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Is making $160/year considered “rich”?

likefunnysmart
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I live outside of Boston and Harvard is not the most expensive school in the country, first of all. In 18 years, average private college tuition—not including room and board, could easily be north of 100K at current growth rates. https://www.cnbc.com/id/47565202 Do the math. If you save $800/month at a 6% annual return (average return of s&p), you get to $300K in 18 years. That’s conservative too—assumes tuition growth rate at only 5% and it won’t cover cost to board. I plan on increasing contributions to college savings over time

likesmarthelpful

I hate questions like this. While the comp is “x” times National an state averages, it’s still misleading... physicians make that much, but their debt Llosa to achieve that comp is much higher than most of ours, and let’s not even get started on kids. Childcare alone for 2 children is more than most ppls mortgage - god forbid you have more than 2 children. Even when excluding bad financial decisions decisions, 160 may or may not be considered “rich” when compared to other ppl. As always on consulting, it really depends.

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To all normal people, yes. This app is too much sometimes 😒

likesmarthelpful

It puts you in the top 5% of household earners in the US. How is that not rich? If your definition of rich is so narrow that the top 5% is not enough, then you're talking about the wealthy, not the rich.

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If $160 per year is rich, you live in a third world country.

likefunny

Probably in the Deep South.

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Rich isn't based on how much you make. It is based on how many boats you have. @op how many boats do you have?

likefunny

People are confusing "middle class" with what they think they need for a McMansion, paying their kids' tuition in full, retiring comfortably on their own dime, etc. That's not middle class, please get out of the bubble

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In actuality yes. The fact that none of us feels that is rich is indicative of how materialism is harming our society. Yes, I want more. We all do. We want to be RICHER. That doesn’t mean we’re not already rich

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If you’re able to buy things you WANT / don’t NEED on a regular basis, then you’re rich.

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No

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D7- go look at income distributions. 160k salary is top 3% in the country. The 300k you say you need is top 1%. You need a reality check. You’re defining “middle class” by the top 2%. Normally people would consider “middle class” to be +/- 50%, which is around 40k per person. Someone in the top 5% is rich by the numbers. There’s something fucking wrong when someone in the top 1% thinks someone in the top 3% is poor

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@EY1 and @D7 you guys need a reality check. Families making a quarter of that are and consider themselves middle class. You are very fortunate, appreciate it and make sure your kids do too.

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I'm still trying to understand why you need 300k cash to pay for you kids college? Nobody gives a shit where you go to school....I went to community college and transferred to a local state school.... Cost 40k total.... Paid my debit off with last year's bonus. I consider myself rich. Rich with happiness.

likeuplifting

What do you define as "rich"? Top 1%, top 0.1%? Also "rich" is net worth, not income. Most importantly why do you care?

likesmarthelpful

There’s rich and then there is wealthy. I want to be wealthy.

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A2 and D1 have never been to the south

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With kids, even 400k family income feels low, let alone 160k. We make that and don't feel remotely rich, just middle class.

likefunny

160k is no where near rich even to “normal” people

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Who cares. Are YOU happy? Are you satisfied? Do you think more money will make you either of these things?

likehelpful

If making 4x the average income in the US, or 8x the average in the world (when adjusted for purchasing power) is not rich, how do you define it? 10x average, 50x average?

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Ey1 has problems

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