What Do You Consider Rich?

[Katy Belle]

"people who make more than a half-million every year" and including them as "wealthy". This left me scratching my head in puzzlement, as I would say the first category are the uber-wealthy and the second category would include a LOT of upper-middle class folks.

You state that people who make $500,000 a year are "upper middle class." Interesting. I read an article once that MOST people consider themselves "middle class", either upper or lower. My definition of "Upper Class" would certainly include people making $500,000 a year.

Rich....we make 6 figures, but not a very high 6. Do I consider us "rich?" Honestly, yes. We have saved a lot of money, we do one fabulous vacation a year, we do not have to worry about how much it costs to eat out, or buy groceries, or let the kids do a sports activity. Rich. Do we own a million dollar home or buy cadilacs? No. But compared to how I grew up, we are rich.

 

[dvcgirl]

Yes, I consider that rich.

1) You can afford a 2,000 square foot home. A large new construction home here in FL is a 1,500 sq ft one.

2) You can afford to send even one child to private school. Most people cant even afford that.

3) You can afford to eat out every week.

4) You can afford to go on vacation every other year.

That may not all seem like much to you, but it is WAY beyond what most people can afford.

I think maybe you're saying that this poster lives a "rich life", meaning full of experiences that others may not enjoy? I think if we're talking "wealthy", as in owning assets, this person could be living paycheck to paycheck. I'm not saying that particular poster is, but millions and millions of Americans are living like that with next to no emergency fund (cash reserves). A job loss or an illness and most of those people are in deep trouble within a month.

 

[mjkacmom]

I personally consider anyone who has an individual income of six figures or more wealthy. When you hit seven figures that's when you're super rich.

Almost everyone I know makes over 6 figures (some not much over), and many live paycheck to paycheck, modestly. You really need to consider the COL when it comes to income. There are also a lot of single income families here, who choose to go without a lot to have a SAHM.

 

[ConcKahuna]

I think maybe you're saying that this poster lives a "rich life", meaning full of experiences that others may not enjoy? I think if we're talking "wealthy", as in owning assets, this person could be living paycheck to paycheck. I'm not saying that particular poster is, but millions and millions of Americans are living like that with next to no emergency fund (cash reserves). A job loss or an illness and most of those people are in deep trouble within a month.

If you can afford those things, Then you are rich. There is of course with any pay scale the difference between what you can buy and what you should buy.

 

[dvcgirl]

If you can afford those things, Then you are rich. There is of course with any pay scale the difference between what you can buy and what you should buy.

Really? I guess we view things a lot differently. I would consider that other poster wealthy if they listed the things they do and the choices they make and had roughly 500K in investments. I just know so many people who make six figure incomes (we live in NJ where that is common....cost of living is very high), and yet I would classify very, very few of them as "rich".

 

[joviroxx]

I've never really liked the word "rich". I see that more a state of mind, I usually use the word wealthy when taking about money.

Yes, I consider that rich.

1) You can afford a 2,000 square foot home. A large new construction home here in FL is a 1,500 sq ft one.

2) You can afford to send even one child to private school. Most people cant even afford that.

3) You can afford to eat out every week.

4) You can afford to go on vacation every other year.

That may not all seem like much to you, but it is WAY beyond what most people can afford.

Im not sure what part of Florida you live in, but 1500sq ft is not a large new construction home here in South Florida. A 1500 sq ft house for a family of 4 is in no way large and wealthy.

You seem to be defining wealthy as being compared to other people. Just because you might be better off than someone else does not make you wealthy. I can tell you I have plenty of family that live outside of the US that consider our "poor as very well off.

This is a complicated question as wealthy , in so many ways, is a subjective opinion and dependant on so many different factors. The OP question is "what do you consider" so I guess its all opinions, but Im not sure there is a way to effectively define it in an objective, factual way.

 

[claudia]

when you don't have to ask "how much is that"?

 

[raysnkaysmom]

I consider anybody rich when they don't have to eat ramen on a regular basis like I do.

LOL....my kids choose to eat it daily, and that makes it nicer on my wallet

I personally consider anyone who has an individual income of six figures or more wealthy. When you hit seven figures that's when you're super rich.

I somewhat believe this way....but it depends on how it's spent. My ex makes 6figures (barely made that this year)...but he has nothing to show for it. I dont' consider him rich, although I think he makes a wonderful living, just not allocating it correctly.

Cost of living of course should be considered in areas, but it's all about how you choose to live too... I do believe IMO, that anything over 250k a yr is pretty rich, and would def agree that 7 figures is uber rich.

 

[ophelia]

On another note....I knew a guy whose family lived in Bethesda(well to do DC burb) who claimed his family wasn't well off despite the fact that his parents sent all of their kids to private school, also to college, owned a second house and multi-million dollar business. It just totally amazed me that he thought his family wasn't rich. I don't think he realized how good he had it growing up.

 

[raysnkaysmom]

On another note....I knew a guy whose family lived in Bethesda(well to do DC burb) who claimed his family wasn't well off despite the fact that his parents sent all of their kids to private school, also to college, owned a second house and multi-million dollar business. It just totally amazed me that he thought his family wasn't rich. I don't think he realized how good he had it growing up.

I agree!!

And, OT.... love your ticker! 3 yrs counting leaves a lot to look forward to!!

 

[ophelia]

I agree!!

And, OT.... love your ticker! 3 yrs counting leaves a lot to look forward to!!

I grew up really, really poor and he didn't understand the concept of not having enough food to eat or not being able to do the things you wanted to do growing up. And people say there isn't a class divide in this country?

LOL!!! I have always wanted to go to the World so when it finally happens I'm probably going to have a grin on my face the entire time I'm there.

 

[Goofy'slady]

I know I'm super rich. My everyone in my family is enjoying relative good health now, our bills are paid on time, we have no cc debt, car is paid for, saving has enough to keep us comfy for 3yrs, we travel, we work hard, we laugh hard and we love BIG! SUPER RICH!

T.

 

[ConcKahuna]

I grew up really, really poor and he didn't understand the concept of not having enough food to eat or not being able to do the things you wanted to do growing up. And people say there isn't a class divide in this country?

I know how that is! Growing up in Maine I learned to hunt early -- we couldn't afford to buy food all the time so we kept our freezer stocked with venison.

And Gratz on your trip!!

 

[ConcKahuna]

I know I'm super rich. My everyone in my family is enjoying relative good health now, our bills are paid on time, we have no cc debt, car is paid for, saving has enough to keep us comfy for 3yrs, we travel, we work hard, we laugh hard and we love BIG! SUPER RICH!

T.

I'm happy for you

I like people who can admit they are rich, people who like to pretend they are poor because they cant afford that second Porche are the ones who drive me nuts

 

[Rora]

I personally consider anyone who has an individual income of six figures or more wealthy. When you hit seven figures that's when you're super rich.

ITA.

 

[DisneyBamaFan]

I see no real value in money or things. When I was "poor", I was rich. I was not glad to be "poor", but I always recognized how lucky I was, even so. I wonder why we place so much value in things.

Most of my "wealthy" friends are very poor in my eyes...

 

[DisneyBamaFan]

I grew up really, really poor and he didn't understand the concept of not having enough food to eat or not being able to do the things you wanted to do growing up. And people say there isn't a class divide in this country?

There are three different financial "classes" in America - Rich, Middle Class, Poor. Escaping poverty does not make one financially rich. I have escaped poverty, but I will work until I die. Am I financially rich?

As for the "class divide", it exists, but not in the way that it did throughout history. There used to be only 2 classes, and one had no way, no matter how talented they might be, to escape the lower class. In that respect, we do not have true "classes" anymore. Through hard work, and with a little luck, anyone can strike it rich (financially) in America...

 

[ZephyrHawk]

Rich starts in somewhere around 3 million or so net worth. I grew up in a town that was rather wealthy, so I have somewhat high standards.

 

[*Fantasia*]

I didn't read the OP's thread.. I only read the title.

I would consider someone rich who lives very comfortably without any worries because money is not an issue. Sky's the limit.

 

[JodiR]

Right now I feel rich, actually blessed. My dh was just promoted to supervisor which is a $30,000 year or more increase. I was literally in tears when I heard.

Our house was flooded in June so this year has not been the best.

We have a small student loan and car loan and the house (paid off credit cards earlier). I am thinking that we will have quite a bit left over each month ($3,000 or more).

God must think we are now able to handle money or something. He probably wants to see what I will do with it. I want to give more and help others.

I am not bragging. My dh has his masters degree so he deserves this opportunity. I am thankful.