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A rich guy is typically someone who makes 2x what you do or has 2x more money than you do. It's not really a number in and of itself.
When I made 50k a year I thought man if I could make 100K i'd be so well off. Then at 100K it was 150K and so on. Once I had 1 million I thought 2 was "the number". Somewhere along the line I figured out that I was chasing an illusive number. Kind of like chasing your own shadow I suppose. I no longer define "rich" in monetary terms because I got too damn frustrated trying to figure out what that meant.
This is very true..Once you get accustomed to certain things that your income affords you, you start taking that standard of living for granted and want more. So it's a never-ending pursuit for those who wish to be rich. Saw this with my parents growing up--now that they are in their retirement years they are simply trying to maintain their upper-middle class lifestyle. After so many years of pursuing wealth and now with the current economic recession, they are simply trying to enjoy what they have left.
To me, 300k is the minimum I would like to earn and should be for everyone.
Where is the proof that everyone SHOULD have a desire to earn a minimum of $300,000? It sounds more like wishful thinking on your part. If earning a minimum of $300,000 is your desire...more power to you. Go for it, but don't lay your desires upon the shoulders of any one else. We're all different, and very capable of choosing our own minimum income level.
You can have an income of only $20,000 and live rich if you had the foresight to pay off your house and car and never use credit cards. Instead people mortgaged to the hilt, then borrowed more, and bought a car they could not afford.
There are areas where $300K would make you rich and areas where you would just be getting by. The trick is to get a job inthe rich area and survive there long enough to retire to the poor area and live well on what you have made.
You can have an income of only $20,000 and live rich if you had the foresight to pay off your house and car and never use credit cards. Instead people mortgaged to the hilt, then borrowed more, and bought a car they could not afford.
Depends on your house and car. Your average home and your average car aren't the trappings of the rich. Then again, your idea of "living rich" and my idea of "living rich" probably aren't the same.
Location: The Chatterdome in La La Land, CaliFUNia
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Quote:
Originally Posted by bls5555
Should it make you rich? Absolutely. Just like any income level though, most people have bigger eyes than wallets.
As for someone making $300,000 get you to be considered wealthy. Of course it does.
If anyone posts on this board and doesn't consider $300,000 a year a lot of money and rich, they are either lying or living a ridiculous lifestyle.
This is also a kind of ridiculous question though, because you could state any income level and if the person spends it all, no they are not rich. If you live a normal lifestyle and make $300,000, yes you will probably be rich pretty quickly.
Someone who makes $100,000 a year can get wealthy reasonably quickly if they live in an affordable area (say Youngstown Ohio) and save instead of spend.
I totally agree. Just because those folks choose to squander their 300,000 income on luxury items and expensive homes does not make them less rich than folks who live frugally and save most of that 300,000 income. It just makes them unwise with money managing and I do not feel the least bit of pity for them if they wind up losing their riches.
so the person on welfare with $150 sneakers, a big screen tv , and gets their nails done every week.......is rich
according to YOU
Does that person on welfare have all normal needs and desires? I highly doubt he owns a home, he probably doesn't have a car, can't go on vacation, etc, etc.
Just because someone can afford one need or desire doesn't mean he has the means to fulfill all normal needs and desires.
To really put a value on rich you have to know what all "NORMAL" needs and desires are. And this normal changes all the time. To equate what rich is, you need to know what the average(normal) person wants from life. If someone has the means to afford everything that the average person wants, then he would be rich. At $300,000 you could easily live the American dream. To own a home, to have a car, to send your kids to college, to not have to worry about paying your bills, to be able to afford to go on vacation.
You may not be able to afford that yacht, or that private jet/helicopter, or that $10 million dollar mansion. But those are not normal needs and desires, those are far above normal.
I wouldn't consider it rich unless it affords a life balance to enjoy it.
I see this with my own kids. Have to live in a place in order to earn it where the property taxes on an average home are close to what many people make in a year. Start the day at 3AM and back home at midnight with similar job related hours working at home on weekends always racing against daily deadlines. No time to take care of themselves or anything else. No time to plan or save. The intensity is frightening.
Expensive commuting costs (and time), expensive state income tax, clothes and food more expensive, have to have yard work and home repairs done by others, need a car that won't break down and hold up to heavy traffic. The meal it would cost me $4 to make at home costs $40 to eat out there when you have no time to cook. Stress and neglecting health not to mention the long term effects of lack of sleep and little to no vacation time. It's not all it's cracked up to sound like.
Yes. Most people who earn that sort of income are giving up aspects of personal time that nine to fivers have. This may be why the nine to fivers often have better adjusted kids who know the value of a dollar, etc. and the better off kids don't seem grounded in reality all the time.
On the other hand, you get selfish sobs like our former Vice President who lies and trains his kids to lie and evidently goes through his life making his own laws.
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?
I think this answers your question. If you earn more than 99.1% of Americans, you are most certainly rich.
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