At what income level do you consider someone is rich?

[krunchykrome]

Originally posted by: IHateMyJob2004
Polish3d,

I was driving around one day looking at homes for sale and noticed an interesting house. Not in the best neighborhood, probably worth $400K. They had about $200K worth of cars in their driveway. Hummer H2, mercedes and a third car. I laughed.

the people who live in Baltimore City and Baltimore County in $100K homes drive better cars than those of us who live in the suburbs.

 

[DomS]

Originally posted by: moshquerade
I have heard $250,000 and higher makes you not in the middle class anymore.
So what income do you think puts you in the "rich" category?

as an individual? More than 70k. You still have problems at that level but it's more like 'where do we park the 3rd car...we only have a 2 car garage'

 

[Chaotic42]

Originally posted by: Lothar

Originally posted by: vi edit
When my money works for me...instead of me working for my money.

/thread

I agree.

 

[Martin]

There's little room for opinion here. You know the median salary/ net work, its easy to define rich.

If you say "upper-middle" class is the top 20% and the Rich are the top 5%, that means someone is upper-middle class is >~100k, and rich is >~250k

 

[IceBergSLiM]

listen if you make 10 million a year and spend it all you are not rich. example mike tyson.

 

[DaWhim]

I work in wealth management, specifically dealing with ultra high net worth clients. if you have your an account in private bank, you are rich. most have 1 million assets minimum requirement.

 

[alkemyst]

Being rich and just in the upper class are two different things.

To be rich, most with money (the lower class thinks anyone with a Benz is a baller) would define rich as a net worth around 1 BILLION.

The John Astor that died on the Titantic was one of the world's richest at the time...he was worth like $20-30 million...he was carrying in his wallet about $4,000 in currency back in 1912. That's being rich. To put it in perspective at that time most were lucky to make $500 a year, you were doing kick ass if you made $1000/year. It'd be like someone today walking around with a few hundred thousand in their pocket.

The original John Astor (made his fortune first in fur and then most of it buying up most of Manhattan when it was barren), was the 4th richest ever with a worth in today's dollars of around $140 Billion.

All that said upper class is defined as starting between $100-250k, however; with a household income of $100k you aren't by any means anywhere close to being rich even without a mortgage.

 

[LtPage1]

at least 500k/year.

 

[Doom Machine]

anyone that can afford something in excess. like a car with gold plated rims/grill or an ivory backscratcher...etc.

a quote i've heard many times throughout my life.
"as long as i owe you money, you'll never be poor"

 

[MrCodeDude]

Originally posted by: dullard
$100,000.

That $100k level puts you at over double the median household income, it puts you in the upper tier of income earners, and it means you can easilly afford to get into the places where decisions are made. For example, you can afford to pal around at the country club with your local politicians. Heck, if you save up a bit, you can easilly afford a $10k plate at a dinner with the president or a ~$100k personal visit one-on-one with him. At under a $100k salary, you just can't swing those very easilly. Sure, it is possible, but it just isn't realistic to think someone at say $50k/year can afford a $100k meeting.

Sure, it is location dependent ($100k in hollywood is different from $100k in rural plains states). But, still, $100k is where the power doors can swing open if you choose to open them.

No one is going to spend a years salary on a personal visit with a politician.

I'd say you're not upper class unless you're pulling a seven figure salary a year. But this is coming from someone who lived in the Bay Area all his life.

$500k here buys you a 2 bedroom shack in the slums.

 

[SSSnail]

Originally posted by: joesmoke

Originally posted by: Atomic Playboy
$17,514.00 exactly. No more, no less.

W2 cut and paste?


OP - 12 million a year. a million a month sounds about right.

Net.

 

[BrownTown]

I would say 100,000$/yr is a good start. 250,000$/yr maybe to really be considered rich. But really most people consider it maybe like 50% more money then they make, so the mroe you make the more you probably think it takes to be rich.

 

[Polish3d]

Originally posted by: MrCodeDude

.
But this is coming from someone who lived in the Bay Area all his life.

$500k here buys you a 2 bedroom shack in the slums.

So true

 

[3chordcharlie]

Originally posted by: spidey07
What you've heard is propoganda for the robbing hood scheme. 250K a year is not rich, after taxes it isn't much.

At $250k you're earning ten times what it takes to live on with good budgeting and modest choices.

You're earning more than 90+% of the population.

This may not mean you can have anything you want, all the time, but it's a lot more than 'it isn't much'.

 

[spidey07]

Originally posted by: 3chordcharlie

Originally posted by: spidey07
What you've heard is propoganda for the robbing hood scheme. 250K a year is not rich, after taxes it isn't much.

At $250k you're earning ten times what it takes to live on with good budgeting and modest choices.

You're earning more than 90+% of the population.

This may not mean you can have anything you want, all the time, but it's a lot more than 'it isn't much'.

Totally disagree, it isn't much after taxes. Sure, you're not living paycheck to paycheck but it really isn't a lot of money. And you can't count people that don't work or don't work full time into that 90% population figure. That is what is so skewed about those figures.

Two people working factory jobs will make over 100,000 dollars a year and yet somehow many consider that rich. That line of thinking is...well....laughable.

As I already stated that kind of household income fully supports the basics (home, college, retirement, wealth building, kid raising, etc), but not much else in a medium to high cost of living area - aka any medium sized city.

 

[Astroluna]

i must suck i only make 350 a week, but hey all i do is photoshop stuff and surf the internets?

 

[jpeyton]

Middle class is anything under $5,000,000/year.

 

[Polish3d]

I'd say once you hit the high 6 figure (700k+) mark then you've moved out of even the upper-echelon of middle class. Even more so if you have assets in the multi-million dollar range in addition

 

[imported_Lothar]

Originally posted by: krunchykrome

Originally posted by: IHateMyJob2004
Polish3d,

I was driving around one day looking at homes for sale and noticed an interesting house. Not in the best neighborhood, probably worth $400K. They had about $200K worth of cars in their driveway. Hummer H2, mercedes and a third car. I laughed.

the people who live in Baltimore City and Baltimore County in $100K homes drive better cars than those of us who live in the suburbs.

I drive a '97 Honda Accord Wagon.
What car do you drive?

 

[ColdFusion718]

OP, why do you want to know?

 

[hellokeith]

If your house and vehicles are completely paid for, you live in a safe neighborhood, and you have a full time job, then you are borderline rich in my consideration.

If you play golf in the middle of the week, then you are rich. If you leisurely leave work to play golf or play golf before leisurely going to work, then you are very rich.

 

[Nemesis 1]

Lots and lots. How much money to be Rich . Well first it begins in the Home . If you have a family. And a LIVEABLE income. IF you Live a Life in your family according to how the Living Word tells us to, Treat your Fellow Man as he says to. Than remove all the BS religious stuff . NO way could this guy be Gods son Because their can't be a God . You just treat everyone as instructed, AND still have zero knowledge of the wizard of OZ. one of Satans Greatest masterpieces. You will be a rich man. AS time passes your weired Oh. neigbors, Will think your a really really Good christian Family . And You don't even no what the hell a Christ is. But your really a wonderful loving family who treats everyone else like their family, Well time passes on. Your weirdo neighbors aren't so weird any more . Pretty soon their acting just like you , In time it spreads to all in your neighborhood . THE Family community becomes more aware of the environment and they care for it and everthing flourishes. After more time you look into this Christ Thing you heard from your communty family. After studing the Gosphels only . You come to the natural conclusion because the proof is everyware. Their is an order in everthing.or an appointed time .Their for God is God .The possiabilities of a universe in caos can't exist. THAN you will be more Rich than Bill Gates ever dreamed about being, As you found life eternal in the living word.

 

[Martin]

Originally posted by: spidey07

Originally posted by: 3chordcharlie

Originally posted by: spidey07
What you've heard is propoganda for the robbing hood scheme. 250K a year is not rich, after taxes it isn't much.

At $250k you're earning ten times what it takes to live on with good budgeting and modest choices.

You're earning more than 90+% of the population.

This may not mean you can have anything you want, all the time, but it's a lot more than 'it isn't much'.

Totally disagree, it isn't much after taxes. Sure, you're not living paycheck to paycheck but it really isn't a lot of money. And you can't count people that don't work or don't work full time into that 90% population figure. That is what is so skewed about those figures.

Two people working factory jobs will make over 100,000 dollars a year and yet somehow many consider that rich. That line of thinking is...well....laughable.

As I already stated that kind of household income fully supports the basics (home, college, retirement, wealth building, kid raising, etc), but not much else in a medium to high cost of living area - aka any medium sized city.

The problem with what you're saying is that you're just making up random crap and it makes no sense whatsoever.

Like many other things, wealth is normally distributed. In the US, making a it more than 150k will place you in 2 standard deviations away from the median (ie top 4.5%). To give you an analogy in height or IQ, 2 standard deviations means someone is 6'4" or has a 132 IQ.

Now of course that varies by region, so in some places you might need 250-300k to be in 2 SDs away from the median, but this also means that in other places you'll need 100k or even less.

http://en.wikipedia.org/wiki/H...e_in_the_United_States
http://en.wikipedia.org/wiki/Standard_deviation


If you say 250k is not much, you're basically saying that being better off than 98.5% of people is not much, which is not true. Your problem is likely that you have no clue how ordinary people live.

 

[Special K]

Originally posted by: ABitTooSpicy
When your passive income... (income you don't have to lift a finger for... investments etc.) outweigh ALL your expenses. You are then as rich as humanly necessary...

What if my annual expenses are only $20k/year, but I can generate that through passive income? Am I rich? That's much different than someone whose annual expenses are $200k/year, but they can also generate that through passive income.

 

[rgwalt]

Originally posted by: TridenTBoy3555
I consider someone rich if they make over $200,000 alone. $250,000 a year combined is not rich to me. Also need to have worth of over $500,000 USD.

Bottom line: Any child who has parents who buy them a car for them that is quite nice and also gets spoiled with the Diesel jeans, is a total spoiled brat bitch. I find it completely unfair that wealth gets you knowledge as well; higher education.

Then go to a state school where tuition is funded by the rich people's taxes... Do you think education should be free?!? Nothing is free. If you want an education, then get a job, get loans, join the military. Take some personal responsibility and work for your education. You'll appreciate it more and get more out of it than those who are given a free ride. Plus, you'll learn that the education is only a tool. When you get out in the real world, the education can help you get the job done, but you still have to do the work.

R