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  1. #1

    Do you think $50,000 per year is rich?

    I ask since I feel that is really not a lot of money but when friends ask how much I make per year they act like I said a billion dollars or something. Then again I can afford a nice house or condo in what is considered the high class rich area and have a nice car so I suppose it is considered rich? I remember as a teen working my butt off for $230 per week so it is weird being able to earn so much just from working on the internet. To me $100,000+ per year is really good but $50,000 - $60,000 is decent. I am not too excited though since I wonder if the internet will drastically change in the next decade where every site is only using flash and some form of javascript and offered free to everyone by some corporation.

  2. #2
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    50k is good, but it isn't awesome.
    Of course I won't be happy until I don't have to work.

  3. #3
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    $50,000 is considered in most place middle-class. Take places like Oklahoma/Texas $50k/yr is a good amount of money. Over here in Cali... $50k/yr.. really isn't too good.
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  4. #4
    Well I know in the past any time I took a chance that is when everything suddenly went bad without warning. If I went out and bought a fancy car and bought nice clothes, I would no longer make any profit So I am paranoid and afraid to buy any big personal items like a house or car. Almost all of the money I earn is put right back into my business.

  5. #5
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    Depends on how/where you live. If you live in a "not so upmarket" place then $50,000 is probably a large amount of money to get paid; if you live in a more "upmarket" place and everyone earns more than that then you could probably say it's not a large amount in that situation.

    Personally I would say that it's good, but not really "rich"; though it depends on how you consider it.

    Best Regards,

  6. #6
    Quote Originally Posted by PinkFloydWS View Post
    $50,000 is considered in most place middle-class. Take places like Oklahoma/Texas $50k/yr is a good amount of money. Over here in Cali... $50k/yr.. really isn't too good.
    Haha yeah that is for sure. There and in NY, a one bedroom 600 square foot home without a bathroom is $900,000

  7. #7
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    I understand that. Everytime I reach a certain amount of money in the bank my car needs money. I hate it.

  8. #8
    When I was 20 years old (eight years ago) I used to just enjoy life and have fun with my friends every weekend. I had excellent credit and wasn't worried about anything since I figured if a problem came along I would simply solve it and continue having fun. However my dad got a divorce and forced me to get a loan out on my car for $3,000. Then suddenly my car broke down and I couldn't get to work or pay $700 to fix it. So I basically lost all that I had in a matter of a week. It tooks years to get out of that hole and $10,000 in debt, so now I am paranoid when it comes to personal spending and I always prepare for the worse. I basically save all of my money and material things mean nothing to me. I like walking around the mall in my gym clothes since people have no idea what I do. They probably think I am a poor factory worker or something lol.

  9. #9
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    50k a year is just the average income. You'll be able to pay your bills and probably get yourself something nice every once in awhile. I don't know why your friends would think your rich with 50k considering you have to save for awhile if you want something nice like a brand new car or house.
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  10. #10
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    Clothes are over-rated anyway.

  11. #11
    Yeah but when I am at the gym there are guys who brag about making $400 per week lol. I never say anything I just smile and am amazed that they do not realize that they really have nothing.

  12. #12
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    $50k a year is pennies. But yes, it's all relative.
    You could be considered 'middleclass' in areas where cost of living is at the median but in the majority of urban locales -- you'd be in the poorhouse.

    (I've worked for a lot less but you learn to quickly see dead-ends )
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  13. #13
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    Nothing is a relative term. I made 60k a year at a job.
    But I was a raging alcoholic and drank it all away.
    Now I make 30k and live very comfortably, even get to wear clothes.

  14. #14
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    50k a year... plus taxes
    That's middle class, it's GREAT if you're in your early twenties as you don't have as many bills as you do when you're older (except college bills ), but it's still middle class.

    If I made 80k a year, then I'd be very happy.
    Rene K.

  15. #15
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    Quote Originally Posted by WireSix-Matt View Post
    Nothing is a relative term. I made 60k a year at a job.
    But I was a raging alcoholic and drank it all away.
    Now I make 30k and live very comfortably, even get to wear clothes.
    Eh, how is it not relative -- it's directly related to local cost of living, spending habits & lifestyles. $50k a year can buy you two houses annually on Prince Edward Island (ignoring taxes), or barely cover your rent in Toronto.
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  16. #16
    Quote Originally Posted by David View Post
    $50k a year is pennies. But yes, it's all relative.
    You could be considered 'middleclass' in areas where cost of living is at the median but in the majority of urban locales -- you'd be in the poorhouse.
    When I view sites on the costs of houses in nearly every major city I see that they are always in the $900 - $2000 range in nice areas though. Your everyday restaurant worker wouldn't be able to afford that so that is why I wonder if $50K is rich. BTW I meant $50K after taxes with hardly any bills. New Mercedes = $800 with insurance + nice house = $1500 and you still have $2,700 left over.
    Last edited by lexington; 01-28-2008 at 04:38 PM.

  17. #17
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    Quote Originally Posted by lexington View Post
    When I view sites on the costs of houses in nearly every major city I see that they are always in the $900 - $2000 range in nice areas though. Your everyday restaurant worker wouldn't be able to afford that so that is why I wonder if $50K is rich.
    Again, it's directly related to cost of living The majority of us are very lucky as we have the ability to work & make money online. Sure, some of us have to take care of infrastructure which tends to anchor us down but .. some of us, ah! Barbados? Costa Rica? Peru?

    Where to next, honeybun?
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  18. #18
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    Quote Originally Posted by WireSix-Matt View Post
    ....even get to wear clothes.
    And we're all VERY thankful for that.
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  19. #19
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    So are my roommates and co-workers.

  20. #20
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    Quote Originally Posted by lexington View Post
    BTW I meant $50K after taxes with hardly any bills. New Mercedes = $800 with insurance + nice house = $1500 and you still have $2,700 left over.
    To get that in Canada, you'd need to make at least $67,500 per annum with the tax rates. Even more most likely with the $1 tax per gallon we pay in gas & other nasties.
    David
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  21. #21
    I often see ads with companies needing programmers and paying $60,000 per year. I wonder about applying for those jobs and if it would double my income to $120,000+ if my business sales continue to grow as I work the day job.

  22. #22
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    It depends largely on how old you are. If I were 23 yrs old, and single, that would be a nice amount. Not great, but considerably better than flipping burgers at McD's.

    Now, I'm 40-something and have a mortgage, car payments, bills, insurances, 2 kids in college and another one going in 3 years and $50,000 would not be nearly enough.

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  23. #23
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    Quote Originally Posted by AH-Tina View Post
    It depends largely on how old you are. If I were 23 yrs old, and single, that would be a nice amount. Not great, but considerably better than flipping burgers at McD's.

    Now, I'm 40-something and have a mortgage, car payments, bills, insurances, 2 kids in college and another one going in 3 years and $50,000 would not be nearly enough.

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  24. #24
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    $50K a year with credit is very different from $50K a year with no credit. On one you get to live like you earn $250K/year, on the other you get to live like you earn $20K/year.


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  25. #25
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    To be honest, it depends on where you live, and the cost of living of that area. In Juneau, Alaska, 50K is lower class. While 80k and higher is middle class.

    My wife and I made 53k last year, (just filed taxes), together. We're now getting 4k back for tax return. But still, we're in a 3-bedroom apartment (house, 6plex), with a yard, fenced in, etc.

    It's the cost of living in the area that makes it hard to buy a house unless your a lawyer, doctor, or have 6+ people living in the same house, saving ...
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  26. #26
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    It's not rich, but it's a good amount to have a pretty stable and safe life.
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  27. #27
    Are you happy? Can you live a good life on $50k? If so.... it is great.
    Now if you lived by me in Manhattan.... no, it would never work.

    It all comes down to if YOU are happy. Plain and simple.
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  28. #28
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    hmm...it's not too bad I suppose, but I couldn't live on it unfortunately.

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  29. #29
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    Quote Originally Posted by Zafar Ahmed View Post
    I think AxisHost must be paying for all those expenses
    I get paid by AxisHOST, yes, but we wouldn't survive if my husband didn't work a regular job with health insurance benefits.

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  30. #30
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    Many people in the world live under $1/day per person or even per family. To them, being able to earn $2/day is good.

    Be thankful.
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  31. #31
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    That's about 25-8k depending on exchange rate. Its certainly not rich

  32. #32
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    It would depend on what you expenses are.

  33. #33
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    It depends on who you are talking to... if I'm down at the college campus and mention $50,000, then yea, I'm rich. Or if you are talking with others that I know that make a bit over $15,000 a year... yea, $50,000 might seem like a lot.

    Flip that page to a conversation I had with a relative on Sat and it changes... he made a little over $400,000 last year. I'd venture to say his tax bill will be over $50,000 (although, I don't know for sure).

    The other side is also how much you put away... if you make $50,000 a year and save, then you are okay. I know a partner who makes a little over $130,000 and spends every dime. I had to "float" him one month (it was crazy). He does stuff like buys everyone at the bar a drink or fly a lady he just met to a vacation spot or buy a car, then trade it in six months later for something else. Crazy...

    Personally, I don't think $50k is a lot of money.
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  34. #34
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    As so many others have said, it all really depends on where you live and what the cost of living is. Here in central Florida for a single person that would allow you to live fairly well. Back where I lived in CT that same amount would mean having to find a room-mate to split rent in order to make ends meet.
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  35. #35
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    Its relative to your expenses, thats true, but not entirely relative.

    <didactic>
    One thing to remember is that if you are highly paid but live in a very expensive place (like Manhattan for example) you are better off than if you earn less but live in a cheap area.

    If you can save 20% of your income, you're much better off living in an expensive place and getting paid more, even if your standard of living is a bit lower.

    What you spend may be relative to where you live, but your savings are not relative, since you can move someplace cheaper and take them with you later on.
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  36. #36
    i dont think so

  37. #37
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    Where I live, $50000 per year is way more than average. Most people would envy you. Rich? Many would think so. Yet the same many would go around spending every dime, even $50000, and then they'd feel financially pressured. They're no longer rich.

    It's not necessarily the cost of living, but the standard of living you aim for that decides when you're rich. $50000 would be a fortune for most retired people here. They're used with little of everything. They don't dream of fancy cars, vacations abroad, casinos etc. Their needs are very basic.

    I recall years ago when eating at McDonalds was a fancy thing to do (here). I dreamed of a day when I would be able to eat anytime I pleased there, if I wanted to. If I were to judge myself by that standard, I'm rich now, and you'd be rich way sooner than $50000 per year.

    You're rich when you decide you have everything you need. Yes, $50000 per year can mean you're rich. We're just way too spoiled. We're never satisfied. Makes me recall this:

    I got a lawyer and a manager
    An agent and a chef
    Three nannies, an assistant
    And a driver and a jet
    A trainer and a butler
    And a bodyguard or five
    A gardener and a stylist
    Do you think I'm satisfied?
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    Last edited by ldcdc; 01-31-2008 at 12:07 PM.

  38. #38
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    You're rich when you don't need to work for the rest of your life.

    You're satisfied when you're dead, insane, or enlightened.
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  39. #39
    Quote Originally Posted by vpsville View Post
    You're rich when you don't need to work for the rest of your life.
    I think even millionaires/billionaires have to still work though to afford their private jets and mansions

  40. #40
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    nah, i dont consider myself rich



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