What do you consider "rich"?

[cubsfan203]

Re: What do you consider "rich"?

If you are having to worry about anything money related and you are making 250K then you just are irresponsible and likely one of these people who bought a house they couldn't afford.

What he said.

[Herbsinator]

Re: What do you consider "rich"?

Here is what I consider rich:

Having people around you who love and appreciate you for who you are.

[ehh]

Re: What do you consider "rich"?

Driving through Greenwich, the Hamptons or Newport.....if you can make it there you're rich.

[stewaat]

Re: What do you consider "rich"?

I'm with the OP, 100k for a family and I'm good. I'm hoping to make an average of 70k once out of college though.

99.9% chance 70k AIN'T gonna happen out of college. Let me just burst your bubble now.

10 years out of college yea but right out no way in hell.

Unless you are the .1% of people who have crazy connections and get spoon fed a nice job. I wish I was that person!

I went to entry level jobs in downtown Charlotte with a degree in Finance and the starting salaries ranged from $30K-$35K!!! People with experience took my opportunities and now I moved into law enforcement.

[fistofrage]

Re: What do you consider "rich"?

I used to agree with the opinion of the OP, but my boss is a lawyer and single, but struggles to pay me during the summer...so I'm just not sure

Lawyers are cash basis, they tend to not start collecting from their clients until November or so as long as they have the money by the end of the year they are good, even if they don't, even better, they don't have to report the earnings until the following year. Still shouldn't have cash flow problems but many do until the end of the year.

[ehh]

Re: What do you consider "rich"?

99.9% chance 70k AIN'T gonna happen out of college. Let me just burst your bubble now.

10 years out of college yea but right out no way in hell.

Depends on your major, a couple of my buddies living in Baltimore are engineers and started off at 70 and 75k.

I would settle for 60k right now and I've been out of college almost four years, but that's the risk you take with your own business. Hopefully these years of me making chump change will pay off down the line.

[auburntigersfan]

Re: What do you consider "rich"?

99.9% chance 70k AIN'T gonna happen out of college. Let me just burst your bubble now.

10 years out of college yea but right out no way in hell.

Unless you are the .1% of people who have crazy connections and get spoon fed a nice job. I wish I was that person!

I went to entry level jobs in downtown Charlotte with a degree in Finance and the starting salaries ranged from $30K-$35K!!! People with experience took my opportunities and now I moved into law enforcement.

Depends on which university a person graduates from.

[AuburnAlumni]

Re: What do you consider "rich"?

99.9% chance 70k AIN'T gonna happen out of college. Let me just burst your bubble now.

10 years out of college yea but right out no way in hell.

Unless you are the .1% of people who have crazy connections and get spoon fed a nice job. I wish I was that person!

I went to entry level jobs in downtown Charlotte with a degree in Finance and the starting salaries ranged from $30K-$35K!!! People with experience took my opportunities and now I moved into law enforcement.

Truth.

Regardless of what your buddies may brag about, I'd say 90% of folks between the ages of 23-30 are making somewhere in the range of 30-55k a year from their current job, regardless of what it may be. At least in the South.

Now, you may make more on the West Coast, up North, etc...but the increased cost of living offsets it.

Most of my friends, and I'm 31....make somewhere between 40-55k salary. Now I do have buds who are Pharmaceutical reps (40-70k roughly), Medical Equipment Reps (60-120k), and Sales Reps (40-100k). But most 9-5 gigs in that age bracket are going to be somewhere in that range.

I've always been an entrepeneur anyway so I'm usually doing 2-3 different things at once to increase my revenue stream. Personal Training, Working in Nightclubs, selling Alarm Systems, Working as a Sales Rep in a traditional 9-5 type job, etc.

[throwmonkey]

Re: What do you consider "rich"?

99.9% chance 70k AIN'T gonna happen out of college. Let me just burst your bubble now.

10 years out of college yea but right out no way in hell.

I'll hit 70k 2-3 years out of school. Granted I live in the Bay Area so there's cost of living factored in but it's not out of the realm of possibility.

[Adam Dayton]

Re: What do you consider "rich"?

Rich to me is the ability to live very comfortably in any area within the United States. So, rich to me is like 500-750k and above a year.

[fistofrage]

Re: What do you consider "rich"?

I'll hit 70k 2-3 years out of school. Granted I live in the Bay Area so there's cost of living factored in but it's not out of the realm of possibility.

http://swz.salary.com/costoflivingwizard/layoutscripts/coll_result.asp?presentsalary=50000&presenthomemetrocode=66&presentworkmetrocode=66&newhomemetrocode=156&newworkmetrocode=156&x=31&y=12

Check out the cost of living comparisons on Salary.com

$50,000 Salary in Michigan is equivalent to $78,000 in San Francisco
$50,000 Salary in N. Carolina is equivalent to $82,000 in SF and $86,000 in NY

Those are to maintain the same standard of living. However, an equivalent job paying $50,000 in Michigan will only net you $60,000 in SF. So at an equivalent job in SF, you'd be taking a significant decrease in standard of living despite making $10,000 more.

[KG]

Re: What do you consider "rich"?

http://swz.salary.com/costoflivingwi...=156&x=31&y=12

Check out the cost of living comparisons on Salary.com

$50,000 Salary in Michigan is equivalent to $78,000 in San Francisco
$50,000 Salary in N. Carolina is equivalent to $82,000 in SF and $86,000 in NY

Those are to maintain the same standard of living. However, an equivalent job paying $50,000 in Michigan will only net you $60,000 in SF. So at an equivalent job in SF, you'd be taking a significant decrease in standard of living despite making $10,000 more.

I was on that site yesterday and a person of similar title as mine living in NY would make ~12-15% more, and I live in MD (outside of DC) which is one of the more expensive places to live.

Just like some others have said, in these economic times unless your field is really specialized you will not be making $70k right out of school. The competition for those jobs will be intense and most likely snatched up by someone with more experience than you who has been laid off. Not saying it doesn't happen but college grads should not be suprised when their salary expectations are lowered.

[fistofrage]

Re: What do you consider "rich"?

I was on that site yesterday and a person of similar title as mine living in NY would make ~12-15% more, and I live in MD (outside of DC) which is one of the more expensive places to live.

Just like some others have said, in these economic times unless your field is really specialized you will not be making $70k right out of school. The competition for those jobs will be intense and most likely snatched up by someone with more experience than you who has been laid off. Not saying it doesn't happen but college grads should not be suprised when their salary expectations are lowered.

Rude Awakening for most kids unless you are in the medical profession. There is a 50,000 nurse shortage in US. That job can pay $50 to $60K right out of college in Michigan which would be $70K in other areas.

But for those with a business degree right now, lots of luck. There are people lined up a mile long for most financial and accounting jobs.

[SuperBowlNachos]

Re: What do you consider "rich"?

Fistofrage my sister is a nurse. Had a job lined up before she even graduated and is making enough to buy a new(well it's used) Ford Edge in just a couple of months.

[GSW]

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.

according to this if i could make it to "upper middle class" or hell even "Middle class" id consider myself rich.

i really could careless athough as long as i got money to buy what i want im straight.

i dont have a family right now so my tone might change in a few years but, you cant take the green paper with you when you expire so really whats it matter.