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Old 09-01-2015, 04:45 PM
 
4,487 posts, read 4,357,585 times
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Quote:
Originally Posted by southernbored View Post
Even in Loudoun County, 300k is twice the average household income. Maybe it isn't rich, but it is twice the amount that the average household makes in a year. That is pretty darned well off.
Does well off equate with rich? I don't think it does.

 
Old 09-01-2015, 04:50 PM
 
50,168 posts, read 26,572,905 times
Reputation: 15676
Quote:
Originally Posted by Julian658 View Post
Averages are misleading. Factor in the poor people on no income, SS disability, and the homeless, and that average does not give a clear picture of the income of county residents.
Yes...averages are misleading. The median is also misleading. But when cited together, they make the picture far less opaque than when using only one of them.

If Beverly Hills has a median household income of 86k, it shows that there are middle class to lower middle class people still finding a way to live in an incredibly wealthy city. The benefit to that is they enjoy city services far beyond what someone of that income can even dream of in most other places. Good police, clean streets, good schools, a safe environment...etc..

But when the average income pulls that fulcrum point of 86k up to 193k, you get a much clearer picture. You can see that buy pulling up that 86k up to 193k, more than twice the median, Beverly Hills has some incredibly wealthy people. Surely more than a few billionaires and lots of multi millionaires with wealth in the hundreds of millions of dollars.

Yet, even in that village, a 300k per year earner makes over 100k a year MORE than that high average income...one of the highest average incomes in this country.

We've already debunked the idea that you'd just be a normal Ma and Pa Kettle in what's probably the wealthiest county east of the Mississippi...Loudon County, VA. Even there, it's at least twice the average household income.

Same for Boston. Another poster (and I) showed that even though Boston has an extremely high COL, 300K is still about 5 times the median income and almost 3 times the median household income in that locale.

I mean...how much more of this poor-mouthing do we have to debunk before you guys get it?
 
Old 09-01-2015, 04:55 PM
 
4,487 posts, read 4,357,585 times
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Quote:
Originally Posted by southernbored View Post
We aren't talking about the rest of the world though, are we? In the good ole USofA, 300k is rich. It is more than 97% of the entire population makes on a yearly basis. Having more money than 97% of your country = rich
The issue you have is you can't equate the cost of living in say the D.C. area or San Francisco with rural Mississippi or North Dakota. The cost of living is nuts here. The housing cost in D.C. is double even triple it is in most places.
 
Old 09-01-2015, 05:01 PM
 
9,590 posts, read 6,685,217 times
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Quote:
Originally Posted by mikebnllnb View Post
The issue you have is you can't equate the cost of living in say the D.C. area or San Francisco with rural Mississippi or North Dakota. The cost of living is nuts here. The housing cost in D.C. is double even triple it is in most places.
A 900K home in the DC northern suburbs is very average, small, and built with cheap construction materials. Sometimes a 300k home is the south is actually much much nicer.
 
Old 09-01-2015, 05:02 PM
 
50,168 posts, read 26,572,905 times
Reputation: 15676
Quote:
Originally Posted by PedroMartinez View Post
No problem, we'll change that to upper class, but it's still not rich.
Lol...Pedro, by definition, by statistics, and by simple mathematics, it CANNOT be simply "upper class."

Again, a nomenclature must exist in order to give a name to a group that earns 6 times what their fellow citizens earns.

Upper class? Fine. I'll assign that delineation to someone that earns 2 or 3 times what the average family makes.

But 6 times? Lol...come on. That's not even logical.
 
Old 09-01-2015, 05:02 PM
 
4,487 posts, read 4,357,585 times
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Quote:
Originally Posted by Dyu86 View Post
Assuming your net income after taxes is $180k/yr. This still leads to a monthly income of $15k/month. Even if you buy an incredibly expensive $6k/month apartment/mortgage, this still leaves you with $9k/yrafter taxes, which is still among the top 4-5% of incomes in this country no matter where you live. If you can't live on this amount, then you are truly irredeemable. And no, don't moan about private school costs because those are luxuries out of the reach for the vast majority of Americans.

Minus

Retirement Savings
College tuition
Car payments
Utilities
Food
Etc


This thread isn't about being able to live off $300K it's about whether that income is considered rich.
 
Old 09-01-2015, 05:14 PM
 
Location: California
11,433 posts, read 17,122,259 times
Reputation: 12496
$300,000.00 doesn't make you rich unless you know how to manage it, I know a few people who make that and are broke and your not rich if your broke.
 
Old 09-01-2015, 07:18 PM
 
Location: Baldwin County, AL
2,446 posts, read 1,041,448 times
Reputation: 601
Quote:
Originally Posted by Roaddog View Post
$300,000.00 doesn't make you rich unless you know how to manage it, I know a few people who make that and are broke and your not rich if your broke.
By your definition, someone making 30k who saves $20/mo is richer than someonewho makes 300k and saves $0. Thats not reality.
 
Old 09-01-2015, 07:33 PM
 
Location: Baldwin County, AL
2,446 posts, read 1,041,448 times
Reputation: 601
Quote:
Originally Posted by mikebnllnb View Post
Does well off equate with rich? I don't think it does.
I have said previously that in certain areas, it may not be "rich". I have said that multiple times. You are still rich comparitively however. Let me show you what I'm trying to say.

You make 300k a year. You have a brand new Lexus SUV and brand new BMW 5 series. You live in an $600k house, in Loudoun County VA. You put a small amount in savings (let's say $1000/mo), all while paying for all the other crap that everyone else pays for, such as utilities, college, food, etc. You take several vacations a year to exotic locations, and have all nice stuff in your house.

Now let's say another person makes $60k/yr. They drive a used Toyota that is paid off. They live in a $130k house, in Shelby County TN. They put a small amount in savings (let's say $1000/mo), all while paying for all the other crap that everyone else pays for, such as utilities, college, food, etc. They take one vacation a year to Destin, and have cheap stuff all through their house.

They both saved the same amount. Are they equally rich? I don't think so. You people here seem to think so though. Compared to 95+% of the country, person 1 is rich. Person 2 is not.
 
Old 09-01-2015, 07:56 PM
 
Location: California
11,433 posts, read 17,122,259 times
Reputation: 12496
Quote:
Originally Posted by southernbored View Post
By your definition, someone making 30k who saves $20/mo is richer than someonewho makes 300k and saves $0. Thats not reality.
That's not what i said is it? If you are broke you are not rich no matter how much you make, it doesn't make the other guy rich, it just makes you stupid.
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