Does an income of $300,000 make someone rich? (interviews, Barack Obama, high school)
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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?
Nope. Does the Zimbabwe money system giving you 1 google dollars make you rich. Nope. It does not buy you much.
Wealth is a measurement of how much you can buy. Now if 300k without all the inflation that occurred then I guess so. If it was 300k gold tons yep you are rich unless they find ways of mining more gold.
Also, depends on household size doesn't it? When a household of 10 people work then 30k per person is not rich by any means.
Anyway rich or not depends on if the amount being paid can buy you much. 300k dollars per year in china right now yep you are rich. 300k in nyc you are only upper middle class not rich. 300k in mid-west in usa = you are close to rich if it's just 1 person earning that much.
Anyway the question for op is too vague to answer.
(Wealth is production of goods and services not the salary.)
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.
As someone mentioned an income of $300,000 puts someone in the top .9% of income earners. I guess the definition of "middle" is subjective but lets not get ridiculous.
I don't care where you live, $300K is very well off. Lots of folks earn under $50K and consider themselves doing all right. Sure you can squander it all, invest with Bernie Madoff, or have disastrous business losses. Then again, to someone who lives in a neighborhood where the median income is $500K, that is "relatively poor." I also noted someone who takes "3/4 trips" a year. How do you take three-quarters of a trip?
I think when the media and the government talk "income levels" they are going by your tax return because they usually say X% of people in the blah blah income bracket and most data about wealth comes from the IRS so officially speaking, your age isn't coming into play. Also not coming into play is if Smith makes $300,000 per year and buys more than he makes, lives in NYC, gambles and is seriously in credit card debt and Jones also makes $300,000, spends his money wisely, lives in Cheapsville and has little or no debt. To the people reporting on "wealth" all they are seeing is $300,000 so Smith and Jones are the same. I also think that's the right way to report wealth for consistency.
As someone mentioned an income of $300,000 puts someone in the top .9% of income earners. I guess the definition of "middle" is subjective but lets not get ridiculous.
Yep. How can you make more than 99.1% of Americans and not be wealthy?
If your asking what makes someone rich based on a number I would ask this.
Why does it matter?
Seems to me it only matters to those who need someone to measure something against for political and or taxing reasons.
None of which is anyone's business and or government and I still dont think we should have the IRS so instead of worrying about how much someone has in the bank tax what EVERYONE buys like 3% and be done will all taxes all together. Let states tax for what they need and be done.
This is stupid that we even need to have this discussion and only idiots in Washington look for new ways to screw us based on a income number.
Stop taking the number and just tax what you buy and tax everyone the same LOW LOW rate end the IRS and for once govenrment will be limited and not telling us what they will be giving everyone with other peoples money. Its not even the job of government anyway you elected people who think it is. THROW THEM OUT!
Income is not wealth. Rich relates to accumulated assets, and whether you HAVE TO work.
If the income comes from a trust fund or other passive sources, it shouldn't be the same as if you have to go to work every day to earn it. You are NOT rich if you HAVE TO work; that's my definition. If you work you are paying the government a ridiculous portion of your wages. If you live within driving distance of jobs that pay a decent wage, then you are paying (still) highly inflated housing prices, and even more highly inflated property taxes. The cost of working is high, but all our government cares about is taking a big chunk from every income flow.
If you have your house paid for, live in an area with non-confiscatory property taxes, have enough money in the bank to take care of you for the rest of your life and cover any major medical problems, you can be "rich" with just enough income to cover your expenses.
If you have to work to pay for your mortgage, property taxes, working costs, and college for your kids, you can make $400,000 a year and not be anywhere near as rich as the people in the paragraph above.
Our government shouldn't be so large that it takes large chunks of at least half of every working person's income. For what the citizens get in return, the total cost of government should be about 1 or 2 pennies on every dollar earned--unlike the 85 cents taken today by multiple levels of government taxing absolutely every activity, time period and state of being in our economy. Taking everything from Americans leaves then with nothing to spend, and that's why we've been at an economic standstill for as long as I can remember, and will be until everyone says "enough!"
Our government shouldn't be so large that it takes large chunks of at least half of every working person's income. For what the citizens get in return, the total cost of government should be about 1 or 2 pennies on every dollar earned--unlike the 85 cents taken today by multiple levels of government taxing absolutely every activity, time period and state of being in our economy. Taking everything from Americans leaves then with nothing to spend, and that's why we've been at an economic standstill for as long as I can remember, and will be until everyone says "enough!"
Many got a good education to start off with. Some got education later in life.
Most are willing to put in many hours each week.
You do not know what your talking about my friend.......
I know two people "very well" who have medi education and make 1.5mil plus annually......
They have different occupations and spend more time in restraunts , fun trips, golfing ect ect ect ect...than you know.
Come to think of it I know quite a few mega dollar earners who basically "think" they work hard but "do not" have one clue as to what that word means..... Heres an easy one just thinking.......
Guy opens Donut shop.....Donut shop in 2yrs earns 1mil after all the
expences......
Guy pays employee's ...B-ll Sh-t Wages.... and does not work hard.
Give yourself a reality check pal....the economy is a farce because every Tom Dick and Harry wants to be who.....?
Thats right ...Bill Gates and laughs on the backs of all the workers
with this min wage baloney........
Hey ...all you greedy slobs......If you can't pay people properly...
DO IT YOURSELF
WAKE UP PEOPLE
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