What do you consider "rich"?

[auburntigersfan]

Re: What do you consider "rich"?

You guys are still in highschool I'm going to assume. lol
100K is NOWHERE NEAR rich. Not even in the same ballpark. Are you talking about having a job or combined income of 100K? Even if you clear 100k it's not rich. At least here in the Tri-State area.

I tend to agree.

I live in Oklahoma, and I don't think most people I know consider anyone rich who makes less than 400,000. I don't really consider anyone rich unless they make 500,000 and up. A person below can still be well off, but not rich.

[superjames1992]

Re: What do you consider "rich"?

I tend to agree.

I live in Oklahoma, and I don't think most people I know consider anyone rich who makes less than 400,000. I don't really consider anyone rich unless they make 500,000 and up. A person below can still be well off, but not rich.

Yeah, if people think that you don't have to worry about paying bills if you make $100K, then they'd be completely wrong. In reality, it's only about $60K or os once you've payed you're taxes (which, due to our progressive tax system, are much higher than what most of you are paying). If you think you can buy anything you want and not worry about paying bills having $60K to spend, then you'd be completely wrong. $60K can be eaten up very quickly with healthcare insurance, bills, family, car payments, and house payments.

If I had to pick a number for "richness", then I'd say $500K or so.

[GSW]

Re: What do you consider "rich"?

Yeah, if people think that you don't have to worry about paying bills if you make $100K, then they'd be completely wrong. In reality, it's only about $60K or os once you've payed you're taxes (which, due to our progressive tax system, are much higher than what most of you are paying). If you think you can buy anything you want and not worry about paying bills having $60K to spend, then you'd be completely wrong. $60K can be eaten up very quickly with healthcare insurance, bills, family, car payments, and house payments.

If I had to pick a number for "richness", then I'd say $500K or so.

i make 40k.

im rich.

[ODogg]

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 it's relative really. When I was making 20k a year I thought 100k was rich and just mad money. Now that I make more than that I think 500k a year is rich and off the charts insane money. And if I made 500k I'd probably think 1.5m a year would be rich.

EDIT - Oh and it depends on where you live too. 100K a year is the normal living salary for a Californian but for a Michigan man to make 100k a year is doing twice as well as the Californian.

[funky_chicken]

Re: What do you consider "rich"?

My definition of rich is very simple. When your money works for you and you do not work for your money you are rich. When you can just live off the interest your money makes you are rich.

[Herbsinator]

Re: What do you consider "rich"?

even though I posted my idealistic answer earlier (rich means having people in your life that love you<----This is still the answer, IMO)...I feel like I need to step in and say something about this. I don't think you can measure "richness" by a person's salary. To me, to measure how rich a person is you need to measure their net worth...aka how much they own minus how much they owe.
Here is a little example for you:
Person A makes $250k/year.
Person B makes $100k/year.

Person A thinks that because he gets paid so much he can spend like crazy and the party will never stop. He has a huge house that he can barely cover the monthly payment on, brand new luxury cars, a plasma tv in every room, credit card bills up the ***....yadda yadda yadda. He barely saves away any money each month, if at all.

Person B lives below his means. He always pays himself first (saving money away instead of spending it on other needless stuff). He lives comfortably in a reasonable house in a reasonable location. Has nice cars, but within reason. Basically, Person B is a guy who didn't buy into all of the American mass consumer culture crap that told us we should use "things" to fill up the emptiness inside of ourselves.

Now, when Person A and Person B retire, you tell me who is the "rich" one.

[ODogg]

Re: What do you consider &quot;rich&quot;?

even though I posted my idealistic answer earlier (rich means having people in your life that love you<----This is still the answer, IMO)...I feel like I need to step in and say something about this. I don't think you can measure "richness" by a person's salary. To me, to measure how rich a person is you need to measure their net worth...aka how much they own minus how much they owe.
Here is a little example for you:
Person A makes $250k/year.
Person B makes $100k/year.

Person A thinks that because he gets paid so much he can spend like crazy and the party will never stop. He has a huge house that he can barely cover the monthly payment on, brand new luxury cars, a plasma tv in every room, credit card bills up the ***....yadda yadda yadda. He barely saves away any money each month, if at all.

Person B lives below his means. He always pays himself first (saving money away instead of spending it on other needless stuff). He lives comfortably in a reasonable house in a reasonable location. Has nice cars, but within reason. Basically, Person B is a guy who didn't buy into all of the American mass consumer culture crap that told us we should use "things" to fill up the emptiness inside of ourselves.

Now, when Person A and Person B retire, you tell me who is the "rich" one.

Yeah I agree that's a pretty good way to measure it. Basically how long you can go without income is a good way to measure it. You can have a huge salary but if you get laid off and you're sunk then you're not rich.