How much must someone earn to be considered rich

Question

I have my own personal formula for determining if someone is rich. I consider anyone who is single and has an income of more than $40,000 per year, gross, to be rich. $55,000 per couple, and an additional $7500 per child.

I consider anyone who earns more than this to be a worthless waste of humanity.

How do the rich justify their their obscene incomes and lifestyles. Do they really believe that they are worthy of so much more than others?

Answer 1

You sound quite young and you are definitely quite misinformed.

You may refer to such people as "rich", but rest assured you will be in a distinct minority. Most people would describe your guidelines as "average" or "middle-class", not "rich". They would be right, and you are wrong.

Answer 2

The real definition of a "rich" person (rather than some arbitrary dollar figure) is someone who spends less than they earn.  This is much easier to do than most people are willing to accept, as you obviously are aware, since you were able to retire at 50.

I have to take issue with the notion that any couple that cannot live on less than $55,000 a year are "worthless", however, since there are people who have to spend that much a year on health-care services; your implication is that a family with handicapped children that require significant care are a "worthless waste of humanity".

You obviously fail to appreciate how fortunate you are.  I think that qualifies you as "not a very nice person", LOL!

BTW, you do realise that there are BILLIONS of people all over the world who would still consider YOUR income and lifestyle "obscene", don't you?

Answer 3

I am single and I make a lot more than $40,000 and don't consider myself rich.

I can't even afford to get a decent apartment in this area. (NYC metro area)

In my opinion anyone  single making over $200,000 is "rich".

p.s it costs more than $7,500 a year to raise a child.

Answer 4

Well I consider anybody who does not strive to better themselves and to provide for themselves and their family to be a worthless waste of humanity. I guess different strokes for different folks. If you can live very well on $30,000 a year, provide for your own health insurance at that level and adequately fund for your retirement without going on the public dole then good for you. But in today's age with the high cost of energy, housing, medical care, the rising cost of food (with this ethanol joke) and other things, it is very difficult to live on the amount you speak of, especially in a large city.

And if somebody wants more out of life and is willing to work harder for it, why should you care about them doing so and spending their money as they see fit?

Answer 5

In my opinion, 350k+ a year is rich for a single person.

Answer 6

hello - i think rich is indeed someone who spends less than they earn.  that makes me rich.  i save a considerable amount for retirement.  i live in the NY city area and 30K would not work for me to be able to save, but im glad you were/are able to do it.  i probably am a little wasteful, i agree with that, but my indulgencies tend to bring me great enjoyment, and indeed i do work very hard for my money so am happy to indulge myself.  those are training for and participating in triathlon and other sporting events, and stamp collecting with my elderly parents.  i dont spend it on booze, the most expensive shoes/clothes and the like.  in fact, i rarely buy any of those things.  i spend a great deal of time working with others who are less fortunate, helping them prepare for interviews, do resumes, do financial education etc.  I also donate to a number of causes that are worthy.   it is not clear to me if you inherited money or a home, which would have helped you retire so young, but given the tone of your note, probably not.  Congrats you have been able to do so well on a limited income.  I think thats great, just not the answer for everyone.  good luck.

Answer 7

While your math matches the numbers our government seems to use, our elected officials routinely argue that they can't live on so little.