Are you considering youself rich?

[Anonymous]

Anonymous wrote:

Anonymous wrote: Especially since net worth, not HHI, would make one "rich."

Well, we are in our 30s making about $370K. We haven't received a dollar of financial assistance from our family and therefore had no chance to accumulate $10M yet. But nevertheless I consider us rich.

But you're nowhere near rich! Lose a job, put three kids through Cathedral schools, buy a true four bedroom home in ccmd and see how far that gets ya. Rich is 10 million net worth minimum in these parts.

You are what they call doing well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Especially since net worth, not HHI, would make one "rich."

Well, we are in our 30s making about $370K. We haven't received a dollar of financial assistance from our family and therefore had no chance to accumulate $10M yet. But nevertheless I consider us rich.

But you're nowhere near rich! Lose a job, put three kids through Cathedral schools, buy a true four bedroom home in ccmd and see how far that gets ya. Rich is 10 million net worth minimum in these parts.

You are what they call doing well.

Agree. That is healthy cash flow, it is definitely not "rich" and without more information nowhere near financial independence.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Especially since net worth, not HHI, would make one "rich."

Well, we are in our 30s making about $370K. We haven't received a dollar of financial assistance from our family and therefore had no chance to accumulate $10M yet. But nevertheless I consider us rich.

But you're nowhere near rich! Lose a job, put three kids through Cathedral schools, buy a true four bedroom home in ccmd and see how far that gets ya. Rich is 10 million net worth minimum in these parts.

You are what they call doing well.

Anyway, we are going to pay off the house by the time our kids start college. And we still have a lot of money left for savings and investments. We live in a 6 bedroom house in McLean and our kids are doing fine in the AAP of a public school. Also, we both have highly marketable professions and unless we become disabled, will be able to find new jobs in a matter of weeks.

[Anonymous]

370K is rich. 10 million is wealthy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Especially since net worth, not HHI, would make one "rich."

Well, we are in our 30s making about $370K. We haven't received a dollar of financial assistance from our family and therefore had no chance to accumulate $10M yet. But nevertheless I consider us rich.

But you're nowhere near rich! Lose a job, put three kids through Cathedral schools, buy a true four bedroom home in ccmd and see how far that gets ya. Rich is 10 million net worth minimum in these parts.

You are what they call doing well.

Anyway, we are going to pay off the house by the time our kids start college. And we still have a lot of money left for savings and investments. We live in a 6 bedroom house in McLean and our kids are doing fine in the AAP of a public school. Also, we both have highly marketable professions and unless we become disabled, will be able to find new jobs in a matter of weeks.

That's all great, but you are not rich. I'm not saying you won't be rich some day, but right now, you are not. And PP is correct, on your income, you couldn't afford to put 3 kids though private school or live in a large home in a tony neighborhood or do many of the other things truly rich people do, unless you have other assets to subsidize your lifestyle.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Especially since net worth, not HHI, would make one "rich."

Well, we are in our 30s making about $370K. We haven't received a dollar of financial assistance from our family and therefore had no chance to accumulate $10M yet. But nevertheless I consider us rich.

But you're nowhere near rich! Lose a job, put three kids through Cathedral schools, buy a true four bedroom home in ccmd and see how far that gets ya. Rich is 10 million net worth minimum in these parts.

You are what they call doing well.

Does it not occur to you that merely being able to afford to live CCMD makes you rich?

It's ridiculous how clueless you are.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Especially since net worth, not HHI, would make one "rich."

Well, we are in our 30s making about $370K. We haven't received a dollar of financial assistance from our family and therefore had no chance to accumulate $10M yet. But nevertheless I consider us rich.

But you're nowhere near rich! Lose a job, put three kids through Cathedral schools, buy a true four bedroom home in ccmd and see how far that gets ya. Rich is 10 million net worth minimum in these parts.

You are what they call doing well.

Does it not occur to you that merely being able to afford to live CCMD makes you rich?

It's ridiculous how clueless you are.

I was wondering how long this thread would go before the folks started posting how lucky we all are. If you want clues take a look at the original post, OP wasn't seeking fuzzy responses on how far above the national mean income makes you rich. Next we will have people posting how rich they feel making due on 100k a year living in Silver Spring, and that is commendable but not responsive to this thread. The post clearly seeks insight on how much you need to have to be considered rich in this area. Merely affording a house in chevy chase alone does not make you rich per this thread.

Do you really need to work? Do you belong to Chevy Chase Club? Have great house on the Eastern Shore, a sailboat at Annapolis or Deal, MD? Some people are intrigued by what is considered to be really rich here, not a two income couple in IT and consulting making 450/yr.

[Anonymous]

Anonymous wrote:
That's all great, but you are not rich. I'm not saying you won't be rich some day, but right now, you are not. And PP is correct, on your income, you couldn't afford to put 3 kids though private school or live in a large home in a tony neighborhood or do many of the other things truly rich people do, unless you have other assets to subsidize your lifestyle.

The question of the thread is not whether you consider someone else rich. One of our employers reimburses private school tuition, so we could certainly afford private schools even for 10 kids, if we had so many. However, we do not consider private schools necessary, when we have access to the McLean public schools. We have everything we find important and therefore I'm saying we are rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Especially since net worth, not HHI, would make one "rich."

Well, we are in our 30s making about $370K. We haven't received a dollar of financial assistance from our family and therefore had no chance to accumulate $10M yet. But nevertheless I consider us rich.

But you're nowhere near rich! Lose a job, put three kids through Cathedral schools, buy a true four bedroom home in ccmd and see how far that gets ya. Rich is 10 million net worth minimum in these parts.

You are what they call doing well.

Does it not occur to you that merely being able to afford to live CCMD makes you rich?

It's ridiculous how clueless you are.

I was wondering how long this thread would go before the folks started posting how lucky we all are. If you want clues take a look at the original post, OP wasn't seeking fuzzy responses on how far above the national mean income makes you rich. Next we will have people posting how rich they feel making due on 100k a year living in Silver Spring, and that is commendable but not responsive to this thread. The post clearly seeks insight on how much you need to have to be considered rich in this area. Merely affording a house in chevy chase alone does not make you rich per this thread.

Do you really need to work? Do you belong to Chevy Chase Club? Have great house on the Eastern Shore, a sailboat at Annapolis or Deal, MD? Some people are intrigued by what is considered to be really rich here, not a two income couple in IT and consulting making 450/yr.

Actually the OP seemed to be asking how much people needed to have before they considered themselves rich, not for some objective wealth threshold. And if someone chooses to equate being rich with being fortunate, comfortable and blessed, so much the better for them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Especially since net worth, not HHI, would make one "rich."

Well, we are in our 30s making about $370K. We haven't received a dollar of financial assistance from our family and therefore had no chance to accumulate $10M yet. But nevertheless I consider us rich.

But you're nowhere near rich! Lose a job, put three kids through Cathedral schools, buy a true four bedroom home in ccmd and see how far that gets ya. Rich is 10 million net worth minimum in these parts.

You are what they call doing well.

Does it not occur to you that merely being able to afford to live CCMD makes you rich?

It's ridiculous how clueless you are.

I was wondering how long this thread would go before the folks started posting how lucky we all are. If you want clues take a look at the original post, OP wasn't seeking fuzzy responses on how far above the national mean income makes you rich. Next we will have people posting how rich they feel making due on 100k a year living in Silver Spring, and that is commendable but not responsive to this thread. The post clearly seeks insight on how much you need to have to be considered rich in this area. Merely affording a house in chevy chase alone does not make you rich per this thread.

Do you really need to work? Do you belong to Chevy Chase Club? Have great house on the Eastern Shore, a sailboat at Annapolis or Deal, MD? Some people are intrigued by what is considered to be really rich here, not a two income couple in IT and consulting making 450/yr.

Yes, because 450/yr is just so run of the mill middle class. Honestly, some of you are just so out of touch.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The irs considers over 450k hhi rich. In our area under that is upper middle but it also depends on assets

I've never seen the IRS code reference or define "rich".

Check the tax brackets and the whole Bush tax cut debate http://money.cnn.com/2012/12/31/news/economy/fiscal-cliff-rich/index.html

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The irs considers over 450k hhi rich. In our area under that is upper middle but it also depends on assets

I've never seen the IRS code reference or define "rich".

Check the tax brackets and the whole Bush tax cut debate http://money.cnn.com/2012/12/31/news/economy/fiscal-cliff-rich/index.html

You do realize that's not the IRS right? That's CNN discussing politics and using quotes around the word rich in the first paragraph.

[Anonymous]

$1M income but do not feel rich. We have spent a lifetime financially supporting 2 mothers and assisting siblings when they have fallen on hard times. Add in a child with a disability requiring therapy not covered by insurance and private school tuition and we don't have nearly the cash reserves we should. It is all relative though. I old have all of these same expenses and a lower income, but no I am not "rich".

[Anonymous]

Anonymous wrote:$1M income but do not feel rich. We have spent a lifetime financially supporting 2 mothers and assisting siblings when they have fallen on hard times. Add in a child with a disability requiring therapy not covered by insurance and private school tuition and we don't have nearly the cash reserves we should. It is all relative though. I old have all of these same expenses and a lower income, but no I am not "rich".

Yeah, not really buying it that you're not rich. I appreciate that you have a lot of expenses and you sound like good and generous people. However, the fact remains that being able to support two parents, send a child to rivate school and pay out of pocket for therapy means you're rich. A million dollars a year is a lot of money, any way you slice it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$1M income but do not feel rich. We have spent a lifetime financially supporting 2 mothers and assisting siblings when they have fallen on hard times. Add in a child with a disability requiring therapy not covered by insurance and private school tuition and we don't have nearly the cash reserves we should. It is all relative though. I old have all of these same expenses and a lower income, but no I am not "rich".

Yeah, not really buying it that you're not rich. I appreciate that you have a lot of expenses and you sound like good and generous people. However, the fact remains that being able to support two parents, send a child to rivate school and pay out of pocket for therapy means you're rich. A million dollars a year is a lot of money, any way you slice it.

I agree.