What Do You Consider Rich?

[ReneeA]

According to this, the average US home size is over 2,400 square feet. Of course, that's the average size of houses, not living spaces. I assume that once you throw in people living in apartments, condos, townhouses, trailers, cars, tents, and boxes, the median goes down a good bit. According to the appraisal district, it is 3,265 sq feet of indoor space and 667 sq feet of garage space. It's considered a pretty typical house (in size) amongst people I know around here.

That's article shows average size of "new" home not average home size. BIG difference!

 

[mjkacmom]

That's article shows average size of "new" home not average home size. BIG difference!

I agree - we don't have many homes in my town that big! My towns is about 150 years old, so the homes are much smaller, and there is no room for new construction.

 

["Got Disney"]

I think Rich depends on where ya live.

I have a 3,000 SF home that until this housing crises was estimates at $925,000..which many bought homes for. My home is 30 years old.

Than there is my girl friend who lives in Montana....she has a home that is 3200 sf....her's was valued at $325,000....she tryed to get me to move out and live near her so we could get a bigger home like hers brand new for less. She also has a ton more property than me....I have hardly any property...just a house on a lot.Her cost of living in her area is way less than ours....she makes less but spends less for everything.

We have been financially blessed no doubt about it. But I by no means consider us Rich. Our friend Dave who died from kidney cancer.....he inherited 5 million Dollars and got so much a month to live on. To me he was Rich....in money but not in life...he is know dead. His kids inherited his trust. Movie stars that get 25 million a movie...that is rich....someone that makes $250,000 a year is not....I just consider them to be well off... in the upper Middle class.

However when I was making $30,000 a year I also felt that someone making over 100,000 was so lucky...how I wanted that...than I got there and realised that it was not as rich as I thought...so than I was like...well anyone making $200,000 a year...well they just have it made, than I could live like a millionaire..nope ...not so.

So I have been at both spectrum's of the isle.....and even though we are living in a nice home....can vacation and feel more relaxed about our income....I was doing that when making $30,000 a year. However we did not own a home in SD ca. either at the time. We rented.

I feel more for the ones living here in SD making $30,000 than I do for those living in Montana....30,000 goes a longer way there ...not so much here...mostly when a can of Campbell Veg soup cost $1.89 I have read posts on these boards about how some have no money for health ins or food or to pay there rent/mortgage yet they are going to Starbucks 5 times a week ..they cant live without it....and vacation to WDW every year to every other year. But they are broke. To me that shows me there is no fiscal responsibility. But that is there choice..if they want to do that than so be it...it's there life there money. When I made 30,000 I took care of my needs first than my wants.

We had a bank that we put all of our change into and at the end of the year we went to like DL for a few days....I can remember one year as our income went up from hard work and long hrs....we took our first cruise on Carnival....That was it for me I was hooked and worked extra hrs Nursing and all that extra money went towards a yearly cruise on off season.

Unlike our friend Dave we did not have our income handed to us....we moved to the best place we could for opportunity and went for it...full throttle...waited to have kids till I was in my late 30's...36 to be exact....so we could have a life for them we never had. I am 51 DH 54...kids age 15 and 12.

so to me Rich is in the eyes of the beholder and what it took for them to get there. DH and I were very poor as kids...in a land of oppertunity we took it by the hornes and ran as fast and as hard as we could. We did not just sit back and say if this is what fate has to offer us than so be it...we decided long ago that 30,000 a year was not going to cut it for us. Not for what we wanted.

So are we Rich,well again that depends who you ask..IMO we are not Rich.not in money , but in learning per·se·ver·ance
Steady persistence in adhering to a course of action, a belief, or a purpose; steadfastness.

and this can help us over come obstacles along the way even if we were to become penny less...we would do what it took to preserve again....because we have learned how.

 

[Charade]

I have used both - I'd say so...

I know they're different but why would one be considered a real job and the other not?

If you are an investor and make a living off your investments, how is that not a job and different than making a living fixing cars or building houses?

 

[DisneyBamaFan]

I know they're different but why would one be considered a real job and the other not?

If you are an investor and make a living off your investments, how is that not a job and different than making a living fixing cars or building houses?

Ask anyone who has done both - one takes much more effort than the other. They are different in more ways than I could list.

For years I came home from work and collapsed onto the couch. I now come home relaxed and have dinner with my family, often coming in only from my home office...

 

[MarkBarbieri]

That's article shows average size of "new" home not average home size. BIG difference!

Good point.

 

[ScottJ]

I personally can't think of how we could downsize that much. We are a family of 7, living in a 100 year old 1,800 square foot home. Our cars are 7 and 10 years old. We go out to eat a few times a year, order pizza in a few times a month, and rarely take vacations. The kids wear a lot of hand-me-downs. $100,000 a year gets you the same amount as $50,000 somewhere else. My property taxes are more each year than some people's mortgage payments.

Please don't take it personally, it's not intended. We all make our choices. You choose to live in a house where your taxes are more than most people's mortgages. I live in the Detroit area not a cheap area to live. When I bought, I could have lived in the Grosse Pointes and paid 5 times the amount in taxes easily. Or in Oakland County (Oakland is the third wealthiest county in the US.) and lived different lifestyle. We made our choice.

Believe me, considering the area in which I live and the press that has been brought upon this area since October. I know that what the auto-workers here with benefits is not the same as the southern auto-workers. BUT, those workers could have picked a different lifestyle and would have been less effected in today's downturn.

We all choose what we do.

 

[Charade]

Ask anyone who has done both - one takes much more effort than the other. They are different in more ways than I could list.

For years I came home from work and collapsed onto the couch. I now come home relaxed and have dinner with my family, often coming in only from my home office...

So why do we value one more than the other?

In that "other place" you mentioned on another thread, doctors and ditch diggers would be paid the same.

 

[DisneyBamaFan]

So why do we value one more than the other?

In that "other place" you mentioned on another thread, doctors and ditch diggers would be paid the same.

Because one is more difficult to master, hence less available in the marketplace, than the other. Great wood workers make more than doctors or lawyers.

I do not support communal practices, or communistic pay scales - but I know that a ditch digger works harder than I do for his pay. I know because I have been a construction laborer.

It is much "easier" to be a corporate director...

 

[ntsammy5]

It is much "easier" to be a corporate director...

Until you try to collect a bonus!


Besides, the jobs that many directors have done recently could have been done just as well by a ditch digger - maybe better

 

[DisneyBamaFan]

Until you try to collect a bonus!


Besides, the jobs that many directors have done recently could have been done just as well by a ditch digger - maybe better

LOL - easy, I am an IT director...

 

[ntsammy5]

I was refering more to the board level!

 

[DisneyBamaFan]

I was refering more to the board level!

Yeah, I hope to never take those few extra steps up the ladder. The differences are significant. I have been offered 2 CIO positions and turned them both down. I love what I do, and it isn't worth the extra income to switch...

 

[mjkacmom]

Please don't take it personally, it's not intended. We all make our choices. You choose to live in a house where your taxes are more than most people's mortgages. I live in the Detroit area not a cheap area to live. When I bought, I could have lived in the Grosse Pointes and paid 5 times the amount in taxes easily. Or in Oakland County (Oakland is the third wealthiest county in the US.) and lived different lifestyle. We made our choice.

Believe me, considering the area in which I live and the press that has been brought upon this area since October. I know that what the auto-workers here with benefits is not the same as the southern auto-workers. BUT, those workers could have picked a different lifestyle and would have been less effected in today's downturn.

We all choose what we do.

We chose to live here because of the grandparents - we want them to have a relationship with our children. It just bothers me when people assume that those making 6 figure salaries are buying expensive cars, have big homes, go on vacations, eat out a lot, etc. We do sometimes struggle financially, but we are not being irresponsible with our money. People making much less in other areas have many more luxuries than we we.

 

[Planogirl]

I know they're different but why would one be considered a real job and the other not?

If you are an investor and make a living off your investments, how is that not a job and different than making a living fixing cars or building houses?

You could have someone making the investments for you for a fee. I might just consider that being rich - getting to the point where someone else earns your money for you.

 

[arminnie]

People who are rich rarely are on "salary".

If you are an investor and make a living off your investments, how is that not a job and different than making a living fixing cars or building houses?

I'll tell you how - I am retired and live off my investments. I don't spend 30 minutes a week following my investments. And I've done very well - better than the market.

When I was still working I spent countless hours at the office - plus my job involved international travel so I spent a lot of time on airplanes.

 

[loonytoony]

Interesting thread

 

[SereneOne]

I know we are not rich, but I feel rich.

My h makes 50,000 a year and we live in SC. I am currently a SAHM and college student. We live in a 2200 plus sqftfour bd/3 ba two story home on half an acre in a neighborhood with two private lakes, a pool, playground, tennis court, volleyball court, etc. I drive a 2009 XLE Toyota Corolla (I usually drive used cars paid in full) and my h drives a 2007 Ford F150 PIF. We go to Disney about every other year, we go to the beach twice a year for about a week (my h travels a lot and we get free hotel points, lots! So we only pay for food and fun, fuel is negligible in the 'Rolla). We are building up our savings and have a college fund for our 5yo. We go out to eat about once a week and take a couple of long weekend trips to the mountains (again, free hotels thanks to points). Now we do not wear designer shoes or clothes, etc. I shop at Children's Place for my daughter's clothes and h and I go to Kohl's. My daughter attends a good public school and participates in dance and Daisies. We have good insurance and we live in a wonderful area with lots to do, very family oriented.

I feel lucky and rich to be where we are...ya'll need to move here!

 

[The Mystery Machine]

"Rich" to me is someone who can bank alot of dough after their bills are paid, travel, everything is paid off, etc.

"Wealthy" are people that own many homes, travel everywhere, and have a mega steady stream of income long after they are dead.

It has no bearing on choice.

 

[Disney Doll]

I don't know about dollar amounts because it totally depends on where you live.

Sticking to the idea of financial wealth, I think "rich" is having all of your financial needs met with plenty of money to do/have what you want when you want. Also, not being tied to a job just because you need the money, but doing what you love and having the time to do what you want. It's being able to pay to pay cash for everything and never having to "plan" for retirement because you have plenty of money in reserve.

Ultimately, it's being in the position to live the want you want to live, with the people you want,, without ever actually having to think about money. That life, and how much it costs, looks different to everyone.

What Diva said.
I will add, from a purley financial perspective, that living in a fairly expensive area of the country as I do (1 hour north of NYC), what seems like a lot of money to folks in some other areas of the country makes you very decidely middle class here.