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How much money?

You wouldn't be rich on $75,000 a year - with house prices and the like, a couple of kids, cars you would have a OK standard of living but far from rich.

If you are of working age and can afford not to work and still have a decent income from investments then you are likely rich.

I am not asking if anyone else would consider themselves rich on the amount that you choose.

I would feel rich on $75,000 a year because a) I have no desire to own my own home and would spend no more than $15,000 on rent b) My children are grown up and the $75,000 would be for myself only c) I have lived 57 years without a car and have no desire to learn to drive d) I am happy with the furniture etc I have e) I have quite a nice nest egg in my saving account, enough to cover any emergency that comes up f) universal health care g) I am frugal by nature

$75,000 would be three times the maximum amount I have ever lived on, and I live comfortably on $24,000.
 
Agree with generally what people are calling out for poor, but strongly disagree with what they are deciding is rich. Picking out a middle class lifestyle, and because they are making less, they've decided that's rich. Decently well off, sure, but not rich.

If that was rich, I wouldn't be getting ready to go to work. It's middle class, it just seems nice by comparison, and because the middle class has taken such a beating lately.

Same kinda crap when the political debates start back up. Suddenly I'm lumped into a percentage bracket with actual rich people (millionaires, mansions, investments that mean they don't have to go to work unless they want to). Sick of being lumped into the evil 'wealthy' group because my wife and I both went to college for non-useless degrees. Can't argue that I'm not doing well, but by no means am I rich. Only compared to those that don't make as much, I guess. And as has been mentioned, they'd find out fast that it doesn't get them as far as they think. No longer POOR, so don't worry about the next meal or a flat tire, but not gonna go buy a new Bentley because the old one got a flat, either...
 
I am not expecting anyone else to feel rich on $75000, just that it would be enough for me to have far more money than I could spend.

I find it difficult enough to spend what I get now.
 
Depends on whether you're seeing "Rich" as enough to retire on and never work another day in my life or enough that I don't have to worry about anything on a day to day basis, have enough saved to cover any conceivable worry and will be comfortable when I choose to retire, doesn't it?
 
What I think purely on income

Under $20,000 is Poor
$20,000 to $50,000 is lower middle class
$50,000 to $150,000 is middle class
$150,00 to $250,000 is upper middle class
$250,00 to $1,000,000 is wealthy
$1,000,000 and up is rich
 
What I think purely on income

Under $20,000 is Poor
$20,000 to $50,000 is lower middle class
$50,000 to $150,000 is middle class
$150,00 to $250,000 is upper middle class
$250,00 to $1,000,000 is wealthy
$1,000,000 and up is rich

Interesting how the working class doesn't exist for you? People are either poor, middle class or wealthy?
 
What I think purely on income

Under $20,000 is Poor
$20,000 to $50,000 is lower middle class
$50,000 to $150,000 is middle class
$150,00 to $250,000 is upper middle class
$250,00 to $1,000,000 is wealthy
$1,000,000 and up is rich

Interesting how the working class doesn't exist for you? People are either poor, middle class or wealthy?

We're all middle class now.

John Prescott is an idiot.
 
I would say that, for Texas, if you make more than 100,000 a year, you are considered wealthy.
 
What I think purely on income

Under $20,000 is Poor
$20,000 to $50,000 is lower middle class
$50,000 to $150,000 is middle class
$150,00 to $250,000 is upper middle class
$250,00 to $1,000,000 is wealthy
$1,000,000 and up is rich

Interesting how the working class doesn't exist for you? People are either poor, middle class or wealthy?

If you prefer, the 'lower middle class' bracket could be renamed to be working class. Not sure the distinction matters, but it seems to be important to you, so substitute that in your head.

Think the preference has been to call that lower middle class, as everyone that's not dirt poor wants to think of themselves as middle class, even if they're living hand to mouth.

As for the chart, I'd probably just bump the line between upper middle class and wealthy. Say 150k - 350k or 400k? Just feels like a little more bump is needed if both adults are working professionals. They're obviously doing quite well, but would argue that it's still an upper middle class lifestyle vs. wealthy at that point. By the time you get to 500k, though, definitely crossed into wealthy, and likely only one adult working for that money, so the lifestyle would match.

Other than bumping that line off of 250k a bit, think I generally agree with the breakout.
 
What I think purely on income

Under $20,000 is Poor
$20,000 to $50,000 is lower middle class
$50,000 to $150,000 is middle class
$150,00 to $250,000 is upper middle class
$250,00 to $1,000,000 is wealthy
$1,000,000 and up is rich

This looks about right to me, based on the area I live in. I think location would play a pretty big factor in this.

I don't feel rich, by any means. In fact, I am currently living in an affordable housing unit. However, I recently got a promotion and will finally be movin' on up. But I still don't consider myself rich at all. To be rich to me would mean the ability to lose my job tomorrow, land in the hospital with high medical bills next week, car breaks down the same day, and I have a find a new place to live the week after that and I'm not worried about paying it all off right away, with extra cushion to live on until I find a new job. Basically, when you are rich you don't have to worry about money, you just get to.

If I was living by myself, I would consider earning over $100,000 a year rich. When we factor in a partner, I would say over $200,000.
 
Depends on whether you're seeing "Rich" as enough to retire on and never work another day in my life or enough that I don't have to worry about anything on a day to day basis, have enough saved to cover any conceivable worry and will be comfortable when I choose to retire, doesn't it?
For me it's the latter. If I were working, and became ill for a month without being able to work during that time, yet the finances didn't suffer, then as far as I'm concerned, that's rich. I realize it's not the same for everyone else, but where I live the median income is $35,000 per year. Making $75K a year would get you a very nice house, a great car, and some fun toys.
 
Well, it depends on how the person with the money is viewing "rich". If you mean they think of themselves as along the lines of Trump, probably multi millions, but if you mean after I'm done paying the bills on things and property I don't necessarily have to have while having spare cash left over each month, then that's me.

I mean, I wouldn't snub my nose at multi millions of dollars, but I honestly don't want to work that hard for that long and then have to sustain it and pay others to help me manage it. Contrary to popular opinion, most people in the U.S. don't inherit large sums, they work for it.


I'd want a nice house in a nice neighborhood. Something with ample space and an extra room if I should ever need to help a friend or family member (that's of course on top of extra rooms like: one for storage, one for exercising, and one for the washer/dryer). A good one like described above would be rented in my county for about $2,000 a month.

Then there's auto insurance, costs for automobile repair and maintenance, food, utility, personal care, and the joys of life like goodies and presents to me. And then some basic upkeep like lawn mowing, but not much, I like to handle things myself. Then dreaded taxes, Fedzilla, state, and local.

I'd say $5,000 to $7,000 a month before taxes would make me rich. Enough left over, if need be, to help a friend of family member in the short run. Any more than that and I'll start coming up with ways to use the money that start to get involved.



Now poor is another story. The definition of poverty here in the U.S., is quite different from other countries. Many poor people or ones described as being below poverty, still somehow manage to have a cellphone, a computer, a TV, and feed themselves each month, and not necessarily all those above for each person.

There are two kinds of poor that I wouldn't want to be and I've already been one:

The homeless kind where your address is where ever you park your car; you struggle with food, gas, and may or may not have some kind of job. The prospect of getting out of it one day can be a reality. While not everybody is James Cameron, he did write "The Terminator" while living in his car.

Then there's so poor there's potentially no hope. The kind where you sleep in the woods (and not by personal choice), walk (or bike if lucky); you're worn, hungry, not in good health and you might try to get ahead but nobody wants to hire a guy or girl without a physical address or one that can't come to work clean. Plus they are suspicious of why you're in that situation.


The last one, to me, would be poor. I wouldn't want to be there. It could be worse, but that's bad enough.
 
Interesting that so far nobody has touched upon pensions and investments being part of this - once you have a decent standard of living, if you want to keep it, you have to start socking the money away for when you retire (and *when* is another question) or find ways to generate an on-going income (I do a bit of both).
 
Interesting that so far nobody has touched upon pensions and investments being part of this - once you have a decent standard of living, if you want to keep it, you have to start socking the money away for when you retire (and *when* is another question) or find ways to generate an on-going income (I do a bit of both).

I did touch on that with the bit about having enough to have save and have a good enough pension to retire on or enough to completely stop working.

I think, again, this is one of those "If you haven enough money you'll think about it, if you don't it's not even a consideration" things. I've never had to consider it because I have had a lifelong illness with state benefits, now I'm married and lost most of the benefits it's become much more present in my mind.
 
Interesting that so far nobody has touched upon pensions and investments being part of this - once you have a decent standard of living, if you want to keep it, you have to start socking the money away for when you retire (and *when* is another question) or find ways to generate an on-going income (I do a bit of both).

I did touch on that with the bit about having enough to have save and have a good enough pension to retire on or enough to completely stop working.

I think, again, this is one of those "If you haven enough money you'll think about it, if you don't it's not even a consideration" things. I've never had to consider it because I have had a lifelong illness with state benefits, now I'm married and lost most of the benefits it's become much more present in my mind.

yes same here -when i was poor my main concern was finding money to eat (hello Maslow), now I have cash, I spend a lot of time trying to work out how to turn it into more cash...
 
The Households Below Average Income (HBAI) survey in the UK takes 60% of the median income as being the poverty line, usually calculated After Housing Costs because it more accurately reflects available money (Before Housing Cost figures are how the Mail can claim people are on hundreds of thousands in benefits - housing in London costs more for less). The poverty line is thus set at around £100/wk take home pay for a lone adult. Despite that relatively low sounding figure, around 2.2 million people in London alone were living below that line in 2013, over quarter of the population of the city.

I like to take that sort of thing into account when deciding whether I am 'rich' or not. With two professional incomes, albeit in the public sector, no kids, and very little housing cost because of inheritance, I live comfortably and have savings for a rainy day, or rainy year. By any reasonable standard, I am well off. Increases in income would perhaps increase my savings or relax my more frugal habits but are unlikely to fundamentally alter my life. I think the next stage, 'richness', would come when money isn't even something you think about when living life. You want something, you have it. I don't think that means buying yachts or football teams particularly, just the ability to buy most consumer items without really considering the cost. In this country I think that line is probably about £80-90,000/yr take home pay.
 
I think the fact "additional tax rate" kicks in at £150,000 is a good sign that even the generally wealthy agree with your estimate of what passes for "wealthy" or "rich" in this country.
 
I think the fact "additional tax rate" kicks in at £150,000 is a good sign that even the generally wealthy agree with your estimate of what passes for "wealthy" or "rich" in this country.

Is 'additional tax rate' code for 'move your registered office to Luxembourg'?
 
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