Reply to CMM: feeling “rich” has more to do with savings than income

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[quote=Anonymous][quote=Anonymous]I see these posts all the time: is 300k HHI rich? Is 300k middle class in DC? Why 300-400k HHI isn’t enough to “feel” rich and so on with people arguing back and forth.

Why the constant focus on income? It obscures the real issue, imo, which is that “feeling” rich = knowing what’s in your bank account. I would hazard to guess that the average American wouldn’t “feel” rich without at least $3-5 million in savings/investments, excluding their primary residence (because you have to live somewhere and with housing so inflated, most can’t or don’t want to downsize).[/quote]

I disagree. IMO, "feeling" rich has more to do with spending power. 
I have a lot of savings in my 401k, roth IRA and 529s accounts, totaling $3.5m. I don't "feel" rich because I don't have much left for extra luxuries after paying for regular expenses and putting all that money aside into savings.
I "felt" richer in my 20s when I got my first job making $80k, not saving much, spending on exotic travels and living life like there was no tomorrow. [/quote]

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