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Funny how SOME denigrate the poor for not spending their money wisely but if you're rich, we're somehow supposed to feel bad for you because you live in an expensive part of the United States?
Who's asking you to feel bad? You're missing the point. You can make $300K in po-dunk Kansas/Arkansas/North Carolina/the UP and live high on the hog. You can make $300K in NYC and just be getting by.
It has nothing to do with spending "wisely" it has everything to do with the cost of living in the state/county/town you reside in.
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?
Income doesn't make you rich if you spend it all. Rich denotes an ACCUMULATION of wealth well in excess of ones expenses with a sizable buffer beyond that of most Americans.
If you have no debt, a solid income stream and the ability to lay your hands on 500k if needed without having to sell your house etc. then I'd sure call you rich.
Income doesn't make you rich if you spend it all. Rich denotes an ACCUMULATION of wealth well in excess of ones expenses with a sizable buffer beyond that of most Americans.
If you have no debt, a solid income stream and the ability to lay your hands on 500k if needed without having to sell your house etc. then I'd sure call you rich.
In my opinion we have a HUGE middle class, and $300k would be part of the upper middle.
Rich, to me, is affording several homes, some perhaps in Europe with some staff to keep each ready to open for you for your visits. It's having your own chauffeur and cook and housekeeping staff; a stylist to shop for you and bring items to you for possible purchase. It means having the head of a department of a renowned hospital being your personal physician when you require special treatment because you are a big contributor. It means having interesting people who are tops in their fields attending your soirees. It means, as happens to so many in this country, having the doors of prestigious learning institutions open to your undeserving children because of who YOU are.
$330k does not buy you all that. It puts you in a comfort zone, unless you are extravagant, in which you may not share some of the worries that most of humanity is heir to, but I would not put that in a class with 'rich'.
I actually earn $400,000 a year but I'm not rich. First of all I live in Miami where everything is over priced. Then I have 5 teen and preteen kids who all need clothes and food among many other things. I have a large family in Argentina ( my parents, my siblings along with their spouses and kids, my cousins, and all my in-laws) who are in very bad financial situations which, and they depend on me to pay for their basic needs. My house would not be considered a big one but it still takes quite a bit of money to support. And apart from all that I have to pay a ridiculous amount in taxes sooo NO earning $300,000 a year does not mean you are rich
Now do all that on $40k/yr. Yes, you are rich. Deal with it, somehow.
I actually earn $400,000 a year but I'm not rich. First of all I live in Miami where everything is over priced. Then I have 5 teen and preteen kids who all need clothes and food among many other things. I have a large family in Argentina ( my parents, my siblings along with their spouses and kids, my cousins, and all my in-laws) who are in very bad financial situations which, and they depend on me to pay for their basic needs. My house would not be considered a big one but it still takes quite a bit of money to support. And apart from all that I have to pay a ridiculous amount in taxes sooo NO earning $300,000 a year does not mean you are rich
Quote:
Originally Posted by 11thHour
Now do all that on $40k/yr. Yes, you are rich. Deal with it, somehow.
Do that on what MOST Americans make. When they had jobs. It's called minimum wage. And it's ridiculous. For those of you that want to be ridiculous and say, what do you want... $20/hr to flip burgers, no they don't. But $11/hr is not too much to ask for.
Mellierunner... $400,000/yr. makes you rather rich. You wouldn't be spending all the "extra" money in a better economy. Argentina was doing well up until '07 - '09. Sound familiar. I lived in Florida for ten years, Miami IS over priced. Move. Five kids. Good for you. People making minimum wage can BARELY afford ONE. So if someone doesn't make more than (as in four dollars plus, more than) minimum wage they shouldn't have children? A ridiculous amount in taxes? Try making beautiful minimum wage and have 17% taken out of that. There is NO sympathy here for you and your $400,000/yr. Please.
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?
If you live in a community where the typical income varies between $20,000 and $40,000 a year earning 10 times the mean would make you a rich person. In midtown Manhattan where the mean salary is $500,000 or more, rent is often 15,000 to several hundred thousand a month a salary of $300,000 per year would be subpar.
Basically if you make that salary but live well below your means, you're rich. The issue is that a lot of wealthy people tend to spend the money they make on the finer things.
What are people doing that are making 300-400K/yr? Good lord I went wrong somewhere in life.
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