Why do people who make 500k + not "feel" rich?

[Anonymous]

I always thought that rich was making more than your brother/sister-in-law! Teddy Roosevelt was right though that "comparison is the thief of joy" and who we compare ourselves to matters as the following articles attest:

https://petetheplanner.com/comparison-is-a-costly-habit/

https://www.psychologytoday.com/us/blog/multiple-choice/201903/is-comparison-really-the-thief-joy

I think social media has had a huge impact on this since you're no longer comparing yourself to your neighbors but to the proverbial Kardashians and others online through a neverending stream of posts and articles showing others having their "best life."

[Anonymous]

It’s all about your lifestyle and spending habits. If you surround yourself with well-to-do people and feel the need to keep up with the neighbors in order to feel good about yourself, then you’ll never feel “rich” because you’re chasing the latest and greatest thing.

On the other hand, if you are a high income family in a lower-SES area, it’s easier to feel rich.

I live in an area that many of you would sneer at, but I’m very happy with my choices.

[Anonymous]

Anonymous wrote:I always thought that rich was making more than your brother/sister-in-law! Teddy Roosevelt was right though that "comparison is the thief of joy" and who we compare ourselves to matters as the following articles attest:

https://petetheplanner.com/comparison-is-a-costly-habit/

https://www.psychologytoday.com/us/blog/multiple-choice/201903/is-comparison-really-the-thief-joy

I think social media has had a huge impact on this since you're no longer comparing yourself to your neighbors but to the proverbial Kardashians and others online through a neverending stream of posts and articles showing others having their "best life."

This! Husband and I grew up in lower middle class families. Went to public school, took one vacation a year close by to the OBX or went camping. We got our groceries from Walmart and celebrated birthdays at Chili’s. We are a young couple with a HHI of 400k now which will continue to grow. Our lifestyle has changed designer shoes and clothes, trips to Europe, and skiing in Colorado, shopping at Whole Foods and never checking prices. Eating out at fancy restaurants once a week. We don’t have kids yet, but when we do I’m sure we will put them in private. We are constantly surrounded by people trying to be better than the next person...showing off vacations on social media....posting pics of them drinking champagne in Cartier bracelets. This world is focused on materialism and who has the best/ who is the happiest/ prettiest. When you make more you spend more to “keep up”. Hubby is surrounded by people at work who make 1 mil +. We go on vacations with them and it can be hard to feel like we “fit in”

[Anonymous]

Anonymous wrote:

Anonymous wrote:I always thought that rich was making more than your brother/sister-in-law! Teddy Roosevelt was right though that "comparison is the thief of joy" and who we compare ourselves to matters as the following articles attest:

https://petetheplanner.com/comparison-is-a-costly-habit/

https://www.psychologytoday.com/us/blog/multiple-choice/201903/is-comparison-really-the-thief-joy

I think social media has had a huge impact on this since you're no longer comparing yourself to your neighbors but to the proverbial Kardashians and others online through a neverending stream of posts and articles showing others having their "best life."

This! Husband and I grew up in lower middle class families. Went to public school, took one vacation a year close by to the OBX or went camping. We got our groceries from Walmart and celebrated birthdays at Chili’s. We are a young couple with a HHI of 400k now which will continue to grow. Our lifestyle has changed designer shoes and clothes, trips to Europe, and skiing in Colorado, shopping at Whole Foods and never checking prices. Eating out at fancy restaurants once a week. We don’t have kids yet, but when we do I’m sure we will put them in private. We are constantly surrounded by people trying to be better than the next person...showing off vacations on social media....posting pics of them drinking champagne in Cartier bracelets. This world is focused on materialism and who has the best/ who is the happiest/ prettiest. When you make more you spend more to “keep up”. Hubby is surrounded by people at work who make 1 mil +. We go on vacations with them and it can be hard to feel like we “fit in”

You are spending way too much for your income. Way too much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I always thought that rich was making more than your brother/sister-in-law! Teddy Roosevelt was right though that "comparison is the thief of joy" and who we compare ourselves to matters as the following articles attest:

https://petetheplanner.com/comparison-is-a-costly-habit/

https://www.psychologytoday.com/us/blog/multiple-choice/201903/is-comparison-really-the-thief-joy

I think social media has had a huge impact on this since you're no longer comparing yourself to your neighbors but to the proverbial Kardashians and others online through a neverending stream of posts and articles showing others having their "best life."

This! Husband and I grew up in lower middle class families. Went to public school, took one vacation a year close by to the OBX or went camping. We got our groceries from Walmart and celebrated birthdays at Chili’s. We are a young couple with a HHI of 400k now which will continue to grow. Our lifestyle has changed designer shoes and clothes, trips to Europe, and skiing in Colorado, shopping at Whole Foods and never checking prices. Eating out at fancy restaurants once a week. We don’t have kids yet, but when we do I’m sure we will put them in private. We are constantly surrounded by people trying to be better than the next person...showing off vacations on social media....posting pics of them drinking champagne in Cartier bracelets. This world is focused on materialism and who has the best/ who is the happiest/ prettiest. When you make more you spend more to “keep up”. Hubby is surrounded by people at work who make 1 mil +. We go on vacations with them and it can be hard to feel like we “fit in”

You are spending way too much for your income. Way too much.

We live in a modest condo right now. With no kids. When we move and start a family that will obviously change and we won’t be going out spending money on vacations and clothing like before.

[Anonymous]

Everyone spends 5% more than they make.

[Anonymous]

Anonymous wrote:Because 85% of my pay is spent on taxes, savings, childcare, mortgage and education.

One day I’ll be rich when the kids go off to college. Until then most of my money is going to the future full pay college, childcare required to keep my high paying job and savings.

I will truly never understand the attitude that “I don’t feel rich because I’m busy saving so much money and paying for my giant house.” Saving huge amounts of money and living in a huge house are what being rich is all about.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I always thought that rich was making more than your brother/sister-in-law! Teddy Roosevelt was right though that "comparison is the thief of joy" and who we compare ourselves to matters as the following articles attest:

https://petetheplanner.com/comparison-is-a-costly-habit/

https://www.psychologytoday.com/us/blog/multiple-choice/201903/is-comparison-really-the-thief-joy

I think social media has had a huge impact on this since you're no longer comparing yourself to your neighbors but to the proverbial Kardashians and others online through a neverending stream of posts and articles showing others having their "best life."

This! Husband and I grew up in lower middle class families. Went to public school, took one vacation a year close by to the OBX or went camping. We got our groceries from Walmart and celebrated birthdays at Chili’s. We are a young couple with a HHI of 400k now which will continue to grow. Our lifestyle has changed designer shoes and clothes, trips to Europe, and skiing in Colorado, shopping at Whole Foods and never checking prices. Eating out at fancy restaurants once a week. We don’t have kids yet, but when we do I’m sure we will put them in private. We are constantly surrounded by people trying to be better than the next person...showing off vacations on social media....posting pics of them drinking champagne in Cartier bracelets. This world is focused on materialism and who has the best/ who is the happiest/ prettiest. When you make more you spend more to “keep up”. Hubby is surrounded by people at work who make 1 mil +. We go on vacations with them and it can be hard to feel like we “fit in”

You are spending way too much for your income. Way too much.

We live in a modest condo right now. With no kids. When we move and start a family that will obviously change and we won’t be going out spending money on vacations and clothing like before.

Chances are that kind of spending won't stop. That's what a lifestyle creep is. You don't pop out a few kids and suddenly have a come to Jesus moment. You still maintain the same level of spending, then 10 years and $100k in CC debts later, you wonder what went wrong.

Change your habits if you want to or need to. Thinking that life will somehow whip you in financial shape is naive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I always thought that rich was making more than your brother/sister-in-law! Teddy Roosevelt was right though that "comparison is the thief of joy" and who we compare ourselves to matters as the following articles attest:

https://petetheplanner.com/comparison-is-a-costly-habit/

https://www.psychologytoday.com/us/blog/multiple-choice/201903/is-comparison-really-the-thief-joy

I think social media has had a huge impact on this since you're no longer comparing yourself to your neighbors but to the proverbial Kardashians and others online through a neverending stream of posts and articles showing others having their "best life."

This! Husband and I grew up in lower middle class families. Went to public school, took one vacation a year close by to the OBX or went camping. We got our groceries from Walmart and celebrated birthdays at Chili’s. We are a young couple with a HHI of 400k now which will continue to grow. Our lifestyle has changed designer shoes and clothes, trips to Europe, and skiing in Colorado, shopping at Whole Foods and never checking prices. Eating out at fancy restaurants once a week. We don’t have kids yet, but when we do I’m sure we will put them in private. We are constantly surrounded by people trying to be better than the next person...showing off vacations on social media....posting pics of them drinking champagne in Cartier bracelets. This world is focused on materialism and who has the best/ who is the happiest/ prettiest. When you make more you spend more to “keep up”. Hubby is surrounded by people at work who make 1 mil +. We go on vacations with them and it can be hard to feel like we “fit in”

You don’t make 400k if dual income

[Anonymous]

400k is the new 100k

[Anonymous]

It's about income stability I think. A specialist MD who makes $500k from 30 hours of cash pay patient work is a lot different than a lawyer who works 80 hours/week and could see work dry up at any time. I didn't feel rich when I made $500k from my job because I knew it could end at any time. I started to feel rich when I made $500k from SPY dividends.

[Anonymous]

Anonymous wrote:Everyone spends 5% more than they make.

No. Absolutely not.

[Anonymous]

Anonymous wrote:It's about income stability I think. A specialist MD who makes $500k from 30 hours of cash pay patient work is a lot different than a lawyer who works 80 hours/week and could see work dry up at any time. I didn't feel rich when I made $500k from my job because I knew it could end at any time. I started to feel rich when I made $500k from SPY dividends.

That's some serious money! In perpetuity as well.

[Anonymous]

Poor choices.

They confuse wants for needs so quickly that they forget they even have choices.

[Anonymous]

Anonymous wrote:Because 85% of my pay is spent on taxes, savings, childcare, mortgage and education.

One day I’ll be rich when the kids go off to college. Until then most of my money is going to the future full pay college, childcare required to keep my high paying job and savings. [/quote]


You forgot healthcare. No ACA in our zip code. We pay a fortune