Who are the Rich?

[CCass]

In the "Unions are Evil" thread, Whiskeytown stated that only a rich person could be anti-union. It always bothers me when the left assumes that anyone who agrees with many (or most) of the conservative "issues" must be rich. I have some libertarian leanings, but I definitely tilt to the conservative side. I have never considered myself or my family to be rich (when I was growing up, my sister and I qualified for the reduced price lunches at school), yet I am a conservative.

So, at what household income would you define as "rich"? I am married and have 3 children, and live in a city of about 30K in Middle TN.

[[censored]]

way higher than 110k

[Arnfinn Madsen]

Way higher than 110k. I had wage above that and still could not afford to do many "rich things.".

[Mroberts3]

really depends on where you live. I live in the SF bay area and the housing prices are insane, what is only livable in some places can be substantially more in others.

[Dotson]

Probably about 250,000 in most places and mid 300,000 in big cities.

[Meech]

Rich is relative. To a poor person, somebody with $100 in their pocket is rich.

Conversly, somebody making a quarter mil a year could have their finances so [censored] up they could be considered poor.

Rich would be having enough wealth (plus some) so that you never had to work another day in your life and were able to maintain whatever standard of living you are comfortable with.

[SheetWise]

You're way off. You "start" making money at about 120k, there you can live in just about any city you want. Above that, up to about 150k you can have a choice of quality. Above that, at about 200k, you can live, eat, travel, and generally be considered well off. If you have any hobbies or do other things that cost money, you get to keep and spend 1 out every 2 dollars you earn above 200k (depending on where you live) -- so if you want 50k "spending" money a year, earn 300k. For every kid you have in college, add another 40-50k pre-tax. And this assumes that you've leveraged your income with mortgages and car payments -- in which case it's all at risk if you ever earn less. To be comfortably rich, you'd have to start with 500-750k tax free and then have a 200-300k income.

[NobodysFreak]

Correct me if I'm wrong, but doesn't an annual salary of 100k put you in the top 2% of the income bracket? Beyond that, I think someone in the stock market forum made a post about how about $10 million (total worth) could qualify you as entry level "rich." Personally, I don't consider anyone making 110K to be rich. They have a nice income, yes, but certainly not rich.

When your yacht has a yacht, you're rich

[coffeecrazy1]

[ QUOTE ]
you never had to work another day in your life and were able to maintain whatever standard of living you are comfortable with.

[/ QUOTE ]

This represents my entire goal for working.

[slickpoppa]

"I'm not talking about some $400,000-a-year Wall Street stiff flying first class and being comfortable. I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, Buddy. A player." Gordon Gekko - Wall Street