For example, people who live in Glenmaura (Moosic, PA) or Edwards Manor (Bel Air, MD). Are they considered rich or middle class?
For example, people who live in Glenmaura (Moosic, PA) or Edwards Manor (Bel Air, MD). Are they considered rich or middle class?
This is not important.
Pull up to a stop light in a lambo and do the the walk with your back tilted back plus exagerrated arm movement like you're Connor McGregor just to rub it in all the idiot doubters/haters/trash talkers faces because they're actions incited the revenge tour. Reminds me of when Kanye says, "slaved my whole life, now I'm the master."
If one of your homes is paid off and valued at $25,000,000 you are probably rich.
Warren Buffett lives in Omaha Johnny.
Steve - do you ever post on Yahoo Finance on individual stock message boards? I used to read posts by a guy who went by "Steve" who had a very similar writing style to you. Just curious, I was always entertained.
Mr. Buffett’s house is valued at just under 1 million dollars. I suppose he is upper middle class?
Not having to worry about housing, healthcare, or retirement. If you are living without those stresses that most people are dealing with, then you are rich.
net worth of $2.5m =upper middle class
net worth of over $10m =rich
Also that happens to be a Jay-Z line
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+Ratio
For my area (upper midwest), I would say a pre-tax household income above $250,000. Or maybe a net worth > $700,000? I probably have a looser definition of rich than many of you but in my mind, that's an amount of money where if I had it I could afford to just make every problem go away with money. I wouldn't be able to afford opulent luxuries or a mansion, but that's not really an indicator or wealth IMO.
My uncle told me to keep studying in school and it'll pay off one day. Is he right?
I had a chocolate mousse one time, it was what I would consider rich. I needed something acidic afterwards to cut the richness, actually.
I have a differing opinion in that I think the ability to afford opulent luxuries or a mansion is a good indicator of wealth.
Rich is when you don't have to get up to make $. that is, $ works for you.
My uncle told me to save a nickel from every dollar I made. Told me I'd thank him later. He was rught, but I can't thank him. He's dead.
Where you live doesn't tell you if a person is rich or not. There are lots of ways you can end up living in a house in a "wealthy" area (inheritance, bought before it got super expensive, way over extended yourself with giving a ton of your cash toward a down payment and then taking a huge loan, so "house poor", bought when you had a better income). Too many people care about presenting a front of wealth by buying a more expensive home than they should, more expensive cars than they should.
So, how do you define it then? In my OPINION, you are wealthy when you no longer have to work (you still can, but you don't HAVE to), your housing is taken care of (paid for house), you live in an area that you WANT to live in, and you have enough extra money beyond daily living expenses to do the things you want to do (travel, buy extra things you WANT, etc.).
So, you could be "wealthy" if you owned a $299,900 house outright in Augusta, GA like this one - https://www.realtor.com/realestateandhomes-detail/5157-Copse-Dr_Augusta_GA_30909_M54280-52149?ex=2943207425 - you were no longer working (because you didn't need to), and you had an annual income through investments and Social Security of $100,000 or so. That would get most people what they want. So, while I could accept maybe even some lesser amounts even, that's a good example of what I would minimally consider for a person to be "wealthy."
$5M net worth or so
Maybe a sliding scale depending on age
Me and my spouse make 500k after taxes and I wouldn't consider us rich.
Can I ask why you chose these two very small specific examples?
When I was a grimy public school kid in Scranton, Glenmaura was seen by everyone as venerably rich new money. We used to take detours to drive around and look at the houses. I then went to the private high school. Since all the homes in Glenmaura were built over the last 20-30 years, many Glenmaura kids who lived in the houses that my parents used to slowly drive by turned out to be my classmates.
To this day, I'd still consider most of these families to be rich. Notably absent from Northeast Pennsylvania are tech, high finance, and most roles resembling ascendent "corporate"/professional jobs, so most new wealth was medicine/pharma sales, law, real estate, and then niche local business owners.
Impossible to compare my friends' parents who were all mid/late career in a relatively depressed area to my friends now living in a major city with only 5-10 years of experience. $250k household income in Moosic around 2010 would have been idyllic for a family of 4. $250k in Philly in 2022 makes you feel rich until you investigate buying a home or starting a family.
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