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Again, 300k is three times the median household income of Beverly Hills Ca. and about 110k more than the AVERAGE income in Beverly Hills.
A median of 100k means that half of the households make more than that.
An average of 110 k means that the poor folks, the homeless, and the employed are in the mix and hence the average is low.
If you live in a county with two people and if you make 100k and the other guy makes no money the average income is 50 k which clearly means nothing.
First off, I have not made my way through the 60 or so pages of this thread. What I have read so far has me wondering what planet some of you people live on. I keep seeing people saying, "Well, I make 300k and spend it all on frivolous things, so I am not rich!" Just because you suck at money management doesn't change the fact that you are RICH. If you live in a 3,500 sq/ft house, have 3 luxury cars, a vacation home, and all the toys you could possibly imagine, you are RICH. Would you say the same if someone made $100 million and spent every penny? "Oh they aren't rich, they spent it all!"
Would you be rich in SF or NYC? Maybe not, but you would certainly be better off than the vast vast vast majority of people in those cities. What in the world is wrong with people in this country? My family makes it just fine off of less than $100k. We live in a modest house, in a cheap city, and drive used Honda's, but we are saving and doing just fine. By the standards some of you people set, we are more well off than you at 300k. It is stupidity at its finest! Boy, would I love to be "Not rich" by your standards instead of reality!
"Would you be rich in SF or NYC? Maybe not, but you would certainly be better off than the vast vast vast majority of people in those cities"
Yes, but if you can make $300k a year, for say, about 10 years, you should have a number of other income sources that generate a nice bit of money.
There are lottery winners who win millions of dollars and go broke.. it is how they handle it.. a million dollars today can disappear quickly when there are no limits to spending. One has to watch what they spend because when it is gone it is gone.
"Would you be rich in SF or NYC? Maybe not, but you would certainly be better off than the vast vast vast majority of people in those cities"
THAT was NOT the question.
I was responding to others saying that you aren't rich at that price range in those cities. Maybe not, but you are still much better off. If you go strictly by how much someone saves, then you could make $1 billion and still not be "rich" by these standards. I think there is a disconnect in what people perceive as rich. If you only think being rich means being a millionaire, then you are naïve. If you think making 300k a year is not rich, in almost every city in this country, minus just a few zip codes, then you are naïve. Or you are one of those people who make 300k and want MORE MORE MORE!!! 300k in Mobile, Al (where I live) would most definitely be rich. In almost every zip code in this country, you would be rich. If not rich, much more well off than the vast majority of others. If you want to use those few zip codes to say, "See, that isn't rich HERE!!!", then go for it.
I think it is a difference in the way one is raised. Coming from a family who never had much, 300k a year, or $25,000 a month, is being rich. $25,000 a month and you think that isn't rich? In two months you have made more than the average income in most states for a year! If you aren't smart enough to save some, then that is on you. Keep driving all your fancy cars, living in you giant houses, going on extravagant vacations, and calling yourself middle class. In reality, you don't even know what middle class looks like with that kind of money.
380k income was considered rich (the '''top bracket''') in the 1950'....today that would be an annual income of 3.5 million
you CAN'T classify a workingclass cop married to a workingclass teacher rich, just because they cross some magicly imaginary liberal line in the sand of what income makes you rich
here in NY just a studio appt (also known as zero bedroom) is nearly 3k a month (2822 to be exact).....and housing should be 30% OR LESS of your income.... a one bedroom averages at nearly 3.1k..a two bedroom 4.2k per month...3 bedroom 5.5k per month.. http://www.realtor.com/local/New-York/rent-prices ... btw thats new york STATE as an average...not just the city
.so ''''if'''' you are a single/married couple with 2 kids, and '''if''' you go by the 30% rule...you NEED to be making 18k per month (before taxes)...so thats 220k per year JUST TO SURVIVE
380k income was considered rich (the '''top bracket''') in the 1950'....today that would be an annual income of 3.5 million
you CAN'T classify a workingclass cop married to a workingclass teacher rich, just because they cross some magicly imaginary liberal line in the sand of what income makes you rich
here in NY just a studio appt (also known as zero bedroom) is nearly 3k a month (2822 to be exact).....and housing should be 30% OR LESS of your income.... a one bedroom averages at nearly 3.1k..a two bedroom 4.2k per month...3 bedroom 5.5k per month.. View New York Rental Prices and Rates on Realtor.com® ... btw thats new york STATE as an average...not just the city
.so ''''if'''' you are a single/married couple with 2 kids, and '''if''' you go by the 30% rule...you NEED to be making 18k per month (before taxes)...so thats 220k per year JUST TO SURVIVE
300k income is not rich
You think a "working class cop and working class teacher" makes $300k a year!? Also, how is this a "liberal line in the sand"? Is it only liberals that think rich people are rich? As I have said before, 300k may not be "rich" in NY, but it certainly puts you above the majority of people there.
If you were born with a silver spoon, as I suspect most of the people in this thread that think people who make 300k are middle class were, then ok. That isn't "rich" to you. But for 98% of the country, you are rich.
Not to mention, even if you are paying $5,500/mo for rent, that still leaves you with $19,500/mo. Which is a lot of money.
".so ''''if'''' you are a single/married couple with 2 kids, and '''if''' you go by the 30% rule...you NEED to be making 18k per month (before taxes)...so thats 220k per year JUST TO SURVIVE"
Gee, wonder how all those people that make 50k survive?
Last edited by southernbored; 08-31-2015 at 11:29 AM..
Reason: add on
$300k yearly income is better than the vast majority of the American population, let alone the world. 98% of people even in LA, SF, and NY aren't sniffing this amount.
Of course by and large, the same people crying about $300k a year are crying about welfare and lifestyle choices of the poor. Then again, narcissism and greed don't exactly go well with wisdom and self awareness.
380k income was considered rich (the '''top bracket''') in the 1950'....today that would be an annual income of 3.5 million
you CAN'T classify a workingclass cop married to a workingclass teacher rich, just because they cross some magicly imaginary liberal line in the sand of what income makes you rich
here in NY just a studio appt (also known as zero bedroom) is nearly 3k a month (2822 to be exact).....and housing should be 30% OR LESS of your income.... a one bedroom averages at nearly 3.1k..a two bedroom 4.2k per month...3 bedroom 5.5k per month.. View New York Rental Prices and Rates on Realtor.com® ... btw thats new york STATE as an average...not just the city
.so ''''if'''' you are a single/married couple with 2 kids, and '''if''' you go by the 30% rule...you NEED to be making 18k per month (before taxes)...so thats 220k per year JUST TO SURVIVE
300k income is not rich
Just found this online. The median household income across New York City stands at $50,711, according to 2010-2012 estimates from the U.S. Census Bureau. Wonder how all those people survive? Since according to your math, they need $220k just to survive...
In Suffolk County, N.Y., where I live, the police unions just secured significant raises for all levels of officers, despite persistent fiscal deficits causing genuinely dangerous recent cuts to social spending. Compensation for Suffolk County cops, already astronomically high by both state and national standards, was apparently insufficient. Now, base pay for sergeants will exceed $160,000 by 2018; detectives will make well over $200,000.
Teachers Average $111,691 Annual Salary
a teacher for Hewlett-Woodmere during that time period was Social Studies teacher Patricia Nardi, at $159,751....Lawrence Middle School sixth grade teacher Susan Fineo, made $161,472 last year. (These salary figures do not include benefit packages.)...Lynbrook’s median teacher salary was $102,545. East Rockaway’s median salary was $109,762, Oceanside was $107,072, and Long Beach was $106,786.
so the answer is YES...a "working class cop MARRIED working class teacher" can and do certainly have a household income around 300k (250k-350k)
so again I ask...are you calling two WORKINGCLASS proffessions, married to each other, rich, just because of some magical madeup income line in the sand
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