How many people are rich - Page 2

innerSpaceman · 08-12-2010, 11:08 AM

I've often been told, that even in Los Angeles - a city with a good many of the most absurdly and astonishingly rich people on the planet, there are also so many poor people, even I, with my self-described middle-class income, am really rather rich.

I don't feel that way, neither do I feel poor. Hence my self-description as middle-class. I'm sure I would be filthy rich if I were plunked down in Equador, or maybe even Idaho. But because I live on the West Side of L.A., I'm decidedly un-rich from my daily perspective.

Moonliner · 08-12-2010, 11:12 AM

I remember reading a survey years back that asked how much money would you need to be happy? The general response was twice their current salary no matter how low or high their salary was.

Overall rich is like porn. Hard to define exactly but you know it when you see it.

Top 10% if you have to have a number.

flippyshark · 08-12-2010, 11:14 AM

I can't afford to go to the theme parks I consult for, so I feel rather poor.

innerSpaceman · 08-12-2010, 11:41 AM

Quote:

Originally Posted by Moonliner

I remember reading a survey years back that asked how much money would you need to be happy? The general response was twice their current salary no matter how low or high their salary was.

Also, I think most people notice as they go through life that they believe they could never survive on the money they used to survive on when they had less means at their disposal.

Fortunately for me, my income has (thus far) proceeded only in a forward direction. I seriously don't know how I ever managed on less.

MouseWife · 08-12-2010, 11:58 AM

Quote:

Originally Posted by flippyshark

I can't afford to go to the theme parks I consult for, so I feel rather poor.

I don't have time to read this whole thread right now but this post really hits home.

I know a lot of people who very much dream of taking their kids to Disneyland. At least I can hold my memories of taking them a lot before. Now, it takes the back seat to everything else, it seems.

Alex · 08-12-2010, 12:09 PM

Ok, for the record, overall in the United States, you are in the top 10% of household incomes if you earn around $125,000/year.

Do you think that is rich? If you make $200,000/year then you're in the top 2.8%.

My question was prompted by a CNN.com headline that asked whether earning $250,000/year (top 1.5%) makes you rich*. Rich is extremely subjective adjective, of course, but it is hard for me to imagine a use that wouldn't extend at least that far down the scale.

Part of the issue, I think is that once you're making $250,000/year you are almost always going to be at least in contact with a group of people that makes much more than that.

This is also something I confront a lot personally. Lani and I do extremely well for ourselves. But I don't feel rich and part of that is because we don't live like we're rich. We have one low-cost car (Civic), we rent an 800 sq. ft, one bedroom apartment. We don't have a 50" TV on each wall. We don't spend $1000 a year on Disney annual passes.

But the stats put us in the top 5% of Bay Area household incomes. It's hard for me not to think of that as "rich." And I certainly couldn't object to a person with a lot less calling me that. Hell, if I gave my just my raise this year to an individual it would almost single handedly take them above the official poverty line.

I guess my thread is inspired by the feeling that $250,000 may not make you rich but it does mean that pretty much any money problems (though there will be exceptions) you have are due to your own choices. So shut up about how hard it can be to live on that much. Even all but the most expensive enclaves in the United States, a quarter million a year should leave you pretty comfortable.

* The CNN anchor mentioning the headline showed some sense by reading that then saying "Really? Are we really asking that?"

innerSpaceman · 08-12-2010, 12:15 PM

Whew, I'm relieved I'm not in the top 10%. I'd hate to feel how I feel now and be in the top 10%, because I'd have to be ashamed of myself.

Now I can feel financially underwater with pride.

Strangler Lewis · 08-12-2010, 01:25 PM

Going by the United States, I'm going to say one to two percent. I think to be considered rich by fairly unremarkable American standards, you need to make enough money to be able to pay off a 1) reasonably nice home in a major metropolitan area; 2) be able to put two kids through four years of college at any school they can get into; 3) be able to take said family of four on one unskimping vacation a year and 4) actually afford to give ten percent of one's income to charities or family members. I would consider myself rich if I could do that. Since I don't especially care about gadgets, gizmos and new cars, I guess I'd be a bargain as a rich person.

innerSpaceman · 08-12-2010, 02:16 PM

That's not a bad assessment of richhood. In which case, I think you'd need to spend about a cool million per year, at least.

Alex · 08-12-2010, 02:27 PM

Really? I feel like I could do all of those things now (assuming "pay off" doesn't mean paying the full price on the house but rather servicing a mortgage on the house since you're not going to buy one every year). Especially if you're allowed to see in advance that your kids will go to college and therefore do some saving.

But then I don't consider paying for college to be a parental responsibility (and especially not one of the "regardless of cost" type) so my rich people get off even easier.

Needless to say I don't make nearly a million dollars a year. Though the fraction is much larger than I ever believed would be possible.

08-12-2010, 11:08 AM	#11
innerSpaceman Kink of Swank Join Date: Jan 2005 Location: Inner Space Posts: 13,075	I've often been told, that even in Los Angeles - a city with a good many of the most absurdly and astonishingly rich people on the planet, there are also so many poor people, even I, with my self-described middle-class income, am really rather rich. I don't feel that way, neither do I feel poor. Hence my self-description as middle-class. I'm sure I would be filthy rich if I were plunked down in Equador, or maybe even Idaho. But because I live on the West Side of L.A., I'm decidedly un-rich from my daily perspective.
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08-12-2010, 11:12 AM	#12
Moonliner 8/30/14 - Disneyland -10k or Bust. Join Date: Jan 2005 Posts: 9,022	I remember reading a survey years back that asked how much money would you need to be happy? The general response was twice their current salary no matter how low or high their salary was. Overall rich is like porn. Hard to define exactly but you know it when you see it. Top 10% if you have to have a number. __________________ - Taking it one step at a time. Last edited by Moonliner : 08-12-2010 at 11:18 AM.
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08-12-2010, 11:14 AM	#13
flippyshark Senior Member Join Date: Jan 2005 Location: Orlando, FL Posts: 2,852	I can't afford to go to the theme parks I consult for, so I feel rather poor.
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08-12-2010, 12:09 PM	#16
Alex . Join Date: Feb 2005 Posts: 13,354	Ok, for the record, overall in the United States, you are in the top 10% of household incomes if you earn around $125,000/year. Do you think that is rich? If you make $200,000/year then you're in the top 2.8%. My question was prompted by a CNN.com headline that asked whether earning $250,000/year (top 1.5%) makes you rich. Rich is extremely subjective adjective, of course, but it is hard for me to imagine a use that wouldn't extend at least that far down the scale. Part of the issue, I think is that once you're making $250,000/year you are almost always going to be at least in contact with a group of people that makes much more than that. This is also something I confront a lot personally. Lani and I do extremely well for ourselves. But I don't feel* rich and part of that is because we don't live like we're rich. We have one low-cost car (Civic), we rent an 800 sq. ft, one bedroom apartment. We don't have a 50" TV on each wall. We don't spend $1000 a year on Disney annual passes. But the stats put us in the top 5% of Bay Area household incomes. It's hard for me not to think of that as "rich." And I certainly couldn't object to a person with a lot less calling me that. Hell, if I gave my just my raise this year to an individual it would almost single handedly take them above the official poverty line. I guess my thread is inspired by the feeling that $250,000 may not make you rich but it does mean that pretty much any money problems (though there will be exceptions) you have are due to your own choices. So shut up about how hard it can be to live on that much. Even all but the most expensive enclaves in the United States, a quarter million a year should leave you pretty comfortable. * The CNN anchor mentioning the headline showed some sense by reading that then saying "Really? Are we really asking that?"
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08-12-2010, 12:15 PM	#17
innerSpaceman Kink of Swank Join Date: Jan 2005 Location: Inner Space Posts: 13,075	Whew, I'm relieved I'm not in the top 10%. I'd hate to feel how I feel now and be in the top 10%, because I'd have to be ashamed of myself. Now I can feel financially underwater with pride.
	Submit to Quotes

08-12-2010, 01:25 PM	#18
Strangler Lewis Doing The Job Join Date: Aug 2006 Location: In a state Posts: 3,956	Going by the United States, I'm going to say one to two percent. I think to be considered rich by fairly unremarkable American standards, you need to make enough money to be able to pay off a 1) reasonably nice home in a major metropolitan area; 2) be able to put two kids through four years of college at any school they can get into; 3) be able to take said family of four on one unskimping vacation a year and 4) actually afford to give ten percent of one's income to charities or family members. I would consider myself rich if I could do that. Since I don't especially care about gadgets, gizmos and new cars, I guess I'd be a bargain as a rich person. __________________ Live now-pay later. Diner's Club!
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08-12-2010, 02:16 PM	#19
innerSpaceman Kink of Swank Join Date: Jan 2005 Location: Inner Space Posts: 13,075	That's not a bad assessment of richhood. In which case, I think you'd need to spend about a cool million per year, at least.
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08-12-2010, 02:27 PM	#20
Alex . Join Date: Feb 2005 Posts: 13,354	Really? I feel like I could do all of those things now (assuming "pay off" doesn't mean paying the full price on the house but rather servicing a mortgage on the house since you're not going to buy one every year). Especially if you're allowed to see in advance that your kids will go to college and therefore do some saving. But then I don't consider paying for college to be a parental responsibility (and especially not one of the "regardless of cost" type) so my rich people get off even easier. Needless to say I don't make nearly a million dollars a year. Though the fraction is much larger than I ever believed would be possible.
	Submit to Quotes