Does an income of $300,000 make someone rich? (McCain, Christmas, health care)

[Nomander]

Originally Posted by F355

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.

True. So, these people who make these large incomes and have nothing to show for it are not rich, just stupid. /shrug

[Greatday]

Originally Posted by bls5555

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...

We save approx (in cash deposits) around 10% of gross earnings. This does not include retirement investing

There is no way to tell you about the house(s) we have for that doesn't make much sense.

We do take 3 / 4 trips a year (at least one is a cruise). We have 4 automobiles and some other "toys".

[Greatday]

Originally Posted by bls5555

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?

Just wondering how well of your parents are or were? Is this a perspective thing?

Parents were not well off -

No, I do not consider having two home "wealthy" at all - Enjoyable yes - Wealthy? No

[F355]

Wealthy is having several multi-million dollar estates scattered throughout the country.

[UnderTheLiveOaks]

Originally Posted by F355

Wealthy is having several multi-million dollar estates scattered throughout the country.

To you. That's wealth to you. That's why it's all subjective.

[F355]

That's true. Ask someone in a third world country what's "wealth", and they may consider people living in the ghettos of US cities, "rich".

[odinloki1]

All the semantics aside, in comparison with 99% of the country (and the richest country in the world I might add) You make more money if you're getting 300K. Your bringing home in a month more than what a good portion of the opulation makes in a year. You will never have to worry about money unless you want to buy the bigger mansion up the road (hold on let me shed a tear for that instance). You are rich like it or not and you are going to be viewed that way by most of the population.

[GregW]

IMHO - If you have to spend time working for other people to obtain an income you are NOT rich. You are just another employee. If you have enough money that you can live at whatever levels you desire off the interest and dividends, then you are rich.

[lh_newbie]

"Rich" to me means not having to work to sustain your lifestyle.

So, is a person that makes $300K rich? If they could quit their job tomorrow and still live their lifestyle - yes. Otherwise, they are affluent - but not rich. I equate rich with the term "independently wealthy". If someone only spends $40K per year, but they have invested enough to not have to work for it... then I consider them rich. Rich doesn't mean flashy, IMO.

Brian

[kleer]

Originally Posted by F355

I make that and don't consider myself "rich" at all.

I consider you rich.