Reply to Down and Out on $250K/year....

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]What exactly is the problem so many people have with the term "rich"? Why are they so defensive about being labeled "rich"? Exactly, what is it you don't like about it?
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What is it about the term that makes you want to apply it to people who, when you add it up, don't really have a lot of extra money to play with?  The original article shows that the $250K couple with two kids, an average home in the area where they live, two cars, and a dog are able to maximize their 401K and put away $8K per year for their kids college.  They get to pay about $5K in repairs on their house each year, and about $5K to clean it.  They have insurance, they get to spend $200 per month on phone, cable, and internet, a little more than $1K per month on food, $3,000 per year on clothes, take one $4K vacation.   Add all that up and there's nothing left over.

Maybe they've exaggerated some of the items, but I invite you to go through the list and add up the savings and then, assuming all you say is true, explain why the quality of life is so much better than a couple making $150K.  We all admit that it's nice to be able to maximize your retirement and save for college, but is that really your definition of something only rich people get to do?  One $4K vacation?  Really?  The posters on this topic are saying look, it's nice, but it's just not as much money as you think it is.  Plugging your ears and saying "but it's still in the top 3% of earners" doesn't mean that the people making slightly more than you are enjoying a much more lavish lifestyle.

And one more thing, why would the top 3% of earners necessarily be rich when $150K puts you in the top 7% or so.  Why isn't $150K "rich"?

http://www.thefiscaltimes.com/Special-Features/Tables/Down-and-Out-on-250000-a-year.aspx[/quote]

SYou mean after they spend all that money on food and clothes and repairs and cable and tv and take a vacation, they don't have much left over? You're right--they are living right on the edge. How can I add an eye roll here? Good god. [/quote]

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