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That's one sociologist's definition, I offered that not to give you an easy definition, but to point out the ambiguity of the terms we're discussing. The way you jumped on it is laughable.
Do you think there's a bigger difference in the lifestyles of someone who makes 349k and someone who makes 400k or between someone who makes 300k and someone who makes 60k? The thought of someone with an annual income of $349,999 getting a one dollar raise and thereby becoming officially "upper-class" is laughable.
no their is not a big diff, between 349k or 400k
even the median (68k) is closer to the 250k, than 1 million
I have no problem if they want to classify 3 million as rich
but to say 250k is rich, when we difened rich as 350k back in the 50's would mean TODAY's rich would be 3 mil plus
sorry but 300k, when the starter homes are 450k, is not rich
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?
No. Especially if $300,000 gross only buys what $60,000 bought 10 or 15 years ago.
and my 60k mmakes me rich compared to (tkramer) on these boards since I may 3 time his 20k
its all relative
300k is not rich
You are correct in saying that it's all relative. However, in relative terms you are not making much more money than the average American. So while you may be rich compared to many workers on the shorter end of the stick, you are far away from being rich compared to the majority of Americans. The same cannot be said of the small percentage of those who are in the 300k range. And when the OP asked the question, it should be safe to assume that he/she meant "rich" relative to the majority of Americans.
No. Especially if $300,000 gross only buys what $60,000 bought 10 or 15 years ago.
Again, faulty logic. If 300k only buys what 60k bought 10 years ago, then 50k (which is where the majority of Americans are) would only buy what 10k bought 10 years ago. So in that sense as well, 300k is still worth more than what the overwhelming majority of Americans can afford...
If you're making $300K a year, you can afford to take a few months off.
If you're living paycheck to paycheck on $300K a year, maybe you ought to look at cutting your spending. What the heck are you spending it on? New car every other year, etc.?
Taking a few months off does not constitute a lifestyle. I am lucky - I don't have loans to pay off. Many of my colleagues can't say the same and haven't had the opportunity early in their career to create savings they could live for months off of.
The problem is that people are mired in the thoughts of 20 or 30 years ago when a million dollars sounded like some insane, fanstastic sum.
And ordinary person can hardly be expected to even retire on that much these days...
You have to adjust your thoughts to inflation. A couple of hundred grand ain't what it used to be.
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