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$150,000 A Year Qualifies As Being "Rich"???

Discussion in 'General Mindset, Motivation, Beliefs' started by Nick2169, Dec 9, 2011.

  1. Rabby
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    Rabby Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Wow, this is a resurrected zombie thread. It's a good distinction to make though; wealth and income are not the same thing. If you make 6 figures in USD, and your time is not tied to your business (or investments) you can live at a high quality of life pretty much anywhere in the world.

    Income security is important too. Having a job that pays 500k per year gives you a high income, but it isn't necessarily secure. You can lose such a job in a variety of ways - your health fails, management fires you, the shareholders vote you out, etc. If you control an asset that "only" pays you 150k per year, you probably have more security of income.

    If, on top of that your income is mostly passive, and as MJ points out, you have no debts, you have a great deal of security AND flexibility that the 500k employed income earner does not have.

    Will you buy a nicely furnished Hawker with your income? Probably not. But you have assets, security, time, and the flexibility to set new goals and follow through with them. Isn't that wealth?
     
  2. The Abundant Man
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    The Abundant Man Silver Contributor Read Millionaire Fastlane Speedway Pass

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    WJK Gold Contributor Speedway Pass

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    We pick lots of berries (blueberries, strawberries, raspberries, currants, watermelon berries, etc.), wild greens, mushrooms and other wild plants. We use them fresh during the summer. I just walk out my door and pick what I need for a stir-fry or soup. Pesto made with wild greens is a wonderful pasta sauce.

    The rest I use to make jams, or we freeze them or dry them in a solar dehydrator for the winter dinner table. Our wild plants have several times the antioxidants and other nutrients compared to the store-bought stuff that's shipped here from the Lower 48.

    We also have smokehouse for meat, fish and cheese, and sawmill for our lumber needs. We harvest our own trees. Living in rural Alaska is a lifestyle. It's not for wimps and lazy people. Yes, we work hard, but it's worth it.
     
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  4. The Abundant Man
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    The Abundant Man Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Maybe you guys should have your own reality show on the History Channel(Used to be about history but turned into a reality show station)
     
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    WJK Gold Contributor Speedway Pass

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    No thank you. I don't want the disruption or the spotlight. I had a high-powered career in Los Angeles for 30 years. I like my current quiet lifestyle with my husband.
     
  6. 100k
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    $150k/year ... after taxes ...passively, without having to get out of bed to work.

    Yes... I'd say you're pretty much rich IMO. If you have to work for that $150k and pay taxes on top of that, then you're in the middle classes at best.
     
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