If I earn less than $25,000 / a year in USA I´m in poverty
2006-06-25 05:23:03 · 6 answers · asked by señora 3 in Business & Finance ➔ Personal Finance
The IRS calls an "accredited investor" someone who makes $250K per year OR has a net worth in excess of $1M.
Not a bad definition in my mind, however rich is relative. If I had as much money as Oprah I'd be rich (1.2B). If Bill Gates was worth $1.2B he'd consider himself poor (currenltly worth $50 billion or so).
$25K goes a LONG way in Thailand, the philippeans, and many parts of Africa and Latin America.
Rich is relative.
2006-06-25 10:39:52 · answer #1 · answered by Ender 6 · 4⤊ 1⤋
u may think off Bill Gates as rich but u should have ur own defination of rich
some people think of rich a certain way and others another way
if u earn 25,000 i dont consider u as in poverty
because there are beggars out there makin lik $1 a day
ur not in poverty because u do something for a living
if u have enough maoney to pay off ur bills and live properly u r not in poverty
people who r in piverty r people on streets or people who dont have money to pay off loans and bills and dont live lik normal americans
2006-06-25 13:15:39 · answer #2 · answered by priya P 1 · 0⤊ 0⤋
It's a more complicated question then you think. I would say you would have to a income (if you worked for someone else) of $300,000 per year or interest income of $4000 per month or a net worth of $6.5 million. If you work for yourself you take a draw from the business then if you were bring home $65k+ you could be rich with a lower net worth. With a income of $25K you are middle class for a single person in most of the country (USA), but you would be in poverty for the Mid-Atlantic region and most major cities.
2006-06-25 12:52:43 · answer #3 · answered by bishoprusty 2 · 0⤊ 0⤋
It's not what you earn, it's what you keep. Net worth is the biggest deciding factor in what "rich" is. If you make $150,000 per year and spend it all, then you aren't very rich.
Net worth is assets (what you keep) minus liabilities (what you owe). Having $1,000,000 in net worth is what makes you a millionaire.
2006-06-25 13:27:04 · answer #4 · answered by Lisa 2 · 0⤊ 0⤋
It's not how much you earn to be rich you can earn a $1,000,000,000.00 and be broke the next day by stupidity, it's how much you save and put into, CD's (certificate of deposit), savings, money market funds, IRA's, 401K, checking, investments, and into real estate.
2006-06-26 04:11:55 · answer #5 · answered by Kaley 2 · 0⤊ 0⤋
that's up to you. depends on what you consider rich.
2006-06-25 12:26:14 · answer #6 · answered by akg 3 · 0⤊ 0⤋