Why a 300-400k salary doesn't feel rich

[Anonymous]

Nothing new here. Another UMC poster with a huge sense of entitlement and no clue how most people live. We make $400k and have two kids. We are not wanting anything. Unless you have medical or special needs, you are either entitled or poor at money management or both.

[Anonymous]

Anonymous wrote:Overall quality of life is decreasing for everyone, from the lower class to the upper class. Even though percentage wise this income puts you in the 97-99th, it doesn't feel that great because a top 3% lifestyle now is different from a top 3% lifestyle 50 years ago. Going down to the 90th percentile which is under 200k/yr, most families who make that are barely getting by. To really be comfortable nowadays you need to be in the top 0.5%, not even a 1% income feels that rich.

Ok let’s put in perspective. You are saying 99.5% of the US population is not comfortable. They are barely getting.
This is in the largest economy and richest country in the world.
If 99% of Americans are “poor”, the rest of the world is what?

You are delusional.

[Anonymous]

Anonymous wrote:I get what OP is saying. We make more than OP and have a nice net worth. We live in an expensive house that carries a high property tax burden. Affording our house is no problem, but I acknowledge that a $25K tax bill on the house every year is not insignificant. We own our cars outright and don't carry debt. Technically we are in the top 1% of earners, but we consider ourselves 'working rich', meaning if the gravy train comes to a halt tomorrow we would be pressed to make some lifestyle decisions if the cashflow changes. My family enjoys life, but we know money is not to be taken for granted. Yes, we have savings, retirement accounts, college funded, as well as taking very nice vacations, we can eat out whenever we want, buy any groceries we want, attend any ticketed events/activities we want, wear any clothes we want, but with inflation and rising costs, I stop and ask if these things are worth the inflated costs. $100 today isn't what it was 5 or 10 years ago. DMV is not a cheap area.

You don’t feel rich because you fear that a catastrophic event could make you change your lifestyle?
Even Jeff Bezos fears that Amazon could come crashing down one day and he would lose a lot of money and change his life. It doesn’t change the fact he is super rich.

Your fears about the future and insecurity don’t change the fact that you are rich. It just means you have some emotional and mental issues.

[Anonymous]

We make 350 and I pinch myself every day. I remember what it feels like to live paycheck to paycheck and to decide which bills to pay. Not having those concerns, being able to address my family’s needs and afford to travel when we want - that feels rich to me. I need nothing more. The super rich do not seem happier than me and in fact they seem more miserable. I don’t kid myself for a moment that I don’t have it amazing. I think it c es down to expectations.

[Anonymous]

Anonymous wrote:Nothing new here. Another UMC poster with a huge sense of entitlement and no clue how most people live. We make $400k and have two kids. We are not wanting anything. Unless you have medical or special needs, you are either entitled or poor at money management or both.

So you admit that you're UMC at 400k, and not rich? Glad you acknowledged it.

Yes, it's great being UMC and having rainy day funds and being able to afford a lot more than someone who plods through life at 50k, but I'm not deluding myself that I'm rich either. I'm comfortable.

Rich is something else different. Financially and emotionally as well. If I lost my job tomorrow, things would become tight even with our savings and investments because we'd not want to blow through it, and I'd always be worried until I found a new job. A rich person never has to worry about money, or even working in the first place. I know people in that position. They live and experience life in a very different way from a working stiff like me.

It's why F Scott Fitzgerald said the rich are different from you and me. Not sure why some people struggle with this. Pretending you're rich because you live in a decent suburb with a six figure income is a laughable concept, and saying you're rich because you have good friends is changing the topic altogether and is something only poorer people say.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nothing new here. Another UMC poster with a huge sense of entitlement and no clue how most people live. We make $400k and have two kids. We are not wanting anything. Unless you have medical or special needs, you are either entitled or poor at money management or both.

So you admit that you're UMC at 400k, and not rich? Glad you acknowledged it.

Yes, it's great being UMC and having rainy day funds and being able to afford a lot more than someone who plods through life at 50k, but I'm not deluding myself that I'm rich either. I'm comfortable.

Rich is something else different. Financially and emotionally as well. If I lost my job tomorrow, things would become tight even with our savings and investments because we'd not want to blow through it, and I'd always be worried until I found a new job. A rich person never has to worry about money, or even working in the first place. I know people in that position. They live and experience life in a very different way from a working stiff like me.

It's why F Scott Fitzgerald said the rich are different from you and me. Not sure why some people struggle with this. Pretending you're rich because you live in a decent suburb with a six figure income is a laughable concept, and saying you're rich because you have good friends is changing the topic altogether and is something only poorer people say.

+1

[Anonymous]

My husband and I made about $270,000 last year and we definitely feel tight. We have two kids in elementary school and we are basically never saving enough for college. We spent over $200k on child care in the early parenting years, and at that time we couldn’t prioritize saving for college. We are fortunate to have our house, which is in an amazing school district and which we bought for $650k about 10 years ago. If we bought it today our monthly payments would be twice what we pay. I really feel for young people facing these interest rates! It seems like at least $350k would be the sweet spot for feeling a bit more comfortable, which for me would include substantial college savings for both kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nothing new here. Another UMC poster with a huge sense of entitlement and no clue how most people live. We make $400k and have two kids. We are not wanting anything. Unless you have medical or special needs, you are either entitled or poor at money management or both.

So you admit that you're UMC at 400k, and not rich? Glad you acknowledged it.

Yes, it's great being UMC and having rainy day funds and being able to afford a lot more than someone who plods through life at 50k, but I'm not deluding myself that I'm rich either. I'm comfortable.

Rich is something else different. Financially and emotionally as well. If I lost my job tomorrow, things would become tight even with our savings and investments because we'd not want to blow through it, and I'd always be worried until I found a new job. A rich person never has to worry about money, or even working in the first place. I know people in that position. They live and experience life in a very different way from a working stiff like me.

It's why F Scott Fitzgerald said the rich are different from you and me. Not sure why some people struggle with this. Pretending you're rich because you live in a decent suburb with a six figure income is a laughable concept, and saying you're rich because you have good friends is changing the topic altogether and is something only poorer people say.

Let me tell you this. The rich also worry about losing their fortune one day. They worry about money more than you think. You are totally mistaken. Being rich has nothing to do with anxiety and mental insecurity.
What you think or feel doesn’t matter. The facts alone matter.
A 500m rich person feels poor in front of 10bn rich person

[Anonymous]

Anonymous wrote:My husband and I made about $270,000 last year and we definitely feel tight. We have two kids in elementary school and we are basically never saving enough for college. We spent over $200k on child care in the early parenting years, and at that time we couldn’t prioritize saving for college. We are fortunate to have our house, which is in an amazing school district and which we bought for $650k about 10 years ago. If we bought it today our monthly payments would be twice what we pay. I really feel for young people facing these interest rates! It seems like at least $350k would be the sweet spot for feeling a bit more comfortable, which for me would include substantial college savings for both kids.

When you make that $350k, you’ll still feel money is tight, believe me. There is never enough money to feel comfortable when you desire things.
When comfortable means:
Living in the best house, in the best neighborhood
Sending kids to the best schools
Paying for the best activities
Saving for the best Ivy League colleges
Saving for the best retirement (20m at least)
Going on vacation frequently to the best places
Building generational wealth
Giving kids down payment to buy their home
Paying for weddings
Paying for grand kids education
… and the list goes on and on.

That’s what people on this forum view as basic needs to feel comfortable. No amount of money would make them feel rich and comfortable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nothing new here. Another UMC poster with a huge sense of entitlement and no clue how most people live. We make $400k and have two kids. We are not wanting anything. Unless you have medical or special needs, you are either entitled or poor at money management or both.

So you admit that you're UMC at 400k, and not rich? Glad you acknowledged it.

Yes, it's great being UMC and having rainy day funds and being able to afford a lot more than someone who plods through life at 50k, but I'm not deluding myself that I'm rich either. I'm comfortable.

Rich is something else different. Financially and emotionally as well. If I lost my job tomorrow, things would become tight even with our savings and investments because we'd not want to blow through it, and I'd always be worried until I found a new job. A rich person never has to worry about money, or even working in the first place. I know people in that position. They live and experience life in a very different way from a working stiff like me.

It's why F Scott Fitzgerald said the rich are different from you and me. Not sure why some people struggle with this. Pretending you're rich because you live in a decent suburb with a six figure income is a laughable concept, and saying you're rich because you have good friends is changing the topic altogether and is something only poorer people say.

DP here. Not exactly. We live far enough beneath our means that we’ve amassed huge savings and could live several years with no job or indefinitely with jobs with lower incomes.

You can be rich two ways - by acquiring much or by desiring little. Life isn’t lacking for us the way it seems to be for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My husband and I made about $270,000 last year and we definitely feel tight. We have two kids in elementary school and we are basically never saving enough for college. We spent over $200k on child care in the early parenting years, and at that time we couldn’t prioritize saving for college. We are fortunate to have our house, which is in an amazing school district and which we bought for $650k about 10 years ago. If we bought it today our monthly payments would be twice what we pay. I really feel for young people facing these interest rates! It seems like at least $350k would be the sweet spot for feeling a bit more comfortable, which for me would include substantial college savings for both kids.

When you make that $350k, you’ll still feel money is tight, believe me. There is never enough money to feel comfortable when you desire things.
When comfortable means:
Living in the best house, in the best neighborhood
Sending kids to the best schools
Paying for the best activities
Saving for the best Ivy League colleges
Saving for the best retirement (20m at least)
Going on vacation frequently to the best places
Building generational wealth
Giving kids down payment to buy their home
Paying for weddings
Paying for grand kids education
… and the list goes on and on.

That’s what people on this forum view as basic needs to feel comfortable. No amount of money would make them feel rich and comfortable.

+1 (or plus +350,000)

UMC means you can do a lot of the things, but you can’t do all the things.

The best way to handle this is live in a neighborhood where your HHI is higher than most.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My husband and I made about $270,000 last year and we definitely feel tight. We have two kids in elementary school and we are basically never saving enough for college. We spent over $200k on child care in the early parenting years, and at that time we couldn’t prioritize saving for college. We are fortunate to have our house, which is in an amazing school district and which we bought for $650k about 10 years ago. If we bought it today our monthly payments would be twice what we pay. I really feel for young people facing these interest rates! It seems like at least $350k would be the sweet spot for feeling a bit more comfortable, which for me would include substantial college savings for both kids.

When you make that $350k, you’ll still feel money is tight, believe me. There is never enough money to feel comfortable when you desire things.
When comfortable means:
Living in the best house, in the best neighborhood
Sending kids to the best schools
Paying for the best activities
Saving for the best Ivy League colleges
Saving for the best retirement (20m at least)
Going on vacation frequently to the best places
Building generational wealth
Giving kids down payment to buy their home
Paying for weddings
Paying for grand kids education
… and the list goes on and on.

That’s what people on this forum view as basic needs to feel comfortable. No amount of money would make them feel rich and comfortable.

+1 (or plus +350,000)

UMC means you can do a lot of the things, but you can’t do all the things.

The best way to handle this is live in a neighborhood where your HHI is higher than most.

+1. If you always surround yourself with those who have more than you, you will never feel rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nothing new here. Another UMC poster with a huge sense of entitlement and no clue how most people live. We make $400k and have two kids. We are not wanting anything. Unless you have medical or special needs, you are either entitled or poor at money management or both.

So you admit that you're UMC at 400k, and not rich? Glad you acknowledged it.

Yes, it's great being UMC and having rainy day funds and being able to afford a lot more than someone who plods through life at 50k, but I'm not deluding myself that I'm rich either. I'm comfortable.

Rich is something else different. Financially and emotionally as well. If I lost my job tomorrow, things would become tight even with our savings and investments because we'd not want to blow through it, and I'd always be worried until I found a new job. A rich person never has to worry about money, or even working in the first place. I know people in that position. They live and experience life in a very different way from a working stiff like me.

It's why F Scott Fitzgerald said the rich are different from you and me. Not sure why some people struggle with this. Pretending you're rich because you live in a decent suburb with a six figure income is a laughable concept, and saying you're rich because you have good friends is changing the topic altogether and is something only poorer people say.

DP here. Not exactly. We live far enough beneath our means that we’ve amassed huge savings and could live several years with no job or indefinitely with jobs with lower incomes.

You can be rich two ways - by acquiring much or by desiring little. Life isn’t lacking for us the way it seems to be for you.

Nonsense. You're changing the meaning of rich from what is commonly accepted. And blaming me! And accusing me of having a "lacking life"! And guess what, I also can live without working for a few years too.

But....

Are you able to charter a private jet and take a group of friends on a fancy safari in Africa? No.

Are you able to drop 10 million for a waterfront house in Nantucket? No.

Are you sleeping at night with the knowledge that your children and even grandchildren will never have to work a day in their lives if they don't want to? No.

That's rich. It's a very different world and way of living. Having comfortable retirement savings doesn't make you rich. You're fulfilled. But fulfilled isn't rich. A poor person can still be fulfilled through close family and friends, but it has nothing to do with being rich. It's clear you have no idea who the rich are.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nothing new here. Another UMC poster with a huge sense of entitlement and no clue how most people live. We make $400k and have two kids. We are not wanting anything. Unless you have medical or special needs, you are either entitled or poor at money management or both.

So you admit that you're UMC at 400k, and not rich? Glad you acknowledged it.

Yes, it's great being UMC and having rainy day funds and being able to afford a lot more than someone who plods through life at 50k, but I'm not deluding myself that I'm rich either. I'm comfortable.

Rich is something else different. Financially and emotionally as well. If I lost my job tomorrow, things would become tight even with our savings and investments because we'd not want to blow through it, and I'd always be worried until I found a new job. A rich person never has to worry about money, or even working in the first place. I know people in that position. They live and experience life in a very different way from a working stiff like me.

It's why F Scott Fitzgerald said the rich are different from you and me. Not sure why some people struggle with this. Pretending you're rich because you live in a decent suburb with a six figure income is a laughable concept, and saying you're rich because you have good friends is changing the topic altogether and is something only poorer people say.

DP here. Not exactly. We live far enough beneath our means that we’ve amassed huge savings and could live several years with no job or indefinitely with jobs with lower incomes.

You can be rich two ways - by acquiring much or by desiring little. Life isn’t lacking for us the way it seems to be for you.

Nonsense. You're changing the meaning of rich from what is commonly accepted. And blaming me! And accusing me of having a "lacking life"! And guess what, I also can live without working for a few years too.

But....

Are you able to charter a private jet and take a group of friends on a fancy safari in Africa? No.

Are you able to drop 10 million for a waterfront house in Nantucket? No.

Are you sleeping at night with the knowledge that your children and even grandchildren will never have to work a day in their lives if they don't want to? No.

That's rich. It's a very different world and way of living. Having comfortable retirement savings doesn't make you rich. You're fulfilled. But fulfilled isn't rich. A poor person can still be fulfilled through close family and friends, but it has nothing to do with being rich. It's clear you have no idea who the rich are.

I feel sorry for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My husband and I made about $270,000 last year and we definitely feel tight. We have two kids in elementary school and we are basically never saving enough for college. We spent over $200k on child care in the early parenting years, and at that time we couldn’t prioritize saving for college. We are fortunate to have our house, which is in an amazing school district and which we bought for $650k about 10 years ago. If we bought it today our monthly payments would be twice what we pay. I really feel for young people facing these interest rates! It seems like at least $350k would be the sweet spot for feeling a bit more comfortable, which for me would include substantial college savings for both kids.

When you make that $350k, you’ll still feel money is tight, believe me. There is never enough money to feel comfortable when you desire things.
When comfortable means:
Living in the best house, in the best neighborhood
Sending kids to the best schools
Paying for the best activities
Saving for the best Ivy League colleges
Saving for the best retirement (20m at least)
Going on vacation frequently to the best places
Building generational wealth
Giving kids down payment to buy their home
Paying for weddings
Paying for grand kids education
… and the list goes on and on.

That’s what people on this forum view as basic needs to feel comfortable. No amount of money would make them feel rich and comfortable.

Totally agree. Most of the complainers here have lost perspective. Who tasked these people with the need to build generational wealth? Most of this is ego. People want to feel way above the average, and the person in the lineage that everyone can look back to and thank. Ironically, history is replete with ungrateful heirs who gladly spent every dollar saved by their industrious, ambitious, and dynasty-building ancestors. It’s much better to live a materially comfortable life, raise decent kids, and let the next generation do their own thing. Almost every billionaire made their money in their own lifetime and don’t feel strongly compelled to pass it on to family. Is DCUM really smarter than that?