Just watching Fox business and the debate on what wealth is. Some said it's over $100k/year another guy said over $300k/year but the topic was sprung by the recent study that 54% of americans earn under $30,000/year! Yikes! What level of monthly income do you consider "wealthy" I personally feel $20K/month would be more than I could spend...
Studies say @ $75K/yr per adult within a family is about optimal level of happiness. (Not so much work, and enough money). To answer the question: I'd say $150K/yr if single is rich. You can afford most luxuries at that level without any big concern.
I agree with the 20K a month. After taxes that is only like 14K. Rent/Mortgage/Home Association and Taxes would eat up about 3-4K of that. Then you got your phone bills, internet, cable, electric, water, gas, trash, car insurance, home insurance, dental, and medical, car payments. Which I would estimate at another 1-2k (not sure how much home insurance is). If you're married and have kids they will probably take up another 3-4K. So that leaves with 5K you can use for like clothes, food, dinners, alochol, other manly stuff. Leaving you with about 3K in savings a month. Save that for a year thats 36K and you can start making investments to make yourself rich all the while living like a king and providing for a family.
Its relative. My wife and I don't have any kids and dont plan on having any either. That's gotta save us probably 3-5k a month?
if single i say 8k a month is pretty comfortable, married 10k a month is great, have kids about a million per kid and you can live comfortable (maids and boarding schools be expensive)
Rich in Houston? $150k/Yr seems reasonable as a single person. I would say $100k/yr as a single person would get you a lot of stuff as a single person
It is easier to live the "good life" in TX with less money relative to NYC , Chicago , L.A , Miami and few other cities. But I would like to have 2-3 kids , myself and the wifey working making about around 120-150 K range in the future.
Cost of living aside. 120 single in TX is pretty good living. Might be less in other states for the same position but no state income tax and cheap more than makes up for it. Too bad I can't stand the 6-8 month heat.
Personally I think that 30k a month for a family of four should suffice! I think I would feel accomplished and well off with that kind of income. Obviously I wouldn't have a butler, a nanny, a chef or a chauffeur unless one person does all four jobs, but I don't think my family would be deprived of any necessity or luxury (within reason). What the heck let's make it 40k just in case... (P.S.) It also depends on where you live 40k in Houston is not the same as 40k in Manhattan, Honolulu or San Francisco... ....... ....... .......
It's relative, because beyond a certain point the more you make the more stressful and competitive your job is; and if you don't have a lot of friends or family you may start over consuming just to relax.
would you rather be the richest one in a poor neighborhood or the poorest one in a rich neighborhood?
