What Do You Consider Rich?

[Charade]

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.

How would you define poor?

 

[EthansMom]

From a pure numbers standpoint, I would say anyone with an income of about $100k+ is (or has the potential to be, depending upon spending habits) "financially comfortable" and anyone with an income of about $500k+ (or $10M in the bank) is "rich".

Our household income is more than $100k (but not by much) and I would consider us "comfortable" and "fortunate", but definitely not RICH. While we have a roof over our heads, health insurance, two cars in the garage, and some money put aside for a rainy day, a protracted illness or job loss could have quite a devastating effect upon our financial stability.

 

[Charade]

IMHO these discussions are pointless because they are all opinions. Anyone who isn't poor, is rich. How's that?

 

[raysnkaysmom]

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...

When my ex and I reflect back (still friends, still talk) on when we first met, we are amazed at how happy we were. We lived in a duplex in a crappy area, he got a raise to a mega 9bucks an hr, and I was able to stay home, We went to eat out about once a week (even if it was fast food) and if we got discount tickets to Six Flags we were so excited. But, without cable and a decent running car, we were happy.
As times change, incomes got huge, so did our living expense. Seems we got more strapped financially the more money we made. Sure, probably bad choices, but thats when I found 'rich' can mean so many different things...

I still stick to my initial response of what rich financially means....
but, although it'd be nice not to worry about money, I'd rather be rich in health and happiness.....

 

[DisneyBamaFan]

IMHO these discussions are pointless because they are all opinions. Anyone who isn't poor, is rich. How's that?

Almost everything in life is "opinion". Politics - liberalism vs conservatism - it is all based on personal opinion. Debate and discussion can be pointless and still healthy...

 

[Charade]

Almost everything in life is "opinion". Politics - liberalism vs conservatism - it is all based on personal opinion. Debate and discussion can be pointless and still healthy...

Until it gets to the hard facts. You can have any opinion you like, but you don't get your own set of facts or truths.

 

[DisneyBamaFan]

Until it gets to the hard facts. You can have any opinion you like, but you don't get your own set of facts or truths.

Even "facts" get misrepresented by both sides...

 

[Charade]

Even "facts" get misrepresented by both sides...

Of course they do. Doesn't change anything but perception.

 

[DisneyBamaFan]

Of course they do. Doesn't change anything but perception.

My point is that most people who affiliate themselves with one party or the other have no idea what the "truth" is, or what the "facts" are. The truths and facts, as presented, are twisted by both parties, each with its own agenda...

 

[Callie]

I think its when you can live a lifestyle and not have to worry about money.
Some people look at my mom as rich, but she's a school teacher! We do live in a paid off 3 bedroom home, we all have cars, we travel twice a year (own DVC), eat out twice a week. But we aren't rich even if people look at it in money sense. She has to pay for my sisters college, and my high schooling.

But we are rich in the sense of love. Our whole family is close and we see everyone a lot, and its something i hold close.

 

[Christine]

I think its when you can live a lifestyle and not have to worry about money.
Some people look at my mom as rich, but she's a school teacher! We do live in a paid off 3 bedroom home, we all have cars, we travel twice a year (own DVC), eat out twice a week. But we aren't rich even if people look at it in money sense. She has to pay for my sisters college, and my high schooling.

But we are rich in the sense of love. Our whole family is close and we see everyone a lot, and its something i hold close.

Your mom the school teacher seems to be doing a LOT better than me, the federal govt. employee (earning over 6 figures) and my husband the electrician (earning in the upper 5 figures). My home is not paid for, one of my cars is paid for (the other is not), and there is NO way I could travel twice a year unless it was a day trip to the beach. I will also be paying for my daughter's college shortly.

Again, I have to keep saying it until I'm blue in the face--you cannot label people rich or poor or middle class based on their income alone because costs of living in various regions of the U.S. can be dramatically different. Net worth might be a better indicator though because it accounts for what you actually own and have in the bank. A salary doesn't mean much.

 

[DaisyD]

I think you are doing well if you make $500,000 or over.

 

[Christine]

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 agree that I can afford a lot more than most. But still, that does not make me wealthy. That is a joke. I am comfortably middle class. If my lifestyle makes defines "wealthy" than that's pretty depressing.

Oh, and I've been to Florida and 1500 square feet is not considered large. It's medium/modest. There are some huge homes there.

In the DC area, you cannot even get a home that is 1500 square feet unless you buy one built in the 1960s. Heck, my mother's townhouse is 2400 square feet and has a garage. That's considered a starter home. It's funny have different areas of the country design things based on the economics of that area. It is very hard to live in DC cheaply.

 

[Kath2003]

Right now, if I could afford a new car and to rent my own apartment, I would feel very, very rich...

It's all relative

 

[Christine]

Right now, if I could afford a new car and to rent my own apartment, I would feel very, very rich...

It's all relative

You would "feel" rich (and probably very happy), but, economically, would you define yourself as "rich" or "wealthy" if you had a new car and your own apartment. And I'm talking rich/wealthy in the on-paper, classification sense of the words, not in spirit.

 

[ConcKahuna]

How would you define poor?

Those who cannot afford the basics of a comfortable life: food, insurance, a vehicle, or privacy, even at the lowest prices for your area.

I agree that I can afford a lot more than most. But still, that does not make me wealthy. That is a joke. I am comfortably middle class. If my lifestyle makes defines "wealthy" than that's pretty depressing.

Oh, and I've been to Florida and 1500 square feet is not considered large. It's medium/modest. There are some huge homes there.

In the DC area, you cannot even get a home that is 1500 square feet unless you buy one built in the 1960s. Heck, my mother's townhouse is 2400 square feet and has a garage. That's considered a starter home. It's funny have different areas of the country design things based on the economics of that area. It is very hard to live in DC cheaply.

Homes with larger square footage are more expensive in FL both in intial investment and in general utilities. It costs a LOT to keep the AC going on a large home. That difference of 500 square feet can also add a LOT to the property value down here. I've seen 2 homes in the same development sell for prices nearly 100k apart just because of a bit more square footage. Most of the "huge homes" you see in Florida are multi-million dollar homes.

 

[luvmy3]

I think what is considered rich is very dependant on where you live, so I can't give an actual figure. I think if your salary affords you a lifestyle where you can afford you necessities and luxuries without ever worrying about how much you need to put into savings then you are rich. If you are making $250,000 in some areas like NYC I don't think its possible to live that way but if you are living in Hometown, Alabama then yes it could be "rich".
I would think that anything over 7 figures and very close to it could allow you that lifestyle anywhere.

 

[Christine]

Those who cannot afford the basics of a comfortable life: food, insurance, a vehicle, or privacy, even at the lowest prices for your area.



Homes with larger square footage are more expensive in FL both in intial investment and in general utilities. It costs a LOT to keep the AC going on a large home. That difference of 500 square feet can also add a LOT to the property value down here. I've seen 2 homes in the same development sell for prices nearly 100k apart just because of a bit more square footage. Most of the "huge homes" you see in Florida are multi-million dollar homes.

Actually, I visited some of the rather large vacation homes and they were not multi-million dollar homes, but around $500,000 for 3000 square feet.

My point is you cannot "judge" the rest of the nation on what is going on in your state. I'm sure that someone in a small town in Southern Virginia might look at my salary in Northern Virginia and think I'm rich because no one in that small town pulls in that income and if they did they would be living like kings. I say take my salary come up here and walk a mile in my shoes. You won't be rich. If I did take my salary and came to your town (you in the general sense because I don't know where you live) I'd probably be living the high life. Alternatively, if I took my salary and tried to live in NYC, I'd probably be begging on the street!

 

[Planogirl]

Based only on our area, I would say that making over 200,000 would put you in the rich category. I see someone being rich as anyone who can afford to buy pretty much any car or pay cash for furniture from a good store and the like. Of course, like any income level, there are different levels of rich. And there are certainly those who have run up huge bills and can't afford much but that's another issue.

Now this is not the same as the super rich which I'm sure all of us can recognize. Someone like Bill Gates is in another category all together.

 

[Charade]

Right now, if I could afford a new car and to rent my own apartment, I would feel very, very rich...

It's all relative

Why the rolleyes ?