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Reply #34: There are two ways to look at "rich" [View All]

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jmowreader Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 11:15 PM
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34. There are two ways to look at "rich"
The first way is the one most of us use: if more than 50 percent of your income could be classified as capital gains, you're rich. (This definition of rich requires you to have many millions of dollars on hand in order to generate the dividends and allow the stock sales.)

The other is what most non-DUers use: if you have more money than anyone you know, you're rich. If you live in "the real America"--outside the major cities--$150,000 would DEFINITELY make you rich. You could do okay with $150k and be rich with $300k in places like Raleigh, NC. $500,000 would make you, according to the "more money than anyone else" theory of rich, rich in almost anywhere in the US, except for maybe ten cities that you'd need low seven figures to be rich. (You won't be rich in NYC or LA with $300,000, but you would be in Seattle or Portland.)
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