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I think it depends where you live, $500.000 in Kansas would probably be rich not so much in Manhattan.
Not only that, but someone who is single is in a different situation than someone with the same income who supports a family. I support my wife and 3 children on my income. I know if I was living on my own and single, my income would go a lot further. Anyone with kids knows what I mean.
To me, well off is above $100k a year. Rich would probably be $250k a year and above. Not sure what to call actual millionaires . FWIW, I make about $55k a year. Consider that moderately upper middle class.
Not only that, but someone who is single is in a different situation than someone with the same income who supports a family. I support my wife and 3 children on my income. I know if I was living on my own and single, my income would go a lot further. Anyone with kids knows what I mean.
Good point, I have a kid. I had a boat before the kid and I thought that was a money pit! Boy was I naive!
"Rich" is being unaffected by the economic downturn or unemployment. You have enough socked away to ride out anything for as long as it takes.
No, that's called being smart. Thinking ahead and planning isn't limited to people who make a lot of money, just as not planning and racking up debt isn't limited to people who make only a small amount of money.
Rich is never having to worry about where the next meal, the mortgage payment, or other bill is going to come from at any income level.
For example, a 65 year old guy with a house paid off, in an area with low property taxes, and who is on Medicare, is pretty darn rich if he makes $70K a year. The same guy with the same house might have been "poor" when he was scraping to make the house payment and cover the Blue Cross premiums 10 years earlier.
No, that's called being smart. Thinking ahead and planning isn't limited to people who make a lot of money, just as not planning and racking up debt isn't limited to people who make only a small amount of money.
Yes. But "smart" won't matter if the problems starts before you have a chance to save much.
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. FWIW, I make about $55k a year. Consider that moderately upper middle class.
Boy was I naive!
