Are you considering youself rich?

[Anonymous]

You people that think 400k in income, or a 1 million in income, isn't rich have lost all perspective. You are just like those CEOs getting paid $10 mill a year who think that they deserve a private jet and $20 mill a year.

[Anonymous]

$1 million is really not very much money after you've spent it all.

[Anonymous]

Anonymous wrote:$1 million is really not very much money after you've spent it all.

That is a spending problem.

[Anonymous]

Anonymous wrote:You people that think 400k in income, or a 1 million in income, isn't rich have lost all perspective. You are just like those CEOs getting paid $10 mill a year who think that they deserve a private jet and $20 mill a year.

10 million is 10x 1 million and 1 million is over twice 400k. The problem is people think anything above 300k is rich and the same lifestyle as 10 million.

[Anonymous]

Anonymous wrote:You people that think 400k in income, or a 1 million in income, isn't rich have lost all perspective. You are just like those CEOs getting paid $10 mill a year who think that they deserve a private jet and $20 mill a year.

And then there's the problem of people thinking that $1M is "just like" $10M.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$1 million is really not very much money after you've spent it all.

That is a spending problem.

That was my point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You people that think 400k in income, or a 1 million in income, isn't rich have lost all perspective. You are just like those CEOs getting paid $10 mill a year who think that they deserve a private jet and $20 mill a year.

And then there's the problem of people thinking that $1M is "just like" $10M.

If you read carefully, that's not what I said. I fully understand that if you earn $10 million your patterns of spending and investing will be different than if you earn $1 million. But regardless of who you compare yourself to, or what your aspirational spending would be for, you are still rich in either case.

[Anonymous]

You're rich when you can afford and appreciate a Niroo home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You people that think 400k in income, or a 1 million in income, isn't rich have lost all perspective. You are just like those CEOs getting paid $10 mill a year who think that they deserve a private jet and $20 mill a year.

And then there's the problem of people thinking that $1M is "just like" $10M.

If you read carefully, that's not what I said. I fully understand that if you earn $10 million your patterns of spending and investing will be different than if you earn $1 million. But regardless of who you compare yourself to, or what your aspirational spending would be for, you are still rich in either case.

"Just like"? As if.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$1 million is really not very much money after you've spent it all.

That is a spending problem.

That was my point.

[Anonymous]

If you can never work again and still live the lifestyle you want, you're rich.

[Anonymous]

First of all, I do not consider high income to equal riches. It's convenient for people who want to tax high incomes to equate it with being 'rich' but if your paycheck goes away, you ain't rich. This has happened to family members of mine when health issues cut short high earning careers.

Only assets can indicate wealth.

That being said, we are now worth about $1.2M and our goal is middle class financial independence. In other words, living below our means with assets to generate a middle class income. Ideally I'd like to continue to reinvest some of that income, not spend all of it.

[Anonymous]

Anonymous wrote:First of all, I do not consider high income to equal riches. It's convenient for people who want to tax high incomes to equate it with being 'rich' but if your paycheck goes away, you ain't rich. This has happened to family members of mine when health issues cut short high earning careers.

Only assets can indicate wealth.

That being said, we are now worth about $1.2M and our goal is middle class financial independence. In other words, living below our means with assets to generate a middle class income. Ideally I'd like to continue to reinvest some of that income, not spend all of it.

These are called HENRYs

High Earning Not Rich Yet

And describes a ton of people in DC, who grew up working or middle class and came here and now make low 6 figures and married someone else who makes low 6 figures. Together you seem rich, but doing similar work anywhere else in the country (at local pay rates), and living the same lifestyle anywhere else in the country, would be solidly middle class.

[Anonymous]

Anonymous wrote:You people that think 400k in income, or a 1 million in income, isn't rich have lost all perspective. You are just like those CEOs getting paid $10 mill a year who think that they deserve a private jet and $20 mill a year.

We make $400K a year. We have high income, but are not rich because we both have to work full time to make that money.

[Anonymous]

DH and I consider ourselves rich yes, though we would never phrase it that way. Our great-great-grandchildren will never have to work. We know we are outrageously lucky.