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How do you define what is wealthy?

Is it a 75k, 100k, 250k, 500k salary a year?

How do you define who is rich and who is middle income?

Answer Question
 
Anonymous

Asked by Anonymous at 12:12 PM on Aug. 2, 2009 in Politics & Current Events

Answers (8)
  • Anyone making over 500k to me is well off. Under that you have varying degrees of middle class. I am in California so what is middle income here is going to be different than in the Midwest. I know Democrats view well off from 100k a year to 250k a year depending on the Democrat.
    Anonymous

    Answer by Anonymous at 12:14 PM on Aug. 2, 2009

  • Anon- I agree with your post.
    I'm in the process of relocating from No CA to Chicago (Husband's job). Chicago and the surrounding burbs are very expensive!

    My dh always says, any place where there are high paying jobs, is going to be expensive. Well, we've lived in San Francisco and now we're going to Chicago. I wonder if NYC will be next? I guess I could wish for Honolulu-
    Sisteract

    Answer by Sisteract at 12:21 PM on Aug. 2, 2009

  • To me, being WEALTHY (as opposed to rich), is when you don't worry about what things cost, or when you no longer have to work and can live off of your investments (interest and dividends).
    LoriKeet

    Answer by LoriKeet at 12:28 PM on Aug. 2, 2009

  • monitarily i would say anything over 75k a year is well off...but i think that if you have a family that loves you and true happiness you will be better off with that then any amount of excess money..but yes it does depend on where you live...75 k where i live would be middle class compared to like l.a. or some place like that.
    ari_baby

    Answer by ari_baby at 12:31 PM on Aug. 2, 2009

  • ...but i think that if you have a family that loves you and true happiness you will be better off with that then any amount of excess money..

    ITA
    MynTop

    Answer by MynTop at 1:36 PM on Aug. 2, 2009

  • i think wealthy is when you have very cushioned savings, own your home & cars, and the amount of savings you have could be sufficient in most disaster situations.
    Anonymous

    Answer by Anonymous at 1:49 PM on Aug. 2, 2009

  • There are people making $100,000 a year who would be in deep trouble after one lost paycheck, and people who make $35,000 a year who could live six months off their savings.

    Wealth is not about how much you make but about how much you keep. That is why throwing money at problems doesn't help. You could double the amount of PA people got and they would still be poor, unless they had the money management skills to go along with the increase. You can throw money at the school system and still get bad outcomes unless someone used the money to make real changes.

    The amount of lottery winners who end up broke is astounding. People in the US need to be taught frugality and investment. Instead, most are living a purely consumable lifestyle.
    mancosmomma

    Answer by mancosmomma at 2:36 PM on Aug. 2, 2009

  • "There are people making $100,000 a year who would be in deep trouble after one lost paycheck, and people who make $35,000 a year who could live six months off their savings. Wealth is not about how much you make but about how much you keep"


    I like this statement..... definitely!!  I totally agree.  I always say for our personal goal, once we have a good savings built up for emergencies, and have no debt and all that jazz, we are wealthy.  We do a good job managing what we make, which is around 35,000.  We also have plans and strategies to knock out debt and to save money, so I think we are on the right track. :)

    workathome01

    Answer by workathome01 at 4:28 PM on Aug. 2, 2009

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