A friend and I were discussing this yesterday. What sort of income would you personally need to consider yourself to be rich? How little income for you to consider yourself to be poor?
How much money?
- Thread starter Miss Chicken
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If I had 100k a year I would consider myself rich.
I have lived below the technical according to government poverty line and have never considered myself poor.
But I'm a bit of a deluded optimist and a lot of things make me happy.
ALSO if you factor in socialized medicine my worst technical poverty has a lot of money underpinning it.
I have lived below the technical according to government poverty line and have never considered myself poor.
But I'm a bit of a deluded optimist and a lot of things make me happy.
ALSO if you factor in socialized medicine my worst technical poverty has a lot of money underpinning it.
$5 million and up I'd say rich. $500,000 to $5 mill I'd say comfortable. $100,000 to $500,000 is tough. Anything less than $100,000 is poor.
I am on about $24,000 a year (about US 18,000) and I am not poor.
I think I would consider myself poor by Australian standards if I was on less than $18,000 (about $US14,000). However I would still be better off than most of the world's poor.
I think I would consider myself rich on $80,000 ($US60,000).
I think I would consider myself poor by Australian standards if I was on less than $18,000 (about $US14,000). However I would still be better off than most of the world's poor.
I think I would consider myself rich on $80,000 ($US60,000).
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Amaris
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I would consider 75K a year or better to be rich.
As for poor, I have zero income. I would consider anything below 25K a year to be really poor.
As for poor, I have zero income. I would consider anything below 25K a year to be really poor.
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.
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.
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Amaris
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From my point of view, $75K is rich.
I thought the same when I was poor, when you reach that number you realise it's not - not unless someone else will provide that $75,000 forever without you working. If $75,000 made me rich, I should be able to stop working tomorrow - and I cannot.
Depends on circumstance. On benefits with rent, council tax, etc paid I managed to live comfortably on £9,000 or so. Not saying that was a high standard of living but I managed pretty well. If I had all the other expenses that were covered by benefits I would probably have needed double that to live to the same standard.
More than £50k a year without the need to work would be very comfortable indeed. It's very hard to say how much is necessary without the set of circumstances that goes with it. Just looking at the cost of living differences between various areas tells you that. Living wage is higher in London than everywhere else in the country. But me personally? Rich over £100,000, poor below £12,000.
More than £50k a year without the need to work would be very comfortable indeed. It's very hard to say how much is necessary without the set of circumstances that goes with it. Just looking at the cost of living differences between various areas tells you that. Living wage is higher in London than everywhere else in the country. But me personally? Rich over £100,000, poor below £12,000.
Once you have a decent income, not a rich income, you get a mortgage and frequently a car loan and frequently some kids. It all evaporates.
100K is not rich to most people but to say it is poor is nonsense.
100K is not rich to most people but to say it is poor is nonsense.
Well this is a point I've heard argued in the past, as your income grows so does your expected standard of living, therefore more money is consumed just living.
You get a mortgage, you sell up and get a bigger mortgage. You buy a more expensive car, you stop shopping at Aldi and start shopping at Waitrose. You get a cleaner, you start buying expensive clothes instead of Primark. etc. etc. But the fact is none of that is inevitable and while, yes, you spend more you also buy better quality and in the long run spend less.
When the average income in this country is £27,000, somewhat heavily weighted by London, and the top 5% of people are (only) on £65k, saying £100k is poor is ridiculous. Aus and US the numbers may be slightly different but I doubt by that much.
I live in one of the most expensive cities in the world and I consider 100k an extremely nice income.
But I've seen it happen, people suddenly have a lot more money and they are in super debt. Or they still see themselves as poor because they are spending it like water. I can with total assurance say this would never happen to me.
But I've seen it happen, people suddenly have a lot more money and they are in super debt. Or they still see themselves as poor because they are spending it like water. I can with total assurance say this would never happen to me.
Leaving aside our non-progressive incomes you aren't subject to 'poverty charges' - I can afford to pay my phone line rental a year in advance, that makes it cheaper on a monthly basis, same with insurance and other things that give you a discount. I'm not forced to use an electricity meter (the most expensive way to pay for energy) and so on. Furthermore, I don't need to resort to credit cards (with their high interest rates) in an emergency.
The big thing that makes you poor is no safety net. When one appliance dies or a car or there's sickness and it's a total disaster, that's what poor is.
Yeah if you can afford to pay upfront a lot of things have give you discounts. Pay 12 months upfront and get an extra 2 free. Buy a mobile outright and get a £10 phone contract instead of a £30 one. etc.
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Amaris
Guest
It also affects credit. If you're rich, you likely have very good credit (or at the very least you have the capability of having very good credit). So you make, say, $250K a year, you can get a nice Cadillac for $249 a month. Me? I couldn't get a used Ford Taurus for $249 a month, because my credit isn't very good, which is what happens when you're so poor you can't pay basic bills like electricity, and rent.
I'd want at least a years worth of salary in the bank to be safe.
Good old Terry Pratchett
Depends
If I have to slog my guts out in a job I hate then 40k per month would be enough for me to feel well off and live a comfortable life without letting my horrible job depress me
However, if I was receiving money for doing nothing, I'm pretty sure I could live a comfortable life with just 1k per month
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