What is "wealthy?" Most millionaires say they're not

There's a difference between someone having a million dollars and making a million dollars a year. If you have a million dollars and nothing more (especially with a wife and kids), yeah, I can see being apprehensive.

If you make a million dollars a year and don't live comfortably with no worries? Well, I'll just echo what Handsome Harley said.

And finally, I can't believe this question hasn't been asked: What would you do with a million dollars?

 

Pay everything off and put the rest in interest-bearing accounts. Even 2% interest would be a nice $20,000 annual bump.

 

If you make between $100,000 and $200,000 a year, you're in a 30-plus-percent tax bracket and you're paying full price (or close to it) for your kids' college tuition, not to mention the house, car and other expenses mentioned above.

That's not wealthy. Better off than me, but not wealthy.

 

Two chicks at the same time

 

Rich is being able to have your own jet. Rich enough not to waste time. 50, 100 million. A player.

 

Comfortable is not having to save or rework a budget for a $3,000 trip.

Rich is not not having to save or rework a budget for a $40,000 kitchen.

Wealthy is not having to save or rework a budget for a $800,000 condo for vacations.

 

This might be better than the new stats you cam up with to define a quality start.

I propose the Times hire Devil to replace Nate Silver. The way he crunches numbers, and makes them easy to understand, is unparalleled.

 

$40,000 kitchen!?! Are you outfitting it with a professional Viking range?

 

No, but a nice kitchen with all new appliances will run you between $20 and $25K. You step up the granite and lighting along with a few other bells and whistles, you are getting into the 40k range.

 

Yeah, but the "percent of income" thing becomes less and less important the higher the salary.

Putting 38 percent of a $100K income toward a mortgage STILL gives you $62,000 a year for everything else (minus taxes).

38 percent of a $30,000 income toward a mortgage gives you only $18,600 for everything else (minus taxes).

If I'm a loan officer, the $100K income guy gets the loan easily, and the $30,000 income guy is out of luck. Despite the percentage of income being equal.

 

So stipulated.

Neither person is wealthy.