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Do you consider anyone making $250.000 a year to be "Rich"?
Yes 55%  55%  [ 92 ]
No 45%  45%  [ 76 ]
Total votes : 168
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PostPosted: Sat Dec 31, 2011 5:49 pm 
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Single-Sixer
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Joined: Sun Nov 27, 2011 11:38 am
Posts: 161
Location: Erie Pa
In general, those making that kind of money, have a huge investment, and much of that money goes towards paying for it. A store or shop owner, for instance, may see huge income, but also huge payments, not really leaving that much. Do you think no-one has to pay for the inventory? The heat and light bills, insurance, etc. etc. They usually take out a loan, hoping to recoup enough to pay back that loan.
My issue is with CEO's, receiving multimillion dollar compensation, making decisions that affect all the employees, regardless of whether the company is profitable.
And of course politicians! I shouldn't need to say more!!!!!


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PostPosted: Sat Dec 31, 2011 7:09 pm 
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Buckeye

Joined: Fri Jan 16, 2009 3:32 pm
Posts: 1441
Location: SE Michigan
I never made anywhere near $250k. But given the current class warefare being promoted by the POTUS, I cannot bring myself to consider it unfair and evil simply because I haven't attained that earnings level. Hope I didn't cross this over to the political issues forum. I feel the question begged qualification.


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PostPosted: Sat Dec 31, 2011 8:25 pm 
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Hunter
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Location: Dallas, TX
Donut757:
You need to rethink your math. 250 large will not buy a million dollar house and several 10 grand vacations a year. No way. A million dollar mortgage will be around 6,000. Factor in utilities etc. And that would be o er half your take home. Far too much. We don't make 250,000 at my house, not by a long shot but it isn't that much mo eyes these days.


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PostPosted: Sat Dec 31, 2011 10:18 pm 
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Buckeye

Joined: Sat Oct 03, 2009 1:03 pm
Posts: 1657
Location: Mo - south of STL
It depends - if the $250k is an individual income, yeah, that's rich. Add benefits - insurance, retirement, etc., and if you can't make it on that, you need too much. Pretty common these days, apparently.

As a small business owner? Not even close. As others have mentioned, there are a whole helluva lot of expenses to be paid before the owner gets paid. Loans, equipment leases, lines of credit to secure materials, employees salaries and benefits, INSURANCE , utilities, etc. And ALL those costs are billed at a higher rate because of the business.

As a former small biz owner, I never made that kind of $$$. But there were years that I made $150k, and was damn lucky to pay myself 10% of that. And that was with my wife supplying the insurance thru her job at Walmart, NO retirement investments.

That's just 1 of the problems with our tax code, and the current administration's attempt to incite class warfare.
'Nuff said.

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PostPosted: Sat Dec 31, 2011 10:31 pm 
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Buckeye

Joined: Fri Jun 14, 2002 1:01 am
Posts: 1960
Location: fallon, nv
If my RF friends would all chip in and send me that much every year for the next twenty years or so, I would be happy to let you know if I felt rich.

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PostPosted: Sun Jan 01, 2012 12:25 am 
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Bearcat

Joined: Sun May 30, 2010 11:21 pm
Posts: 15
Location: KS - the middle of Middle America
Definitely "Richer" than present :D


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PostPosted: Sun Jan 01, 2012 1:26 am 
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Hawkeye
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Location: Montana 'Merica
If you have a roof over your head, food on the table and a few dollars in the bank, you are wealthier than 50% of the world population.

Yes, 250K is rich. You can say all kinds of things like "not in NYC", "not for a business owner" but there are lots of people in NYC that don't make 250k, and we're talking about take home for business owners - not total sales or anything fancy here.

If you're making 250k, don't be ashamed of it, if you don't like it - go work at McDonalds or give the amount you don't need to charity. I make a little less than half that, but I work 80 hours a week; nights, weekends, & holidays - 100% on call.

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PostPosted: Sun Jan 01, 2012 6:40 am 
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Hunter
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Joined: Wed Oct 24, 2007 6:38 am
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Location: Canada
Seeing that is more than $200,000.00 more than we make in a year now, I would consider us rich, financially.

Wheelgunner


Last edited by Wheelgunner on Sun Jan 01, 2012 9:55 am, edited 1 time in total.

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PostPosted: Sun Jan 01, 2012 6:52 am 
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Blackhawk

Joined: Sat Sep 17, 2011 4:02 pm
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Location: Gulf Coast, Fla.
I had to vote no because of the way the question was asked. It would definately make me very rich, but others not so true.

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When guns are outlawed, only outlaws will have guns.


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PostPosted: Sun Jan 01, 2012 9:39 am 
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Bearcat

Joined: Tue Jun 15, 2010 2:00 pm
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Location: O'Fallon, MO
wizofwas wrote:
I had to vote no because of the way the question was asked. It would definately make me very rich, but others not so true.


Dude you lost me, what do you mean????????? What is the way you would ask a question such as the one I asked? :roll:


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PostPosted: Sun Jan 01, 2012 11:00 am 
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Blackhawk

Joined: Sat Sep 17, 2011 4:02 pm
Posts: 503
Location: Gulf Coast, Fla.
It was the word "anyone" that made me vote no. For instance, if I had a business and made $250,000 a year, but paid $75,000 in taxes, permits and other Gov. stuff and paid another $125,000 to keep the business running, then I really only make $50,000 and that wouldn't make anybody rich. As to how I would ask it differently, I really don't know without breaking it down to a lot so subcatagories and I'd probably miss a few (a lot) of those. You asked a good question, the answer is not simple.

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wiz
Who is John Galt?
When guns are outlawed, only outlaws will have guns.


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PostPosted: Sun Jan 01, 2012 11:13 am 
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Single-Sixer

Joined: Sat Mar 05, 2011 10:42 pm
Posts: 266
Location: South Dakota
Voted no because what you make in a year does not make you rich. If you earned $250,000 in one year and then got fired you would hardly be rich. Net worth is what makes you rich. Now I believe that anyone who earn $250,000 a year for a number of years should certainly become rich and if they don't they have no one to blame but themselves.

It all depends on what your definition of is is. Wait! Maybe that should be what your definition of rich is. Yea, that's better.

Senators and representatives become multimillionaires while earning less than $250,000 a year. Of course they should also be in jail.


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PostPosted: Sun Jan 01, 2012 11:16 am 
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Buckeye
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Joined: Wed Jul 23, 2008 10:08 am
Posts: 1542
$250,000 yes, $249,999 no

This is a dumb questions drawing a line in the sand and saying on this side your rich on this side your poor. Class warfare Obama style.

$250,000 a year is doing very well but by no means rich. It allows someone to pay their own way, afford many good things in life, vacations, kids education, new car every couple of years, nice house, pay their taxes. But in my opinion not "rich".

APEXDUCK


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PostPosted: Sun Jan 01, 2012 12:15 pm 
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Blackhawk

Joined: Thu Dec 24, 2009 5:27 pm
Posts: 662
Location: Flat Rock, NC
I'd vote for only "Comfortable".

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PostPosted: Sun Jan 01, 2012 12:23 pm 
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Hunter
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Joined: Sat Aug 09, 2003 1:01 am
Posts: 2571
Location: Davisburg, MI. USA
Somewhere recently I read that the genpop consider over 100K a year AGI for a couple is "rich."

For the nitpickers. Toss out the business income. Use 250k AGI.


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