Can you be middle-class and earn $250,000?

[Hilarious Clinton 452]

I do think it's a bit inconsistent that it's one figure irregardless of what city you live in.

[Peikko 1,575]

Those who are nodding oh so sagely, is this a problem that is affecting yourselves? You would be rich but you just happen to live in a state where $250,000k just doesn't go very far? *Would be EXTREMELY surprised if that was a yes*

So, being as you don't fall in that "I am not as rich as Barack is assuming" bracket, why on earth do you care so long as the line doesn't fall in the median of the average decent wage earner? Is that your aspiration, to earn $250,000 per annum and you are worried that when this time comes you might be missing out on some tax break?

[HAL 9000 96]

I'd say it depends where you live, actually. You can't make a blanket statement and say, "Someone making such-and-such amount is rich or not." It doesn't work that way.

$250,000 will probably go further in Kansas or Oklahoma versus New York or California. Even then, it'd depend on which city and the area of that particular city as well. Houston, TX is well known for relatively low property values (which makes purchasing large houses an easier prospect than on either coast), but if you decide to live in the upscale neighborhood of River Oaks, you're going to pay through the nose.

How "rich" someone is also depends on how many dependents they have, as well. If they have no children, the money will go a lot farther than if they have three (or more). Does their spouse work or are they a stay-at-home mom/dad? That gets factored into the overall income level as well.

Then there are some luxuries, which, depending on the city, may become a necessity. In Los Angeles or Houston, for instance, you're practically required to have your own car if you wish to get anywhere. Some other cities, such as San Francisco, New York, Philadelphia, Atlanta, and I believe Chicago (although I'm not sure about that one) have decent-to-fantastic public transit systems. Owning a car might not be a requirement there and in some cases (such as in NYC), even a handicap. Internet access has also become a requirement nowadays as well, since so much business is performed online.

Believe it or not, $250,000 is not "rich" by any means. It's certainly not poor, but you won't make it into "America's Top 10 Richest People" either.

Bump Skyrocket my salary up to 250K and ALL my problems will go away. I could buy a very nice custom home here in Kansas on that salary...............huh? what? Was I just dreaming?

On my salary/stipend I'd be happy with a lump sum payment of 50K.

But I won't complain if I have to pay higher taxes on a 250K salary... 'cause it will be a $hitload more than what I currently make.

[Dan J 277]

If 250k isnt rich, then its time to rethink your consumerism.

[Mononoke28 137]

On my salary/stipend I'd be happy with a lump sum payment of 50K.

But I won't complain if I have to pay higher taxes on a 250K salary... 'cause it will be a $hitload more than what I currently make.

Well, it depends. Interestingly enought I read this morning that they only have to pay taxes on the first $90k something.

Diana

Edited August 28, 2008 by Mononoke28

[tom&tata 2]

If 250k isnt rich, then its time to rethink your consumerism.

Agreed - $250k goes a long way.

[IAMX 3,055]

John McCain recently noted. "Some people are wealthy and rich in their lives and their children and their ability to educate them. Others are poor if they're billionaires."

I seriously hope no one is stupid enough to fall for this. The only reason one would have problems being rich as hell is if they live their lives upon extravagance and lavishness. Whereas many work their asses off just to eat, another works their asses off to buy a third house, or maybe a resort condo, or something else that has a return investment to perpetuate their luxury.

This is also by net income, not gross. My uncle made 1,250,000 a year, and in helping do his books, he was sometimes in the red due to costs of running his company. This is small-scale, however, compared to the rich ### billionaires who can circumvent the taxes we pay at will, or make enough money to feed their entire family and extended family for the rest of their lives.

I do think it's a bit inconsistent that it's one figure irregardless of what city you live in.

Regardlessless?

(Pet peeve)

[chri'stina 190]

I am very frugal and probably have less high tech things in my house than many people on VJ. My husband is king of being frugal. But he makes a decent salary for our area. But I still don't think 250K is rich everywhere. We also don't have a debt problem. We hardly go out to eat or buy anything frivolous. The price for mortgages in Florida doubled during the boom and salaries did not. I still stand by the statement that 250K is doing well(in most places) but not rich.

Yeah and I'm not a grammar Nazi like some people...sorry I annoyed people with my wrong word.

[IAMX 3,055]

Yeah and I'm not a grammar Nazi like some people...sorry I annoyed people with my wrong word.

Yeah I was trying not to be rude about it.

Never dealt with it more than in Poly Sci courses where people who tried to look smart used it, ignoring the double negative in the word, doing the exact opposite instead.

[amiquechu 0]

If 250k isnt rich, then its time to rethink your consumerism.

especially if you live in flyover country

[panamania79 2]

I certainly hope someone making $250K a year wouldn't come to this site expecting sympathy. There's better stuff out there to hit Obama on big guy. Back to the proverbial drawing board.

[HAL 9000 96]

On my salary/stipend I'd be happy with a lump sum payment of 50K.

But I won't complain if I have to pay higher taxes on a 250K salary... 'cause it will be a $hitload more than what I currently make.

Well, it depends. Interestingly enought I read this morning that they only have to pay taxes on the first $90k something.

Diana

Imagine that.

I am very frugal and probably have less high tech things in my house than many people on VJ. My husband is king of being frugal. But he makes a decent salary for our area. But I still don't think 250K is rich everywhere. We also don't have a debt problem. We hardly go out to eat or buy anything frivolous. The price for mortgages in Florida doubled during the boom and salaries did not. I still stand by the statement that 250K is doing well(in most places) but not rich.

Yeah and I'm not a grammar Nazi like some people...sorry I annoyed people with my wrong word.

Understood. I'd just feel rich at 250K.

[DeadPoolX 9]

If 250k isnt rich, then its time to rethink your consumerism.

What's "rich" is a matter of perspective, really. If you make $30,000 per year, then $250,000 might seem like a high amount. To someone who earns $250,000 per year, an $850,000 annual sum would seem like a high total as well.

Which is "rich?"

It depends on who you ask. Most Chief Executives of high profile companies wouldn't count any of those salaries as "worth their time." What the "average CEO" tends to make would seem small compared to what blockbuster actors/actresses and star athletes earn in a year's time.

So once again, what is "rich?" There is no catch-all definition. It depends on who is answering the question.

[HAL 9000 96]

If 250k isnt rich, then its time to rethink your consumerism.

What's "rich" is a matter of perspective, really. If you make $30,000 per year, then $250,000 might seem like a high amount. To someone who earns $250,000 per year, an $850,000 annual sum would seem like a high total as well.

Which is "rich?"

It depends on who you ask. Most Chief Executives of high profile companies wouldn't count any of those salaries as "worth their time." What the "average CEO" tends to make would seem small compared to what blockbuster actors/actresses and star athletes earn in a year's time.

So once again, what is "rich?" There is no catch-all definition. It depends on who is answering the question.

Well, you may be right. Yet this salary cut-off represents the top 2% of the US Population. Not bad at all.

And the taxation would apply to those making zillions more than just 250K. Its beneficial to remember that its not just the top 2% of the population at that figure, but that make at least 250K.

Edited August 28, 2008 by maviwaro

[Trompe le Monde 1,107]

I guess it doesn't matter what any individual thinks is "rich" but whether someone earning $250k or more needs tax rebates - I say no and I live somewhere with a very high cost of living. Anyone who "isn't making it on $250k" where I live just isn't managing their money very well.