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Old 08-30-2015, 09:39 PM
 
8,850 posts, read 3,905,061 times
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Quote:
Originally Posted by desertdetroiter View Post
Of course. Like i said (and you're reiterating here), there's no zip code in America that 300k doesn't buy access to.

There is no such definition of "rich" that says that you're only rich if your descendants never have to work. That's made up by people like you.

300k a year is an INSANE amount of income per week even after taxes. That's less than 2% of all American households. That's more than 3 times the median income in Beverly Hills, Ca. and more than $110k more than the average income in Beverly Hills.

You guys are being ridiculous.


*SIGH*

I don't give a damn what a mechanic, teacher, or garbageman makes in NYC.

If you have a household income of 300k per year anywhere in America, you are not middle class or upper middle class by any stretch. That is rich. My goodness...less than 2% of American households make that kind of money making it an elite group now matter how you slice it.

Your views on this topic are political. Mine aren't. I'm stating the simple truth independent of political considerations.

Again, if there is no zip code in America that you can't afford, you are RICH. That's all there is to it.
What would be your definition of rich, if you had no job, just money?

 
Old 08-30-2015, 09:43 PM
 
9,512 posts, read 6,667,497 times
Reputation: 2482
Quote:
Originally Posted by desertdetroiter View Post

Again, if there is no zip code in America that you can't afford, you are RICH. That's all there is to it.
Do you care to guess what is the federal tax on 300k?
Then add State tax
Real Estate tax
FICA
Medicare
AMT

I will say that for folks on a SS disability check 300K is a lot. But, the issue is that folks making 300k a year have a more expensive home and a very high mortgage payment, a BMW and a Mercedes for the wife, three kids in college at 30K a pop, have to save 30K a year for retirement, the boat, golf, European vacation, and eat out at least 3 time a week.

What generally happens is that the expenses go up with a higher salary and some of these folks have no accumulated wealth.

Do they live better than someone of a SS disability check? Yes, no doubt, much better, but that is not rich.
 
Old 08-30-2015, 09:53 PM
 
50,028 posts, read 26,510,489 times
Reputation: 15629
Quote:
Originally Posted by Hoonose View Post
What would be your definition of rich, if you had no job, just money?
Whatever i'd need to live out the rest of my life while maintaining a luxurious lifestyle that the overwhelming majority of Americans can't afford even while they still have to work.
Quote:
Originally Posted by Julian658 View Post
Do you care to guess what is the federal tax on 300k?
Then add State tax
Real Estate tax
FICA
Medicare
AMT

I will say that for folks on a SS disability check 300K is a lot. But, the issue is that folks making 300k a year have a more expensive home and a very high mortgage payment, a BMW and a Mercedes for the wife, three kids in college at 30K a pop, have to save 30K a year for retirement, the boat, golf, European vacation, and eat out at least 3 time a week.

What generally happens is that the expenses go up with a higher salary and some of these folks have no accumulated wealth.

Do they live better than someone of a SS disability check? Yes, no doubt, much better, but that is not rich.
Making 300k a year doesn't mean that you MUST buy an expensive home with a big mortgage with a few German cars, a boat and European vacations. But they do it because they can afford to do it.

When you can afford a lifestyle that 98% of your fellow citizens can only dream of, that's rich by definition.

I mean, to say that only .0001% of Americans or some silly number like that can only be defined as rich is ludicrous. If you're in the top 2% of earners out of well over 300 million people, you're rich. You can't call that middle class.
 
Old 08-30-2015, 09:57 PM
 
50,028 posts, read 26,510,489 times
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Quote:
Originally Posted by It'sAutomatic View Post
Income doesn't make someone rich. Wealth does.
If you're knocking down 300k a year, becoming wealthy should be a cinch if you're smart. And few dummies rise to that level of salary.
 
Old 08-30-2015, 10:03 PM
 
Location: Washington State
18,219 posts, read 9,441,746 times
Reputation: 15521
Quote:
Originally Posted by F355 View Post
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?
For me, rich is a function of wealth and not income. So to answer your question, it depends on that person's wealth. Certainly there should be a connection between income and wealth but often that is not the case. In general, rich people become that way from making better decisions than people who are not rich.
 
Old 08-30-2015, 10:14 PM
 
8,850 posts, read 3,905,061 times
Reputation: 1715
Quote:
Originally Posted by desertdetroiter View Post
Whatever i'd need to live out the rest of my life while maintaining a luxurious lifestyle that the overwhelming majority of Americans can't afford even while they still have to work.
And that number is...
 
Old 08-30-2015, 10:24 PM
 
50,028 posts, read 26,510,489 times
Reputation: 15629
Quote:
Originally Posted by Hoonose View Post
And that number is...
Yeah....? Go ahead.
 
Old 08-30-2015, 10:32 PM
 
935 posts, read 487,596 times
Reputation: 326
Quote:
Originally Posted by desertdetroiter View Post
If you're knocking down 300k a year, becoming wealthy should be a cinch if you're smart. And few dummies rise to that level of salary.
A friend of mine makes less than that, about 250k. Hes a really frugal guy, drives a 5 year old honda, $15 sunglasses, etc. Saves a lot of his money. The guy bought a huge fixer upper when the housing market crashed, paid.cash. rehabbed the place. Now he has a huge kick ass house paid for and is looking to buy a vacation home cash. I have no idwa how much he has squireled away, but its gotta be alot. If that aint rich I dunno what is
 
Old 08-30-2015, 10:48 PM
 
50,028 posts, read 26,510,489 times
Reputation: 15629
Quote:
Originally Posted by blind melon View Post
A friend of mine makes less than that, about 250k. Hes a really frugal guy, drives a 5 year old honda, $15 sunglasses, etc. Saves a lot of his money. The guy bought a huge fixer upper when the housing market crashed, paid.cash. rehabbed the place. Now he has a huge kick ass house paid for and is looking to buy a vacation home cash. I have no idwa how much he has squireled away, but its gotta be alot. If that aint rich I dunno what is
Since 1981, when the new tax rates helped the super rich become insanely rich, and all of a sudden we started sprouting billionaires like never before, Conservatives have raised the bar on what's considered to be rich. They hear the word 'rich' and immediately they start applying it to politics because you can't say anything to a conservative without him/her linking it to the tax issue.

But facts are facts, and when you're making more than 98% of your fellow citizens, you're in an elite group that must be given some kind of nomenclature. And that nomenclature is 'rich.' You cannot claim to be in the middle class when you're earning more than a few hundred thousand dollars more than actual middle class people. That's just being stupid.

I think we can all agree that Beverly Hills California is one of the most prestigious zip codes in this country, and in the world overall.

300k is more than 3 times the median household income in BH and more than 110k of the average household income in that town.

If i can literally throw a dart at a map of the United States and afford to live anywhere the dart lands, i'm rich. I don't see how anyone can argue otherwise.
 
Old 08-30-2015, 11:29 PM
 
4,313 posts, read 1,606,939 times
Reputation: 1460
A penthouse apartment just went on rent in NYC for $100,000.00 a month. A two year lease was signed by the new tenant.

How can $300,000 a year make you rich? You can't even pay your rent.

making $30,000,000 a year? Yeah, perhaps that will be considered rich.
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