[Stendahl Syndrome]

Sorry you can't afford all the stuff you want, but $250,000 family income puts you in the top 2 % of all households in this country. I'd say that if that doesn't make you "feel" wealthy, then you might want to relocate to Dixwell or The Hill neighborhoods in New Haven. There you could be...I don't konw... maybe in the top .5 %. Mybe you'd feel a little more wealthy, a little more fortunate? Maybe you'd feel a little bit less like a victim?

[jjbradleynyc]

Originally Posted by RA73

According to our overseers in D.C., couples making 250K AGI are "wealthy". I would argue that especially in SW CT, that level of income is almost the base minimum for owning a home, raising children, saving for college, etc., after accounting for Federal, State and property taxes (never mind social security and medicare). Many of us are already in the AMT and thus have effective "all-in" tax rates close to 40% as we lose our state income and property tax deductions and the AMT de facto phases out mortgage interest as well.

So no, I don't feel wealthy. Don't get me wrong, I'm not crying poverty. But I am also sick and tired of being made out to be a plutocrat when my wife and I are just regular, god-fearing Metro-North warriors.

You are so right. As a household, we earn in the $175k range and we struggle to meet everything. And we have 1 child.

At $250k, and with a bigger mortgage, and 1-2 more kids, we'd have to have about $250k to make it work. We'd be wealthy if we made $1m in this household.

$250k down south or mid America goes a LONG way, but in suburban NYC and NYC itself it is basically what it can take.

[jjbradleynyc]

Originally Posted by kidyankee764

$250k household income "wealthy"...?

Maybe in Alabama.

100% agree. Or West Virginia. Or Arkansas. Or Nebraska. Or Ohio..anywhere almost but here (and San Fran/Boston/DC) lol....

[CLR210]

Originally Posted by Tin Knocker

Tell that to all the people making it on $100,000 or less just fine.
Truth is if a person made $250,000 a year consistantly & acted responsibly, you know avoided McMansions, humvees, expensive clubs & clothes etc, they could bank every other years salary in its entirety & live pretty good. When we tell ourselves that $250,000 is upper middle class at best we are inviting everything that is wrong with this state with open arms. Thats over $4000 a week, almost $1000 a day, $1000 a day not wealthy? $1000 a day plus bennies not wealthy? Everyone wants to tax the rich more, as long as the line defining rich is above them. Unfortunately it cant work that way. From where I stand & most of the people in CT stand $250,000 IS definately wealthy & if you wanna raise taxes on wealthy people you need to step up too & do your part, put up or shut up.

Course I'd rather see us just cut taxes, in this state it should be very easy to just repeal the income tax since its only 21 years old. On the federal level its harder but we still pay for much more than needed.

TK, with all due respect, 250k is not "wealthy". It may even be a stretch to consider us upper middle class but we absolutely are not wealthy. Is it a good income? Absolutely but it is not wealthy. I don't think you are factoring in how much of that income goes to taxes. I'm not quite at the 250k figure, but I'm close to it and I do not live fancy. I have a 2000 sq ft home and my hubby and I both drive 4 year old cars (Ford and Dodge, no BMW or Mercedes). You also have to factor in the cost of making that kind of money i.e. continuing education costs, required clothing i.e. I can't go to an executive business meeting wearing clothes from Target or Walmart. Even with that, I do not spend a lot on clothes either and I take very good care of them so they last as long as possible. What do we complain about??? The fact that such a huge chunk of our hard earned money goes to taxes and yet so many folks are screaming for us to give them more, more, more. It's not us squandering our money, it's the government squandering our money and I'm sorry but that just makes me mad. I work 50, 60 sometimes 70 hours per week for my money and I deserve to keep a little bit of it and maybe one day be able to retire without being worried that social security won't be there when I get there. Many of us are pouring as much money as we can into our retirement plans so we'll be able to take care of ourselves when we get old cause nobody else is going to. Ok, I feel better now.

[Cambium]

Everyones definition of wealth is different.
Everyones definition of necessities is different

Lets use these examples.

350,000 SF Home mortgage @4% rate = $1700/mth(est)
$7000 a year taxes = $583/mth
Heat-Water-Electric= $500/mth
TV-Internet-Phone= $250/mth
Cars-Insurance-Gas= $700/mth

Thats $3700 a month(est)

What did I forget? Food, credit cards..

If you're making over $100,000 as a couple/no kids and you're struggling, then one of 3 things needs to happen..

1. Look at what you have and start eliminating or downsizing.
2. Watch every single penny coming out of pocket and start doing little things to keep in pocket
3. Find a way to generate more money

If you dont do one of those 3 things then the rest wont change and the struggle will continue. Most of the time its not the place your living in but its the decisions you make.

[trishguard]

Originally Posted by hartford_renter

Right you don't understand how social security is calculated. Well it is a scam because it goes disproportionally to the low income folks.

It's calculation:

Average inflation adjusted earnings over 35 years

90% x Income up to 10K
32% x Income 10K to 43K
15% x Income 43K to 106K

So if you only make 10K per year your benefit is the largest as a percentage of your earnings by far.

The reason SS is going broke is because the poor who get a disproportional benefit are bankrupting the system. It is not sustainable to pay someone 90% of their salary.

All in all social security, medicare/medicaid and welfare account for about 55% of all gov't spending. Its the reason we are going broke.

And I thought it was broke because Congress raided the funds.

Originally Posted by Stylo

Social Security is alright, but I think young people should be allowed to opt-out and put the same money into private investments and retirement funds. In other words, you still have to put it somewhere, you can't just pocket it, but it's yours to invest.

If it's my money why can't I just pocket it?

[Beeker2211]

Originally Posted by CRenaud

The fact that such a huge chunk of our hard earned money goes to taxes and yet so many folks are screaming for us to give them more, more, more. It's not us squandering our money, it's the government squandering our money and I'm sorry but that just makes me mad.

I know this was a rant to kind of relieve pressure (haven't we all been there) but you do know that taxes are at the lowest levels in just about anyone who is working today's lifetime?

[Tetto]

Originally Posted by CRenaud

TK, with all due respect, 250k is not "wealthy". It may even be a stretch to consider us upper middle class but we absolutely are not wealthy. Is it a good income? Absolutely but it is not wealthy. I don't think you are factoring in how much of that income goes to taxes. I'm not quite at the 250k figure, but I'm close to it and I do not live fancy. I have a 2000 sq ft home and my hubby and I both drive 4 year old cars (Ford and Dodge, no BMW or Mercedes). You also have to factor in the cost of making that kind of money i.e. continuing education costs, required clothing i.e. I can't go to an executive business meeting wearing clothes from Target or Walmart. Even with that, I do not spend a lot on clothes either and I take very good care of them so they last as long as possible. What do we complain about??? The fact that such a huge chunk of our hard earned money goes to taxes and yet so many folks are screaming for us to give them more, more, more. It's not us squandering our money, it's the government squandering our money and I'm sorry but that just makes me mad. I work 50, 60 sometimes 70 hours per week for my money and I deserve to keep a little bit of it and maybe one day be able to retire without being worried that social security won't be there when I get there. Many of us are pouring as much money as we can into our retirement plans so we'll be able to take care of ourselves when we get old cause nobody else is going to. Ok, I feel better now.

[BMORE]

I live in NC and I know if your making $250k a year here your "rich" (not wealthy), but in CT that probably makes you middle-class.

[CLR210]

Originally Posted by Beeker2211

I know this was a rant to kind of relieve pressure (haven't we all been there) but you do know that taxes are at the lowest levels in just about anyone who is working today's lifetime?

Not where I'm sitting when you factor in federal, payroll, property, sales taxes and on and on and on. It wouldn't be so bad if our so called "leaders" didn't spend our money on stupid crap and actually did something good with it but all I see is waste, waste, waste and at my expense yet everybody is still screaming for more of my money.