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It's all relative. That is almost 4 times our household income, so, to me, it sounds like a lot. If we made that much, we'd save and spend it wisely, so we'd be "well off."
I always say, everything's relative. As someone who has lived in some of the most affluent parts of the country and been exposed to true wealth, I just do not think a $300,000 a year job is "rich".
Now obviously, to someone making $50,000 or even $100,000 this income is "rich" but to someone making $750,000, my salary is nothing. There was even research done on this very phenomena - performed on truly wealthy individuals with net worths of over $5 million.
When asked if they thought they were rich, do you know what they said? They said, "No, I consider someone has a net worth of $10 million rich". And when the individual with a net worth of $10 million was asked if they thought they were rich, they said, "No, I deem individuals with a net worth of $20 million rich". And so on.
Sorry, but when you've got two luxury car payments, like to shop at Neiman Marcus, have mortgage payments, and still want to have vacation money, save for retirement, and have a stock portfolio, $300,000 diminishes VERY quickly.
yes, but you have the option of having 2 luxury cars, mortgage payments, and shopping at neiman marcus. That is your choice. It is not a choice for me, so you sound pretty rich to me. We drive used cars, have a small mortgage, and shop at outlet stores, and seldom take a real vacation. Oh poor you, your money goes so quickly. I wish I had such problems!
It's been asked at what salary level is someone considered rich, and there has been some very interesting insight.
My question is, if a family has a combined income of $300,000 a year, are they considered "rich". Of course everything is relative, but in most parts of the US is this considered wealthy?
While this figure is clearly a large sum, I think it depends how old one is when they earn this kind of money which determines whether or not they are rich. If it's someone in their 30's or even 40's, I would argue that they are affluent (not rich).
But if it's someone in their 50's or 60's (who has yet to pay off their mortgage, drives luxury automobiles, travels extensively, dresses to the nines, enjoys fine wine and food) I would say they are not.
Even though a salary of $300,000 puts one in the top .9% of US income earners, I still do not consider this figure to be "rich". Do you?
Richer than I am! LOL But it depends on where you live. If you're in CA, you're probably not doing that well, with that kind of income.
It's been asked at what salary level is someone considered rich, and there has been some very interesting insight.
My question is, if a family has a combined income of $300,000 a year, are they considered "rich". Of course everything is relative, but in most parts of the US is this considered wealthy?
While this figure is clearly a large sum, I think it depends how old one is when they earn this kind of money which determines whether or not they are rich. If it's someone in their 30's or even 40's, I would argue that they are affluent (not rich).
But if it's someone in their 50's or 60's (who has yet to pay off their mortgage, drives luxury automobiles, travels extensively, dresses to the nines, enjoys fine wine and food) I would say they are not.
Even though a salary of $300,000 puts one in the top .9% of US income earners, I still do not consider this figure to be "rich". Do you?
Yes 300k is rich...At this salary you can afford to live anywhere in relative comfort for any family size and afford to live this way well below what you make and still afford many luxuries on top of that...
In the John McCain/Talk Radiot/Me me me me world then this may not be enough...But in reality at 300k you easily make enough to not have any financial worries whatsoever.
If we made that much, we'd save and spend it wisely, so we'd be "well off."
LOL, been there and NOT done that. Easy to say, hard to implement. The female will intervene and demand better living conditions, nicer transportation, nicer clothing, etc, etc, etc, etc, etc, etc, etc, etc, etc!!!
Did I put enough "etc's"? Probably not.
Define the term rich as this topic appears to be title baiting. It would make you rich if you live in Zimbabwe, it would barely pay the rent in Monaco. What are the person's expenses? Debts? What if this income was donated to charity?
The Austrian school of economics would suggest that to define rich is beyond a mere mathematical equation, and should take into account the benefit of barter.
For example, if I decide to volunteer and shovel the senior neighbours driveway, and in return I'm invited to dinner. This is an equally valid transfer of good and services as received by paycheck.
The value of any voluntary means of exchange is subjective. This simple act might offer more value to me than an entire day at work.
Personally, I feel an admiration for the Amish who see past the mere accumulation of coin as a means to judge wealth.
of course 300,000 per year is rich... i don't want to hear about expenses and what not. If you're dining out and dropping hundreds of dollars on meals rather than staying at home and cooking food bought at the store... that is a choice to make. If you're wearing designer clothes, and can't find themselves to shop at Old Navy or some other low end retail shop.. that's a personal problem. Fact of the matter is 300K buys you more in the market place than 99.5 percent of the population. THAT MAKES YOU RICH.. if you don't know how to manage it to have any money in your account at the end of the month then you're a moron.... ignorance is no excuse... you're rich.. paying more taxes for these people needs to be a wake up call for them if they are only living month to month. like a said.. they're morons.
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