Why do you resist being called rich?

[Anonymous]

So many DCUMer's ardently resist being called "rich," or even "upper middle class," when they earn $250K+ and have a 7-figure net worth, which is demonstrably wealthy even if housing/day care/education costs more in this area.

If you are one of them, why does being called rich offend you so much? Most people *want* to be rich, and you clearly aspire to wealth or you wouldn't live here and be lawyers and buy expensive cars and houses...

I don't get it. What's wrong with simply acknowledging your wealth?

[Anonymous]

Because it is accepted that with wealth comes responsibility.

As long as these $300k HHI people are crying poor, they don't feel guilty for not helping out the less fortunate.

[Anonymous]

Also, they don't "feel" rich. This is largely because they spend all their money.

[Anonymous]

It's because everyone has expectations of what it means to be rich, and the mental image of "rich" doesn't line up with what $250K buys in the DC area. It doesn't mean you aren't actually rich.

I think I'm rich, we have a HHI of $210K. We can afford a lot of things, and don't have to worry about money. But I shop at consignment sales and target, I clip coupons for groceries, we didn't go on vacation this year because of finances, etc. None of those are things that you would associate with someone who is rich, even though obviously many rich people make those financial choices in life.

[Anonymous]

It is tacky and subjective.

[Anonymous]

I am upper middle class, by income and assets. I am not rich because DH and I both need to work full time so that we have money to live on. The rich live off of investments.

We do contribute generously to charity, btw, and saved almost 1/3 of our gross income in 2012.

[Anonymous]

$450k is rich, it's the law! Folllow it !

http://money.cnn.com/2012/12/31/news/economy/fiscal-cliff-rich/

[Anonymous]

Because calling someone rich in this context means that person should have enough extra that they won't even feel a tax increase. And most people at the $250K-ish income level don't fall into that category. It's not about people's perception of the lifestyle, it's about being asked to take on a larger tax burden by virtue of being "rich."

[Anonymous]

This is typical of Americans. Everyone wants to be considered middle class so lots of low-income as well as high-income folks insist they are middle class.

[Anonymous]

I'm 32. Our HHI is 260K. My net worth is $1.1M.

I'm not rich.

Why not?

Both my wife and I have to work to make that number. We can't afford private school for our 3 kids - no way in a million years. We don't live off investments, nor do they even materially contribute to our income. We don't have a butler, a maid, a cook or a driver. We don't have import cars, rather two old beat up cars. If one of us got seriously sick, it would likely bankrupt us. If I lost my job we'd probably lose the house. We have to work to live. Those who are truly rich have none of these issues.

[Anonymous]

Anonymous wrote:I'm 32. Our HHI is 260K. My net worth is $1.1M.

I'm not rich.

Why not?

Both my wife and I have to work to make that number. We can't afford private school for our 3 kids - no way in a million years. We don't live off investments, nor do they even materially contribute to our income. We don't have a butler, a maid, a cook or a driver. We don't have import cars, rather two old beat up cars. If one of us got seriously sick, it would likely bankrupt us. If I lost my job we'd probably lose the house. We have to work to live. Those who are truly rich have none of these issues.

And you are delusional. Why can't you afford private school for your 3 kids? And why do you have two old beat up cars? Because you've made other expensive choices (most likely living in an expensive area in an expensive house). If you chose to live in a less expensive community in a less expensive house, you could opt to send your three children to private school and have newer cars. But you placed a premium on house location and possibly school district. If you make $260K HHI, with zero deductions, you are taking home about $200K. That's close to $16K per month. Paying for insurance, retirement, etc, and you should still be clearly $12K per month easily. I'm sorry, but that's rich. The average middle class person, even in this area doesn't make that money gross let alone net after all of those expenses. You've chosen to live in an expensive area, made expensive choices and don't have a lot of disposable income left over. Boo hoo. I'm sorry, but just because you spend a lot, and have very little left over doesn't mean that you aren't rich, it just means that you spend a lot, which frankly, enforces the idea that you are rich.

[Anonymous]

^ To the "not rich" PP: Our HHI is exactly half of yours (130k) and we live fine. So don't tell me you'd be bankrupted if one of you lost your job. You could make it work, you'd just have to make some adjustments to your lifestyle.

[Anonymous]

Wealthy and rich are not the same thing. Wealthy you are not, but rich and whiny many of you are. You do not feel rich because you want to be wealthy. You want a seven figure lifestyle on a six figure budget.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm 32. Our HHI is 260K. My net worth is $1.1M.

I'm not rich.

Why not?

Both my wife and I have to work to make that number. We can't afford private school for our 3 kids - no way in a million years. We don't live off investments, nor do they even materially contribute to our income. We don't have a butler, a maid, a cook or a driver. We don't have import cars, rather two old beat up cars. If one of us got seriously sick, it would likely bankrupt us. If I lost my job we'd probably lose the house. We have to work to live. Those who are truly rich have none of these issues.

And you are delusional. Why can't you afford private school for your 3 kids? And why do you have two old beat up cars? Because you've made other expensive choices (most likely living in an expensive area in an expensive house). If you chose to live in a less expensive community in a less expensive house, you could opt to send your three children to private school and have newer cars. But you placed a premium on house location and possibly school district. If you make $260K HHI, with zero deductions, you are taking home about $200K. That's close to $16K per month. Paying for insurance, retirement, etc, and you should still be clearly $12K per month easily. I'm sorry, but that's rich. The average middle class person, even in this area doesn't make that money gross let alone net after all of those expenses. You've chosen to live in an expensive area, made expensive choices and don't have a lot of disposable income left over. Boo hoo. I'm sorry, but just because you spend a lot, and have very little left over doesn't mean that you aren't rich, it just means that you spend a lot, which frankly, enforces the idea that you are rich.

This.

[Anonymous]

We are high earners but not rich. Rich implies a certain standard of living/freedom from monetary worries.