Posted on 09/15/2021 9:27:07 PM PDT by RandFan
The median income for an American age 50 is $168,000
That's not even close to being correct.
“Rich” means “wealth”.
Not income. Especially if someone makes $100K and spends $110K.
I remember reading a study published a few years ago stating income jealousy started when someone made about $3,000 more than the person questioned.
You’re doing very well. Life is meant to be enjoyed.
I was thinking more of people who have a lot of unsecured debt - credit card debt, student loans, personal loans.
They might make $100,000/year, but they keep borrowing money and never pay off their loans. Then they complain about the cost of living. lol
You’re right, I was reading the wrong chart. That is median net worth, not income.
Ding, ding, ding - we have a thread winnah!
You’d be surprised how many do the same thing at my income level - and it wasn’t all that long ago I was at the $100k/yr (13 years ago I made $50k/yr)
State is too broad a guage imho.
Urban and suburban living anywhere is a lot more expensive than rural living.
In large states there can be major differences between different parts of the state.
In addition, the cost of living changes radically depending on where you are in life.
This is a classic case of where raw numbers confuse rather than enlighten.
I've been rich most of my life (by my own definition of it).
My requirements for being rich are the following:
The above makes me better off than most and I'm thankful for it. Nor do I begrudge others that might have more money.
Also, my 401k made more than I did last year. I don't expect that to continue but it was a nice surprise.
How much is rich? What do you have to have saved at age 65 for retirement?
“This is a classic case of where raw numbers confuse rather than enlighten.”
Bravo!! You got it. Confusion is the both the desired and the tool to get it there.
wy69
Most Americans are idiots, too.
“Rich” means financially independent. An adequate passive income to eliminate the need to sell your time. This amount will vary by region, but nobody economically dependent on a salary or fee in exchange for hours of work can really be considered “rich”.
To liberals ‘’rich’’ is anyone with a job.
Don’t forget tax...let’s say 100k in California, you take home 67K...don’t forget the health insurance premium and throw in a bit for retirement contribution...you may take home 58k...rent and mortgage will eat up 40k per year...that leaves 18k..you have to eat, drive, etc...that’s not enough!
“I remember reading a study published a few years ago stating income jealousy started when someone made about $3,000 more than the person questioned.”
I’ve adjusted for Bidenflation.
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