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It is SO relative. To me it is not rich but it certainly is comfortable. I will never forget bringing home a new friend when I was in college. She wasn't at college but we met at a restaurant where we were both waiting tables. This was in the early 90s and while I have no idea how much my dad made, probably around 200K, my parents did have a very nice, large house, about 4500 square feet with a pool, on two acres etc. although they built the house in the early 80s and I know he didn't make that much when they built the house, so it wasn't that nice. Anyway, she walked into the house and her eyes were huge. She met my dad, was all big eyed was like OMG you are rich (she actually said that to my dad) and your house is beautiful. He chuckled and said thank you. But her parents, whole family probably, lived in trailers or rented old mill houses. She had probably never had a friend in even the middle class, she came from lower class, never graduated high school, etc.
So, politics aside, in most corners of the world making 170K/year really does make you rich. It makes you richer than like 90% of the world (ok don't quote me on that figure, I am jst pulling it out of a hat, might be less but might be more too but you get my point). No you aren't filthy rich, no you are not millionaire rich, no you wouldn't be able to afford 5 $2Million houses, or go to $5K/night hotels, but you are certainly rich to most people.
And it doesn't matter how much you can spend, anyone can be irresponsible with their money. Lottery winners do it quite frequently and I don't think anyone would argue that someone that wins 150Mill isn't rich, no matter how fast they blow through that money. That arguement just doesn't fly. Yes someone who is responsible and invests well will be richer that someone who isn't/doesn't. Even in NYC 170K will leave you reasonably more comfortable than most.
OK. I'm the northeast and I not quite making that much money (20 min outside of NYC). But I know even if I did I really nothing up here even. Even if I made 3 times that amount I would not be rich. I would be comfortable but definitely not rich.
So let me ask you guys. In your area (and please give us a general idea where you are.) do you think making a $170,000 makes you rich? If so what the level of income would make you below rich? If the answer is no what is the income level that would make you rich there?
well, you can easily buy a house in my home town and probably have it paid off in 2-3 years if you're smart about it. I'd consider that to be pretty rich. Maybe not by the definition rich, but you are definitely well off. You at least have enough money to eliminate a lot of debt/burdens and you can take care of your parents when they get to old and you can pay for your kids education with no problem.
$170k/yr is not rich. But a family could live a comfortable life in most parts of the country on $170k. It's a very comfortable living for a single person. But not rich.
In my opinion, if you have to work for your money, your still working class. When you have enough money that the money works for you (as in it earns enough interest that you don't have to work) thats when you call yourself rich.
That theory is courtesy of Bill Cosby.
I like that quote. I think it makes a lot of sense. Of course its still quite relative.
Personally I think if you have half a million in the bank and you have a house paid off, you are set for life if you want to be and you can do something for your enjoyment, not because you need an income. At the very least you'd only need to work part time.
I always think of rich as a life style. I know Some Dr.'s who make $250,000 a year but rarely have any time off. But on the other hand I know a guy who owns a business who makes less but comes and goes as he wishes, seem rich to me. he's got a plane a boat and lots of toys,
I have also known a few successful visual artist who make a lot less but seem like they never work, their entire life every day seem to be at leisure.
In the Midwest a married couple who are both High school educated , blue collar, teamsters could conceivably make upward toward $200,000 but they would have hardly any time off and if you saw them at the mall would not see a rich couple.
my financial plan consist of finding out what I want to do after 5:00 pm and on weekends, and find a job that is conducive to that activity
Rich is when you can live off your investments comfortably and they still grow. No one who has to work is rich
I concur
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