Is six figures that exclusive?

[OulOat]

As a kid, I imagined what it would be like making six figures a year. Private jets, hypercars, mansion... I always imagined it would be the life of easy come, easy go.

Nowadays, I realize that six figures is not a big deal. I know doctors, lawyers, and IB who are making six figs straight from school. Not just intro six figs, but well into six figs. They don't have the lifestyle as I imagined. Most of them live as normal people. Almost all rent a modest apartment, and drive Japanese ecoboxes. They may vacation in other countries, but they travel in discount economy and stay in cheap hotels and hostels.

So it seems to me that it is no longer that big of deal to be making six figs. Or maybe it never was. I know that their life must be better than the average Joe making the median salary of 50k. It just don't seem that much better. Or even special.

If six figures is no longer something to aspire to, then what is? Seven? Eight?

 

[guyver01]

i aspire for 15 figures.

$250,000 is pocket change.

i need $3,000,000,000,000,000/yr

 

[RavenSEAL]

Inflation?

 

[nageov3t]

6 figures would be at least upper-middle class anywhere other than a major metropolitan area.

but how you can spend your money depends.... do you have a family? is 6 figures the joint income between 2 working parents with another 2-3 kids to support? do you have a shitload of debt that you're paying off? do you have a mortgage? etc, etc.

 

[JMapleton]

Six figures is living without need.

Seven figures is luxury.

The difference between $250k/year and $1m/year is huge.

 

[BoomerD]

Hell, I remember when I thought making $1,000 per month was GOOD money...of course, that's 40 or so years ago...when you could buy a house in most places for $25K-$30K...

The mid-6 figures is still GOOD money everywhere except perhaps NYC, Chicago, SF and the other LARGE cities...it might not rise quite to the level of being R-I-C-H, but it's sure on the way.

 

[guyver01]

The difference between $250k/year and $1m/year is huge.

i calculate it's about $750,000/year

 

[thepd7]

Six figures is living without need.

Seven figures is luxury.

The difference between $250k/year and $1m/year is huge.

I can't even imagine making $250k/year. I'm an engineer so I'm pretty blessed financially but $250k/year is more money than I would know what to do with.

 

[JMapleton]

The mid-6 figures is still GOOD money everywhere except perhaps NYC, Chicago, SF and the other LARGE cities...it might not rise quite to the level of being R-I-C-H, but it's sure on the way.

Not so fast, Chicago is quite cheap. You can get a nice condo for less than a million, which mid six figures can well pay for. Chicago is very cheap compared to LA and NY.

 

[JS80]

I can't even imagine making $250k/year. I'm an engineer so I'm pretty blessed financially but $250k/year is more money than I would know what to do with.

^^this is why corporate salaries are top heavy

 

[llee]

My dad made about $300k pre-tax this year off a combination of salary, commission, and contracts. My parents are both fiscal conservatives though. Aside from my schooling, mortgages, and paychecks to relatives overseas, there's not much left to gloat about. IMO, it should be different for non-minorities however.

And before you ask, he is an food processing engineer and my mother has a full time job as well.

 

[guyver01]

paychecks to relatives overseas

maybe if you didnt send money overseas.... you'd have money to gloat about?

 

[OulOat]

Hell, I remember when I thought making $1,000 per month was GOOD money...of course, that's 40 or so years ago...when you could buy a house in most places for $25K-$30K...

The mid-6 figures is still GOOD money everywhere except perhaps NYC, Chicago, SF and the other LARGE cities...it might not rise quite to the level of being R-I-C-H, but it's sure on the way.

Of course, six figs is still very good amount of money; enough to ensure you live comfortably. However, I don't think it's enough to be called rich. For example, most of these six fig folks I know still worry about costs and saving enough for retirement.

Even outside of those large metro cities, six figs doesn't seem like that much money anymore. Take Detroit for example. Even though it is widely known by derogatory names, there are very nice parts of the city/suburbs that six figures will not buy you much. Bloomfield Township, Birmingham, and Grosse Pointe to name a few. I wouldn't even call 100k rich even in small cities like Austin.

 

[OulOat]

My dad made about $300k pre-tax this year off a combination of salary, commission, and contracts. My parents are both fiscal conservatives though. Aside from my schooling, mortgages, and paychecks to relatives overseas, there's not much left to gloat about. IMO, it should be different for non-minorities however.

And before you ask, he is an food processing engineer and my mother has a full time job as well.

This is exactly what I'm talking about. As a child, I imagined all these issues will go away once you reach the magic six figs. I realized I may have been too ambitious, however, this is still concerning.

 

[llee]

maybe if you didnt send money overseas.... you'd have money to gloat about?

I should have mentioned that it's customary in many cultures for children to send money to their parents or siblings, but that's just an tangential. The schism that the perception of money has caused needs to be mended. We can't just say that just because some one makes XXX amount of money that they're automatically snobby or assholes.

Just an FYI, the bit about gloating was just sass... I've been a little snarky lately.

 

[Koing]

6 figures is not rich, you were just off with your thinking.

Koing

 

[Koing]

I'm going to guess less them 5% of the us population as a single person makes less then 6 figures?

Koing

 

[guyver01]

I'm going to guess less them 5% of the us population as a single person makes less then 6 figures?

Koing

Is that a typo?

According to this:
http://en.wikipedia.org/wiki/Household_income_in_the_United_States

15.93% of all households make $100,000 or more.

 

[nageov3t]

Is that a typo?

According to this:
http://en.wikipedia.org/wiki/Household_income_in_the_United_States

15.93% of all households make $100,000 or more.

6.24% of individuals make $100,000 or more.

I feel pretty comfortable saying that $100K is nice money just about anywhere unless you've got kids sucking it up like a sponge.

clothes, school, and all that jazz adds up.

 

[ussfletcher]

6.24% of individuals make $100,000 or more.

I feel pretty comfortable saying that $100K is nice money just about anywhere unless you've got kids sucking it up like a sponge.

clothes, school, and all that jazz adds up.

I want to make monies

 

[SSSnail]

Nowadays, I aspire to seven figures, so I can join the exclusive ATOT club.

 

[Kroze]

6.24% of individuals make $100,000 or more.

I feel pretty comfortable saying that $100K is nice money just about anywhere unless you've got kids sucking it up like a sponge.

clothes, school, and all that jazz adds up.

I never knew I'm such a rockstar salary wise. Damn!

Coming from living in a slum all of my life to being a high achiever & top 5% of the population salary wise...

 

[thepd7]

Of course, six figs is still very good amount of money; enough to ensure you live comfortably. However, I don't think it's enough to be called rich. For example, most of these six fig folks I know still worry about costs and saving enough for retirement.

Even outside of those large metro cities, six figs doesn't seem like that much money anymore. Take Detroit for example. Even though it is widely known by derogatory names, there are very nice parts of the city/suburbs that six figures will not buy you much. Bloomfield Township, Birmingham, and Grosse Pointe to name a few. I wouldn't even call 100k rich even in small cities like Austin.

I lived in Austin making $60k, $100k is a ridiculous amount. You can get an oustanding house for $250k in the nice areas still within city limits.

 

[Eli]

I'm going to guess less them 5% of the us population as a single person makes less then 6 figures?

Koing

lolwut

The vast majority of individuals in the US make nowhere near 6 figures.

 

[JMapleton]

lolwut

The vast majority of individuals in the US make nowhere near 6 figures.

I think he meant the opposite.