What annual income for a household would you consider rich?
- Thread starter UGA12
- Start date
According to Dave Ramsey, a family can be rich on a $20K/year income if they're debt free. Eventhough they live in a shack, drive a Ford Pinto, and eat beans and rice everyday. They are rich if they're debt free.
If your household is pulling down a quarter-mil, I'm going to say you are on the bottom end of "rich".
I think Life Compensation plays a larger role. If you have great benefits, matching 401k, stock options that are priced competitively, you can make less than say someone who is 1099 and come out ahead.
My point is there are a lot of variables but COMPOUND INTEREST on a large sum at an early age can be a great asset to straight cash with no insurance with a family of 4.
That being said, I'd say RICH is 1/2 a million as it gives you the ability to live nicely and invest.
My point is there are a lot of variables but COMPOUND INTEREST on a large sum at an early age can be a great asset to straight cash with no insurance with a family of 4.
That being said, I'd say RICH is 1/2 a million as it gives you the ability to live nicely and invest.
Wow. I would find it very difficult to lead an above average lifestyle with 2 kids at that $100K.
Necessities would certainly be covered (unless you live in NYC, SF, etc..), but disposable income for additional expenses such as vacations and tennis club memberships would be limited imo.
I think upper middle class is in the 200K+ range, with rich threshold about twice that.
UGA12,
Can you please email Jack, and have him make sure the millionaires (and billionaires) on the site don't vote, and skew the numbers.
TIA.
Can you please email Jack, and have him make sure the millionaires (and billionaires) on the site don't vote, and skew the numbers.
TIA.
I am not sure you can equate "rich" by an annual income. It is not how much you make, it is how much you keep!!!
Some people that make good money spend it like a whore with a $100 bill. They spend what they make and then end up in debt. Living below your means affords you wealth in the long run if you invest properly.
With that said, if you held a gun to my head.... With taxes, I would say anyone that makes $600,000 per year would have to be rich or very, very Stupid. :toast:
Some people that make good money spend it like a whore with a $100 bill. They spend what they make and then end up in debt. Living below your means affords you wealth in the long run if you invest properly.
With that said, if you held a gun to my head.... With taxes, I would say anyone that makes $600,000 per year would have to be rich or very, very Stupid. :toast:
- Feb 26, 2001
- 13,593
- 164
- 63
- Feb 26, 2001
- 13,593
- 164
- 63
Happy marriage and 2 beautiful, healthy kids = i'm rich:0074
Someone did mention it, but take home pay after overhead is paid is the most important factor IMO.
Someone did mention it, but take home pay after overhead is paid is the most important factor IMO.
Money has nothing to do with "being rich."
"Rich" is determined by the color of your reputation box.
Ever heard the phrase "in the black?"
"Rich" is determined by the color of your reputation box.
Ever heard the phrase "in the black?"
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Interesting poll UGA--Thank you
--when this is concluded could you follow this poll up with- what income everyone considers middle class.
--when this is concluded could you follow this poll up with- what income everyone considers middle class.
