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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?
Here we go again. . .and the answer remains NO.
If one makes that much a year and they spend it and have nothing to show for it they are definately NOT rich! Example: I have a friend who is a golf professional. He easily makes that much a year, however he has to fly to all the tournaments, stay in hotels, and basically lives a lifestyle that he spends nearly everything he makes. Is he rich? NO.
My point exactly. Often times people with these incomes live in homes that cost anywhere from $500k to $700k, lease luxury cars, dress well, and generally live an opulent lifestyle.
Even when saving, I agree that after all of your expenses, you're still not rich. Although this income affords you more expensive things than someone making $30k a year, you still are working and paying for items.
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 make that and don't consider myself "rich" at all.
Well, maybe that is why this country is going downhill. Not you in particular (as I don't know your situation), but if someone can honestly say they make $300,000 and don't consider themselves rich or well off, there are some serious lifestyle problems going on in this country.
Im sorry but pulling in about 25,000 a month is very very very well off. If your lifestyle makes this amount seem like it isn't enough, well then maybe change should be looked at. Again I am not specifically talking about you, Im talking in general terms.
Seriously, what is going on in this country when $25,000 a month is not rich?
Im really curious about the type of people that post on this board. Do people on here run around with Millionaires? Im just dumbfounded at how $300,000 a year can be spent where you aren't able to save a ton and be considered wealthy.
If we made that much money, (we live comfortably on about half that) we'd not change our lifestyle one bit. But we'd be putting a LOT of that extra money into savings/investments so that we could retire rich! (We might buy our kitty cat lobster on a more frequent basis, though!)
I always say, everything's relative. As someone who has lived in some of the most affluent parts of the country and been exposed to true wealth, I just do not think a $300,000 a year job is "rich".
Now obviously, to someone making $50,000 or even $100,000 this income is "rich" but to someone making $750,000, my salary is nothing. There was even research done on this very phenomena - performed on truly wealthy individuals with net worths of over $5 million.
When asked if they thought they were rich, do you know what they said? They said, "No, I consider someone has a net worth of $10 million rich". And when the individual with a net worth of $10 million was asked if they thought they were rich, they said, "No, I deem individuals with a net worth of $20 million rich". And so on.
Sorry, but when you've got two luxury car payments, like to shop at Neiman Marcus, have mortgage payments, and still want to have vacation money, save for retirement, and have a stock portfolio, $300,000 diminishes VERY quickly.
Yeah I make quite a bit of money but I definitely do not consider myself rich. I have to buy a house and land (probably around 3M) and save for retirement and with my salary I end up giving up a lot luxuries in life to achieve that goal. The only problem I can forsee is kids (I don't have any) and how am I going to afford them with all these bills ... I still have to take care of my family which are lower middle class becuase my mother likes to gamble in the casinos... I give her a stipend every month to gamble with... I guess I am feeding her addiction... but she does okay, she doesn't go overboard... With all these "bills" I don't consider myself rich at all...
Some are missing the point. Yes, you can live comfortably on "half of that." I believe one can live comfortably on $80,000 a year if one has their finances under control, doesn't live above their means, and is saving for the future. And we are strictly speaking of "rich" as in funds, obviously not the important things in life like being "rich" with friends, family, and spiritually. . .
It does not mean our country is going down the tubes or whatever because 300,000 a year isn't necessarily rich. There are people that might make that much a year but have gotten themselves in a situation where they are still upside down. . huge mortages, car payments, child support, loans, credit cards, college. Maybe someone made poor choices in the past but have a large income but are paying out the other end.
I have a neighbor, an anethesiologist (and a two-income family) who had their power turned off because they didn't pay the light bill!
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(We might buy our kitty cat lobster on a more frequent basis, though!