How much money would you need to call yourself rich?

[RR1997]

Inspired by the "Are you a young rich white liberal?" thread.

I say that anything above $350k a year is "rich", but this also depends on your location.

[IceSpear]

It really depends on location and family size. I'd probably say $150k for an individual and $300k for a "typical" family of 4.

[Snowstalker Mk. II]

For the wealthy, placement on the basic class hierarchy and open parasitism (i.e. unearne income) matter far more than "earned" income.

[All Along The Watchtower]

For the wealthy, placement on the basic class hierarchy and open parasitism (i.e. unearne income) matter far more than "earned" income.

Most wealthy people have actual jobs/careers, Snowstalker (unless you think the likes of Mitt Romney or the Forbest 400 are representative of most people).

[memphis]

Not having to work is the key distinction to me.

[Snowstalker Mk. II]

For the wealthy, placement on the basic class hierarchy and open parasitism (i.e. unearne income) matter far more than "earned" income.

Most wealthy people have actual jobs/careers, Snowstalker (unless you think the likes of Mitt Romney or the Forbest 400 are representative of most people).

They nonetheless live primarily off what is produced by the labor of others.

[Antonio the Sixth]

Over twice the median income.

[HagridOfTheDeep]

$200,000+

[Mopsus]

"Rich is when your money works for you, not when you work for the money." - Clair Huxtable

[Simfan34]

For the wealthy, placement on the basic class hierarchy and open parasitism (i.e. unearne income) matter far more than "earned" income.

Most wealthy people have actual jobs/careers, Snowstalker (unless you think the likes of Mitt Romney or the Forbest 400 are representative of most people).

They nonetheless live primarily off what is produced by the labor of others.

So do cashiers at McDonald's.

[Beet]

If you no longer need to work, you are rich.

[Consciously Unconscious]

$250,000 a year+

[Bacon King]

If you no longer need to work, you are rich.

Define "need"?

I recently inherited several acres of land in rural south GA, including a small prefabricated shed. The shed could be converted into a livable shelter, and enough seeds planted to sustain someone indefinitely, for less than $200. Does this make me rich? Can I become rich by spending some of my savings in this way?

Edit: and if we want to get technical about the definition of work I could barter my property's timber rights to the neighbor in exchange for one of his migrant laborers doing the like 20 minutes of work my garden would require each day so I wouldn't even have to do that

[muon2]

If you no longer need to work, you are rich.

Define "need"?

I recently inherited several acres of land in rural south GA, including a small prefabricated shed. The shed could be converted into a livable shelter, and enough seeds planted to sustain someone indefinitely, for less than $200. Does this make me rich? Can I become rich by spending some of my savings in this way?

Edit: and if we want to get technical about the definition of work I could barter my property's timber rights to the neighbor in exchange for one of his migrant laborers doing the like 20 minutes of work my garden would require each day so I wouldn't even have to do that

Or consider a couple that retires at 60 with adult children and a nearly paid-off mortgage and a guaranteed pension of $50K/year with adjustments for inflation. They don't need to work, but are they rich?

[Tender Branson]

1 Mio. € I guess is what I need to retire.

[King]

As a single man? $120k after taxes

[muon2]

Over twice the median income.

National median or local median income? If I use larger counties in IL and use two times the median it would range from 63K in Jackson to 164K in Kendall. That compares to a 2xmedian of 110K for IL and 104K for the US.

[King]

I would say state median income, muon.  Wealth in MS compared to MA is definitely a different standard, so national doesn't always work. However, it would be unfair to call someone who lives in a super wealthy county or suburb poor when they can simply move to another nearby town. It's much easier to move to a different locale within a state than move to a different state.

[Beet]

If you no longer need to work, you are rich.

Define "need"?

I recently inherited several acres of land in rural south GA, including a small prefabricated shed. The shed could be converted into a livable shelter, and enough seeds planted to sustain someone indefinitely, for less than $200. Does this make me rich? Can I become rich by spending some of my savings in this way?

Edit: and if we want to get technical about the definition of work I could barter my property's timber rights to the neighbor in exchange for one of his migrant laborers doing the like 20 minutes of work my garden would require each day so I wouldn't even have to do that

Or consider a couple that retires at 60 with adult children and a nearly paid-off mortgage and a guaranteed pension of $50K/year with adjustments for inflation. They don't need to work, but are they rich?

Bacon King: Yes, a rich person is someone who lives off their savings, assets, capital, or whatever. 'Need' not an absolute level of subsistence, rather it is the amount required to sustain the lifestyle that you prefer. So in your scenario, it depends whether or not you would be satisfied with that lifestyle as an alternative to work? The only way to say for sure is if you actually did it.

muon: A guy at my work retired at 60 recently. It seems to be a fairly normal retirement age. While that person, yes, technically meets my definition, I would say he only does so as a function of age. He still had a normal working life along with everyone else. I am talking about someone who needs to work less than the normal working life; e.g., he or she retires before being eligible for any pensions, social securities, IRAs, & other rewards of normal retirement.

[muon2]

I would say state median income, muon.  Wealth in MS compared to MA is definitely a different standard, so national doesn't always work. However, it would be unfair to call someone who lives in a super wealthy county or suburb poor when they can simply move to another nearby town. It's much easier to move to a different locale within a state than move to a different state.

I'm not sure a state median works so well in IL. Jackson county, home to Southern IL University, has a median household income well below that of MS. Most of southern IL is around that same level and central IL is generally below the national median. However Cook is just below the state median and Chicagoland overall is above it and well above the national average.

The upper 5% of household incomes has less variation as a fraction of the US value than the median and might be a better measure of "rich". Using the upper 5% also puts Cook on a par with the suburban counties (209K in Cook and 203K in Kendall) and the US as a whole (191K), yet still differentiates that area from the rural counties in IL (131K in Jackson, IL). 200K would not be a bad approximation if one needed a single number.

[Filuwaúrdjan]

Bacon King: Yes, a rich person is someone who lives off their savings, assets, capital, or whatever.

This would technically make most pensioners 'rich'.

[Deus Naturae]

For the wealthy, placement on the basic class hierarchy and open parasitism (i.e. unearne income) matter far more than "earned" income.

Most wealthy people have actual jobs/careers, Snowstalker (unless you think the likes of Mitt Romney or the Forbest 400 are representative of most people).

They nonetheless live primarily off what is produced by the labor of others.

So...you want everyone to be a subsistence farmer? Or you'd prefer a return to hunting and gathering?

[Filuwaúrdjan]

If you have to ask or find yourself quibbling over details, you're rich.

[Ban my account ffs!]

Not having to work is the key distinction to me.

That's definitely a good distinction.  Working rich vs. broke ass rich.

[anvi]

Those are helpful numbers muon2, thanks.  As a resident of Jackson County most of the time, I didn't think that I was close to being rich, and now I know I'm not.