Nope, just a response, although if my wife and I earned 200K, we would consider ourselves to be extremely wealthy.
” although if my wife and I earned 200K, we would consider ourselves to be extremely wealthy.”
Depends upon where you live.
My kids make $235K married and can’t afford to buy a house in Arlington VA where they live.
A tiny craftsman on a miniscule lot is 800K
It’s all a matter of where you live, and being in the pool above 200k (N. VA), I find it outrageous. I can honestly tell you in speaking from Northern VA that 200k is not wealthy at all. I can’t afford a house in the area using sound financial judgment. (No more than 25% house payment/month) and they want to squeeze more money out of me? For who? The issue always comes down to...
What about those who perform and get promotions? WHY in the hell would you EVER WANT to? Why would I WANT to work harder? Why put in extra hours, why?
We need to repeal the income tax, don’t even talk to me about a “Fair Tax” and put in place a reduced government that is a Fraction of the current size. Government doesn’t need Tax dollars, it needs fiscal responsibility, increased citizen production; it can print it’s own money based on our production to accommodate a fiscally responsible budget. Why does the Government borrow from the Fed, when the Government makes the money? Hmm... Our whole system needs such a major overhaul I fear that none of us have the stomach for what needs to happen. Think about a government budget that was always a FIXED% of GDP, where production rules, new ideas and productive drivers cherished, and laziness and apathy are punished.
Stimulate production damn it! Don’t stifle it! Make people want to work harder, make me want to start a new business based on low-cost of entry. The more they take from me to give to someone else... well there is only so much I’m willing to do, after that I’ll be damned for what I’ll do.
net net of my point... Government stay the hell out of my way, and let me succeed based only on my mind, work ethic, and ability!
Well, then, you and your wife are dopes.
It would take many, many years of >$200K earnings to make you wealthy, coupled with very limited spending and wise investments.
It could be done, though.
Most people who make $200K pay $50K in taxes and blow the rest.
Could you recommend something on sale where you are? (We wanna get outta Dodd's domain) Here's our city data in Connecticut:
Estimated median household income in 2007: $99,831
Estimated median house or condo value in 2007: $755,182