Lar1212..
"Wealth is relative."
This is true making $250K in Glendale Ari. and you are wealthy.. in Manhattan NY. not so much..........
250k a year is a pretty good chunk of change and if you cant live a really good life on that, then am sorry but something is wrong. You must be living a way to spoiled life style. Yes if you want to live in a 5 million dollar house and drive a rolls to work and have vacation house around the world, then 250k is not enough
am sure people who live on 25k a year, would do back flips to make more
To the so called doc, if you cant live on 250k and send your kids to college, then get somebody to manage your money, because you are doing one awful job of it.
250k a year is a pretty good chunk of change and if you cant live a really good life on that, then am sorry but something is wrong. You must be living a way to spoiled life style. Yes if you want to live in a 5 million dollar house and drive a rolls to work and have vacation house around the world, then 250k is not enough
am sure people who live on 25k a year, would do back flips to make more
To the so called doc, if you cant live on 250k and send your kids to college, then get somebody to manage your money, because you are doing one awful job of it.
I didn't read through every single comment, someone may have pointed this out already, but a high annual income can lead to wealth, but you can't define one's wealth by it. If you are good with money, $250K per year of income can lead to developing wealth, but if your cash outflows exceed your $250K (forgetting taxes) cash inflows, you have, by definition, no wealth. Wealth is defined by the amount of your assets, less your liabilities, (i.e., balance sheet perspective), not from an annual income perspective.
Since we are in the politics section, one could apply this concept very easily to the government and the concept of raising taxes, without limiting spending (i.e., no matter how high your cash inflows get, if your cash outflows exceed it, and you don't control them, you by definition will continue to develop a deficit), but I digress
I didn't read through every single comment, someone may have pointed this out already, but a high annual income can lead to wealth, but you can't define one's wealth by it. If you are good with money, $250K per year of income can lead to developing wealth, but if your cash outflows exceed your $250K (forgetting taxes) cash inflows, you have, by definition, no wealth. Wealth is defined by the amount of your assets, less your liabilities, (i.e., balance sheet perspective), not from an annual income perspective.
Since we are in the politics section, one could apply this concept very easily to the government and the concept of raising taxes, without limiting spending (i.e., no matter how high your cash inflows get, if your cash outflows exceed it, and you don't control them, you by definition will continue to develop a deficit), but I digress
I didn't read through every single comment, someone may have pointed this out already, but a high annual income can lead to wealth, but you can't define one's wealth by it. If you are good with money, $250K per year of income can lead to developing wealth, but if your cash outflows exceed your $250K (forgetting taxes) cash inflows, you have, by definition, no wealth. Wealth is defined by the amount of your assets, less your liabilities, (i.e., balance sheet perspective), not from an annual income perspective.
Since we are in the politics section, one could apply this concept very easily to the government and the concept of raising taxes, without limiting spending (i.e., no matter how high your cash inflows get, if your cash outflows exceed it, and you don't control them, you by definition will continue to develop a deficit), but I digress
I didn't read through every single comment, someone may have pointed this out already, but a high annual income can lead to wealth, but you can't define one's wealth by it. If you are good with money, $250K per year of income can lead to developing wealth, but if your cash outflows exceed your $250K (forgetting taxes) cash inflows, you have, by definition, no wealth. Wealth is defined by the amount of your assets, less your liabilities, (i.e., balance sheet perspective), not from an annual income perspective.
Since we are in the politics section, one could apply this concept very easily to the government and the concept of raising taxes, without limiting spending (i.e., no matter how high your cash inflows get, if your cash outflows exceed it, and you don't control them, you by definition will continue to develop a deficit), but I digress
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.
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.
making 250k a year will put you in a 250k lifestyle which is pretty damn good. Its not gonna put you in a millionaires lifestyle.
even if you have no investments, making 250k a year can still buy you a lot of nice things
If a person is making say 75k a year now and living a decent life, suddenly starts making 250k a year, i would consider that a huge score. But if you start buying more things the what a 250k lifestyle can buy you, then of course your not wealthy at all.
making 250k a year will put you in a 250k lifestyle which is pretty damn good. Its not gonna put you in a millionaires lifestyle.
even if you have no investments, making 250k a year can still buy you a lot of nice things
If a person is making say 75k a year now and living a decent life, suddenly starts making 250k a year, i would consider that a huge score. But if you start buying more things the what a 250k lifestyle can buy you, then of course your not wealthy at all.
A comparison. I have two brothers-in-law. One 64 years old, the other 70 years old. I've know them since 1963, about 50 years. Both have been married their whole life, they each had 3 children or more. Their spouse's have worked all their life too.
Here's a money difference. The retired 70 year old family is as tight as wallpaper on a wall. Husband was a contractor, whe wife a teacher her whole life. They told me that they never shop anywhere but Walmart, clothes, shoes, food, everything ! Example, If they see a washing machine on the side of the road for trash pick up, they will stop and take it home and repair it, sell it. I know for a fact that they have 2 million dollars saved, in the bank, will not invest it anywhere. their house and cars are paid for, and 2 rental houses.
The other family earns real good money also, about 280K combined per year. Husband a nuclear engineer, wife a nurse. Have always been big spenders their whole life,.. A new car every year. Travel the globe, shop are the finest stores, wear a rolex.. But have filed bankruptcy once, tried to again but the judge wouldn't go for it, so they are paying back 4000 a month for 4 years. The house is still mortgage to the max, and two car payments, AT that age ! He is 64 years old and cannot retire next year.
Which life would you choose ?
A comparison. I have two brothers-in-law. One 64 years old, the other 70 years old. I've know them since 1963, about 50 years. Both have been married their whole life, they each had 3 children or more. Their spouse's have worked all their life too.
Here's a money difference. The retired 70 year old family is as tight as wallpaper on a wall. Husband was a contractor, whe wife a teacher her whole life. They told me that they never shop anywhere but Walmart, clothes, shoes, food, everything ! Example, If they see a washing machine on the side of the road for trash pick up, they will stop and take it home and repair it, sell it. I know for a fact that they have 2 million dollars saved, in the bank, will not invest it anywhere. their house and cars are paid for, and 2 rental houses.
The other family earns real good money also, about 280K combined per year. Husband a nuclear engineer, wife a nurse. Have always been big spenders their whole life,.. A new car every year. Travel the globe, shop are the finest stores, wear a rolex.. But have filed bankruptcy once, tried to again but the judge wouldn't go for it, so they are paying back 4000 a month for 4 years. The house is still mortgage to the max, and two car payments, AT that age ! He is 64 years old and cannot retire next year.
Which life would you choose ?
A comparison. I have two brothers-in-law. One 64 years old, the other 70 years old. I've know them since 1963, about 50 years. Both have been married their whole life, they each had 3 children or more. Their spouse's have worked all their life too.
Here's a money difference. The retired 70 year old family is as tight as wallpaper on a wall. Husband was a contractor, whe wife a teacher her whole life. They told me that they never shop anywhere but Walmart, clothes, shoes, food, everything ! Example, If they see a washing machine on the side of the road for trash pick up, they will stop and take it home and repair it, sell it. I know for a fact that they have 2 million dollars saved, in the bank, will not invest it anywhere. their house and cars are paid for, and 2 rental houses.
The other family earns real good money also, about 280K combined per year. Husband a nuclear engineer, wife a nurse. Have always been big spenders their whole life,.. A new car every year. Travel the globe, shop are the finest stores, wear a rolex.. But have filed bankruptcy once, tried to again but the judge wouldn't go for it, so they are paying back 4000 a month for 4 years. The house is still mortgage to the max, and two car payments, AT that age ! He is 64 years old and cannot retire next year.
Which life would you choose ?
Why is a happy medium not possible? One where I enjoy the fruits of my labor, spend in moderation, and end up with everything paid off and a couple of hundred thousand in the bank... Just ask... Why are the only options extreme thrift or extreme extravagance???
A comparison. I have two brothers-in-law. One 64 years old, the other 70 years old. I've know them since 1963, about 50 years. Both have been married their whole life, they each had 3 children or more. Their spouse's have worked all their life too.
Here's a money difference. The retired 70 year old family is as tight as wallpaper on a wall. Husband was a contractor, whe wife a teacher her whole life. They told me that they never shop anywhere but Walmart, clothes, shoes, food, everything ! Example, If they see a washing machine on the side of the road for trash pick up, they will stop and take it home and repair it, sell it. I know for a fact that they have 2 million dollars saved, in the bank, will not invest it anywhere. their house and cars are paid for, and 2 rental houses.
The other family earns real good money also, about 280K combined per year. Husband a nuclear engineer, wife a nurse. Have always been big spenders their whole life,.. A new car every year. Travel the globe, shop are the finest stores, wear a rolex.. But have filed bankruptcy once, tried to again but the judge wouldn't go for it, so they are paying back 4000 a month for 4 years. The house is still mortgage to the max, and two car payments, AT that age ! He is 64 years old and cannot retire next year.
Which life would you choose ?
Why is a happy medium not possible? One where I enjoy the fruits of my labor, spend in moderation, and end up with everything paid off and a couple of hundred thousand in the bank... Just ask... Why are the only options extreme thrift or extreme extravagance???
If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so. It is your sole responsibility to understand your local laws and observe them strictly. Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality. Covers disclaims all liability associated with your use of this website and use of any information contained on it. As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.