What's considered rich?

breeze

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And yet half the population votes for the GOP which is viewed as the party of the rich.
Especially the south which has high pockets of low income areas. That might be due to JFK and the federal troops/marshalls he sent there. The south elected george bush. Gore couldn't even win his home state. They're going against their own interests because of what happened in the past. Otherwises this might be a one party nation.
 

B_Hickboy

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And yet half the population votes for the GOP which is viewed as the party of the rich.
Especially the south which has high pockets of low income areas. That might be due to JFK and the federal troops/marshalls he sent there. The south elected george bush. Gore couldn't even win his home state. They're going against their own interests because of what happened in the past. Otherwises this might be a one party nation.
Well, when you get right down to it...
 

TurkeyWithaSunburn

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When you can do what you want, when you want without fretting over how you are gonna pay for it.

Obviously you make a bunch of dough. But if you want to feel rich confine yourself to spending what someone who makes MUCH less makes. At $10x40hrs week=$400; 400x.75 (approximately how much taxes average ppl pay)=$300. So for one month confine ALL your spending to $1200. Everything, rent, utilities, car payment, insurance, food, travel, gasoline, cable tv, phone, internet, gym membership, going out to bars/movies, clothes, laundry detergent, shampoo, haircuts, toilet paper, razors, just everything.

After a month of deprivation go back to spending freely, you should feel very well off. If you don't? Well your success in life (richness) isn't measured by a monetary value or you may want to examine your spirituality.

Average SNAP benefit (food stamps) is about $30, per person per week. Can you eat on that, without being hungry and eating a healthy nutritional diet? Try it.

Wealth is relative.

According to the U.S. Census Bureau, the median annual household income in the United States is roughly $50,000 per year. The Gallup poll finds those below that level typically saying they would need to earn $100,000 or more in annual income to be rich. Those at or above that level typically report they would need to earn $200,000 a year to be rich, which expands to $250,000 among those well above the U.S. median income ($75,000 or more in annual household income).
If you're a multi-millionaire out on your yacht and someone passes you in a bigger more glitzy yacht you might not feel wealthy. Compared to someone who is making minimum wage, or even 50% above minimum wage you'd still be extravagantly wealthy. This has been backed up by research on the rich. If you wanna feel well off hang out with people who are poorer than you and you can be the big fish in a small pond. If you want to feel poor try to go house shopping in Aspen :rofl: where the billionaires are buying out the multimillionaires.

If you make US$47,500 you're the 60,000,000th richest person in the world and you are in the 1% richest worldwide. Going by the survey that says $150,000 is rich, compared to worldwide you'd be in the top 0.33%.
Global Rich List

"Three billion people live on less than $2 per day while 1.3 billion get by on less than $1 per day." Over half of humanity manages to get by per day on less than the cost of ONE venti seven-shot three-shot-decaf one-and-a-half-pump sugar-free amaretto hundred and seventy degree two percent seven Nutrasweet with whip extra caramel extra sprinkles caramel macchiato with a twist of lemon, which is probably just an everyday indulgence for some people.
 

breeze

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" Its a rich man's{and woman"s } world " ABBA
There was a study done in the past year or 2 { may be online somewhere } that concluded that the happiest people in this country were those that earned 75,000 and more. { single or married } I think if you think about it , it is probably true to some extent.
{ unless you're a saint } It may be that money can't buy you love{ ask captain kirk or ws who comes back with miss texas or whoever whenever he tours } or happiness but it can buy peace of mind , security and freedom. Its oblivous. To begin with you get to live in a nice neighborhood where you don't have to worry about being attacked every time you walk out the door. Its even worse for a woman who is much more vulnerable.
Nowadays college students can't get jobs which may mean poor credit records. It then turns in a vicious cycle since in many cases you can't get a job or even an apartment without a good credit report. Unless you have money life is getting more and more difficult. At least in the past you could get an apartment or job without a credit report.
 
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I use to like reading Richie Rich comics when growing up. Now I think he's a cunt. Him and his dollar dog.

Ive been married twice. That does not help, plus I'm a crap golfer.
 
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gymfresh

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I recently read a very interesting, thorough analysis of what it means to be in the top 1%. Be sure to also check out the follow-on article of his in the link below. The author looked at wealth from various useful angles, including income, assets, sustainable wealth (a combo of income and assets). It also compared different traditional criteria by governments and banks in the United States IRS, the Fed), Great Britain, and elsewhere.

What it boiled down to is that to be in the top 1%, by income you need $344K a year or more, and by assets, $9 million.

Obviously rich can start well below the 1% mark, but some of the analysis was pretty interesting. Particularly fascinating were details from his follow-on article:

Only 5% inherited their wealth.
45% grew up in the suburbs; class origins are an almost perfect bell curve.
As many grew up in poverty as grew up very affluent.

I found this to be an illuminating read. It goes beyond the simple definition of rich, but has insights into who's there and how they got there.
 

dude_007

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And yet half the population votes for the GOP which is viewed as the party of the rich.
Especially the south which has high pockets of low income areas. That might be due to JFK and the federal troops/marshalls he sent there. The south elected george bush. Gore couldn't even win his home state. They're going against their own interests because of what happened in the past. Otherwises this might be a one party nation.

I would guess that a majority of Republicans are affiliated with that party because they are conservative and want to free the market and further conservative social values. They really aren't the party of the rich. There are plenty of rich Democrats.

And no, I'm neither rich nor a Republican.
 

breeze

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I would guess that a majority of Republicans are affiliated with that party because they are conservative and want to free the market and further conservative social values. They really aren't the party of the rich. There are plenty of rich Democrats.

And no, I'm neither rich nor a Republican.
" The republican party .....{is} on an anti-tax jihad-one that benefits the properous classes "
David Stockman Director of the Budget under Ronald Reagan
" Thanks to the GOP a tiny handful of the wealthy has fared extraordinary well since 1997."
Joseph Stiglitz Nobel Prize Winner in Economics { part of his research }
The republican party may or may not be the party of the rich but that is a generally held perception. But you're probably right that some republicans are there to support conservative values. But i don't believe 50% of the population are conservatives. I think most people are moderates. And even some repubicans agree.
 

helgaleena

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I recently read a very interesting, thorough analysis of what it means to be in the top 1%. Be sure to also check out the follow-on article of his in the link below. The author looked at wealth from various useful angles, including income, assets, sustainable wealth (a combo of income and assets). It also compared different traditional criteria by governments and banks in the United States IRS, the Fed), Great Britain, and elsewhere.

What it boiled down to is that to be in the top 1%, by income you need $344K a year or more, and by assets, $9 million.

Obviously rich can start well below the 1% mark, but some of the analysis was pretty interesting. Particularly fascinating were details from his follow-on article:

Only 5% inherited their wealth.
45% grew up in the suburbs; class origins are an almost perfect bell curve.
As many grew up in poverty as grew up very affluent.

I found this to be an illuminating read. It goes beyond the simple definition of rich, but has insights into who's there and how they got there.
Thanks! I learned a lot. :smile:
 
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185248

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Someone called Richard is considered rich although he might be a bit of a dick at times

I never got the correlation tween dick and richard, till it came to the hard part. But since when has a rich person been hard up?
 

OhWiseOne

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I recently read a very interesting, thorough analysis of what it means to be in the top 1%. Be sure to also check out the follow-on article of his in the link below. The author looked at wealth from various useful angles, including income, assets, sustainable wealth (a combo of income and assets). It also compared different traditional criteria by governments and banks in the United States IRS, the Fed), Great Britain, and elsewhere.

What it boiled down to is that to be in the top 1%, by income you need $344K a year or more, and by assets, $9 million.

Obviously rich can start well below the 1% mark, but some of the analysis was pretty interesting. Particularly fascinating were details from his follow-on article:

Only 5% inherited their wealth.
45% grew up in the suburbs; class origins are an almost perfect bell curve.
As many grew up in poverty as grew up very affluent.

I found this to be an illuminating read. It goes beyond the simple definition of rich, but has insights into who's there and how they got there.
Okay I had to read it and was very good reading. Thanks for the information.
Except this part and I know it will give me a headache.
"Additionally, we are not going to discuss income inequality or wealth inequality because those are expansive enough topics they deserve their own articles."
Again thanks.
 

Phil Ayesho

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You are rich when your productivity is inconsequential to the income you derive from assets you already own.
Particularly when the income from existing assets exceed your actual spending such that your assets grow despite your costs of living.

This is the meaning of the term financially independent.


When a person, despite a very high level of income, spends in excess of the money generated by their wealth, they may be living large, but they are not actually wealthy... as their lifestyle exceeds their income and will ultimately result in being broke.

By this measure... even those who live modestly within the means provided by their investments qualify as "wealthy" because they live comfortably on their wealth, rather than their labor.


Whereas a person like Michael Jackson, who was living well beyond his means for the last decade of his life, would not qualify as wealthy, despite his level of spending and income.

Ironically, in death, his estate is worth far more than it was prior to his death, primarily because MJ is no longer spending faster than he earned.
 

helgaleena

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Manure is too rich to go straight into the garden. It requires careful aging. But oh how some gardeners covet it! In China the farmers build outhouses at the edges of the rice paddies hoping for contributions.
 

D_Kitten_Kaboodle

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and actually, here's the source of it... Gallup. I just find this stuff kinda fascinating..

Americans Set "Rich" Threshold at $150,000 in Annual Income

Nah, I know Gallup does lots of polls but you can't put stock in this. There are too many variables... A person having income of $150K or more could have debt greater than their income... and eventually will be filing bankruptcy, just as easily as a person making less than $60,000.

Also you have to take into account locale, someone mentioned earlier... rural TN vs. Big City... cost of living will drive up or down the value of the dollar.

I'm not sure what the definition of "middle class" is, but to me poor is defined by making minimum wage or few dollars more (again taking in locale). If you use food stamps and government assistance, I'd say that is poor.

Surely though, reasonable debt plays a role in your concept of rich or poor. The key word is "reasonable" and that is subjective.

I'm rich with love and family and health... I'm rich because I am at peace with myself...
Money has nothing to do with my definition of rich either.... I agree with OWO....