What do you consider "rich"?

[auburntigersfan]

Re: What do you consider "rich"?

Normally I think of rich as $750,000 plus.

[Brandon13]

Re: What do you consider "rich"?

Depends on location. $1 million in Hattiesburg, Mississippi, is a lot more relatively speaking than $1 million in New York City.

[countryboy]

Re: What do you consider "rich"?

I consider myself "rich" because I'm financially secure and can go do what I want, pretty much when I want

Obviously when I say that I'm not talking extreme like I can go buy a brand new car straight cash or anything along those lines, but I have enough disposable income to be extremely flexible.

And monatary value in my opinion, has little to do with whether you're rich or not, because if you're living well beyond your means, it doesn't matter how much money you make, you're still living paycheck to paycheck.

[callmetaternuts]

Re: What do you consider "rich"?

I'd say either an annual income (one or two incomes) would be over $300k in regular suburbia, or a net worth of over $650k.

[JohnnytheSkin]

Re: What do you consider "rich"?

While I understand the sentiments of it's more "where you live" being more meaningful than income, indulge me for a second. For those who feel that the benchmark CJ set, of 100k being rich, being too low a number (assuming household)...what are you guys bringing home?

I assume that a lot of the higher values, 300k, 500k, etc. might be because you personally don't want to believe you are rich, despite the fact that you make way more than the large majority of American households.

Some of my wife's friends will go to their graves about how they too are struggling in the suburbs of Denver, are only "upper middle class", despite bringing home near 200k.

For posterity's sake, here's my generic metric for a household of four:

25 - 50k = lower middle class (i.e. above poverty)
50 - 75k = middle class
75 - 125k = upper middle class
125k+ = "rich"

Our gross last year was 151k. I suppose I could rant and throw out other stuff like we have an '06 and a '95 for our cars, live in a fifteen year old house, etc. but really, what's the point.

[Boucher]

Re: What do you consider "rich"?

I'm very fortunate to have a successful mother, we have been able to travel the world and I realize I probably won't be able to ever go back. I must say Russia is a most go if you get a chance

[boomhauertjs]

Re: What do you consider "rich"?

If you can do this...

[mjb2124]

Re: What do you consider "rich"?

To me, rich means you don't have to worry about paying the bills. Bills as in, the normal bills over everyday life. Car, house, insurance, electricity, grocery, etc. Not the extra, materialistic things. I just think 100K for a household is enough.

Under that standard, my wife and I would be considered rich. I just don't see it that way. Doing well? Sure, but definitely not rich IMO. I think my parent's are rich. Both retired with enough projected money to last until they are 120 years old. They also paid off a 30 year mortgage in 10 years and bought a 40K car with cash this last year.

I suppose this is where the definition of rich changes between person to person. I partially agree with your description above, but I like to take it a step forward. That being that along with the bills, the person can also afford the materialistic things they want without a problem (and I'm not referring to the people I think of as extraordinarily rich - those that can buy Bentley's and million dollar houses etc... Those people are in a completely different category).

[sb24]

Re: What do you consider "rich"?

I work at a small community bank with only 2 branches. I am amazed at how many large balances there are here. I see the 100k way more than i thought i would. But those are also alot of life savings.

Rich is when your EARNING above the 125-150k range. If thats your balance your not rich but your not worring about bills.

Rich is when your balance(cash not assets) is 500k and your 5 thousand sq foot house, benz, and hummer are already paid for and your just living off a small job and the the intrest you earn

Rich is when your INCOME is the intrest you earn on your account balance. At that point you dont even need to invest you just watch your money earn money instead of you.

EDIT: My thoughts are not really for a family more a single guy or married with no kids thing. Also each time you earn more you spend more. Thinking the expensive is entitled to you. So we tend to waste money then claim we dont make enough. We make enough we just dont use it wisely or we abused credit.

[Brandwin]

Re: What do you consider "rich"?

I live in Texas and I wouldn't consider a family house hold of 100k being rich at all.
Might not have to struggle as much as some (depending on how you spend your money), but rich? Nah...

[KG]

Re: What do you consider "rich"?

Depends on location. $1 million in Hattiesburg, Mississippi, is a lot more relatively speaking than $1 million in New York City.

Right, it's about location and saving.

Simply put, you can make 100K a year in DC but live in a part of town or the burbs that will eat most of that salary meaning that you won't pocket nearly as much.

To me, you cannot put a monetary value on being "rich".

[matt8204]

Re: What do you consider "rich"?

Alright, we each probably have different opinions on what's rich. It doesn't have a clear definition. To me, it's when you don't have to worry about any "normal" bills. Obviously some people are extremely materialistic and rich for them is different. My question is, an average family household, what would you consider to be rich, as far as income?

I ask this because got into a debate with friends at school. I say 100K a year is rich. They claim, not even close. I think that's absurd. They said something along the lines of 250K.

I looked at statistics, and only 20% of households make over 97K a year. Also, only 7% of people make over 97K a year.

Just interested in hearing other opinions.

I think a lot of it depends on where you live also. $50,000 per year goes a lot further in a state like Minnesota or Iowa than it does in New York or New Jersey. Cheaper property taxes, less expensive auto insurance, more affordable homes (relatively speaking), etc.

It also depends on how you spend and save your money. If you make $150k per year and spend every dime you have, you're not going to feel very wealthy. I have heard about lawyers who have a Benz or Beemer (or both, lol) and can't afford to put gas in the tank. Conversely, you could make $50 or $60k, be wise with your money, have a nice chunk of change in the bank and feel much more secure about your financial situation. It all depends on your goals and your individual wants and needs.

[fistofrage]

Re: What do you consider "rich"?

My definition of Being rich is being able to do what you want when you want. By that definition you would have sources of income that would allow you to not actively be employed or under the employ of others. And for that you must be mega wealthy.

Now others may very. Growing up in a small farming community and now having a 3000 sq foot house and a decent white collar job, my friends all would say I am rich.

Its all relative, talk to the person in a double wide and get his definition of rich vs. the investment banker. Rich may be going out to Red Lobster once a week vs. traveling the world 1st class.

[Stumbleweed]

Re: What do you consider "rich"?

If you're a single-earner making over 100K per year, I consider you rich. Whenever you're quadrupling the incomes of the individual median, then you're rich. The median income for an individual over 18 in the US in 2005 was $25,149...

[fistofrage]

Re: What do you consider "rich"?

If you're a single-earner making over 100K per year, I consider you rich. Whenever you're quadrupling the incomes of the individual median, then you're rich. The median income for an individual over 18 in the US in 2005 was $25,149...

Its all relative. The thing I find interesting is that the person making $25K most likely has a cell phone, cable and roughly the same diet as the person making $100K per year. The main difference between the 2 is going to be difference in housing and possibly vehicle in most cases, quite a few of the other components are relatively similar.

If you live in small town USA, $25K per year can live relatively decent. In fact probably has more amenities and room in their house than the person in a major metropolitan area making $100K.