What do you consider "rich"?

[KG]

Quote: Originally Posted by fistofrage

http://swz.salary.com/costoflivingwi...=156&x=31&y=12 Check out the cost of living comparisons on Salary.com $50,000 Salary in Michigan is equivalent to $78,000 in San Francisco $50,000 Salary in N. Carolina is equivalent to $82,000 in SF and $86,000 in NY Those are to maintain the same standard of living. However, an equivalent job paying $50,000 in Michigan will only net you $60,000 in SF. So at an equivalent job in SF, you'd be taking a significant decrease in standard of living despite making $10,000 more.

I was on that site yesterday and a person of similar title as mine living in NY would make ~12-15% more, and I live in MD (outside of DC) which is one of the more expensive places to live.

Just like some others have said, in these economic times unless your field is really specialized you will not be making $70k right out of school. The competition for those jobs will be intense and most likely snatched up by someone with more experience than you who has been laid off. Not saying it doesn't happen but college grads should not be suprised when their salary expectations are lowered.

[fistofrage]

Quote: Originally Posted by kgx2thez

I was on that site yesterday and a person of similar title as mine living in NY would make ~12-15% more, and I live in MD (outside of DC) which is one of the more expensive places to live. Just like some others have said, in these economic times unless your field is really specialized you will not be making $70k right out of school. The competition for those jobs will be intense and most likely snatched up by someone with more experience than you who has been laid off. Not saying it doesn't happen but college grads should not be suprised when their salary expectations are lowered.

Rude Awakening for most kids unless you are in the medical profession. There is a 50,000 nurse shortage in US. That job can pay $50 to $60K right out of college in Michigan which would be $70K in other areas.

But for those with a business degree right now, lots of luck. There are people lined up a mile long for most financial and accounting jobs.

[SuperBowlNachos]

Fistofrage my sister is a nurse. Had a job lined up before she even graduated and is making enough to buy a new(well it's used) Ford Edge in just a couple of months.

[GSW]

Quote: Originally Posted by JohnnytheSkin

While I understand the sentiments of it's more "where you live" being more meaningful than income, indulge me for a second. For those who feel that the benchmark CJ set, of 100k being rich, being too low a number (assuming household)...what are you guys bringing home? I assume that a lot of the higher values, 300k, 500k, etc. might be because you personally don't want to believe you are rich, despite the fact that you make way more than the large majority of American households. Some of my wife's friends will go to their graves about how they too are struggling in the suburbs of Denver, are only "upper middle class", despite bringing home near 200k. For posterity's sake, here's my generic metric for a household of four: 25 - 50k = lower middle class (i.e. above poverty) 50 - 75k = middle class 75 - 125k = upper middle class 125k+ = "rich" Our gross last year was 151k. I suppose I could rant and throw out other stuff like we have an '06 and a '95 for our cars, live in a fifteen year old house, etc. but really, what's the point.

according to this if i could make it to "upper middle class" or hell even "Middle class" id consider myself rich.

i really could careless athough as long as i got money to buy what i want im straight.

i dont have a family right now so my tone might change in a few years but, you cant take the green paper with you when you expire so really whats it matter.

[TheMatrix31]

What do I consider rich?



My friend's garage, circa 2006.

[bluengold34_OS]

The word "rich" is such a subjective term. As others have stated, its all relative to your bills, level of comfortable living, as savings. According to that chart earlier, my Wife and I would be considered "Upper middle class" but I find that a joke. She has a great job with Nestle and I work for Chase, but to get where we are, there are college loans for her, new car loans( for her ) and used car upkeep(me)credit cards, insurance, cable, etc..etc..

All of our bills are paid each month, we have savings going into each of our 401k programs, and we have about 50% of our income that is considered "disposable". With that said, there are months that are tighter than others. I feel blessed in this economy that we are able to maintain.

I just consider my Wife and myself middle class people, who work hard, and live comfortable. I guess rich is when you never ever have to worry about any money woe's at all.....the crazy thing is, most people that are rich, watch every single penny that is spent, like they made 30k a year.

[mjb2124]

Quote: Originally Posted by AuburnAlumni

But most 9-5 gigs in that age bracket are going to be somewhere in that range.

What's a 9-5 gig?

It's unfortunate in this day in age, but if you can find a job where you work 9-5 and get paid good money, DON'T LEAVE. Seriously. I don't know anyone (family or friends) who works 9-5. More like 8-7 or 7-7 + cellphone's or blackberries for night and weekend. Of course, most of my friends are in IT so the blackberry/cellphone is almost mandatory.

I agree with the sentiment that someone out of college is going to have a hard time finding a 70K job in most areas. From what I've seen in the local IT world, right out of college will pay around 50K in Pittsburgh (and I believe IT pays quite well in comparison to many other professions). Not a bad salary at all, but still a bit away from 70K.

[Gibbz]

$100k a year I consider rich. It's not filthy rich where you can just buy whatever you want, but you've got much more than enough money.