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Chatham-Chick
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Article for those who consider 250K+ rich...
HENRYs (high earners, not rich yet.)
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Posted 10/27/08 7:54 AM  |
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sunnyplus3
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Re: Article for those who consider 250K+ rich...
That article speaks volumes to me.
Thanks for sharing
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| Posted 10/27/08 8:02 AM |
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dandr10199
Grace is growing up too fast!
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Dina
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Re: Article for those who consider 250K+ rich...
Posted by KellyFG
That article speaks volumes to me.
Thanks for sharing
ITA. Although DH and I are not at $250K yet, one day we hope to be. WHAT incentive do we have to get there...NONE if we are taxed at 35%-40% of our income.
WOW. And they are all not rich, they are being penalized for being responsible with their money, going to school and pursuing advance degrees, as well as finding jobs in fields of work that traditionally pay well. The article said some were from middle class families and some were from poor immigrant families so their upbringing has zero to do with it.
My DH is in full time school now and full time work. He is giving up time with his DD and me to pursue a MBA. So that one day he can earn more money in his profession. He has literally given up the last 2 yrs of his life. There are things we have put on hold b/c he is in school like fixing up our home. We cannot afford to pay someone to fix it up and we decided that DH would do it ONCE he is out of school. SO one day we may earn over $250K and everyone will think we are "lucky" or that one of us is a trust fund baby...yet those people do not see the years of sacrifice and putting things on hold. The years of living with things falling apart in my house, of no designer handbags, of lean Christmas' b/c instead of buying Elmo live Dh and I put that $60 bucks into DD's 529 account. When she has her college paid for I am sure that her friends are going to think we are wealthy, we are NOT. We are responsible and wanting to pursue the American dream, in a capitalist country. We are responsible for our own actions and when money is tight we CUT back. I can write a book about how we had $25K savings in the bank to redo our fixer upper home. Then, I had a heart surgery, was out of work for 12 weeks, all of our savings went to co-pays, living expenses, etc. while I was sick. You all have NO IDEA how tough it was for us, NONE. Yet, I would do it all over again b/c I had one of the best surgeons operate on me and save my life. I did not get some moron who skated by in med school, I had THE BEST care and we paid for whatever insurance would not cover. HE SAVED MY LIFE. He gave me more time with my DD and DH. Money can be made again, we can save again and we will. We did it once, we will do it again. I get really upset when people look at what we worked our azzes off for and say "you are lucky". NO I am responsible. I am hard working. I am diligent with my spending. As much as I want to see DD's face on Christmas light up for five minutes when she opens Elmo Live now; I would rather her thank us when she is graduating high school, knowing she does not have to start her life off in debt with school loans, like we did. To me, that is the best give we can ever give to her. She will have Christmas gifts, don't get me wrong but we are spending $50 on her. The rest of the $$$$ is going into her 529. The rest of our families can get her all the toys and stuff. We actually asked them all not to go nuts this year. How many toys "Santa" brings her is NOT what is important at Christmas, IMHO. You almost die and you realize that the true meaning of Christmas and the people you love are what is most important.
Anyway, this was an excellent article. Thank you for posting it.
Message edited 10/27/2008 9:17:27 AM.
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| Posted 10/27/08 9:12 AM |
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smdl
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me
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Re: Article for those who consider 250K+ rich...
$250K in the middle of nowhere in Montana = RICH
$250K on LI = higher earner but NOT rich.
So that definition really annoys me. It really should not that cut and dry.
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| Posted 10/27/08 9:17 AM |
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Chatham-Chick
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Member since 5/05 10311 total posts
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Re: Article for those who consider 250K+ rich...
Posted by smdl
$250K in the middle of nowhere in Montana = RICH
$250K on LI = higher earner but NOT rich.
So that definition really annoys me. It really should not that cut and dry.
Chances are, if you live in the middle of nowhere in Montana, you're not pulling in 250K.
And if you do live in the middle of Montana, make 250K+, it's probably your second home (vacation ranch) and you make well over 600K. 
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| Posted 10/27/08 9:21 AM |
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TheWhiteRabbit
Thru the rabbit hole!
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Re: Article for those who consider 250K+ rich...
Posted by dandr10199
ITA. Although DH and I are not at $250K yet, one day we hope to be. WHAT incentive do we have to get there...NONE if we are taxed at 35%-40% of our income.
This is a common misconception. You don't understand how tax brackets work. The tax brackets are a tiered system, which means that only the amount of money above each cutoff is taxed at the higher rate, so you still have more 'take home money' at $300K than the person making $200K does.
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| Posted 10/27/08 9:47 AM |
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BabyAvocado
Happy New Year
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Re: Article for those who consider 250K+ rich...
Ugh. Where do I start.
I agree that (depending on where you live) $250k/yr is not necessarily rich.
However, when I read things like this:
distressed by their shrinking portfolios.
I don't have a "portfolio".
Lindsay Mayer and her husband, Zach, a Dallas attorney, feel stretched on $500,000 a year.
STRETCHED? At 500k? You have serious money management issues.
She's saving $800 a month for the children's college fund and $4,000 a month for retirement
That's not even my mortgage payment, bills, savings, etc combined in one month and she can just tuck it away like she doesn't need it.
During that period companies wrested far more productivity from their midlevel employees and were extremely cautious about adding new factory workers, secretaries, or salesmen, a major reason that profits exploded. But it was a great time for executives
But that was ok?
I CANNOT feel sympathy for these people or sudden understanding of their "plight". Instead, they sound profoundly GREEDY to me.
The fact is, it would be nice if we didn't have to raise taxes on anyone. But that's not reality. My understanding is that these so-called "henrys" have been getting tax BREAKS all these years and it's now time that they pay their fair share. I could be wrong about that, and if so, that's fine. If they've been paying their fair share all along, great.
But I can tell you this: right now we are far from making that much money and I consider us living well (no where near rich, not poor, just doing fine - maybe more than fine when compared to some) and making $250k/yr eventually is not unrealistic for us. If it did happen I would EXPECT to be paying more taxes at that level of income.
I don't think it's fair to levy a crushing burden on this income level, and I don't think that's what will happen. But pay a little more? I don't see anything wrong with that.
It's not punishment for success. It comes with the territory.
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| Posted 10/27/08 9:47 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
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Kerry
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Re: Article for those who consider 250K+ rich...
I'm sorry, this article def. just redefines my ideas that if you are living with a salary of 250K or more you are comfortable. More comfortable than most and you're not getting any sympathy from me. Even my parents who make over 250K realize they are lucky. How do so many don't? JMO
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| Posted 10/27/08 9:51 AM |
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SweetTooth
I'm a tired mommy!
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Lauren
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Re: Article for those who consider 250K+ rich...
This article doesn't make me any more sympathetic towards peopel making that much money. The statements quoted by a PP and her comments were right on.
I also hate how people who are making money in that income range keep saying how they worked hard to get there... its like they are saying others who make WAY less did not work hard, do not have student loans, etc.
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| Posted 10/27/08 9:55 AM |
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CookiePuss
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Re: Article for those who consider 250K+ rich...
Posted by kerrycec03
I'm sorry, this article def. just redefines my ideas that if you are living with a salary of 250K or more you are comfortable. More comfortable than most and you're not getting any sympathy from me. Even my parents who make over 250K realize they are lucky. How do so many don't? JMO
I didn't get the impression that these families didn't feel that they live a financially comfortable life. I got the impression that these families worked their a$$es off to make what they do and they feel they are being set up to be taxed unfairly.
Most of us on this board have the ability to make over 250K a year if we wanted to put in the time, effort, energy and make the sacrifices to do so.
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| Posted 10/27/08 9:58 AM |
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CookiePuss
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Re: Article for those who consider 250K+ rich...
Message edited 2/24/2022 9:26:51 PM.
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| Posted 10/27/08 10:01 AM |
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Ophelia
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remember, when Gulliver traveled....
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Re: Article for those who consider 250K+ rich...
Posted by shamrock124
However, a lot of people don't know the amount of work that goes into getting to the level to earn that kind of money. A financial advisor at Morgan Stanley earning 375k has worked harder then most of us have. To get to that level, he had to have worked 6-7 days a week, with many of them 12-13 hour days for years. So, in some ways, they have worked hard then some.
so do people who clean bathrooms, who work in restaurant kitchens, cops, firemen etc.
the definition of what is "hard work" is what I often cringe at.
b/c I don't consider sitting behind a desk wheeling and dealing for 12 hours 6 days a week to be any HARDER than busting your assss on a farm somewhere.
the work is DIFFERENT, and we may place a greater IMPORTANCE on it for whatever reason (personally I feel it's some kind of vanity, but that is neither here nor there) but it is no less hard.
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| Posted 10/27/08 10:07 AM |
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twiceasnice
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Re: Article for those who consider 250K+ rich...
I think this article is Great Eye opener!
I sure don't make 250,000/year and probably won't for a long time. I am not wealthy, I get by. I probably could even benefit from some great "plans" that may be out there.
But that's not where my values are. I don't think people who "work hard" should be paying EVEN higher taxes. That extra money is not coming back to benefit that family, that money will benefit someone else. Why bother going to college, or trying to start your own business or do anything extra to make a better living for you and your family if you have to give it away.
I have been waiting years to have another DC just because I want to be financially stable to bring another one to my family. I cannot comprehend how people could have 5-6 children and not think twice about how they will afford them. Oh, its the rich HENRYS...well get to working HENRYS because if Obama is president...I am having twins!!
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| Posted 10/27/08 10:11 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
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Kerry
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Re: Article for those who consider 250K+ rich...
Posted by shamrock124
Most of us on this board have the ability to make over 250K a year if we wanted to put in the time, effort, energy and make the sacrifices to do so.
I can't believe I just read this. This statement is so false on so many levels. Actually most of us on this board do not make or have the ability to make over 250K. My managers make that kind of money and that after they've worked in the industry for 20 years, so no, I don't have the ability to make 250K right now.
You're right, the reason my DH and I don't make 250K is because we don't put the time, effort, energy or sacrifices. Yea right..... even though DH works 2 jobs and I sell anything and everything online to make extra money we still don't even come close to 250K
Message edited 10/27/2008 10:15:39 AM.
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| Posted 10/27/08 10:12 AM |
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HoneyBadger
YourWorstNightmare.
Member since 10/06 15979 total posts
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BahBahBlackJeep
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Re: Article for those who consider 250K+ rich...
Posted by shamrock124
Posted by SweetTooth
I also hate how people who are making money in that income range keep saying how they worked hard to get there... its like they are saying others who make WAY less did not work hard, do not have student loans, etc.
I'll start by saying this, I'm not at the level in the article.
However, a lot of people don't know the amount of work that goes into getting to the level to earn that kind of money. A financial advisor at Morgan Stanley earning 375k has worked harder then most of us have. To get to that level, he had to have worked 6-7 days a week, with many of them 12-13 hour days for years. So, in some ways, they have worked hard then some.
I'm sorry, but I respectfully disagree.
Last year to help MAKE ENDS MEET I took on a second job. I was working 70 hours a week, our combined income was WAY, WAY, WAY below 250K so just because "you" work long hard hours doesn't always mean you're making alot of money.
ETA: And at that time I was working minimally 6 days most likely 7 days a week.
Message edited 10/27/2008 10:15:04 AM.
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| Posted 10/27/08 10:13 AM |
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CookiePuss
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Re: Article for those who consider 250K+ rich...
Message edited 2/24/2022 9:32:41 PM.
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| Posted 10/27/08 10:13 AM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
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remember, when Gulliver traveled....
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Re: Article for those who consider 250K+ rich...
I work FOR you all.
I am paid BY YOU ALL.
and since you dont' want to pay higher taxes, I will NEVER make $250k 
I don't think the PRESIDENT is paid that much yet
and THANKFULLY we have some of the FINEST brains working for the govt. working for YOU.
MONEY is NOT the only incentive to working hard in life.
at least it shouldn't be.
we MAY make it to 250k b/c of my dh... but at my BEST in the gov I'll probably only make HALF that.
some people have to SACRIFICE pay to do the work they LOVE.
would you say a teacher doesn't work hard??? doctors that work in low income neighborhoods? firefighters, police officers.
I mean, it's just such an unfair and sad testament to our culture that we place value on how much MONEY YOU MAKE FOR OTHERS.
it's really sad. 
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| Posted 10/27/08 10:17 AM |
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CookiePuss
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Re: Article for those who consider 250K+ rich...
Message edited 2/24/2022 9:32:23 PM.
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| Posted 10/27/08 10:19 AM |
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Mommy2Boys
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C
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Re: Article for those who consider 250K+ rich...
Most of us on this board have the ability to make over 250K a year if we wanted to put in the time, effort, energy and make the sacrifices to do so.
Maybe you can be the advocate for the NYPD and speak to Bloomberg about this one
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| Posted 10/27/08 10:23 AM |
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nrthshgrl
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Re: Article for those who consider 250K+ rich...
Posted by BabyAvocado
etd
ITA!
etd.
My take on Morgan/shamrock's comment was we have the ability to make $250K+ if we were to go into an industry that reaped the rewards. Frankly if you're sucessful in the finance industry - it also means you know how to invest your own money.
Message edited 10/27/2008 10:26:29 AM.
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| Posted 10/27/08 10:23 AM |
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CookiePuss
Cake from Outer Space!
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Re: Article for those who consider 250K+ rich...
Posted by Ophelia
I work FOR you all.
I am paid BY YOU ALL.
and since you dont' want to pay higher taxes, I will NEVER make $250k
I don't think the PRESIDENT is paid that much yet
and THANKFULLY we have some of the FINEST brains working for the govt. working for YOU.
MONEY is NOT the only incentive to working hard in life.
at least it shouldn't be.
we MAY make it to 250k b/c of my dh... but at my BEST in the gov I'll probably only make HALF that.
some people have to SACRIFICE pay to do the work they LOVE.
would you say a teacher doesn't work hard??? doctors that work in low income neighborhoods? firefighters, police officers.
I mean, it's just such an unfair and sad testament to our culture that we place value on how much MONEY YOU MAKE FOR OTHERS.
it's really sad.
\
The US President, if that is to whom you are referring to, makes $400,000 annually.
I agree, lots of people sacrifice pay to do something they love and money isn't the only incentive.
Again, I NEVER said that people that don't earn 250k annually don't work hard. The hardest job in the world doesn't even earn a salary, IMO.
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| Posted 10/27/08 10:24 AM |
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CookiePuss
Cake from Outer Space!
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Re: Article for those who consider 250K+ rich...
Message edited 2/24/2022 9:26:23 PM.
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| Posted 10/27/08 10:25 AM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
Name:
C
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Re: Article for those who consider 250K+ rich...
Posted by kerrycec03
I'm sorry, this article def. just redefines my ideas that if you are living with a salary of 250K or more you are comfortable. More comfortable than most and you're not getting any sympathy from me.
ITA!!!! I would love to know the world people are living in making $250k+ thinking they have it hard....I dont care where you live. You can live anywhere in the US on $250k very comfortably, in some places more comfortably than others.
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| Posted 10/27/08 10:26 AM |
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Mommy2Boys
My Boys!!!!
Member since 6/06 14437 total posts
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C
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Re: Article for those who consider 250K+ rich...
Posted by shamrock124
You can roll your eyes at me but if you wanted to, go work at Morgan Stanley in their wealth advisor program. If you put in the hours and energy, in 5-6 years, you could be making close to 250k
Money is not a trade-off for me...I would rather be home for my children and my family and have a life!
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| Posted 10/27/08 10:27 AM |
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BabyAvocado
Happy New Year
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Re: Article for those who consider 250K+ rich...
Posted by shamrock124
However, if you want to go to Morgan Stanley, join their wealth advisor program, work 15 hour days for years - you will eventually earn 250k a year. That was my point.
I understand where you are coming from but here is my problem with that.
Those people are making sacrifices in their personal and familiy lives that others choose not to make. So by saying "well, you could make that much if you make sacrifices x,y, and z" is like saying your priorities are less valuable than Mr. Morgan Stanley Wealth Advisor's. KWIM?
So if I choose to have a family life and work at a job that I love rather than one that purely makes me rich and not work 16 hr days so I can be in that income bracket, and I get the same tax burden Mr. Wealth Advisor is getting - aren't I then being punished for my priorities? What are we rewarding then? Is it really just hard work?
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| Posted 10/27/08 10:28 AM |
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