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Old 11-11-2007, 08:02 AM
 
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If you define rich as "wealthy", then yes, 300,000 per year should be considered rich.

I think some people lose sight of the fact that not managing money well is going to hurt anyone at any income level.

But there is definitely a difference in saying "By the time I pay my mortgage on a $750k home, pay the note on my Mercedez and wife/husbands/signicant others BMW, pay for our kids private school bill, pay our landscaping company, pay for our boat, and set aside a big lump of money in our diversified portfolio and move some money around,,,,,,, Well I just don't have anything left!"

vs.

Honey, should we buy tires for the car this week? The wire is showing through the rubber. But all the kids have outgrown their clothes from last year and we need to buy them winter clothing.
Which one do you want to spend our money on? We can't afford both. Oh yeah, don't forget the refrigerator is not cooling right and we need to get that fixed so our food doesn't go bad...

 
Old 11-11-2007, 08:15 AM
 
Location: Pinal County, Arizona
25,100 posts, read 39,149,134 times
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Quote:
Originally Posted by bls5555 View Post
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.
I earn more than that and do not consider it being wealthy - and no, I'm not lying and I would like to hear what you consider, in your opinion, is a "ridiculous lifestyle" -
 
Old 11-11-2007, 02:05 PM
 
2,153 posts, read 5,522,165 times
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Quote:
Originally Posted by Greatday View Post
I earn more than that and do not consider it being wealthy - and no, I'm not lying and I would like to hear what you consider, in your opinion, is a "ridiculous lifestyle" -
Buying things at the expense of any savings. This goes for any income amount. Basically what comes in, goes right back out.

$300,000 as an earning amount in the USA is very wealthy. Look at the stats, there is no denying it.

For those that make $300,000 and don't consider yourself wealthy, I would love to hear about the house you live in, the car you drive, the trips you take, etc...
 
Old 11-11-2007, 02:12 PM
 
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There is an important distinction between wealth and income. . .
 
Old 11-11-2007, 04:02 PM
 
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Quote:
Originally Posted by spunky1 View Post
There is an important distinction between wealth and income. . .
Of course. You could make $1 million a year (which by all means you should be considered rich and wealthy) but if you spend it all on twinkies then you are neither.

The question is Does an Income of $300,000 make someone rich. By income standards, of course it does. That doesn't mean that person manages it well though.
 
Old 11-11-2007, 04:04 PM
 
Location: Coming soon to a town near YOU!
989 posts, read 2,756,778 times
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Quote:
Originally Posted by spunky1 View Post
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.
So, to take that point further, would you then consider Britney Spears to be typical and not rich since she spends her entire $750,000 monthly income?

Spears papers show lavish spending, no savings - CNN.com (http://www.cnn.com/2007/SHOWBIZ/Music/11/02/people.spears.custody.ap/ - broken link)

I would say that being rich is as much about how you live and your lifestyle as it is about a bank account balance.

An accountant who makes $65K, lives below his means and saves 30% of income is certainly not richer than Britney who makes about $10 Million, buys new clothes every other day, eats every meal out, and saves nothing.

I think a $300K person who spends all their money is rich. Them not saving any of it makes them shortsighted and foolish but doesn't change that they are still rich. Similarly, if A. Rod sits out the next season and doesn't play, he doesn't stop being a great player.

But that's just my opinion
 
Old 11-11-2007, 04:09 PM
 
Location: Salt Lake City, Utah
7,731 posts, read 13,398,475 times
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Quote:
Does an income of $300,000 make someone rich?
I wouldn't think so.
 
Old 11-11-2007, 04:10 PM
 
2,153 posts, read 5,522,165 times
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Quote:
Originally Posted by Greatday View Post
I earn more than that and do not consider it being wealthy - and no, I'm not lying and I would like to hear what you consider, in your opinion, is a "ridiculous lifestyle" -
So you make $300,000+ and judging by locations have 2 houses. Yet you don't consider this wealthy? What exactly is wealthy to you?

A person who makes 1 million a year and has 3 houses?

Take a BMW and a Lexus. Just because one is more expensive doesn't mean the other isn't.

I can tell you that if I am ever making $300,000 a year I for damn sure would consider myself very wealthy. Just wondering how well of your parents are or were? Is this a perspective thing?

If Donald Trumps daughter ended up with nothing from him and had a job making $300,000, she might not consider it wealthy as she compares herself to her father, though by any definition that is a great salary.
 
Old 11-11-2007, 04:33 PM
 
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Quote:
Originally Posted by Evlevo View Post
I think a $300K person who spends all their money is rich. Them not saving any of it makes them shortsighted and foolish but doesn't change that they are still rich.
But that's just my opinion

You really believe if someone makes 300k a year and spends it all with nothing to show for it is rich? I would much rather make 85K and have something left over to show for it and a future.

I guess it takes all different perspectives to make the world go around.
 
Old 11-11-2007, 04:37 PM
 
Location: Maine
22,852 posts, read 28,094,569 times
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Quote:
Originally Posted by F355 View Post
Does an income of $300,000 make someone rich?
Depends entirely on where you live.

A single person making $300,000 in Portales, NM is probably one of the richest people in town.

A married person with 2 kids in San Francisco making $300,000 is probably on the lower end of middle class.
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