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Old 03-10-2010, 07:15 PM
 
Location: between Ath,GR & Mia,FL...
2,574 posts, read 2,488,948 times
Reputation: 327

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According to Forbes mag,a top 20% of earners,considered "rich ",in Miami have an income of $295K.

The top 5%,considered "very rich", earn $ 560K + .

Do u know such families..? Do they "feel" rich..?

What about their lifestyles,consumer preferences ,political & social beliefs..?
Any commentators who actually belong to such families..?
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Old 03-10-2010, 09:15 PM
 
2,930 posts, read 7,063,350 times
Reputation: 1389
Quote:
Originally Posted by harrymiafl View Post
ccording to Forbes mag,a top 20% of earners,considered "rich ",in Miami have an income of $295K.

The top 5%,considered "very rich", earn $ 560K + .

Do u know such families..?
Yes
Quote:
Originally Posted by harrymiafl View Post
Do they "feel" rich..?
Most of them feel they have enough, I guess that could be a definition of "rich"

Quote:
Originally Posted by harrymiafl View Post
What about their lifestyles,consumer preferences ,political & social beliefs..?
Any commentators who actually belong to such families..?
They live in regular places(at least the ones I know) East Kendall, West Kendall, Redlands, Palmetto Bay etc. The ones I know are CEOs, business owners and Lawyers. I know 2 different households that make over 500k that live in affordable condos. You just never know who has money and who doesn't. They shop where regular people shop, Macy's, Walmart, K-mart, Dollar stores. The ones I know happen to be Democrats & Christians(Catholics & Protestants)

Last edited by ♥♥PRINC3Ss♥♥; 03-10-2010 at 10:25 PM..
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Old 03-10-2010, 11:39 PM
 
1,946 posts, read 5,386,098 times
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I think there's actually been studies on the wealthy and how many luxuries they enjoy--the overwhelming majority would easily pass as upper-middle class as they don't buy ridiculously expensive cars, houses, etc.
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Old 03-11-2010, 05:21 AM
 
Location: Northside Of Jacksonville
3,337 posts, read 7,121,439 times
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Some of my family would be considered big-ballers as some have executive level positions in additional to lucrative self employment businesses. You wouldn't know it because they live like regular people, i.e. discount shoppers, give their wealth to charities, etc.
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Old 03-11-2010, 05:37 AM
 
Location: Hialeah
809 posts, read 2,316,811 times
Reputation: 359
The guys I know are extravagant for some things, frugal for others. For example, one of the guys will drive his 7 series BMW to Walmart or Target LOL. They will make fine foods and serve it on regular dishes, not fancy gold plated stuff, but plates that are microwave and dishwasher safe.
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Old 03-11-2010, 06:02 AM
 
11,642 posts, read 23,913,732 times
Reputation: 12274
Quote:
Originally Posted by harrymiafl View Post
According to Forbes mag,a top 20% of earners,considered "rich ",in Miami have an income of $295K.

The top 5%,considered "very rich", earn $ 560K + .

Do u know such families..? Do they "feel" rich..?
We are such families. We make more than $295K but not more than $560K per year. We have everything we need, plus most of the stuff we want. I guess that makes us rich.

Quote:
Originally Posted by harrymiafl View Post
What about their lifestyles,consumer preferences ,political & social beliefs..?

Any commentators who actually belong to such families..?
My husband is a lawyer. I am a voice teacher with just a few students. We live in a nice house in Weston, not a mansion though. We drive normal cars. My husband drives a VW and I drive a Scion. We have a GMC Yukon XL that we keep around for longer trips.

I shop at Kohls for my kids clothing, Macys for mine, BJs and Publix for groceries. I definitely look for sales and I like to save money. Having money does not mean I am ok with wasting it although I will spend it on luxury items that I think are worth the money.

My sons are able to attend sports and music camps in the summer that can run into a lot of money. This summer my middle son will be going to the U of Miami music camp, my older son to 2 different wrestling camps (one in Missouri, one in Maryland) and my baby will be going to a lacrosse camp in NY. IMO this is one area where we spend a lot of money that we would not spend if we were making less money. We feel the experiences of these types of activities are well worth the money spent, while we do not think that driving a BMW is that big a thrill.

I think we live pretty normal lives, not like celebrities or athletes.

We are somewhat conservative politically. I don't know what you mean by social beliefs. We have friends.

Our kids play sports and study music because that's what they enjoy. We enjoy some of the finer things in life but we are not stuffy people. We enjoy good food, good wine but do not put on airs or the like. Right now I am sitting at home watching tv in my sweats. Later I need to go out and I will wear normal clothes (jeans and a nice top), some makeup. I do like nice purses and I have a whole bunch of expensive purses. There are little things about us that give away that we have some money, but overall we are pretty grounded people.
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Old 03-11-2010, 06:12 AM
 
Location: between Ath,GR & Mia,FL...
2,574 posts, read 2,488,948 times
Reputation: 327
As I understand,many rich follow in reality the "understatement " lifestyle,while the anti-rich politicians continiously accuse them of "Dynasty" style extravagances...
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Old 03-11-2010, 08:25 AM
 
3,769 posts, read 8,802,427 times
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Yes, many families do make over 295 and some over 500. Much of lifestyle is spending not earnings. Although certainly they have far more disposable income - that income is quickly absorbed by private school tuition (2 children are $40K, not including tutoring, activities, summer camps) a nanny or other household help is another 30K per year. Vacations become more costly, larger mortgages - increased taxes and retirement planning. You also usually entertain more and with a more hectic life comes increased costs. Not to mention charitable giving and the ever present income tax. I dont believe $295 annually is rich - its comfortable, but its certainly not extravangance.
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Old 03-11-2010, 03:52 PM
 
3,368 posts, read 11,673,266 times
Reputation: 1701
Momma_bear,

It seems to me that you have a very healthy and realistic view of money. You'd be surprised at the number of well-off people who have almost no idea of how most people live; no idea of how comfortable their lives are and how fortunate they are never to have to worry.

I consider myself fortunate to have grown up in an economically diverse area in a lower-middle class family that slowly but steadily made its way up to upper-middle class. It really taught me to appreciate what we had and to aspire to have more. Now that I'm about to graduate from law school and am looking for a first-year attorney position here in NY, I realize that even in Manhattan and even with loads of student debt, the starting salary for a lawyer at a small firm or company is something for which I will truly be thankful. Yes, I'll have to budget my money and have a roommate for the first few years of my career, but I'm still in my 20's and quite frankly it would be unreasonable for me to assume I could be rich right off the bat, even after having competed 7 years of post-secondary education at well-respected institutions. Life just isn't that easy!

One thing this recession has done is make more people aware at how fortunate they should be to not have to worry about money. The middle class in this country had gotten pretty ridiculous with their spending and expectations. It blows my mind that some middle class seem to believe they're entitled to a 3000 square foot home, three cars, plasma TV's, designer clothing, etc.... all in an "A"-rated school district! One thing I like to tell people is that though many people can afford a splurge every once in a while, a middle class person, by definition, just isn't going to "have it all" in the way the more affluent people can. I suppose one of the consequences of living in a country as well-off as this one is that people get carried away in thinking that it's normal to live life like people do on television. That's not how the average person lives, people!



Quote:
Originally Posted by Momma_bear View Post
We are such families. We make more than $295K but not more than $560K per year. We have everything we need, plus most of the stuff we want. I guess that makes us rich.

My husband is a lawyer. I am a voice teacher with just a few students. We live in a nice house in Weston, not a mansion though. We drive normal cars. My husband drives a VW and I drive a Scion. We have a GMC Yukon XL that we keep around for longer trips.

I shop at Kohls for my kids clothing, Macys for mine, BJs and Publix for groceries. I definitely look for sales and I like to save money. Having money does not mean I am ok with wasting it although I will spend it on luxury items that I think are worth the money.

My sons are able to attend sports and music camps in the summer that can run into a lot of money. This summer my middle son will be going to the U of Miami music camp, my older son to 2 different wrestling camps (one in Missouri, one in Maryland) and my baby will be going to a lacrosse camp in NY. IMO this is one area where we spend a lot of money that we would not spend if we were making less money. We feel the experiences of these types of activities are well worth the money spent, while we do not think that driving a BMW is that big a thrill.

I think we live pretty normal lives, not like celebrities or athletes.

We are somewhat conservative politically. I don't know what you mean by social beliefs. We have friends.

Our kids play sports and study music because that's what they enjoy. We enjoy some of the finer things in life but we are not stuffy people. We enjoy good food, good wine but do not put on airs or the like. Right now I am sitting at home watching tv in my sweats. Later I need to go out and I will wear normal clothes (jeans and a nice top), some makeup. I do like nice purses and I have a whole bunch of expensive purses. There are little things about us that give away that we have some money, but overall we are pretty grounded people.
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Old 03-11-2010, 04:19 PM
 
Location: between Ath,GR & Mia,FL...
2,574 posts, read 2,488,948 times
Reputation: 327
In fact ,a couple with 2 kids needs a house bigger than 3000sq.ft.
They need 4bds ,plus a guest for in-laws etc,plus an office,a fitness room...
So,the right home is around 4000 sq.ft...
As for LCDs -plasma is gone- prices have gone so much down that u can buy a 32' for 500...
So,yes,every room needs a 32' on the wall...
Even middle class people on 80K /year can afford those basic nessecities...
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