What do you have to earn to be rich?

Pooinloo

Not talking about legacy wealth, but what income brackets correspond to being rich/poor in Dublin? I'd say by household it's something like this:

Dole - 30k: Poor
30k - 55k: Sort of poor
55k-75k: lower middle
75k-90k: middle of the pack
90k-115k: upper middle
115k-170k: fairly well off
170k+: rich

nullzero

You think 75-90k per annum is an average income?

Pooinloo

nullzero wrote: »

You think 75-90k per annum is an average income?

Per household

Ginger83

Pooinloo wrote: »

Not talking about legacy wealth, but what income brackets correspond to being rich/poor? I'd say by household it's something like this:

Dole - 30k: Poor
30k - 55k: Sort of poor
55k-75k: lower middle
75k-90k: middle of the pack
90k-115k: upper middle
115k-170k: fairly well off
170k+: rich

Define rich

Trigger Happy

It depends on how much you spend compared to how much you earn and/or have saved or inherited.
And its relative.

Pooinloo

Ginger83 wrote: »

Define rich

That's basically what the thread is asking you to do

Ficheall

Well, isn't that a fine how-do-you-do. Seems I'm poor.

nullzero

Pooinloo wrote: »

Per household

Thanks for changing your OP to reflect this.

ZuluDawn2020

Pooinloo wrote: »

Not talking about legacy wealth, but what income brackets correspond to being rich/poor? I'd say by household it's something like this:

Dole - 30k: Poor
30k - 55k: Sort of poor
55k-75k: lower middle
75k-90k: middle of the pack
90k-115k: upper middle
115k-170k: fairly well off
170k+: rich

Don't get married or commit to a serious relationship don't have kids don't take out a mortgage don't smoke don't eat fast food do go for a run every morning and do manage twenty press ups correctly in one set and you are doing better than 99% of humanity.

CageWager

Someone on 55k can have considerably more disposable income than someone on 170k. Its all relative to lifestyle, debt, expectations, responsibilities.

I would tend to think a single person on about 55-60k would be able to afford a very comfortable lifestyle if they are reasonably sensible with their money.

Purple Mountain

I'm fooked so.

Drumpot

Earn gratitude for what you have and you will be the richest person in the world.

Snow Garden

A clean bill of health

Pooinloo

Drumpot wrote: »

Earn gratitude for what you have and you will be the richest person in the world.

Yes but I mean in real life.

2Mad2BeMad

Drumpot wrote: »

Earn gratitude for what you have and you will be the richest person in the world.

Can't buy pints with gratitude.

Wildly Boaring

Disposable income be more important to me.

A couple on 100k with 2 kids, mortgage and running 2 cars

A singleton on 100k in an inherited flat and walking to work.

Incomparable.

IAMAMORON

Unless you never have to work again, or indeed never did have to ever work, you are not rich.

Op I think you are also a bit of a clown, putting between sixty and ninety grand a year as being " middle of the road", proves that you are either 12 or an imbecile.

Answers on a postcard.

Pooinloo

IAMAMORON wrote: »

Unless you never have to work again, or indeed never did have to ever work, you are not rich.

Op I think you are also a bit of a clown, putting between sixty and ninety grand a year as being " middle of the road", proves that you are either 12 or an imbecile.

Answers on a postcard.

Dual income in Dublin. Learn to read good.

Samuel T. Cogley

Paging the IT workers...

FAMLEE

"RICH". Means not having to work & millions in the bank. Rest of us are working class wether we earn 20k or 200k a year.

Stheno

Samuel T. Cogley wrote: »

Paging the IT workers...

You called? How can we help you today?

Or do you want us IT folk to clutter up the thread with talk of our outrageous salaries and massive benefits packages?

Samuel T. Cogley

Stheno wrote: »

You called? How can we help you today?

Or do you want us IT folk to clutter up the thread with talk of our outrageous salaries and massive benefits packages?

I don't want you to but I have a feeling it's going to happen anyway.

Stheno

Samuel T. Cogley wrote: »

I don't want you to but I have a feeling it's going to happen anyway.

Don't see the point tbh it's well accepted that experienced IT people earn well above the average

antimatterx

One year in as a software engineer, I'm making 32K. I'm in the fortunate position where I can save 75% of my income.

Stheno

antimatterx wrote: »

One year in as a software engineer, I'm making 32K. I'm in the fortunate position where I can save 75% of my income.

Jesus that didn't take long.

antimatterx

Stheno wrote: »

Jesus that didn't take long.

I was provoked when we were basically asked not to

YFlyer

2Mad2BeMad wrote: »

Can't buy pints with gratitude.

Many have tried.

Beasty

Pooinloo wrote: »

Not talking about legacy wealth, but what income brackets correspond to being rich/poor in Dublin? I'd say by household it's something like this:

Dole - 30k: Poor
30k - 55k: Sort of poor
55k-75k: lower middle
75k-90k: middle of the pack
90k-115k: upper middle
115k-170k: fairly well off
170k+: rich

Damn! I'm going to be down to fairly well off when I drop my hours again later this year:(

Fortunately richness is not defined by income

monkeysnapper

You'll never earn enough and be happy financially so work out how to compromise on that.

You have to settle for the fact theres more important things out there that will make you happy that dont cost money...

Stheno

antimatterx wrote: »

I was provoked when we were basically asked not to

But by ops reckoning you are poor even if you had an Oh earning the same.

And everyone knows that software engineers have no personalities so likely you're single.

AND poor

dark crystal

Seems between me and my partner, we're still in the 'sort of poor' bracket.

Don't live in Dublin, though, so our income is comfortable enough for us, I guess. Childcare costs were eating up my weekly wage, so when I got the opportunity to take shorter hours at work, I took it.

Unless we pick the winning Lotto numbers, I doubt we'll ever be 'rich'.

andekwarhola

I'm sure I read once that a household income of 75-85k would put you in the 20th percentile nationally which I was a bit surprised at but I do think, anecdotally at least, that there is a tendency on boards a) to underestimate how many people are on low to modest incomes and b) how much is required to live in Dublin.

Obviously in terms of the last point, there's so many variables like joint income, having kids, mortgage vs rent, lifestyle to consider, not to mention what you define as living comfortably.

Ficheall

Beasty wrote: »

Damn! I'm going to be down to fairly well off when I drop my hours again later this year:(

Arah, sure you only squandered most of it on the SSF anyway.

Ginger83

Pooinloo wrote: »

That's basically what the thread is asking you to do

Poor on your list but very comfortable in reality

mloc123

Pooinloo wrote: »

Not talking about legacy wealth, but what income brackets correspond to being rich/poor in Dublin? I'd say by household it's something like this:

Dole - 30k: Poor
30k - 55k: Sort of poor
55k-75k: lower middle
75k-90k: middle of the pack
90k-115k: upper middle
115k-170k: fairly well off
170k+: rich

Our combined income has us in the "rich" bracket... Certainly don't feel like it tho.

SEPT 23 1989

I am in the middle but are we better off lifestyle wise than our parents thirty years ago who were earning nothing like that

fishy_fishy

The average industrial wage for full time workers is around 57k, isnt it? Would have said that any household in the 95-125k region was pretty average so.

Which seems like it should be a lot, but try paying rent, childcare, commuting costs, bills etc whilst living in Dublin and it just isn't.

Maewyn Succat

Beasty wrote: »

later this year:(

Tomorrow?

iamtony

It really is a silly question. I'm rich but my bank balance in almost zero at the moment.

I've no debt.
I've a paid for house.
2 paid for cars, one 2015 one 2019.
My partner works part time cause it gives her something to do.
Between us we have the time to raise our children ourselves.
I think rich is having options. If you need two working to pay for the home you cant really afford and have strangers raising your kids just to look better than your friends(or as good) then you are poor.

iamtony

fishy_fishy wrote: »

The average industrial wage for full time workers is around 57k, isnt it? Would have said that any household in the 95-125k region was pretty average so.

Which seems like it should be a lot, but try paying rent, childcare, commuting costs, bills etc whilst living in Dublin and it just isn't.

47 I think but its skewed. The median is lower and better represents things.

anewme

iamtony wrote: »

If you need two working to pay for the home you cant really afford and have strangers raising your kids just to look better than your friends(or as good) then you are poor.

I think that's a bit harsh.

A lot of couples have to both work and have strangers raising their kids to have ANY hope of buying ANY home these days. Nothing to do with looking better than others.

Timing and circumstances have a lot to do with things.

Dakota Dan

Pooinloo wrote: »

Per household

How many in the household? You start with a single person in the title and change it to suit your replies

iamtony

anewme wrote: »

I think that's a bit harsh.

A lot of couples have to both work and have strangers raising their kids to have ANY hope of buying their home these days. Nothing to do with looking better than others.

Timing and circumstances have a lot to do with things.

Yeah ok maybe a bit harsh, lots of people are forced into this situation. But lots are not, you will see lots with 2 new cars in the drive way and a nice house and dropping the kids to creche at 7am. I see it all the time in my profession I dont mean to tar everyone with the same brush but these are the real poor people of our society in my opinion.

mcgragger

CageWager wrote: »

Someone on 55k can have considerably more disposable income than someone on 170k. Its all relative to lifestyle, debt, expectations, responsibilities.

I would tend to think a single person on about 55-60k would be able to afford a very comfortable lifestyle if they are reasonably sensible with their money.

My old boss was on 130k and couldnt afford a monthly trip to Nandos because when he was young in his 30s and earning decent money he bought a big mortgage a house in Spain and went on expensive holidays. He also worked close to his home.

Now 20 years later hes working in Dublin and paying his rent. Hes paying two mortgages. His 3 kids are in college and his wife is arthritic and can't work. My old boss is probably on similar money now (were still in touch ) but hes bleeding money left right and centre. Not rich.
Probably should be financially independent at his age (mid fifties) given his income over the years but there you go.

Im on about 80k and have a really low mortgage as I saved like a madman before mortgage application..... because my old boss was giving me good advice. Am i rich? No but im very very comfortable thankfully.
My mortgage is down to 8 years left. Will be done 2 years before im 50. Blessed.

Compared to my old boss Im rich but compared to a friend that won 500k on lotto plus I'm a pauper.

Its all relative

Strumms

Pooinloo wrote: »

Dole - 30k: Poor
30k - 55k: Sort of poor
55k-75k: lower middle
75k-90k: middle of the pack
90k-115k: upper middle
115k-170k: fairly well off
170k+: rich

Big question is... how many people are in the household..

If a couple say have an apartment, paying 1200 a month thats 14,000 per annum...

Say both work full time, earning 38,000 a year...

That’s around 54,600 net income after tax, between them.

Take the 14,000 in rent or mortgage repayments that’s leaving 40,000 net disposable income....

Between them after rent that’s about 3330 net disposable income per month..

The J Stands for Jay

To answer the thread title, without referring to the content: money.

ytpe2r5bxkn0c1

There's no magic number that brings you into the financially rich category. It depends on age, location, family responsibilities or commitments, mortgage situation etc. It you have enough for all your needs and wants then you are well off; anything surplus to that is being rich.

Atlantic Dawn

For me it would be to have €10k left each month from my salary after all monthly expenses had been covered, that would be the baseline.

anewme

For me, its having at least 50k there as rainy day back up.

If your boiler goes, if you want to paint the house, if you want to go on a spontaneous holiday, it if a surprise bargain comes up.

Mad_maxx

anewme wrote: »

For me, its having at least 50k there as rainy day back up.

If your boiler goes, if you want to paint the house, if you want to go on a spontaneous holiday, it if a surprise bargain comes up.

50k as a rainy day fund would be standard for many people, hardly close to "rich"?

fishy_fishy

Strumms wrote: »

Big question is... how many people are in the household..

If a couple say have an apartment, paying 1200 a month thats 14,000 per annum...

Say both work full time, earning 38,000 a year...

That’s around 54,600 net income after tax, between them.

Take the 14,000 in rent or mortgage repayments that’s leaving 40,000 net disposable income....

Between them after rent that’s about 3330 net disposable income per month..

Rent on a family home in Dublin is more lile 2500pm. So take 30,000 in rent, leaving sweet FA after bills.