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Old 03-16-2012, 11:59 AM
 
21,616 posts, read 31,180,666 times
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Quote:
Originally Posted by 80skeys View Post
Can you live the rest of your life in the United States with $150,000? No. Therefore $150k != rich
Exactly. Maybe a couple years of putting 150k in the bank, but on a 150k income? No way. We have a higher income than that - there's no way we're even close to wealthy.
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Old 03-16-2012, 12:34 PM
 
Location: Connecticut
34,917 posts, read 56,893,272 times
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I have to agree. $150,000 per year here in Connecticut does not make you rich. It is the same in most major metropolitan areas too particularly on both coasts.

That said, I noticed yesterday how well the stock market was doing and decided to check our investments. I was pleasantly surprised how well they were doing so I then did a quick inventory of our net worth. I was surprised at how much we had. I mentioned this to DW and she laughed since she sometimes struggles to pay the bills each month. I should note though that she likes to fully pay every bill every month and not carry any balances which can be hard when you have a month with a lot of puchases. When she did a quick inventory in her head she was surprised to find that I was correct. Still we have a long way to go before we can retire and of course there is the ever present college tuitions facing us soon that will take a significant chunk of our investments in the near future. Jay
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Old 03-16-2012, 12:51 PM
 
203 posts, read 326,388 times
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Quote:
Originally Posted by 80skeys View Post
Can you live the rest of your life in the United States with $150,000? No. Therefore $150k != rich
^ That was not even close to the question that the data is based on. The net worth question had a median response of $1million, but still doesn't imply living solely off that money.

Did anyone actually look at the data? It shows the changes in responses by gender, location, education, and (appropriately) income. Surprise, surprise: As income goes up, so does the amount of annual income considered rich/wealthy
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Old 03-16-2012, 05:51 PM
 
24 posts, read 37,456 times
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70k married with one kid and i'm doing fine. I'll shed a tear for all you 250K'ers tonight
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Old 03-17-2012, 08:07 AM
 
21,616 posts, read 31,180,666 times
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Quote:
Originally Posted by vvcronosvv View Post
70k married with one kid and i'm doing fine. I'll shed a tear for all you 250K'ers tonight
Who, in this thread, said they make 250k?
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Old 03-22-2012, 05:33 PM
 
Location: Earth Wanderer, longing for the stars.
12,406 posts, read 18,964,709 times
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Quote:
Originally Posted by 80skeys View Post
It's simple. Wealthy and rich are the same thing. It means you can live the rest of your life with the money you already have. If you can do that, you're wealthy. If you can't, you're not.
I sort of agree with this.

I would consider myself wealthy if I can park my cash in a safe place and live off of the interest with some to spare.

I would also require that I don't need health insurance or long term care insurance because my banked cash will cover those contingencies while still generating extra to support my life.

A guy making six or even seven figures annually, and yet has his entire personality, values, friendships, politics, etc, dictated by his job - a guy who only leaves his work duties to eat and sleep - that is not wealth, but selling your soul, selling yourself into slavery.

I can only see doing that if you see the end of the tunnel, if you do it for a short time to have a splendid rest of your life.

Sometimes, most of the time, life is a trade off.
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Old 03-22-2012, 05:59 PM
 
2,080 posts, read 3,920,998 times
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Quote:
Originally Posted by goldengrain View Post
I sort of agree with this.

I would consider myself wealthy if I can park my cash in a safe place and live off of the interest with some to spare.

I would also require that I don't need health insurance or long term care insurance because my banked cash will cover those contingencies while still generating extra to support my life.

A guy making six or even seven figures annually, and yet has his entire personality, values, friendships, politics, etc, dictated by his job - a guy who only leaves his work duties to eat and sleep - that is not wealth, but selling your soul, selling yourself into slavery.

I can only see doing that if you see the end of the tunnel, if you do it for a short time to have a splendid rest of your life.

Sometimes, most of the time, life is a trade off.
Very true; I know lots of guys making nice $$$, but with their hours worked, weekends and nights, endless travel, they end up working essentially for minimum wage. At least their family gets to enjoy their direct deposited paycheck
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