I think we’re just defining “rich” differently, and YT similarly defining it differently. Which amusingly is exactly what the thread is about.
Maybe we need a thread on defining “rich”
I think rich and wealthy are exact synonyms.
I think high income and rich have different meanings.
That sounds like something a rich person would say to sound not rich. Anyway over $137K puts you in the top 25% of Manhattan wage earners. Granted you need to be around $500K to be top 10% but still top quarter seems to be doing quite well and probably still rich.
https://statisticalatlas.com/county-subdivision/New-York/New-York-County/Manhattan/Household-Income
I think we’re in the right place
manhattan also includes harlem which has lower income people.
i can afford a studio apartment on my salary. that’s not rich.
Now, this guy is Rich:
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Here’s why I don’t think it’s pedantic. Income and wealth are taxed much differently.
i’m confused what i’m looking at with that link and what the 2nd graph shows differently than the first. the 2nd graph seems to put a way higher wage as the top 20%.
Literally shows what Little you know
i live in a noisy studio apartment. I’M NOT RICH!
Actuaries seem to be too obsessed with getting to some mythical “wealthy” place in the future.
I spend most of my income because as long as I save for retirement/education of little one, the rest is disposable income.
That means travelling as much as humanly possible in the best luxury I can afford.
I have far too many places in the world left to see.
That is why we make money. Not to simply hoarde it. Or plan for a future spending “plan” (which could potentially never come if you die or become unhealthy).
My brother thinks this way and the result is he just sits in the UK doing little. Sure, accumulating wealth but doing little.
Sounds boring as hell to me.
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I’m starting to see how Republicans get traction railing against coastal elites.
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$2.5M, that’s your fortress of f***ing solitude. Seriously, I think $2.5M-ish is where I’d call you wealthy/rich for sure. That’s $100k on income per year forever, more or less. That’s in the top couple percent in the US and easily top 1% globally, and enough that you’d never have to work again.
I’m not generally too keen on adjusting for geography. The least expensive single-family home on Nantucket right now is $950k and it’s nothing glamorous. But I’d argue if you own that house and have a couple bucks in the bank, you’re rich. Even if you don’t like boating.
That’s fair, I’m happy concluding income-based high roller with no assets isn’t rich because of the tax angle.
okay, but are all the jobs located in Nantucket?
New angle, I’m rich because of all the connections in my life. Boom, take that $.
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Eh, it’s a spectrum. I save half of my income. I have a house I quite like, pretty much eat whatever I want, spend some money on hobbies. Post-pandemic we will take 3-4 vacations per year, most of them out of the country. I’ve sacrificed some things to meet my budget but I don’t feel like I’m a miser or anything.
And sure, I might get sick or die before I can spend my money. Then again, maybe not. Or maybe I do, but not until I’m 65. So maybe retiring by 50 gets me some really good years before I get sick or die. Contingencies. I don’t think of it as ‘getting wealthy,’ I think of it as ‘buying time.’
They are not. I get where you’re coming from, you have a small apartment and aren’t part of the jet setter crowd. You aren’t living extravagantly, but you are in one of the most expensive real estate markets on the planet. So you don’t feel rich, and I get that. But 95% of Americans can’t afford what you have. You’re the poorest person on Nantucket looking around and seeing the really, really rich folks, and that makes you feel less rich.
95% of americans don’t have a job in manhattan where they would have to be close to in order to get there. you can’t call someone rich just because they live near work. there is a reason why minimum wage in higher in new york than elsewhere. you need more to live here. it’s also not enough, but that’s a different argument.
if you’re going to call me rich just merely for living in manhattan, go on and call every damn person who lives in the US rich for having more wealth than someone in some 3rd world nation. otherwise, quit calling me rich. it’s offensive.
If you are in the top 20% of income in the US…you would be defined that way.
Do you care about $100?
How about $10?
How much marginal utility do you get from those sums.