How much $$$ do you need to be 'Rich' - Page 2 - Mercedes-Benz Forum

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post #11 of 46 (permalink) Old 03-23-2007, 06:16 PM
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You need to earn at least $160k a year to buy a $650k house which is a fixer upper in OC Calif. I could live a lot more comfortable with my salary if I lived in Vegas or Arizona. Depends on where you live, what the taxes are etc. They take so much money out of my paycheck in taxes alone it is actually the salary of another person!! I would be happy with 50 million in the bank and some good investments along side of it. I am just happy to live in a nice area and pay my bills, treat myself to an upscale restaurant and once in a while splurge on a pair of Jimmy Choo's!
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post #12 of 46 (permalink) Old 03-23-2007, 06:30 PM
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LOL, I was thinking about you Debbi when I made that comment about O.C. I'm glad you saw this and made a comment. Now please be honest, how many square feet is your studio apartment? I hope it's at least a little bigger than the interior of your Benz!

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post #13 of 46 (permalink) Old 03-23-2007, 08:45 PM
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Well my townhouse isn't too big at all. It is about 1190 square feet. All on one level. What they call the 2nd bedroom is so darn small it is a office for me. Closet space is pretty bad so I have lots of stackable organizers in my closet. The house I lived in when I was married had closets as big as my entire bedroom I think the largest unit is about 1800 square feet. I am in the smallest as it is all I can afford to be in . They go for over $500k (smallest ones without views). I have a golfcourse view and only one unit attached to me. We bought this place more then 10 years ago for about $180k if you can believe it. It was a rental as an investment and after my divorce I moved in when the renters moved out. Anyway, it is nice to see the ocean while driving around doing errands on the weekends as I am only a few miles from it. Very tiny and I know I could get a gorgeous house 3 times the size in another state. I just feel blessed to live in a nice community as small as my house is.
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post #14 of 46 (permalink) Old 03-23-2007, 10:13 PM
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Originally Posted by picklesam
If you have a million dollars these days does that classify you as rich? Or do you need $10 million? How bout salary? is $100k/year just average?
The answer to that question, in general terms, depends on ones age...

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post #15 of 46 (permalink) Old 03-24-2007, 12:23 AM Thread Starter
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yeah i suppose it's all relative...there's always someone richer than you...unless u're bill just amazes me how many people get into incredible amounts of debt to have nice i met a guy who borrowed $79k to buy a car...crazy...

and i can't believe in the US you guys have to pay taxes if you win the lotto! In Australia we don't have to pay a cent...
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post #16 of 46 (permalink) Old 03-24-2007, 04:05 AM
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Originally Posted by picklesam
and i can't believe in the US you guys have to pay taxes if you win the lotto! In Australia we don't have to pay a cent...
Helps a lot good point.

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post #17 of 46 (permalink) Old 03-24-2007, 08:41 AM
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'Rich' is when you don't have to work in order to support your preferred lifestyle.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #18 of 46 (permalink) Old 03-24-2007, 12:16 PM
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I don't know what too much money is but I know what not enough is.
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post #19 of 46 (permalink) Old 03-25-2007, 12:07 AM
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It really doesn't matter how 'RICH' you are... what matters is how HAPPY and SATISFIED you are everyday of your life.

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post #20 of 46 (permalink) Old 03-29-2007, 08:14 AM
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I was wondering when we'd finally get to the answer that flair77 posted. Most of the responses only dealt with money.

You're rich if you are largely satisfied with what you have, when you have enough to meet your needs, and you have lived or are living a good life. If you find yourself thinking "I have everything I need - everything else is what I want, and I already have most of that" - you're rich.

If you're happy with yourself and your family - you are rich regardless of financial circumstances.

With the two together, one is absolutely rich. It's a frame of mind, not an amount of money.

Now, if you want to know what the U.S. government considers rich - just look at your tax rates every time the Democrats start their "soak the rich" prattle. $100K a year is well into "rich," then. If you're dealing with the Alternative Minimum Tax - even just doing the computations to see if it applies - you're "rich."


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Last edited by Skylaw; 03-29-2007 at 08:17 AM.
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