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Make $200,000/yr FOX says you're rich

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JeffreyLebowski said:
And? The President and Dems have been saying that for a lot longer.
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Unless they've bought too much house and live in the top 5 urban areas, they should be quite comfortable though. The average which means alot of people make less isn't even 40k. I don't know how people survive at that level.

We must pity those 2 percenters though that are going to see a 4 percent increase in the MARGINAL tax rate.

Wow this editor see the percent sign as a tag.
 
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Skoorb said:
$200k isn't rich in the US. If you made that in Sierra Leone, yeah I'd say you're rich.
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Since a $200K income puts you in the top ~5% or so of people in the U.S., I'd say that's rich, statistically speaking. It may not seem like much these days, especially if you're living in a high-cost area like NYC or SoCal, but if it's more than 95% of your countrymen are making, that would qualify, IMHO.
 
SAWYER said:
I'm dirt poor if 200k a year isnt rich
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200K isn't rich and really one should not be buying a car as expensive as the volt with that salary. 41k is doable at 200k, 61k after the markup, not so much. A good rule of thumb is don't buy a car more than 25% of your salary.
 
Mursilis said:
Since a $200K income puts you in the top ~5% or so of people in the U.S., I'd say that's rich, statistically speaking. It may not seem like much these days, especially if you're living in a high-cost area like NYC or SoCal, but if it's more than 95% of your countrymen are making, that would qualify, IMHO.
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This. $200k/year is sort of relative to where you live. As Mursilis said. Sure in NYC or CA it isnt rich (it is still a very nice wage though), but here in Kansas City $200k/year is rich. You could pretty much live whereever you wanted to in this city with that income. But most people are stupid and like to compare everything to CA as some sort of standard for determining things that dont fit into most of the rest of the country.
 
spidey07 said:
200K isn't rich and really one should not be buying a car as expensive as the volt with that salary. 41k is doable at 200k, 61k after the markup, not so much. A good rule of thumb is don't buy a car more than 25% of your salary.
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So you are saying Fox is wrong!


(I tend to agree though that $200K doesn't 'feel' rich even if technically is)
 
Making 200k/yr doesn't make you rich, it's how long you make 200k a year and what you do with it that will make you rich. If you use your 200k a year in a decent way after a little while you will be rich.
 
Obama already said you're filthy rich if you make 200k and you're not paying your fair share. What's the problem with fox saying it?
 
Me and my wife don;t make 200k added up and we both make good incomes.

I would take 200k and call myself rich any day of the week. Onyl problem is my wife would "retire" the day after she found out I make 200k a year. 🙂



"Source: Doctor Zero"
 
$200k year doesn't put you in the same ballpark. It puts you above the majority but you're still poor as fvck compared to real rich people. People with many houses, new Maybach every couple of years, wouldn't be caught dead outside of first class, rent a house when on vacation for $20k/week or more. That is rich. Most of us will never experience it even if we hit $200k. There are surely people in my neighborhood who make $200k/year. My hood. I don't live with rich people, period.
 
Wish I was making 200k a year. I'd sure consider myself rich and allow me to live a lot more comfortably.
 
Skoorb said:
$200k year doesn't put you in the same ballpark. It puts you above the majority but you're still poor as fvck compared to real rich people. People with many houses, new Maybach every couple of years, wouldn't be caught dead outside of first class, rent a house when on vacation for $20k/week or more. That is rich. Most of us will never experience it even if we hit $200k. There are surely people in my neighborhood who make $200k/year. My hood. I don't live with rich people, period.
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And those people are going to be the ones who are going to bear the burden of any new taxes.

Since I lost my job I have done some consulting. I reported $600,000 as income on my taxes last year. After paying taxes, and paying people I had hired to help complete the work, I made closer to $75,000. If my taxes go up I might not be able to continue doing consulting.
 
CaptainGoodnight said:
And those people are going to be the ones who are going to bear the burden of any new taxes.

Since I lost my job I have done some consulting. I reported $600,000 as income on my taxes last year. After paying taxes, and paying people I had hired to help complete the work, I made closer to $75,000. If my taxes go up I might not be able to continue doing consulting.
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Sound like you need a new CPA.
 
CaptainGoodnight said:
And those people are going to be the ones who are going to bear the burden of any new taxes.

Since I lost my job I have done some consulting. I reported $600,000 as income on my taxes last year. After paying taxes, and paying people I had hired to help complete the work, I made closer to $75,000. If my taxes go up I might not be able to continue doing consulting.
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Why would your taxes go up if you only make $75k?
 
CaptainGoodnight said:
I have one now. I sort of got in the consulting thing by accident, and kinda exploded into something I didn't expect.

My CPA might be able to mitigate some of that. Not too hopeful.
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Sounds like you had major exspenses to write off against your gains. That's the beauty of not collecting a paycheck like the average shmo and having your own business.
 
spidey07 said:
200K isn't rich and really one should not be buying a car as expensive as the volt with that salary. 41k is doable at 200k, 61k after the markup, not so much. A good rule of thumb is don't buy a car more than 25% of your salary.
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200k a year means you're probably clearing 9-10k a month after taxes. The loan payment with zero down and 4.9% financing for 5 years on 61k loan is about $1150 a month...I am pretty sure 10-15% of your net income on a car payment isn't going to kill anyone.

Not that I would buy a Volt if I was going to pay 60k for a car.
 
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