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It's been asked at what salary level is someone considered rich, and there has been some very interesting insight.
My question is, if a family has a combined income of $300,000 a year, are they considered "rich". Of course everything is relative, but in most parts of the US is this considered wealthy?
While this figure is clearly a large sum, I think it depends how old one is when they earn this kind of money which determines whether or not they are rich. If it's someone in their 30's or even 40's, I would argue that they are affluent (not rich).
But if it's someone in their 50's or 60's (who has yet to pay off their mortgage, drives luxury automobiles, travels extensively, dresses to the nines, enjoys fine wine and food) I would say they are not.
Even though a salary of $300,000 puts one in the top .9% of US income earners, I still do not consider this figure to be "rich". Do you?
Considering that it's nearly 7 times what my late husband's largest annual income was and 17 times what my annual income right now is, yes I would consider someone earning that much rich. The fact that someone has that kind of income and still has trouble paying their bills just tells me they have no money management skills.
People a $300k salaried person has expendable income to generate more income and they wouldn't even have to live frugally! Maybe slightly below rich but for a short time.. They can put their money in income generating assets like real estate. No not the flipping kind I'm talking the rental kind.
A family at 56k is barely paying their basics. If they lived below to have expendable income they'd be in the ghetto.
Being from long island $300k is upper middle but could easily be turned rich by livin in a nice home say in a $500 to $700k house. Hell even if you purchased a $300 or $400k small home (now doable with property decreases) with the right income generating investments you would move to rich no problem. I certainly would have if my earnings were $300 before taxes . And to work in NYC you do not have to live there. Living in ny is not always a choice when you have family and work but living in Nyc is a luxury. Most that own apartments like two bedrooms earn well above the $300k mark before taxes. They could easily own a mansion but chose what Nyc offers over a mansion and choose the luxury of NYC over other luxuries they could have living outside NYC.
I pay a greater percentage than that now. I cannot afford to OWN a home, and I really wouldn't want to.
And, that is fine. There is a percentage of people in the United States, somewhere between 18 - 20%, who have no desire to own a home.
On the other hand, around 80% would like to own their own home. Mind you, I'm NOT SAYING that everyone will be able to own their own home - but, the desire is there.
Neighborhoods with high percentages of owner occupied homes, tend to be more stable over a longer period of time.
The OP discussed salary. Of course investments that are throwing off 300K/year would make someone rich, a 300K salary doesn't.
I didn't say that there weren't 300K jobs in other areas of the country, of course there are. However your chances of finding one in NYC is exponentially better than in Des Moines.
Why does that matter? It's all dependent on your interest and ability to achieve that, no matter where you live.
For me, money doesn't rule my life, as long as I'm capable of surviving on my income, I'm content. I don't need to have "things". I don't need to have other people. I'm doing good, as far as I'm concerned. I have a disdain for the "rich".
Why is that, I wonder?
Some people acquire wealth by honest means and accept people of whatever income as equals. I would think wealth in itself is no reason to feel one way or another about a person's character.
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