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Posted on 9/17/17 at 12:59 pm to Lithium
$113k to be considered rich in Texas! Now that's rich!
Posted on 9/17/17 at 1:01 pm to LoveThatMoney
lol... I had no clue I was rich..
Posted on 9/17/17 at 2:19 pm to Lithium
quote:
To be clear, upper income isn't synonymous with the 1%, at least at the national level. In 2016, the top 1% of Americans earned $389,436 pre-tax, more than twice what it takes to be upper income. Let's call them "super rich.
$389,436 per year is a bit lower than what I had in mind when I read the term "super rich".
Posted on 9/17/17 at 4:19 pm to Lithium
On $113,000 in Texas you are barely getting by
Been there and lived paycheck to paycheck
Been there and lived paycheck to paycheck
Posted on 9/17/17 at 4:26 pm to Lithium
$180k salary in Louisiana puts you in a Mastercraft. Unless you have to pay private school tuition. Or law school loans.
This post was edited on 9/17/17 at 4:28 pm
Posted on 9/17/17 at 4:43 pm to GaryMyMan
My Jefe Mexican nets well over 500k. When he needs someone to sign a note for whatever piece of equipment he deems necessary, all he has to do is ask. This is not hard people.
Posted on 9/17/17 at 5:24 pm to The Torch
quote:
On $113,000 in Texas you are barely getting by
Been there and lived paycheck to paycheck
Either you bleed through cash or you are deep in debt.
It is very easy to get by in Texas on a six figure income.
Posted on 9/17/17 at 5:26 pm to Lithium
This "by state" stuff is really stupid. Upper-income in Manhattan is not that same as upper-income in Buffalo.
Cost of living is relatively accurate by city, but not at all accurate by state.
Cost of living is relatively accurate by city, but not at all accurate by state.
Posted on 9/17/17 at 8:14 pm to Pecker
quote:
This "by state" stuff is really stupid. Upper-income in Manhattan is not that same as upper-income in Buffalo.
Cost of living is relatively accurate by city, but not at all accurate by state.
Exactly. If my household income is $250k in Bunkie, LA then I'm rich, not so much in New Orleans.
$250k
-$34k for 401k
-$10k for health insurance
-$70k rough estimate on taxes
-30k in mortgage and escrow account
-$12k in utility bills for home for the year including cell
-$12k per year for car/insurance/upkeep/gas
-$24k in daycare/school for just two kids
That leaves you with $55k for the year before you spend a penny on anything like medical bills, food, vacations, clothes, entertainment, baby sitting and hopefully you're saving/investing more than just the money in your 401k.
Posted on 9/17/17 at 8:33 pm to TitleistProV1X
quote:
30k in mortgage and escrow account
Goddamn.
Either I'm naive on mortgages or youre living in a damn nice house
Posted on 9/17/17 at 8:38 pm to GaryMyMan
quote:
$180k salary in Louisiana puts you in a Mastercraft. Unless you have to pay private school tuition. Or law school loans.
As much as people like to bitch about money not going far enough, anything in that range lets you live a pretty damn good lifestyle.
quote:
$389,436 per year is a bit lower than what I had in mind when I read the term "super rich".
I think think ranking in the top 1% in the best country on the planet is enough to qualify as super rich.
This post was edited on 9/17/17 at 8:41 pm
Posted on 9/17/17 at 8:39 pm to baseballmind1212
quote:
Either I'm naive on mortgages or youre living in a damn nice house
That's about a 400k house with taxes and insurance depending on where you live. Not a baller house by any means.
Posted on 9/17/17 at 8:40 pm to Lithium
$125k in NY 
My wife and I make way more than that and no way are we even close to 1%
My wife and I make way more than that and no way are we even close to 1%
Posted on 9/17/17 at 8:43 pm to baseballmind1212
He either lives In a fricking mansion or leaves every light on in his house to average a 1k a month utility bill.
Or hes full of shite.
Or hes full of shite.
Posted on 9/17/17 at 8:43 pm to MSTiger33
quote:
My wife and I make way more than that and no way are we even close to 1%
$125K in NY was top 20%, not top 1%.
Posted on 9/17/17 at 8:51 pm to 420centraltime
$30k per year for a mortgage isn't what I consider a mansion. I live in a $515k house, for a 30 year mortgage, 3.5% int. rate, taxes, ins, with 20% down gets me close to that $30k number. I pay $27k. Utility bills have nothing to do with it.
Posted on 9/17/17 at 8:52 pm to baseballmind1212
quote:
Goddamn.
Either I'm naive on mortgages or youre living in a damn nice house
It's a rough estimate but probably not very far off. Insurance and Property taxes run you $1,000 per month. Add in a $1,500 per month mortgage which is about right for a $400k house after you put down your 20% and you're at $30k per year. Keep in mind that if you want to live somewhere in Nola that you won't get shot you're going to be spending $225 per square minimum. That's an 1800 square foot house which is tight as hell with two kids.
Posted on 9/17/17 at 8:55 pm to LSUEEAlum
Yeah, I'm not commenting on his mortgage note. I'm talking about his 12k a year in utilitys.
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