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it may make you well-off, but it doesn't make you rich. Someone making $300 K/year still has to go to work every day to put food on the table, keep the mortgage and car paid etc.
Exactly but it sure makes life a bit easier than someone making 25k a year.
Making 300k a year does make you rich especially in a recession.
In Germany one is officially considered rich when their income (in the case of a single person) is above ~$4,800 per month, i.e. ~$58k per year.
So yes of course 300k a year makes a family rich.
no 300,000 is not RICH
58k is rich in germany....so what is poor???
here on long island the cheapest house in the worst neighborhood is still over 350k...based on the 30% rule you would need to be making at least 9.5k a month (115k a year)to even QUALIFY for a mortgage....so at least here anything under 115K is POOR (your poor if you cant afford a house)...150k is considered working class
tell that to a family in DC, NYC, or San Francisco.
Every one's circumstances are different I guess.
I do not know anyone in SF but, I have family in NYC and friends in DC that make less than 300k and are doing OK.
Its all in how you manage your money.
it may make you well-off, but it doesn't make you rich. Someone making $300 K/year still has to go to work every day to put food on the table, keep the mortgage and car paid etc.
Yeah and those making 300K can buy a much nicer car(s) house and better food. If they were smart, they would buy a smaller (who really needs 4K sq feet or more?) house, a car that isn't a Benz, Mercedes, ect- live within your means
300K a year IS rich- I don't care who you try to tell it isn't
In Germany one is officially considered rich when their income (in the case of a single person) is above ~$4,800 per month, i.e. ~$58k per year.
So yes of course 300k a year makes a family rich.
Nothing but an arbitrary number established by government for taxation purposes.
I keep seeing the argument that people define being rich by accumulated wealth and not by your yearly income or salary. I'm going to make the argument that if you make $300,000 a year and are unable to save or accumulate more wealth with an income stream like that, you obviously are not very financially savvy. I guess some people feel they have to have a bigger house, more cars, more toys--it's common at all income levels, people refuse to live frugally and save money and insist on living above their means. I only make about $50,000 a year, and I managed to save and smartly invest a good chunk of change in the last seven years since graduating college.
If less than .09% of the population makes more than $300,000 a year and $300,000 a year isn't considered rich, then a lot of Americans need to stop imagining that they will ever be rich... My parents never made over $150,000 a year, but through some clever investments and saving they acquired a sizable amount of wealth--enough that their friends and family all considered them to be "rich".
Every one's circumstances are different I guess.
I do not know anyone in SF but, I have family in NYC and friends in DC that make less than 300k and are doing OK.
Its all in how you manage your money.
they're doing ok. Same for those making $300 K a year in those areas. It's a question of whether you are upper or lower middle class.
I think "rich" is when you can stop living paycheck to paycheck and not worry about having to go to work all the time. I'd say assets of $5 million+ would truly mean that you are rich. Calling someone rich based on their yearly income is tough, because assets are what will let you stop working whenever you want.
Oh yeah---I forgot that the average City Data poster is a bored millionaire sitting around all day posting political rants and arguments about whether Atlanta is better than Houston.
$300,000? That's chump change, couldn't even pay the maintenance bill on my Lear Jet with that...
Originally Posted by flycessna
This question is posed the wrong way!
Making 300k is not rich if your working 16 hrs a day 52 weeks a year and thousands of miles away from your family!
I have known people who work decent jobs but work their asses off to make 200k
Are they rich?
Rich for me is described as an ability to live a certain lifstyle with out working...
that is if you were to stop working today, how long would you be able to sustain yourself at your lifestyle..
So if there is someone out there that has enough wealth (assets, cash, ect) and that gives them 300k a year to live off of... they are much more rich then the person who works 7 days a week to make 500k a year IMHO
think!!!!!! robert kiyosaki and the cash flow quadrant!!!!!
Quote:
Originally Posted by pvande55
I suppose by that definition, Bode Miller, before he became an Olympic superstar, was rich. Family income was only about $1000 a year, but their house was paid off, they raised their own food, they had their needs covered with income well below the official poverty level.
Yes kind of.. But I am also trying to address the original question of "if having an income of 300k a year makes you rich"?
My answer is it depends on how hard you work for it, if at all!
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