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Wed 5 Jan, 2011 11:14 am
Rich is a definition opposed to poverty at which the American people look mostly.
Although the Census Bureau and the HHS uses a standard definition for income for computing poverty statistics based on the official poverty thresholds and guidelines, but there is no specific definition for such terms as "middle class", "middle income", "rich", "upper income", why?
What's your definition for "rich"?
@lenaliu,
anyone who earns/has more than me.
@lenaliu,
I've always used the top 5% for income ($157,176/year) and for household wealth (somewhere in the $500,000 total wealth range).
A person/couple needs $1,000,000 in invested wealth to adequately retire in todays market. That is with a home, cars and other assets (furniture, electronics, ready cash, a boat, sporting goods, toys, etc). So I would say, $1,500,000 in assets and a yearly income of $250,000. Above this is wealthy/rich. Demanding a "tax cut", especially at time of war and recession is pure greed!
@lenaliu,
I think there fore I am. Seems to fit my personal defenition
@lenaliu,
I would say anyone with access to a large amount of money while still consistently taking in a large amount of money. I usually associate this with millionaires, people that live in Upper East Side NY or Great Falls suburbia. Typically houses of the rich range in the millions, and they tend to own multiple properties.
The term is both relative and subjective. There is no specific dollar figure or percentile that makes more sense as a cutoff than any other.
My definition of rich includes the following:
a. Good health
b. Good spouse
c. Good children
d. Good friends
e. Good home
1. Good climate
2. Good neighborhood
3. Hospital close by
4. Good restaurants
5. Close to good universities
6. Close to major cities like San Francisco
7. Close to the ocean
f. Enough money to buy food or go to restaurants
g. Ability to travel
h. Don't have money worries
@BillW,
That would depend on location. Living in Silicon Valley is comparatively more expensive than living in a small town.
@cicerone imposter,
I live on $750. a month.
anything over that is rich, to me.
You wonder why I go on and on re cooking meals? I'm lucky in that I like to.
@lenaliu,
I think rich is having a Net Worth of $1 or more.
Let's say you pay off everything , Cars , House and prepay for everything for the year : And you have $1 left and are still at the income you had that made you able to pay all of your bills ,That is rich: the coming year and so on will put you on a path to success. Don't look at class levels , we in the USA think of Income vs. Net Worth too much.
@ossobuco,
If you already haven't done so , re-check all of your monthly costs and see if you can trim down anything. Ask people you know if you can resell their things online or if there is anything you can find for them or help them do. I dog sat my Brother's awesome Lab and he gave me $100 for just 5 days of sitting, I was doing it for free so , I thought...
My new definition of "rich" is having two public radio stations in one's hometown. They have recently introduced a classical station and we can now listen to news and talk when we want that, and music without words when we want that. One channel is all talk, and other is all music. The age-old feud between the two types of listeners can finally end.
Rich to me isn't having some excess cash to throw around, it means having power. The richer you are the more power you have. The more power you have the more wealthy you'll become.
@Ceili,
I see what you're getting at; "money talks."
The old adage, it takes money to make money is very true.
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