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$170K in NYC or California won't get you very far.
$170K in Podunk USA could have you living like a millionaire but how many $170K jobs could one find in Podunk ?
Salary is relative to where you live and how big your family is. Prices and cost of living is not equal across the US.
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?
If you are making $170K a year, you are comfortable.
Why? Because, Yes, it's not what you make, it's what you save.
Making $170K a year, a person could save some nice money.. as long as they don't try to live like they make $1M a year.
Howevr, someone that is making, say the average American income of $56K doesn't have much saving room after paying for the basics.. basic small house, used car to get towork.. etc.
I could go a long way on $170K.. I could make some nice investments because I'd have some discretionary income and increase my wealth beyond the $170K a year.
Trying to keep up with the Joneses 20 minutes outside of NYC....
Gads! You're signing up for the ultimate rat race, eh?
Get out while you still can.
Problem is that you can move someplace where your cost of living is less but you'll only get paid half as much. This is why seniors retire to places with low cost of living.
If you are making $170K a year, you are comfortable.
It DEFINITELY is related to where you live. There are cities / locales where 170K barely makes it.
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