Do you think $250,000/year is wealthy?

[Tracey in TX]

Defining Rich

How much money does it take to be considered “rich†today?

 

I get asked this question a lot and have never found a definitive answer. Because it depends — on where you live, how much you spend, and how rich your neighbors are. If you insist on a quantitative answer, some break it down by percentiles, figuring that being in the top 1% or 5% mean’s “rich.†(To see how you stack up by this metric, see the Wealth Report’s Rich-O-Meter.)see below

 

But ultimately, being “rich†is relative — by definition it means having more money than the people you meet and see every day. With many people becoming wealthier over the past decade, the threshold for what it takes to be wealthy is rising.

 

As the economist Robert H. Frank (no relation) told me, “incomes and wealth figures have been growing rapidly at the top over the last several decades, so it’s only natural that the norms are revised upward as well.â€

 

Now, the government has weighed in. As part of its effort to better regulate hedge funds, the SEC has proposed a new definition for “accredited investor†— someone rich enough to invest in private investment pools without needing protection from government regulators. To invest in hedge funds today, investors need to have $1 million in net worth (including the value of their primary residence), or income of at least $200,000 for individuals or $300,000 for households. The SEC has proposed raising the bar, requiring investors to have $2.5 million in investible assets.

 

Needless to say, the new wealth requirement has touched off a firestorm among investors who don’t make the new cutoff, saying it’s discriminatory against the not-so-rich. They’ve barraged the SEC’s Web site with comments (see here), calling on the agency to scrap the measure.

 

Yet all the outcry can’t change the fundamental economics driving wealth today. So many people are now worth $1 million (especially if you include the value of homes) that being a millionaire may no longer buy a ticket to that rarified world called “rich.â€

 

WHERE DO YOU RANK IN WEALTH

 

(If you have a household net worth of X … you rank in the Y percentile):

 

$50,000 … 60th percentile

$93,000 … 50th percentile

$100,000 … 48th percentile

$200,000 … 34th percentile

$500,000 … 18th percentile

$750,000 … 12th percentile

$827,000 … 10th percentile

$1 million … 8th percentile

$1.4 million … 5th percentile

$6 million … 1st percentile

[Kelli in TN]

If we had $250k/yr. where we are now, we would feel pretty darn wealthy. Bigger house, landscapers (I never want to plant a lawn by hand again!), more activities for the kids, unlimited curriculum supplies, I would have a new car, I'd visit my parents more often and we would travel regularly. Retirement and college savings would be funded pretty fast. Since I hate to cook, we could eat out whenever we darn well please. Hobbies would never have to be budgeted. Clothes would never need to be handed down... even though they would be b/c I hate shopping for clothes.

 

.

 

Can you even imagine?

 

I cannot.

 

My mom has funded what music and dance my kids have had. It is a relief that none of them are athletically inclined since I know that can get expensive. We were at a college visit out of town Monday and we asked if we could go to a restaurant for lunch, just the three of us (dh, me and the almost-college girl) and dh looked at us like we were speaking a different language.

 

I cannot imagine the life you outlined in that paragraph. It boggles my mind.

[Kelli in TN]

That same amount would just barely pay my mortgage for the year and my family has a very modest mortgage for our area. You cannot even rent a one bedroom apartment for under $1K per month where I live.:mellow:

 

I'd like to know how people in my husband's line of work even survive.

 

His salary is decent money in Tennessee. But federal employees make what they make no matter where they live. I cannot imagine how our family would survive if he were transfered to Cal.

 

Fortunately he is in one of the few depts. that cannot be transfered.

[Renee in NC]

I'd like to know how people in my husband's line of work even survive.

 

His salary is decent money in Tennessee. But federal employees make what they make no matter where they live. I cannot imagine how our family would survive if he were transfered to Cal.

 

Fortunately he is in one of the few depts. that cannot be transfered.

 

And I imagine that he makes more than the average restaurant worker, cashier, warehouse stocker, etc. People may not "feel" wealthy in areas where the cost of living is so high, but compared to many they are.

 

Even federal employees!:D

[RebeccaC]

Defining Rich

How much money does it take to be considered “rich†today?

 

I get asked this question a lot and have never found a definitive answer. Because it depends — on where you live, how much you spend, and how rich your neighbors are. If you insist on a quantitative answer, some break it down by percentiles, figuring that being in the top 1% or 5% mean’s “rich.†(To see how you stack up by this metric, see the Wealth Report’s Rich-O-Meter.)see below

 

But ultimately, being “rich†is relative — by definition it means having more money than the people you meet and see every day. With many people becoming wealthier over the past decade, the threshold for what it takes to be wealthy is rising.

 

As the economist Robert H. Frank (no relation) told me, “incomes and wealth figures have been growing rapidly at the top over the last several decades, so it’s only natural that the norms are revised upward as well.â€

 

Now, the government has weighed in. As part of its effort to better regulate hedge funds, the SEC has proposed a new definition for “accredited investor†— someone rich enough to invest in private investment pools without needing protection from government regulators. To invest in hedge funds today, investors need to have $1 million in net worth (including the value of their primary residence), or income of at least $200,000 for individuals or $300,000 for households. The SEC has proposed raising the bar, requiring investors to have $2.5 million in investible assets.

 

Needless to say, the new wealth requirement has touched off a firestorm among investors who don’t make the new cutoff, saying it’s discriminatory against the not-so-rich. They’ve barraged the SEC’s Web site with comments (see here), calling on the agency to scrap the measure.

 

Yet all the outcry can’t change the fundamental economics driving wealth today. So many people are now worth $1 million (especially if you include the value of homes) that being a millionaire may no longer buy a ticket to that rarified world called “rich.â€

 

WHERE DO YOU RANK IN WEALTH

 

(If you have a household net worth of X … you rank in the Y percentile):

 

$50,000 … 60th percentile

$93,000 … 50th percentile

$100,000 … 48th percentile

$200,000 … 34th percentile

$500,000 … 18th percentile

$750,000 … 12th percentile

$827,000 … 10th percentile

$1 million … 8th percentile

$1.4 million … 5th percentile

$6 million … 1st percentile

 

Thanks for posting this. It just confirms what I was thinking 250,000 is upper middle class.

[Ria]

I'd consider it wealthy.

 

Ria

[Plucky]

How much do houses cost in TN? I was watching a show on HGTV about this couple buying what looked like a mansion to me for $150,000. I've thought about moving to TX or the south where housing prices are really good. Are housing prices still that good? :)

[Renee in NC]

Thanks for posting this. It just confirms what I was thinking 250,000 is upper middle class.

 

That information was about net worth, not annual income.

[Carrie12345]

Can you even imagine?

 

I cannot.

 

My mom has funded what music and dance my kids have had. It is a relief that none of them are athletically inclined since I know that can get expensive. We were at a college visit out of town Monday and we asked if we could go to a restaurant for lunch, just the three of us (dh, me and the almost-college girl) and dh looked at us like we were speaking a different language.

 

I cannot imagine the life you outlined in that paragraph. It boggles my mind.

 

Oh, I imagine it every day!:lol:

Seriously though, the idea scares me a little bit. I'm not sure whether I view it as requiring more responsibility or less. I *like* my current responsibility just the way it is.

 

Of course, my 10yo is now saying he thinks he should go to Yale. I may have to cut one or two of those fantasies out!

[Kelli in TN]

How much do houses cost in TN? I was watching a show on HGTV about this couple buying what looked like a mansion to me for $150,000. I've thought about moving to TX or the south where housing prices are really good. Are housing prices still that good? :)

 

We have about 23,000 square feet on 3/4 of an acre and we bought our house for $127ish 8 years ago. We have 5 bedrooms, 2 1/2 baths. No fancy stuff; no giant bathtubs, no granite, no marble, etc. Just the basics. I would say our housing market is still about the same as it was when we bought this house.

[CAMom]

I just grabbed my budget and added it up. Our one car payment, food, health/auto/life insurance, utilities add up to $24,500 a year. Oops, I forgot the phone. Note that it doesn't cover rent, either. Or gas for the car.

 

We could not survive in Northern VA on $24K. It might be possible if we moved back to Texas. But we moved here because there was a job here.

 

OK, I just grabbed my written budget. The bare basics (mortgage, utilities, car ins., gas, car tags, life ins., health ins. (not a fancy plan), and groceries) add up to 54,000 for our family per year. Then, of course, there's money for car and home repairs, dental bills (we can't afford dental ins.), dr. co-pays, optometry, school supplies, gifts, etc. Count in saving 15% for retirement, college savings and 10% for charity and...

[Kelli in TN]

And I imagine that he makes more than the average restaurant worker, cashier, warehouse stocker, etc. People may not "feel" wealthy in areas where the cost of living is so high, but compared to many they are.

 

Even federal employees!:D

 

I think we might be making the same point, sort of.

 

Federal employess make what they make no matter where they live. Minimum wage is the same everywhere, isn't it?

 

It still comes down to the fact that the family with $250,000 per year has more options than the family with $80,000 per year who has more options than the family with $25,000 per year. By comparison of these salaries, $250, 000 is wealthy, in my opinion.

[Tracey in TX]

We have about 23,000 square feet on 3/4 of an acre and we bought our house for $127ish 8 years ago.

 

23,000 sq ft house? Either this is a typo or you live in a castle! :)

(Anyone want to estimate what size a mansion is? Friend recently moved into a 6000 sq ft home which I thought bordered on mansion size.)

[Plucky]

Do you mean 2,300? Here a house like that would probably go for $400,000+ and that's after our recent price drop. We make pretty good money but couldn't afford it. All the new developments have houses on .10-.16 of an acre. The lots are so tiny it's frightening. A good yard costs some money. If anything ever happened to this job we would hope to move to a state where the cost of living is much cheaper and we can buy a house for that price. You are blessed, Kelli.

[Okie]

Yes, I consider that wealthy. If it's not, then we are REALLY dirt poor. :)

:iagree:You could live pretty darn well around here on that. That's more than 2.5X what we have and would change our lives drastically.

[Plucky]

A mansion to me is a big country home with a wrap around porch, a huge country kitchen, on acreage and maid service. I have low standards for mansions, I know. LOL

[Mommy22alyns]

To me, 250K a year is wealthy. I'd think I'd died and gone to heaven if DH made that kind of money.

[LisaNY]

Nope. It is firmly middle class. *Maybe* it could be classified as upper middle class, but no way is it wealthy. I live in a county that I've recently discovered is 6th on the list of areas with the highest taxes in the country.

$250K might be comfortable, but that's about it in an area like this.

[RebeccaC]

That information was about net worth, not annual income.

 

Well, rats! Seed reading does not pay off. I still think 250,000 is the cutting edge of upper middle class. During the 90s FIL made 300,000 a year for 10 years as super of Morgan Hill schools district in CA. During the same time period we were making between 30 and 45thousand a year. Dh's brother was making 7 figures as herbal acupunctist Chinese medicine doc to the stars while paling around with the Dali Lama during the same time period. Spending large chunks of the year in Tibet and Hawaii, where his wife lives, and maintaining an office in Malibu and his primary residence.

 

FIL was comfortable and lived in a modest ranch house that would have ran around high 200,000 here but sold for well over 1 million there in 2000. He was not wealthy but really comfortable.

 

BIL put most of his money in to a medical herb business just after the millenium and continues to jet around the world treating people even richer than he is or writing books. 7 figures is rich, wealthy in that folks can drop out of making anything for a year or so and maintain their life style. Which is what Bil does every 5 years or so takes a whole year off from his practice to commune with nature, live in Tibet, or write a book or........

 

250,000 a year is well off it is not wealthy but could be on the road to wealthy in my opinion. Most folks making 250,000 a year can not just at a whim drop out of working and maintain their live style for a year or more and pick right back up no worse for the ware.

Edited October 15, 2008 by RebeccaC

[Karenciavo]

However, we would go back to NJ with $250k. A shorter commute means more time with dh. We'd have the bigger house and the kids might have more activities. We would probably take an annual vacation, and I would make at least one visit to my family in GA during the year. I could probably get a new car once this one is closer to dying. Retirement and college savings would eventually be fully funded.

 

Fortunate, lucky, comfortable, wealthy, rich, middle class... whatever you want to call it, it would feel very different to us here than it would in NJ. Both wonderful, neither worth complaining about, but definitely different.

 

That's my point. Am I rich because we have the money to help our parents, take a vacation, fund our children's college education and our retirement? No. Are we comfortable? Yes. Do I have to think twice before buying something not in the budget? No, but I do. We also give a lot of money away. *I* (well, me and dh) prefer to be in control of that. I am thankful for what we have and realize it might not always be this way. Btw, we don't make quite $250,000.

[Claire in NM]

And it also depends on what standard of living you are wanting. If $250,000 is not enough, I think this person is going to have to rethink a few things and get serious about downsizing their life.

 

Claire in NM

[Colleen]

It's not hogwash. Just a difference of opinion of the definition of wealthy.

 

Claiming a $250,000 income is "middle class" is hogwash ~ in my opinion.

[5kidsforME]

I was talking to a friend today and she made a comment about $250,000/year being wealthy. I disagreed. Not when you take into account the student loans someone making that much probably has and health insurance costs. My friend only pays $40/month for health care so she agreed that she has no idea what it is like for the average American who has to pay for their own hc.

 

What do you think? Is $250,000 for a family wealthy or firmly middle-class?

 

 

Definately wealthy.

[Carrie12345]

That's my point. Am I rich because we have the money to help our parents, take a vacation, fund our children's college education and our retirement? No. Are we comfortable? Yes. Do I have to think twice before buying something not in the budget? No, but I do. We also give a lot of money away. *I* (well, me and dh) prefer to be in control of that. I am thankful for what we have and realize it might not always be this way. Btw, we don't make quite $250,000.

 

Right. We eventually plan to go back, even without $250k. I will most certainly be doing my own landscaping and crummy cooking.:D Comfortable as we are here (solidly middle by some standards, well-off by others), we'll be penny pinchers in NJ.

 

The taylor ham is worth it!

[5kidsforME]

Yes.

 

Even if you:

 

Pay 35% in taxes on the TOTAL amount (FICA, Fed, and State) - $89,375 (Standard deduction, family of 4, self-employed as sole prop, student loan interest deduction and self-employed health insurance deduction. It would probably be a lot lower than this using allowable deductions, tax sheltering business structure, etc.)

 

Pay $1800 a month in student loans ($150,000 over 10 years) - $21,600

 

Pay $2500 a month for health insurance - $30,000

 

You still "net" $109,000 which is WAY more than we make and more than enough to live on - I don't care where you live in the U.S.!

 

:iagree::iagree:

[LisaNY]

Let me put it to you this way, $250,000 isn't wealthy enough to be signed on to a wealth distribution program.

 

I agree.

[5kidsforME]

I tell you what, I volunteer my family to do an experiment. If someone wants to put up the 250K for the next year I'll gauge whether I think it is truly wealthy or not. I promise to report back in twelve months. :D:D

 

 

Well to make the study fair, I think one family from each state should be in the experiment. I'll take the spot for Indiana! :D

[Daisy]

Sure seems wealthy to me. But I'm using the word wealthy, without all it's negative baggage.

 

BTW, I live in CA. I still think that's pretty comfortable livin'.

 

I'm not sure I can express this correctly. Each of us comes from a unique situation and should not be judged on the basis of a dollar sign. I try not mention specific amounts when in conversation with others because one person's wealth is another man's poorhouse.

Edited October 15, 2008 by Daisy

[5kidsforME]

My thoughts exactly.

We have several friends who make that 'magic' number. We are not near that number, by a stretch, however our lifestyles are NOT that different from theirs. They take nicer vacations than we do, other than that, all is pretty similar. I would certainly not be rich nor want to be considered rich at that income.

 

 

But someday those loans will be paid off.

[gardenschooler]

To me retirement, kids education, charity, etc are all luxuries. I would love to be about to have the extra $ to do those. Heck, even a cheap vacation once every ten years would be nice.

 

Amen. Add having health insurance to that list!

[Tracey in TX]

Well to make the study fair, I think one family from each state should be in the experiment. I'll take the spot for Indiana! :D

What a generous proposition! Y'all are wonderful to sacrifice yourselves for a year to study this monetary test!:D

[5kidsforME]

What a generous proposition! Y'all are wonderful to sacrifice yourselves for a year to study this monetary test!:D

 

I think so! Anything for the cause......:tongue_smilie:

[Jenny in Atl]

Amen. Add having health insurance to that list!

 

Heck, health insurance is the reason we are falling/have fallen into a bottomless pit. We spend about the same on insurance and medical needs as we do on our mortgage; just sinking further and further into the quick sand... :tongue_smilie:

[momof165]

Yes, I consider that wealthy. If it's not, then we are REALLY dirt poor. :)

 

 

:iagree:

 

Sonja

__________________________________

Married to the love of my life (10 yrs)

Mom to ds 8

[Colleen]

I know this is off on a tangent, but isn't it interesting that by the standards you describe above, most people in the US would fall into this category? You could go further and add game systems and multiple tvs, vacations, recreational items like boats or atvs. I wouldn't begin to describe them wealthy.

 

You wouldn't? All that and a person's still not wealthy? I'm stumped. Truly.

[Kris]

I was talking to a friend today and she made a comment about $250,000/year being wealthy. I disagreed. Not when you take into account the student loans someone making that much probably has and health insurance costs. My friend only pays $40/month for health care so she agreed that she has no idea what it is like for the average American who has to pay for their own hc.

 

What do you think? Is $250,000 for a family wealthy or firmly middle-class?

 

I haven't read the responses -- it would be for us. :D

[mommytobees]

Um, ya I do think $250,000 a year is wealthy.

 

Kris

[gardenschooler]

How much do houses cost in TN? I was watching a show on HGTV about this couple buying what looked like a mansion to me for $150,000. I've thought about moving to TX or the south where housing prices are really good. Are housing prices still that good? :)

 

That's not the case all across TN (Kelli lives in the sticks, btw :)). We couldn't buy a house in a safe neighborhood for that price. For $250K, yes, but not $150.

[Melissa in CA]

Well, I personally would think dh and I very well-off if he brought in an income of that amount. I think it really depends on where you live, the housing costs, etc., which I am sure others have mentioned in the 18-19 proceeding pages of posts that I did not read. ;)

 

I also think just about everyone in America is wealthy compared to the majority of the world. If you have shelter, clothing and food....you're wealthy folks.

[KidsHappen]

How much do houses cost in TN? I was watching a show on HGTV about this couple buying what looked like a mansion to me for $150,000. I've thought about moving to TX or the south where housing prices are really good. Are housing prices still that good? :)

 

I live about an hour south of Nashville. I bought my house a year ago. It was $293,000. It is larger than many people's but certainly not a mansion. 4 bedrooms/3 baths. We currently have seven people living here with others regularly visiting. If we had bought the exact same house in Franklin or Brentwood it would have been $350,000 - $400,000. My brother bought a slightly smaller house by the same builder in TX and paid $118,000. He didn't buy here because he couldn't afford it. However, his property taxes are double ours and he pays more for untilities so his monthly costs would not have been hugely different.

[8filltheheart]

Your OP stated that you considered 80,000-125,000 to be upper middle class and anything beyond that wealthy.

 

As far as 250,000, I am not sure that I know anyone personally that makes that much money unless my brother, an orthodontist, does. Based on the house he built, I would guess he is beyond that, but I really don't know.

 

Either way, I would not consider him wealthy. They live in a huge mansion on a lake. They have several boats, sports cars, and travel all the time. However, that "wealth" is perception based. If he loses his patient base and doesn't have the income coming in, I am assuming he would lose everything b/c he wasn't born wealthy. (that I do know ;) ) I am thrilled that his practice is so great. He employs several staff, provides them excellent benefits, and works several different offices with 12 hr days.

 

He also spent over 12 yrs in graduate studies and in the 5 yrs in the military as a dentist. He put his life on hold until he was basically the age I am now. By the time I am his age, our 3 yr old will be college age. He has kids in diapers.

 

I think raising his taxes will lead to him reducing his staff numbers and raising their required contributions for their benefits. There is no such thing as free. He will cut costs to make up the difference or he will raise patient costs.

 

And also, I should clarify that when I posted earlier that I am not implying that making lower wages equates with not working hard. I was in a hurry b/c I had to leave. However, I think that probable income with most career choices is typically known before pursuit. I would have been crazy to major in ed and psy and expect the salary of an engineer. Jobs that few are willing or capable of doing are typically going to pay higher b/c of supply and demand.......unless we no longer play by capitalistic rules.

Edited October 16, 2008 by 8FillTheHeart

[coffeefreak]

I consider it wealthy, because I compare it to my own situation. It really is all relative. We usually receive a Federal Tax refund because we are considered lower middle class and don't make what the median income of the country is. However, we usually have to turn around and pay the state extra taxes because we are considered upper middle class in our state and make more than the median income.

 

FWIW, my husband just started a new job and I have no idea if all of this will be true next year or not. However, his salary is no where NEAR $250K so I still consider it wealthy

[Pam "SFSOM" in TN]

This thread has proven one thing to me and I am deeply saddened by it.

 

 

 

Oh, I don't resent anyone's success. No way. We've made choices in our lives. One reason our income is so small right now is that we wanted a parent home full time with the preschooler, and my full-time, year-round school hours are simply too complicated for us to *want to* manage. This was a choice.

 

I married an enlisted, career soldier. That choice had consequences. I chose to stay home and work only part-time, with few ideas of how to pull together lucrative marketability of my skills and education. I did ok. But we've never had money.

 

It is wonderful that others DO have money. But it's ok that I don't. I don't resent it. But I can't imagine making enough money to put me in the top 5%. Probably because I was raised at the poverty line by parents who were raised at the poverty line. Maybe. Money is a very complicated subject for me.

 

But resentment doesn't enter into it. I know what people sacrifice to earn what they do, and we haven't made those sacrifices.

[HRAAB]

As far as 250,000, I am not sure that I know anyone personally that makes that much money unless my brother, an orthodontist, does. Based on the house he built, I would guess he is beyond that, but I really don't know.

 

Either way, I would not consider him wealthy. They live in a huge mansion on a lake. They have several boats, sports cars, and travel all the time. However, that "wealth" is perception based. If he loses his patient base and doesn't have the income coming in, I am assuming he would lose everything b/c he wasn't born wealthy. (that I do know ;) ) I am thrilled that his practice is so great. He employs several staff, provides them excellent benefits, and works several different offices with 12 hr days.

 

He also spent over 12 yrs in graduate studies and in the 5 yrs in the military as a dentist. He put his life on hold until he was basically the age I am now. By the time I am his age, our 3 yr old will be college age. He has kids in diapers.

 

I think raising his taxes will lead to him reducing his staff numbers and raising their required contributions for their benefits. There is no such thing as free. He will cut costs to make up the difference or he will raise patient costs.

 

Well, that makes me think of Lifestyles of the Rich and Famous. And that is fine; he put in his time and earns it. Still, I consider that wealthy. I don't find anything immoral about people being wealthy unless they stole the money or got it through unethical means. Wealthy do much for this country. My mil was having a fit about an add in the paper for a 'pooper scooper business'. She was incensed that people would pay someone to pick up the doggie poo in their backyard. My take on is that they are providing employment to people, and I'm glad they're able to do that. They have a clean backyard, and someone has a business.

 

An honest question though:

 

What is a measuring stick for wealthy? Warren Buffet?

 

Janet

[Tracey in TX]

 

What is a measuring stick for wealthy? Warren Buffet?

 

Janet

 

Wondering the same thing: seems to be a trend to measure wealth for an amount we each view as not personally achievable or likely. After all, if we each consider ourselves middle class, the next logical step would be upper class or wealthy.

[MrsMe]

That would certainly depend upon where you live. In CA it's poor; in AK it's wealthy.

[5kidsforME]

That would certainly depend upon where you live. In CA it's poor; in AK it's wealthy.

 

Poor? :001_huh: Isn't that an exaggeration?

[KidsHappen]

Globally speaking, yes, it is very wealthy indeed. In America I guess it depends on how much you make now. When my dh and I married we were dirt poor and $250,000 seemed inconceivable. We are currently what I would consider comfortable. Our income is pretty high but our deductions - taxes, SS, medicare, health insurance, dental, life - are higher than many of you make. Our taxes alone would have allowed us to support both of our mothers better than they are/were with SS and disability. To us, $250,000 now seems upper middle class - well off but not wealthy. If my dh did the exact same thing that he does now as an independent contractor he could make $250,000but our expenses would be more than twice as much as they are now. We would be better off than we are now but not substantially so. We would certainly not consider ourselves wealthy. We would have to save more and his income would be less secure.

 

As a standard of comparison - We live in a average house in a safe neighborhood, we have one car (which we are making payments on), we have never been on a vacation, we rarely buy new clothes (my 9 yr. old is wearing clothes that my 25 yr old wore at her age.) We do have cable, internet and cell phones and I can buy groceries without having to worry unduely about prices. I can afford to put braces on my children. I can buy the prescriptions that my family needs and put gas in my car. I know that we have it better than many and I am so grateful for that. This is why I consider us comfortable. However, we also pay a pretty hefty amount on student loans, carry an additional life insurance policy on my dh, have substantial medical expenses, send money to other family members (three grown dds who are barely scraping by). We still have to figure out how to put four children through college and save for retirement. The difference between what we make now and $250,000 would probably allow us to do those two things. Once the children all leave home I will probably go back to work for as long as I am able to save for retirement, pay off mortgage and student loans. I would guess that my life style is not substantially different than many of you who make less.

[Colleen]

What this conversation underscores, imo, is what Jenny mentioned below: We as a society often lose sight of what it truly means to be wealthy. We take a whole heckuvva lot for granted. If people truly believe that having all the basic necessities covered; plus being able to comfortably save and invest; plus enjoying the array of extras with which we surround ourselves ~ if people truly believe that isn't wealthy, well...I feel not envy for them, but pity.

[Karenciavo]

.I feel not envy for them, but pity.

 

You're unbelievably rude sometimes.