How much money you have to earn to be considered rich in DFW? (Dallas: home, income)

[TurtleCreek80]

Originally Posted by EDS_

Maybe. But $700K income and some free and clear residential RE per se isn't ultra-wealthy by any definition I'm aware of. Obviously if the RE includes a place in The Dakota or on Jupiter Island that'd change things.


Where this get's interesting is it may be the $700K salary(ies) have been augment with liquidity events (MA and or options and or big retention/performance bonuses etc.).

Dictionary definition of rich: having a great deal of money or assets; wealthy.

A sustained annual income (not just one exceptional year) of $700k IS RICH. I literally cannot believe this forum’s definition of rich is more along the lines of the wealthiest 1,000 families in America kind of money. A sustained annual income of $700k - literally the top1% of every single state in the US; DC’s top 1% is higher than $700k fwiw. Especially a DEBT FREE $700k annual income - there is no excuse for that family to not have assets approaching $10M by their 50’s. That would put them in top 1% of wealth as well as income.

I am rich. You are rich. Just because we aren’t Bezos - Buffett - Cuban - Zuckerberg wealthy does not mean that we’re not rich.

[Xalistiq]

Originally Posted by hindsight2020

Yup, and this is the problem with the upper middle class (petite bourgeoisie) and the aristocracy class proper. Everybody self-reports as middle hyphen this, middle suffix that. Any monkier of income modesty they can hide behind for self-preservation reasons. Nobody likes owning their class privilege in this Country. Remember, acknowledging "class" in America is to reveal the denied panty line of the narrative of a classless society behind the exceptionalism mythology of our bifurcated society.

I think the issue is the 1% is often delusional as to how their own income compares against the rest of society, because they primarily interact with the highest echelons of society themselves, i.e., the top 1% to .01%.

These individuals are already wealthy by every objective measure in their own right, but their perception is skewed because they only have ultra-rich friends.

Case in point, a friend in NYC lives in a paid off $3MM apartment and has household income of over $500k, and insists he is upper middle class, because he and his wife rub shoulders with billionaires.

Another example is this forum, where many posters claim to be wealthy, and the communities most discussed by relocates are the most affluent cities. One could easily assume that everyone living in/moving to Dallas is rich based off of this forum, but we know that’s far from the case.

The median household income in DFW is $73k.

[EDS_]

Originally Posted by TurtleCreek80

Dictionary definition of rich: having a great deal of money or assets; wealthy.

A sustained annual income (not just one exceptional year) of $700k IS RICH. I literally cannot believe this forum’s definition of rich is more along the lines of the wealthiest 1,000 families in America kind of money. A sustained annual income of $700k - literally the top1% of every single state in the US; DC’s top 1% is higher than $700k fwiw. Especially a DEBT FREE $700k annual income - there is no excuse for that family to not have assets approaching $10M by their 50’s. That would put them in top 1% of wealth as well as income.

I am rich. You are rich. Just because we aren’t Bezos - Buffett - Cuban - Zuckerberg wealthy does not mean that we’re not rich.

1. We simply disagree across this topic.

2. There is a vast gulf between someone/a couple earning $700K and the 1,000 richest families in America. My definition of rich is $20/25MM net worth or so. The 1,000th richest person in the US has a net worth of around $750MM. Depending upon whom you believe there are roughly 156,000 US families worth $25MM or more.

The ortho-surgeon making $700K or so with three kids in private K-12 wondering if s/he'll have to borrow money if one of the kids gets into Harvard and another into Harvey Mudd isn't rich. The guy sitting in a coffee shop in Sterling City writing a $5MM check to muscle in on an oil deal is.

Further tho, an ortho-doc who has earned $700K for a few decades with prudent investing may become rich.

[EDS_]

Originally Posted by Xalistiq

I think the issue is the 1% is often delusional as to how their own income compares against the rest of society, because they primarily interact with the highest echelons of society themselves, i.e., the top 1% to .01%.

These individuals are already wealthy by every objective measure in their own right, but their perception is skewed because they only have ultra-rich friends.

Case in point, a friend in NYC lives in a paid off $3MM apartment and has household income of over $500k, and insists he is upper middle class, because he and his wife rub shoulders with billionaires.

Another example is this forum, where many posters claim to be wealthy, and the communities most discussed by relocates are the most affluent cities. One could easily assume that everyone living in/moving to Dallas is rich based off of this forum, but we know that’s far from the case.

The median household income in DFW is $73k.

DFW (predominantly the Dallas side) is also in the top ten worldwide per those earning $250K or more and ultra-high net worth individuals/families.

Assuming Manhattan or similar etc. your NYC buddy is upper middle class.

[TurtleCreek80]

Originally Posted by Xalistiq

I think the issue is the 1% is often delusional as to how their own income compares against the rest of society, because they primarily interact with the highest echelons of society themselves, i.e., the top 1% to .01%.

These individuals are already wealthy by every objective measure in their own right, but their perception is skewed because they only have ultra-rich friends.

Case in point, a friend in NYC lives in a paid off $3MM apartment and has household income of over $500k, and insists he is upper middle class, because he and his wife rub shoulders with billionaires.

Another example is this forum, where many posters claim to be wealthy, and the communities most discussed by relocates are the most affluent cities. One could easily assume that everyone living in/moving to Dallas is rich based off of this forum, but we know that’s far from the case.

The median household income in DFW is $73k.

100%. We will never make progress on inequality if those at the top end of the inequality spectrum refuse to admit they’re unequal. See the post 2 above this one where poster thinks one needs to be richer than 99.5% of all other American households to be “rich”. I’m not picking on him; he is not the only totally out of touch person in this forum.

[20Hope20]

Originally Posted by TurtleCreek80

By definition, they ARE exceptional. They make more money every year than 99% of other American households and probably 99.9% of the entire world’s population.

There are really F’d up views on money in this forum.

W2 families end up paying high income tax, get no aid for kids at colleges, often spend fortune on private schooling and higher education, usually buy nice houses and pay high property taxes, have to buy umbrella insurance, etc which takes away from buying power and retirement savings. They do have to think before spending which leads to feeling of being middle class.

[TurtleCreek80]

Originally Posted by 20Hope20

W2 families end up paying high income tax, get no aid for kids at colleges, often spend fortune on private schooling and higher education, usually buy nice houses and pay high property taxes, have to buy umbrella insurance, etc which takes away from buying power and retirement savings. They do have to think before spending which leads to feeling of being middle class.

I’m aware of that. We are also high earners, top 1%. We pay for private school. We live in a very nice area with a big property tax bill. We pay a fortune in car/house/life/umbrella insurance. We have a large percent of our income that automatically goes into IRA/401k/529/ etc accounts. We pay a huge income tax bill every year. We also can travel a lot & dine out a lot and while I have noticed we’re spending more on gas and groceries, inflation is not pinching our household at all.

I also realize that these are all CHOICES. Choices someone who truly is middle class - that would be around $70-120k range HHI in DFW - doesn’t have the leisure or opportunity to make. With a mid six figure income, we still have a budget for our priorities and goals. But all that can be true while I still recognize I am RICH compared to 99% of other people in this country.

“Feeling” middle class on a $700k income and actually being in the middle class are two competently different things. One is a fact and one is a feeling based on rubbing shoulders with ultra high net worth people in said private schools, nice home neighborhoods, etc.

[EDS_]

Originally Posted by TurtleCreek80

I’m aware of that. We are also high earners, top 1%. We pay for private school. We live in a very nice area with a big property tax bill. We pay a fortune in car/house/life/umbrella insurance. We have a large percent of our income that automatically goes into IRA/401k/529/ etc accounts. We pay a huge income tax bill every year. We also can travel a lot & dine out a lot and while I have noticed we’re spending more on gas and groceries, inflation is not pinching our household at all.

I also realize that these are all CHOICES. Choices someone who truly is middle class - that would be around $70-120k range HHI in DFW - doesn’t have the leisure or opportunity to make. With a mid six figure income, we still have a budget for our priorities and goals. But all that can be true while I still recognize I am RICH compared to 99% of other people in this country.

“Feeling” middle class on a $700k income and actually being in the middle class are two competently different things. One is a fact and one is a feeling based on rubbing shoulders with ultra high net worth people in said private schools, nice home neighborhoods, etc.

Literally no one here has said $700K is a middle class income. That's inarguably an upper class income. However, an upper class income does not define rich.

FWIIW I just found a poll of 5,000 Americans.......~53% define rich as earning $1MMyr or more with ~26% defining rich as $5MMyr, 13% $10MM or more. That noted to make it clear I'm not on some intellectual island.

[bgNCATL]

With the average salary in Dallas being 75k, I think it’s safe to say most people will look at someone with assets of 3 million(outside of primary property) with paid off home and income of 30k per month or more and no significant debt as rich. Some of you are coming up with these exuberant situations is comical. Listen, the question is basically asking what is the starting point.

[20Hope20]

Most W2 earners start low with debt and then gradually reach to $700k and stay there for roughly 10 years before retirement while raising children, helping out aging parents and doing charity. Everybody's paycheck stretches differently.