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Old 09-14-2010, 02:04 PM
 
10,854 posts, read 9,310,848 times
Reputation: 3122

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Quote:
Originally Posted by Moth View Post
Hmmm...depends.

$250K in places like Dallas or Omaha will make you feel pretty wealthy.

$250K in places like New York, LA, SF, DC, Boston, etc, not so much.

Also:

A 24 year old single hot shot making that is going to feel fine.

A couple with kids, mortgages, saving for retirement and college tuition are going to feel squeezed.

You fail to comprehend that there is not one size fits all.
The bottom line is this if you are making $250K a year then you gross monthly income is about $20,880 a month. I don't care where you live if you can't buy a home, feed your family and put some investment money way with that kind of gross monthly income you have some money management issues.

This issue that some people think that because they make that kind of money they are of the opinion they "have to" live in certain neighborhood and drive a certain type of car and have a lifestyle and if they don't they are somehow "less than" in the eyes of a very materialistic and superficial society.
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Old 09-14-2010, 02:07 PM
 
10,854 posts, read 9,310,848 times
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Quote:
Originally Posted by Booya View Post
Wealth is not just determinted by yearly income. There are many other variables involved. Wealthy is more determinted by what you have saved rather than what you make. People that live in Hawaii, San Francisco, or NYC would be hard pressed to live a "wealthy life style" on 250k a year. While someone in Arkansas could have a pretty nice life style on this same amount. But depends on debt etc.
I have a friend who makes over 250k a year has, 3 sons in college in out of state schools and they live above their means. Their home was almost foreclosed this year. I make a lot less, my home and car are payed for, take pretty nice vacations each year. I woudn't trade place with them. They are not wealthy! It is all relative.
I agree wealth is not determine by income. A major factor is how many assets you own and how much income that you derive from those assets. In other words when you are wealthy you don't work for money, you money works for you.
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Old 09-14-2010, 02:21 PM
 
13,656 posts, read 20,797,030 times
Reputation: 7654
Quote:
Originally Posted by JazzyTallGuy View Post
The bottom line is this if you are making $250K a year then you gross monthly income is about $20,880 a month. I don't care where you live if you can't buy a home, feed your family and put some investment money way with that kind of gross monthly income you have some money management issues.

This issue that some people think that because they make that kind of money they are of the opinion they "have to" live in certain neighborhood and drive a certain type of car and have a lifestyle and if they don't they are somehow "less than" in the eyes of a very materialistic and superficial society.
Ummm...there are these things called Federal Taxes, State Taxes, and Municipal Taxes which you fail to deduct. Then there are these other things called Medicare and Social Security Taxes which you also fail to deduct. Those are fixed and its rather innaccurate to post figures devoid of them.

Saving for college tuition as well as for a retirement that may last 30 years and include 24/7 care is not exactly easy.

Now I might concur with your thoughts on materialism and the like. But we are not talking about that. We are talking about if 250K makes one wealthy. Since "Wealthy", to me at least, means something akin to the yearly salaries of Warren Buffet, Paul McCartney, or Bill Clinton, it would seem the answer is....NO.

Don't get me wrong, its good money. Especially in Omaha.
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Old 09-14-2010, 02:23 PM
 
Location: Foot of the Rockies
90,297 posts, read 120,875,960 times
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Quote:
Originally Posted by Booya View Post
The only conclusion I can come up with is that the liberals on this forum don't make very much money and the conservatives make a pretty decent living. Because all the liberals want to penalize the people who make more money than them!
The conclusion I come to is that some conservatives are so out of touch with the common guy that they describe a house like this:

Quote:
Originally Posted by formercalifornian View Post
Good point. So, what will that kind of money buy you in Clarksville, MD, which was previously held up as an example of an extremely expensive community? Here's an example of a house in that range. It's 7 beds/5 baths in 6000 sq. ft. on nearly four acres in a very high-performing school district. Now, who here thinks that's a middle class house?
as "bland", and feel that someone with a $250K income may feel "sqeezed" when their kids are in college. What? Have to vacation in Hawaii this year instead of Tahiti? Oh, you poor dear! I'd also like to know where the conservative defenders of the middle class are, now that their compatriots are talking like this.

Quote:
Originally Posted by independentsucka View Post
but what about my point, in that someone could be paying out lots of money in child support. people making that much money can have situations too. they can be paying for a retirement home for an aging parent, ect.
Re: child support-My cousin was talking about how my poor, benighted brother couldn't afford a trip from Florida to Pennsylvania to visit our parents b/c he was paying 25% of his income in child support. Unfortunately (for him) he said this to DH, who replied, "I'm probably spending 50% of my income on that". Do people really think that if the kids live with both parents it costs nothing to raise them? Gimme a break!
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Old 09-14-2010, 02:28 PM
 
10,854 posts, read 9,310,848 times
Reputation: 3122
Quote:
Originally Posted by Moth View Post
Ummm...there are these things called Federal Taxes, State Taxes, and Municipal Taxes which you fail to deduct. Then there are these other things called Medicare and Social Security Taxes which you also fail to deduct. Those are fixed and its rather innaccurate to post figures devoid of them.

Saving for college tuition as well as for a retirement that may last 30 years and include 24/7 care is not exactly easy.

Now I might concur with your thoughts on materialism and the like. But we are not talking about that. We are talking about if 250K makes one wealthy. Since "Wealthy", to me at least, means something akin to the yearly salaries of Warren Buffet, Paul McCartney, or Bill Clinton, it would seem the answer is....NO.

Don't get me wrong, its good money. Especially in Omaha.
Again you can't manage 20,880 of month in gross income you have money management issues. First state and municipal taxes are deductable from federal income taxes. So those are not actual cost you absorb unless you just totally ignorant of federal tax laws and deductions. Social Security and Medicare taxes are not going to put in in the poorhouse if your gross income is 20,880 a month. I NEVER said that $250K a year made anybody wealthy. So we are in agreement on that point. But if you can't live a comfortable lifestyle with that kind of money you have some money management and probably life management issues.
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Old 09-14-2010, 02:30 PM
 
Location: Staten Island, New York
3,727 posts, read 7,039,406 times
Reputation: 3754
Quote:
Originally Posted by JazzyTallGuy View Post
The bottom line is this if you are making $250K a year then you gross monthly income is about $20,880 a month. I don't care where you live if you can't buy a home, feed your family and put some investment money way with that kind of gross monthly income you have some money management issues.

I see your point. Careful budgeting and not getting caught up in obtaining 'things' is really key here. A person could even build 'wealth' with good planning.

This issue that some people think that because they make that kind of money they are of the opinion they "have to" live in certain neighborhood and drive a certain type of car and have a lifestyle and if they don't they are somehow "less than" in the eyes of a very materialistic and superficial society.
So what is the definition of 'wealthy?' Personally, I tend to see this as poor, working class, lower middle, mid-middle and upper middle class, rich, wealthy, and nauseatingly wealthy.

In NYC 250 will certainly take care of you IF you take care of it. But if it is your total income, and you have 3 kids that you want to put in good schools, you still have to be careful. So becoming 'wealthy' in this situation depends a lot on how you live and how many people you need to support. if you are careless and care too much about what you own and what people think of you, you can be poor very, very fast.

I could do very well on 250!
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Old 09-14-2010, 02:39 PM
 
Location: THE USA
3,257 posts, read 6,131,301 times
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Quote:
Originally Posted by NYChistorygal View Post
250 is not wealthy, especially in a large city. It's a very comfortable living if you live within those means, don't try to keep up with others, and you could possibly BUILD wealth of you are good at investing and such. You certainly cannot compare 250 to Gates or Buffet types.

So no, 250 is not wealthy, not even rich.

The top 20 wealthiest cities in AMERICA and 2 of the City's residents make less than $250,000 annually!!! They would not have to pay the higher tax bracket. Stop lying about what $250,000 gets you.

It is just too too bad if they are living above their means. They should reign in their ridiculous spending habits like the middle class has had to do.


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Old 09-14-2010, 02:40 PM
 
Location: Foot of the Rockies
90,297 posts, read 120,875,960 times
Reputation: 35920
Quote:
Originally Posted by Moth View Post
Ummm...there are these things called Federal Taxes, State Taxes, and Municipal Taxes which you fail to deduct. Then there are these other things called Medicare and Social Security Taxes which you also fail to deduct. Those are fixed and its rather innaccurate to post figures devoid of them.

Saving for college tuition as well as for a retirement that may last 30 years and include 24/7 care is not exactly easy.

Now I might concur with your thoughts on materialism and the like. But we are not talking about that. We are talking about if 250K makes one wealthy. Since "Wealthy", to me at least, means something akin to the yearly salaries of Warren Buffet, Paul McCartney, or Bill Clinton, it would seem the answer is....NO.

Don't get me wrong, its good money. Especially in Omaha.
Funny you should mention Omaha. One of the "Money" magazines did a story a while back about a couple who couldn't make it on 300K in Omaha. They just couldn't give up their horse(es), etc.

I can't find it on google right now; it may be too old to show up in the first few pages. And if you think that Omaha is some smelly, meat-packing town where you can buy a 2000 sq. ft. house for 50,000, think again.

Best Places to Live 2010 - City details: Omaha, NE - from MONEY Magazine
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Old 09-14-2010, 02:52 PM
 
13,656 posts, read 20,797,030 times
Reputation: 7654
Quote:
Originally Posted by JazzyTallGuy View Post
Again you can't manage 20,880 of month in gross income you have money management issues. First state and municipal taxes are deductable from federal income taxes. So those are not actual cost you absorb unless you just totally ignorant of federal tax laws and deductions. Social Security and Medicare taxes are not going to put in in the poorhouse if your gross income is 20,880 a month. I NEVER said that $250K a year made anybody wealthy. So we are in agreement on that point. But if you can't live a comfortable lifestyle with that kind of money you have some money management and probably life management issues.
I NEVER said that $250K a year made anybody wealthy.

No, but others did and it was to that was which I was responding.

Last edited by Green Irish Eyes; 09-14-2010 at 05:16 PM.. Reason: Please discuss the topic, not each other.
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Old 09-14-2010, 02:55 PM
 
13,656 posts, read 20,797,030 times
Reputation: 7654
Quote:
Originally Posted by Katiana View Post
Funny you should mention Omaha. One of the "Money" magazines did a story a while back about a couple who couldn't make it on 300K in Omaha. They just couldn't give up their horse(es), etc.

I can't find it on google right now; it may be too old to show up in the first few pages. And if you think that Omaha is some smelly, meat-packing town where you can buy a 2000 sq. ft. house for 50,000, think again.

Best Places to Live 2010 - City details: Omaha, NE - from MONEY Magazine
I did not say anything about it being a smelly, "meat-packing town." You and JazzyGuy need to refrain from putting words in peoples' mouths.

Last edited by Green Irish Eyes; 09-14-2010 at 05:14 PM.. Reason: Please discuss the topic, not each other.
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