'd have to have $5.6 million earning 3% annually to generate $170k without having to lift a finger. But if you have to bust your behind everyday to make that kind of money, you are middle class to upper middle class.
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Old 11-08-2009, 10:01 PM
 
975 posts, read 1,578,608 times
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170K in income is not rich unless it's unearned.

A guy makes 170K. Let's say he's a saver and saves 50K/year. It takes him 20 years just to save 1 million. Perhaps in that time he really makes some wise investments and so he has 3 million. Even after 20 years he's on the low side of rich since he can probably just get by on the income from his wealth without touching principle.

Then again, I know a guy who has made 200K - 1m in each of the last 9 years trading a 50K stock account. So I guess not everyone needs 3 million to produce an income and a lifestyle equivilant to being rich.
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Old 11-08-2009, 10:04 PM
 
Location: southern california
55,668 posts, read 74,655,684 times
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richness is not determined by how much is going in the bag, its determined by how much is falling out the bottom.
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Old 11-08-2009, 10:07 PM
 
Location: Bradenton, Florida
27,236 posts, read 41,405,280 times
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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-budgeting/article/103815/Where-Do-You-Stand-on-America's-Wealth-Spectrum
In my area, yes. I think I'm making about $22K this year. And I'm surviving--and was paying for TWO people on that sort of salary. So someone making over 8 times what I was making? Seems like a lot of excess money would have to go to charity.
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Old 11-08-2009, 10:11 PM
 
13,072 posts, read 11,432,328 times
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Quote:
Originally Posted by TriMT7 View Post
Wealth, like poverty, is relative. It depends on the company you keep.

I remember watching one of those trashy gossip clips on TMZ where that trust fund baby friend of Paris Hilton (the weird looking guy whose name I don't care to look up), was talking about how Lindsey Lohan is "only" worth $7 million, which, he said, "means she's really really poor."


It's why million dolalr executives embezzle. Their friends just bought a jet, so they're feeling poor in comparison.
Very true.

I have worked for companies where the Vice president was pulling in 280k a year, but the manner in which he spent his money left him with a lot of bills and living pay check to pay check.

I remember my wife and I living together on 35k a year and we owned everything, had no debt, a healthy savings buffer and a lot of nice things (paid for) where some people thought we were rolling in cash.

Rich truly is relative and no amount of money can make an irresponsible person secure. Only a responsible person can make themselves secure.
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