Are you wealthy?

[IIIIIIII]

Ok, makes sense. I always hear the horror stories of SF housing.

Taxes man. I get taxed a lot as an independent contractor. It's insane how much they nickel and dime you here. It's not so bad with what I make, but as a kid, I envisioned a massive improvement in being able to travel and enjoy myself that I'm just not seeing. Sucks when reality isn't even close to what your dreams were lol

ah, gotcha. i don't know much on how much independent contractors are taxed, but it sounds like a lot.

the thing with living in a city like san francisco, is that it's REALLY difficult to raise a family here, unless you're making well above the 100k figure. not only are there not many homes here, most of them aren't available, and the ones that are, are astronomical in price. this city is geared towards younger, single people. so you need to assess what kind of life you want to lead. if you want the family with the two-car garage and white picket-fence home, you won't find that here. if you like being single, this is the place for you.

 

[mike sherry]

200 grand a year ain't wealthy. Shit, a mil a year ain't even wealthy. That's just well off, and kind of rich.

I'm comfy, but pretty fucking far from rich or wealthy.

Lol bullshit, 200 grand is a shitload of money for just about anyone in this world. A million a year is absolutely wealthy. It is absurd that I have to even say this

 

[ILLogic]

Ok, makes sense. I always hear the horror stories of SF housing.

Taxes man. I get taxed a lot as an independent contractor. It's insane how much they nickel and dime you here. It's not so bad with what I make, but as a kid, I envisioned a massive improvement in being able to travel and enjoy myself that I'm just not seeing. Sucks when reality isn't even close to what your dreams were lol

Sales tax is a bitch up there too.

 

[Satur9]

Sales tax is a bitch up there too.

9.5%in King county where I live.

 

[Orgasmo]

If you have more than $5 million in fixed assets and at least $1 million in liquid assets by age 50, then you're going to retire pretty rich. If you have a good job, stay frugal and consistently invest your money starting at a young age, it's entirely possible to have that kind of dough when you retire even if your family is on the lower end of the socio-economic ladder.

To be truly wealthy though, I think you need a lot more than that. Chris Rock said it the best. Shaq is rich, but the guy that signs his NBA checks is wealthy. That kind of money requires you to either hit it big with a great entrepreneurial idea like Facebook or Uber, or accumulated through several generations. Your kids and your grand kids will need sound investment minds to continue on the work you started.

 

[KBE6EKCTAH_CCP]

None of your damn business, asshole.

Oh, I grew up in an upper middle class family and never had to worry about money.

I make a comfortable salary but nothing more.

 

[djacobox372]

In the U.S., the poorest Americans are richer than 80% of the worlds population!

Wealth is relative to the economics of the area you live. If you're making $20k a year in the US you are just barely scraping by, but if you make that in a developing nation you probably have a maid and a personal driver.

 

[ILLogic]

Lol bullshit, 200 grand is a shitload of money for just about anyone in this world. A million a year is absolutely wealthy. It is absurd that I have to even say this

It's all relative. I know a lot of high earners with ridiculous mortgage payments, driveway full of cars, and all sorts of material shit. They're living check to check without much cushion, with large amounts of debt.

This is one of the main reasons to marry smart. Marry a woman whose values align with yours. My wife and I are both responsible with money, hate debt, not materialistic. We make good money, but bought a modest home way under what we were approved for. And we live in of of the best places to live in South Florida. My car is a 2006, and I won't get another one until this one is run into the ground. We do travel because we would rather spend on experiences than material.

I grew up broke as fuck.

 

[Orgasmo]

Wealth is relative to the economics of the area you live. If you're making $20k a year in the US you are just barely scraping by, but if you make that in a developing nation you probably have a maid and a personal driver.

Even in the US, making $150K living in Manhattan NY or San Fransisco is just the average income, while you'll live like a king in North Dakota.

 

[panamaican]

I read somewhere that there was an old definition of wealth that measured it by the production of passive income (I know it's referenced in other things but I can't find where I first read it).

So, until your assets produce enough passive income to allow you to live the life you want to live without working, you're not "wealthy".

I liked that definition because it's relative to every person but it still gives a clear definition.

 

[JudoThrowFiasco]

Make enough to not want to vote for Bernie.

 

[Orgasmo]

I read somewhere that there was an old definition of wealth that measured it by the production of passive income (I know it's referenced in other things but I can't find where I first read it).

So, until your assets produce enough passive income to allow you to live the life you want to live without working, you're not "wealthy".

I liked that definition because it's relative to every person but it still gives a clear definition.

That's one way of looking at it, living comfortably off your investments without having to work.

Make enough to not want to vote for Bernie.

You oppressive white capitalist patriarchy supporter!

 

[Jack V Savage]

Even in the US, making $150K living in Manhattan NY or San Fransisco is just the average income, while you'll live like a king in North Dakota.

But you're living in North Dakota. Yes, it costs more to live here, but you're getting something for that money. You could move to the Philippines or something and be rich with your $50K a year, but that's not really what being rich is.

 

[Dr J]

Id say I'm borderline. My dad got a degree in business courtesy of the GI Bill, and my mom paid for her own college. My dad got a desk job at an insurance company that he always hated, and my mom became a teacher. She went out and got a real estate license and did that part time on the side. I seriously doubt that we ever hit the $200K mark, but my parents were stingy savers. They paid for me to go to a good school (public school is garbage where I'm from) which helped me out quite a bit, though mostly it was their stress on education that pushed me.

I went to a state school on a scholarship, but I had to take a boat load out in loans for graduate and post-graduate degrees. My wife and I don't make $200K a year, but our income will likely increase anywhere from 2 to 5 fold in the next several years (based on today's market). Right now, we live very comfortably, even with 3 kids on the and 3 sets of student loans on the books. Regardless, I don't see our lifestyle changing much from here--with the exception of maybe taking the opportunity to be able to travel outside the U.S.

 

[mike sherry]

It's all relative. I know a lot of high earners with ridiculous mortgage payments, driveway full of cars, and all sorts of material shit. They're living check to check without much cushion, with large amounts of debt.

This is one of the main reasons to marry smart. Marry a woman whose values align with yours. My wife and I are both responsible with money, hate debt, not materialistic. We make good money, but bought a modest home way under what we were approved for. And we live in of of the best places to live in South Florida. My car is a 2006, and I won't get another one until this one is run into the ground. We do travel because we would rather spend on experiences than material.

I grew up broke as fuck.

Sure, some people's definition of wealthy can differ but it absurd to think a person who pulls in 200,000 is not wealthy. They are in the top .1% of the entire world. If that is not wealthy then I don't know what is.

Sure its not generational wealth aka 'fuck you' money but it's a ton of money

If someone makes that much money and are still living pay check to paycheck then they are just a moron, that's all I need to say about that.

 

[panamaican]

That's one way of looking at it, living comfortably off your investments without having to work.

I really think it's the best way to think about it. It's one of the reasons I don't think people should count their homes in their wealth assessment.

 

[ILLogic]

Sure, some people's definition of wealthy can differ but it absurd to think a person who pulls in 200,000 is not wealthy. They are in the top .1% of the entire world. If that is not wealthy then I don't know what is.

Sure its not generational wealth aka 'fuck you' money but it's a ton of money

If someone makes that much money and are still living pay check to paycheck then they are just a moron, that's all I need to say about that.

I hear you. High income earners are not immune to stupidity nor irresponsibility.

 

[Livermore]

Wealthy people don't hang out in the WR. Fact.

 

[Dr J]

No matter what you make, rich or poor, teach your kids the value of hard work. My oldest is a second grader. I'm trying to instill some of that now. We go work to help my brother who is trying to start a small farm and he pays my son a few bucks.

There are supposedly some rich kids at the high school I'm told. Supposedly they are friends and are the druggies at school. One of the worst things you can do is spoil your child. No matter what you make, you can teach your kids hard work and to be thankful. That's my plan anyway.

Exactly. No matter how much money I earn, there is not a chance in hell my kids would be spoiled like these little celebrity twits the media fawns all over. I would love to be able to contribute financially to my kids with the condition that they keep their grades up.

They will have to do some sort of volunteering and work, preferably some sort of low end minimum wage kind of job. Those experiences in my life helped me put more focus on education. Volunteering at homeless shelters helped me appreciate what I had, and working as a dishwasher showed me where I didn't want to be for the rest of my life.

 

[bufetadanacara]

I'm curious if there is any wealthy people in the war room. I was raised middle class, and I'm currently middle class. I've had to work for everything I've ever gotten. I've also been working since I was a young teenager steadily. When I was a kid I did odd jobs too.

What's your background and are you rich? If so talk about being rich

I own a small hotel (12 bedroom) and a house, my wife will also be buying another house within a year.
None of that means anything right now though as I still need to work. As I explained to my 7 year old son the other day, we are working class- I go to work and he goes to class.

I hope to reach middle class some day, once I pay off the two houses and have rental income form them, also the hotel makes pretty good money.