Monday, December 13, 2010

Rich, Defined


What is the definition of the word “rich”?  If you believe the federal government, an income of $250,000/year makes you rich in the United States of America.  As a New Yorker, I know that a quarter of a million a year may sound like a lot, but if you’ve got a family, it won’t take you very far. 


This article from The Los Angeles Times took an interesting perspective on the subjective definition of “rich”.  An excerpt appears below; for the entire article, please click this link:


Wealthy Americans: How much money makes you rich? -


Reporting from New York —

It's just not the same on this island as anywhere else.

In Manhattan, a monthly parking space goes for $550. A magician for a children's party asks $650 an hour. (A rookie will take $400.) The nanny gets $600 a week. Breakfast for four at a corner diner is $40; a dog walker is $10,000 a year; a plumber who makes emergency calls won't lift the toilet lid for less than $250.

Occasional spa treatments?

"Did you have to ask?" said Ricky Metz, a Manhattan hairdresser who boasted about the combined $310,000 she and her husband earn a year but became embarrassed trying to explain how it is spent. "I know, I know I shouldn't whine, but in New York unless you're a millionaire you don't feel rich. We feel middle-class."

Really, they're not. They're among the 2.5% of Americans — couples who annually earn more than $250,000 and individuals who earn $200,000-plus — whom the Obama administration and the Democrats have considered wealthy enough to pay higher taxes starting next month.