re: Creating Wealth and the people you know who have it ...

quote:

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Edit: also, I would be appalled if a married homeowner making $300K is paying over 6 figures in taxes.




Well then be appalled because you will.

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+1.

The original point of the thread was not "what constitutes wealthy" although that is an interesting topic. The point was that most of the affluent I know either sacrificed themselves or their ancestors sacrificed. The antithesis of this would be thosed trapped in a cycle of poverty.

Re: What constitutes wealth? I purposely chose cash flow and assetts. $300k / year with no assetts and high expenses in not really wealthy. $1M in land or house with no cash flow is not wealthy. There needs to be some of both.

Re: $300k / yr is what it takes to accumulate wealth .. $100k/ yr goes to Uncle Sam, $100k/yr for a family to live well / comfortably, and save $100k/ yr X 10 yr = $1M. Obviously, there are other combinations; it's just a scenario.