Posted on 09/15/2021 9:27:07 PM PDT by RandFan
How much do you have to earn a year to be rich?
Most Americans say earning between $90,000 and $100,000 annually qualifies as rich.
Survey...
(Excerpt) Read more at twitter.com ...
Nope, not even close to rich. You need a solid $300K to be in the top 5%. $100k doesn’t even make the top 10%.
“Well off” maybe, but not rich.
And in many major metros, it doesn’t come anywhere near close to “well off.”
>> earning between $90,000 and $100,000
The point where one begins to pay for another family’s healthcare in addition to their own.
Lol!!!!
Depends on your net worth. A lot of people earn $100k a year and are flat broke.
“Well off” is a relative term.
I think $100k in rural Iowa could be considered “well off”, but it would require $250k in So. Cal. to qualify as “well off”.
We have no mortgage or car loans and our annual expenses (insurance, utilities etc) are about 55-60k.
Mostly health insurance 22k per year and house tax 7.5k per year.
This is not counting entertainment or hobbies.
So no, 90-120k is far from rich.
Depends where you live. My last rent in SoCal was $3400/mo for a decent townhome. Fortunately wifey and I do very well, but for many, paying over $40K/yr for housing would be prohibitive.
Now we are in the Central Valley, in a huge house, for much less, on even higher income. Definitely feel wealthier in this situation.
Location, which will drive Taxes, expenses, etc will cause differentials in takehome pay.
Plus, I'd say a man raising his family happily on $60k is rich, and a miserable thrice-divorced ad exec making $120k is poor.
A rich person is someone who makes $25K a year more than you do.
Yeah, no.
My arse
It might help with a better understanding if the term cost of living could be considered rather than just being rich. Here is a good site to consider the equation by state:
https://worldpopulationreview.com/state-rankings/cost-of-living-index-by-state
As you can see, the difference is broad. Hard to determine rich by intake as there is no intake with property, just worth. And it is considered an asset. So that right there changes the equation.
wy69
Stupid assumption. Rich implies large assets, not large revenue. As for revenue, 100k might be considered significant in Podunk Arkansas, but barely subsistence level in San Francisco.
Sounds pretty well off to me. The ones who claim it isn’t must be terrible at managing money
AOC is super rich. Tax her a nod then tax her some more.
Yep. Some people are always broke, no matter how high their income.
And some people do well financially, even if their income is pretty low.
Then she will complain she isn’t paid enough.
Typical out of touch elitist liberal.
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