Does 250K a year make you wealthy?

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Author: [Politics] Topic: Does 250K a year make you wealthy?
lordspoint PM lordspoint
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Posted: 7/10/2012 9:42:26 AM

I say it does not.

What say you?

OakleyDoak PM OakleyDoak
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Posted: 7/10/2012 9:56:32 AM
If someone earns 250k,do they have the same current financial concerns as someone who earns / receives less,much less ?
Does this question reflect the need to assign taxes differently ?
AustinHoopDream PM AustinHoopDream
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Posted: 7/10/2012 10:06:19 AM
to know wealth is to know what your true expectations are and to really understand where you are in relation to those expectations.

don juan PM don juan
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Posted: 7/10/2012 10:08:20 AM

I think I deserve an apology from you, if not,   welcome back anyway ! 

If you will read the paragraph below the Index graph, you will see the disparity.

 

http://www.fedupusa.org/2010/01/how-much-does-the-average-american-make-breaking-down-the-u-s-household-income-numbers/

txtechpika PM txtechpika
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Posted: 7/10/2012 10:09:20 AM
No, if you are single maybe it makes your comfortably, but with a wife and kids by no means.
kaponofor3 PM kaponofor3
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Posted: 7/10/2012 10:32:52 AM
It certainly doesn't make you poor, that's for sure.
kickinA PM kickinA
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Posted: 7/10/2012 11:41:21 AM
I would be, simply because I live well within my means.
Randisist PM Randisist
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Posted: 7/10/2012 11:48:12 AM
behind kickinA eluded to... (and quite nicely) it is a matter of mindset for the most part. If you have to have the most expensive there is of everything... Then no, 250K is chump change. If you are desperate to impress others then no 250K is no where near enough.
Lar1212 PM Lar1212
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Posted: 7/10/2012 11:51:40 AM
Wealth is relative.
captjohn67 PM captjohn67
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Posted: 7/10/2012 12:16:13 PM

http://www.youtube.com/watch?v=W05cPXpUHGI

let me knock down 250k for 4 years and i'm gone  

think wealth is relative is a good answer, but probably not the answer you're looking for.

 

drJ PM drJ
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Posted: 7/10/2012 12:34:47 PM
No it doesnt.  It making grocery shopping less scary though.  4 dependents and college coming up for two of them.  i cant afford it.  not much retirement fund yet and im mid 40's.  i got no complaints but im not rich by any stretch.
lordspoint PM lordspoint
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Posted: 7/10/2012 12:56:55 PM

don

your link does not take into account cost of living or any other financial responsibilities.

I have always made the argument that 250K in NYC is not the same as 250K in a lower cost state with zero income tax etc.

To blanket a person as being wealthy at the 250K threshold does not take the whole picture into the equation and therefore I think the idea of using 250K as the magic # to raise taxes is short sighted.

It makes for good politics and class warfare but does not hold water in my eyes.

lordspoint PM lordspoint
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Posted: 7/10/2012 1:02:24 PM

and an apology? I don't think so. I speak my mind and if you are too sensitive I cannot not apologize for you. Words are words don and I dont mince them and pardon me if I use profanity as well (God forbid) but thanks for running to the mods and covers help to have me boxed...it's over so let;s just move on shall we?

 Why folks cant see the big picture sham that will unfold with insurance rebates is beyond my comprehension but that is getting off topic.

wallstreetcappers PM wallstreetcappers
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Posted: 7/10/2012 1:02:35 PM
Versus.......
lordspoint PM lordspoint
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Posted: 7/10/2012 1:10:04 PM

oak

I cannot answer your question because besides the basics  everyones financial obligations are different.

 

 

lordspoint PM lordspoint
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Posted: 7/10/2012 1:11:50 PM

austin

the same good be said about the feds.....the more money they get the more money they spend......the same can be said for many "wealthy" and non "wealthy" people.....I suppose its part of human nature for some people

lordspoint PM lordspoint
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Posted: 7/10/2012 1:31:52 PM

wall

versus does 100K make you wealthy or 150K

I believe we can define poor much more easily than wealthy in my humble opinion.

And I know many people who are "wealthy" but miserable.

I also know many who are what is deemed middle class and less miserable if you will

moral of the story: money does not buy happiness

they are all married so that taints the data

for the record this this tax hike if enacted shouldnt effect me unless I hit lotto or have a really, really, really stellar year gambling at the casino

Stiln PM Stiln
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Posted: 7/10/2012 2:06:44 PM
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Ktrain PM Ktrain
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Posted: 7/10/2012 3:29:17 PM
I agree with Randisist. It's in your mindset and how you live on it and what you make of it. If you're constantly pissing money away than $250k will be nothing regardless of where you live.

If you budget and live within your means than you can survive and even trive in some of the most expensive places.

$250k/yr is wealthy in my opinion. I would love to trade shoes with someone who makes that much.
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lordspoint PM lordspoint
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Posted: 7/10/2012 3:48:28 PM

Ktrain

Could not the same be said of someone making say 50K

If you budget, dont buy that extra car, skip that take out on Friday night, brown bag it everyday etc............

The problem is we are a country of consumption and no amount of money is ever enough for anyone....the biggest culprit being the federal goverment itself.

Listen, I am for people making as much money as they can and doing the best for their families, especially their children. It just seems that the feds no matter how much they get they spend it times 10.

The answer does not lie in more taxation and regulation my friends....it lies in a better more efficient goverement.

 

drJ PM drJ
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Posted: 7/10/2012 3:59:16 PM
QUOTE Originally Posted by Ktrain:

I agree with Randisist. It's in your mindset and how you live on it and what you make of it. If you're constantly pissing money away than $250k will be nothing regardless of where you live.

If you budget and live within your means than you can survive and even trive in some of the most expensive places.

$250k/yr is wealthy in my opinion. I would love to trade shoes with someone who makes that much.

you wouldnt love the 11 years of training plus 200 K debt ( public schools too) .  The wife/4 kids and a step kid.  divorce from the queen druggie girl or a house you're upside down on.

if i was single and made that coin id feel like a rich dude for sure.  i'd trade places with that guy if i were you.

personally i love my wife and kids so much id be happy in a double wide  trailer with a 50K JOB.   the happiest moments of my life involve hiking or camping with my family and i know a bunch of rich folks that are never happy.  
if you have food and shelter then happiness is a state of mind.
Ktrain PM Ktrain
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Posted: 7/10/2012 6:19:23 PM
Lord, I can agree that it is relative. 50k can be a lot depending on where you live. However I personally wouldn't call that wealthy. Just my opinion though.

However I have yet to live in a place where $250k/yr doesn't make someone wealthy. Now what that person does with that income can determine whether or not they maintain that wealth.

It seems like this discussion is more about finding a definition for the term "wealthy" than it does about the philosophy of whether someone is wealthy.

Maybe I am wrong about that part though?
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Ktrain PM Ktrain
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Posted: 7/10/2012 6:25:48 PM
Drj,

I give you tons of credit for going through all of that training and being happy in your current state of life with your wife and kids.

However, you did make a choice to take on all of that debt and to marry your first wife, and having for kids. I'm not knocking you for doing it. In fact, I have immense respect for you. I could never do that sort of stuff. It's just not who I am.

But we all make choices. Hell there is a reason I am not making $250k/yr and am not wealthy.

I'm just stating that $250k/yr should classify someone as being wealthy. Other factors that may take away from that classification are usually choices made by that person.

Maybe there are some factors that aren't chosen by a person that I am missing?
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lordspoint PM lordspoint
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Posted: 7/10/2012 6:41:07 PM

Ktrain

I am trying to find out what people deem wealthy...Obama has drawn the line at 250K.

I see that is being too low but that is just my opinion.

If someone choses to live in NYC (maybe due to a job) has a few kids, decides the public schools suck and sends their kids to private schools, has a mortgage, saves the max for retirement in their 401 K, has 2 decent cars and all his kids play for premiere sports clubs that travel then that person is not wealthy at the end of the day. Factor in state/local income taxes combined with fed taxes and what do they actually have at the end of the day?

That person is doing what he/she thinks is in the best interest of his or her family. Yes, they are choices but they are not without at least some merit.

The same can be said for someone making 50K but on a lesser scale if you will.

Of course, some could argue that the millionaire with a private yacht etc also has spent a great deal of earned income at the end of the day.

I guess the bottom line is that the goverment needs to do more with less somehow.

The wars didnt help and the stimulus' impact can be debated along with a whole host of other spending but something has to give.

I for one dont believe that more taxation on all who make over 250K  is the answer.

I would put the # at maybe one million and there should be some forensic accouting done on the budget.

Maybe simplify the tax code and then they could spare some IRS agents to do the forensic accounting and get our govt spending and waste in order.

I blame both R's and D's equally for the financial mess this country is in.

 

 

lordspoint PM lordspoint
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Posted: 7/10/2012 6:44:21 PM

drJ

I dont think you are alone with your situation. In fact it is probably more common than uncommon.

Keep up the good fight and take care of that family!

 

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