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It isn’t about your income it’s about a more complex metric. If you lost your job tomorrow, how long could you maintain your current lifestyle. 0-6 months you’re working class (paycheck to paycheck) 6-24 (middle class) 24+ you’re comfortable. Most people are working class without realizing it.
Ding ding ding! And it’d be better if more people in “professional” industries realized this.
$5 million plus in financial assets, if not living in NYC/SF/LA. With a good money manager, you can always get 4% a year and live upper-middle-class without having to work.
Rich people don’t get rich with salaries. Rich people get rich through investments.
“Real rich people probably wouldn’t bother but I was all over that shit. Free money is free money”
Words to live by right there...
Having income isnt the same as having wealth.
I mean.... that’s dependent on many factors. City? Children? If so how many?
Investment + passive income + tax deferral= 1% club
SVP - DM’ing you
Where am I living?
In NY? Probably $500k.
In San Diego? Probably $300k
Agree with CD2 - you need an income of at least 1m in NYC, especially if you own an apartment and have kids in private schools. Even then, you’re not considered rich compared to 90% of the other families who attend that private school.
Is rich the 1% or the .01%? Or the 2%? I tend to think it’s the 2% and up since they are rich but not ultra rich, to my mind.
The 2% have something like 4-5 million in assets I think I recall. Most people can not accumulate that on their own, it comes from family money, job bonuses, business sales etc... luck, really.
This 4-5 million sits in investments while you live off you salary and maybe draw on it for big things like education. But you do not spend it on everyday life! Then when you retire you have like 6-9 million. That is how it’s done.
Now, you can also “live rich” for a lot less in a lower COL place, but the net of investment isn’t there and so it’s a little weaker of a structure and can topple with a temporary setback. Like a guy making 600k a year is rich, but his lifestyle likely eats up a lot of it and if he gets fired or sick, it’s over and the savings goes pretty fast.
That doesn’t put you in that range in nyc.
God I wish Bernie was still running. Redistribute some of that shit, you are all hoarders.
Preach it Partner 1
900k
i think we would feel worry-free (rich is relative) at 500.
That’s the great thing about our myth of capitalism in America: everyone thinks they’re “middle class.” Dirt poor people don’t realize how broke they are, how close they are to being poor. And wealthy people think $10 Million isn’t nearly enough to be called rich. They think that’s just normal and they work hard and blah blah blah.
“Rich” is relative. I think rich for me is being able to live without working, owning several properties & vacation houses in NY, LA, SF, CHI, overseas etc. having a significant amount of money invested and saved, so you can live off interest.
I think most of us, who grew up working, lower-middle or middle-middle class have no way of knowing what it’s like to have significant amounts of money that are not spoken for in some way.
Per Year? Rich is 50M a year, some very good investments your grandparents left you, and no financial obligations, ever. A staff that takes care of your personal shit, and elite private schools for your kids paid for.
Most of us will never know this kind of wealth.
So I’ll call that “well off”, in a normal situation for us poors? I guess $500K a year sounds pretty nice.
How’s rick doing after his incident?