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Like beauty, rich is also in the eye of the beholder. That being the case, the most reasonable response to the original question ( Does an income of $300,000 make someone rich? ) is that there is no right answer OR there are 300,000,000 right answers....one for each person in the USA.
Well it's a Yes/No question, so technically there are only 2 answers. There may be 300M different opinions to back up their answer, but only 2 possible answers.
my property taxes are pushing 20k...13k to be exact (they just went up again)
Not to get off-topic, but where do you live and how much is your house worth to be paying $13K/yr in taxes? I have a $650K house on 1/2 acre and my property taxes are only about $5,300/yr.
And a little more on topic, my wife and I together make about $350K/yr. We live a pretty nice live - we both drive fairly nice cars (G35 and Yukon Denali), go on 3-4 mini vacations and and at least one big 2-3 week vacation to another country every year, we own several investment properties, and we still manage to save about $100K year. And I would say we're pretty "well off" but not filthy rich.
Now the guy I know who runs a hotel website and makes $3-$4 million a year is definitely filthy rich, but ironically he lives in a cheaper house than I do and his kids go to public school. So not everyone spends every penny they make.
Well, according to Obummer, $172,000 a year is "modest." That is what he said in an interview about Gibbs leaving as press secretary. So I guess $300,000 is not considered rich.
Not to get off-topic, but where do you live and how much is your house worth to be paying $13K/yr in taxes? I have a $650K house on 1/2 acre and my property taxes are only about $5,300/yr.
And a little more on topic, my wife and I together make about $350K/yr. We live a pretty nice live - we both drive fairly nice cars (G35 and Yukon Denali), go on 3-4 mini vacations and and at least one big 2-3 week vacation to another country every year, we own several investment properties, and we still manage to save about $100K year. And I would say we're pretty "well off" but not filthy rich.
Now the guy I know who runs a hotel website and makes $3-$4 million a year is definitely filthy rich, but ironically he lives in a cheaper house than I do and his kids go to public school. So not everyone spends every penny they make.
I live on long island
the house is 1400 sf on a tiny 50x100 lot
have another hose in NC , it is 400sf on a full acre with an inground and the taxes are only 2k a year
Depends on what exactly you mean by "rich". I consider a person "rich" if they don't have to worry about incidental expenses (e.g. how much is my car insurance, how can I save some money on cable, should I fly coach to save on airfare), at $300K you still have to worry about such things or you will likely have financial problems. I would argue they are are upper middle class.
If I had HALF as much, I wouldn't know where to spend it.
So I'm glad that I don't have it.
Just get yourself some fireproof pockets.
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