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Reply #39: If you have an income of $150,000, you could save [View All]

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JDPriestly Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 01:24 AM
Response to Reply #9
39. If you have an income of $150,000, you could save
Edited on Sat Dec-10-11 01:28 AM by JDPriestly
a meaningful part of your money or invest it in real estate, the stock market, gold or a business.

If you have an income of only $40,000, you probably don't have much left over after you pay for necessities to invest in much of anything.

That is why people with average incomes -- which would be maybe $30,000 to $40,000 if you are excluding people who earn more than $150,000 from the pool from which you calculate the average -- think that an income of $150,000 would mean they were rich.

If they had an income of $150,000 they could invest or save -- and people who can invest or save can earn money just by virtue of the fact that they have money.

Being able to invest makes you a part of the class that has power, the class of the bosses.

Actually, $150,000 may not be "rich" to economists, but in terms of social class and power, it probably is.

If you can't save or invest on $150,000 anywhere in the U.S., you need to change your lifestyle.

I should add that I would exclude people earning $150,000 or above from the income pool from which I would calculate the average income for purposes of my post simply because I only wanted to include those people who think that an income of $150,000 was "rich." I doubt that a person earning $150,000 would think that he or she was rich.

So, I am not using the term "average" to mean the average income in our society but rather the average income of those who would probably respond to the poll to the effect that those who earn $150,000 a year are probably rich.
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  -Most Americans Say $150,000 Annual Income Makes You Rich (also, Walmart heirs $= Bottom 30%) onehandle  Dec-09-11 11:50 AM   #0 
  - Most americans think "rich" starts...  FBaggins   Dec-09-11 11:58 AM   #1 
  - That sounds like a failure of imagination  pscot   Dec-09-11 12:28 PM   #4 
  - You would be rich with $150,000 almost anywhere outside of  ThomCat   Dec-09-11 12:37 PM   #6 
  - I lived in San Diego  Beavker   Dec-09-11 01:01 PM   #7 
  - Cost of Mercedes S class 90K and up, Bertram 700 roughly 4 million, 2nd  zogofzorkon   Dec-09-11 01:03 PM   #8 
  - I draw a distinction between comfortable and rich.  Pacifist Patriot   Dec-09-11 01:23 PM   #9 
  - Yep... and there's another distinction to be made.  FBaggins   Dec-09-11 02:18 PM   #14 
  - If you are earning more then $157,000 a year you are in the top 9.0% of the population  happyslug   Dec-09-11 03:54 PM   #26 
  - ++  Samba   Dec-09-11 06:43 PM   #29 
  - If you have an income of $150,000, you could save  JDPriestly   Dec-10-11 01:24 AM   #39 
     - "I doubt that a person earning $150,000 would think that he or she was rich."  boppers   Dec-10-11 03:58 AM   #41 
        - Because when most people earn that kind of money, they  JDPriestly   Dec-10-11 06:28 PM   #59 
  - In the DC area, $150,000 joint income is barely middle-class and paying the bills.  leveymg   Dec-09-11 03:02 PM   #20 
  - $1200/mo for groceries? Seriously? Someone needs to go to Aldi  NickB79   Dec-09-11 03:06 PM   #22 
  - If you are earning more than $150,000, you are in the top 10% of all families  happyslug   Dec-09-11 04:06 PM   #27 
     - $150,000 a year here buys a decent house, 2 reliable cars, college education for 2 kids, puts food  leveymg   Dec-09-11 09:56 PM   #33 
        - The problem is is $150,000 is Petty Bourgeois  happyslug   Dec-09-11 10:20 PM   #35 
        - The PB aren't defined so much by income as by social class and an attitude toward money  leveymg   Dec-09-11 10:37 PM   #36 
        - The Traditional Definition of Middle class is the that group  happyslug   Dec-09-11 11:34 PM   #37 
        - Petit bourgeois?  ChangoLoa   Dec-10-11 08:56 AM   # 
        - Petit bourgeois is a Marxist term  happyslug   Dec-10-11 01:02 PM   #56 
        - It's Not the Income Dropping, It's the Expenses Rising  NashVegas   Dec-10-11 08:56 AM   #49 
           - What people look at is NET INCOME.  happyslug   Dec-10-11 01:08 PM   #57 
        - "one week at the beach"?  boppers   Dec-10-11 04:05 AM   #42 
  - It's all relative, but I agree, 150k sounds pretty cushie.  Shoe Horn   Dec-09-11 06:28 PM   #28 
  - You'd Be Doing Damn Well Pretty Much Everywhere  NashVegas   Dec-10-11 08:47 AM   #48 
  - I would be extremely rich with that income. I now live on $8376 and that  jwirr   Dec-09-11 01:34 PM   #10 
  - Most Americans don't understand the difference between income and wealth.  Xithras   Dec-09-11 01:41 PM   #11 
  - Perfect explaination.  Muskypundit   Dec-09-11 02:24 PM   #15 
  - Amen, brother. This is surely why so many pro athletes go broke  DinahMoeHum   Dec-10-11 09:59 AM   #54 
  - You're dead wrong.  truthisfreedom   Dec-10-11 02:06 PM   #58 
  - For most people , $150,000 a year would pay off the mortgage,  hedgehog   Dec-09-11 02:37 PM   #17 
     - What you've described is smack dab in "middle class"  FBaggins   Dec-09-11 03:14 PM   #24 
     - The median US home sale price in May 2011 was $166,500  panzerfaust   Dec-10-11 07:22 AM   #45 
  - Does  kcks   Dec-09-11 12:00 PM   #2 
  - The polling method indicates it was taken over all 50 states and DC. That's a good sampling overall.  onehandle   Dec-09-11 12:03 PM   #3 
  - Well, Certainly  RobinA   Dec-09-11 02:31 PM   #16 
  - Most americans are clueless or too young to remember the Great Prosperity.  Warren Stupidity   Dec-09-11 12:30 PM   #5 
  - Explain to me again very carefully exactly what essential function the  coalition_unwilling   Dec-09-11 01:42 PM   #12 
  - Why does everyone have to have an "essential function?"  Dreamer Tatum   Dec-09-11 02:40 PM   #18 
     - The crack addicts essential function is to make the crack dealer rich or  zogofzorkon   Dec-09-11 02:54 PM   #19 
     - Because nowhere is it written as a universal law that anyone has  coalition_unwilling   Dec-09-11 03:23 PM   #25 
  - I would posit...  watajob   Dec-09-11 01:51 PM   #13 
  - ...I can't even ever imagine making 150K  SoapBox   Dec-09-11 03:06 PM   #21 
  - Can't even imagine that kind of income  FirstLight   Dec-09-11 03:14 PM   #23 
  - Americans don't "get" money.  Karenina   Dec-09-11 06:51 PM   #30 
  - Summary: We have no idea how we are getting screwed  underpants   Dec-09-11 07:51 PM   #31 
  - Still too confusing.  Samba   Dec-09-11 07:59 PM   #32 
  - There are two ways to look at "rich"  jmowreader   Dec-09-11 10:15 PM   #34 
  - I like Chris Rock's distinction between wealthy and rich  lazarus   Dec-10-11 01:17 AM   #38 
  - Perfect summary of post #11  saras   Dec-10-11 11:46 AM   #55 
  - There's only one way to deal with this...  Scuba   Dec-10-11 03:33 AM   #40 
  - Than most Americans are buffoons  Ter   Dec-10-11 04:35 AM   #43 
  - It is when it is 2-4 times your income  Nikia   Dec-10-11 08:22 AM   #46 
  - So some of the rich bastids see themselves as poor do they  madokie   Dec-10-11 05:37 AM   #44 
  - Unrec - when one tenth of the top one percent controls so many assets -  TBF   Dec-10-11 08:38 AM   #47 
  - That's the stupidest unrec I've ever seen. Here's why.  GaYellowDawg   Dec-10-11 09:05 AM   #50 
     - You evidently didn't read all the threads after it complaining about folks making  TBF   Dec-10-11 09:38 AM   #52 
     - And, beyond your personal insults,  TBF   Dec-10-11 09:41 AM   #53 
  - VERY illuminating article.  GaYellowDawg   Dec-10-11 09:10 AM   #51 
  - More proof of how ignorant Americans are.  sendero   Dec-10-11 06:54 PM   #60 
  - $150,000 is not rich  harvey007   Dec-10-11 07:39 PM   #61 
  - 3 different - overlapping - 1%s  Samba   Dec-11-11 02:27 AM   #62 

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