is $300,000 per year rich or average?

Question

what kind of life can i build with that like can i get a mansion or just a huge house

Answer 1

Well $30,000 per year is average! So its quite above that! You can have any kind of life that you desire. You can live in the country, the city, anywhere. Money can really determine a lot of things that you do in your life. Yeah you could get a mansion if you saved im sure. I think they range around $1 million, so save and you could get there. Or with that money that you just made from one year you could get an average sided house, or bigger. All depends on your lifestyle, location, etc.!! Good Luck!!

Answer 2

Making $300,000 a year is at the high end of average. You could afford the mortage payments on a house that costs a few million dollars. Depending on where you live, a few million dollars might buy a mansion, or just a huge house, or just a decent condo!
What kind of life you can have depends on where you live!

Answer 3

If you MAKE $300,000 a year, that's pretty darn good, and you should be able to afford something pretty fabulous even in the most expensive real estate markets, because homes are usually financed over a number of years, not purchased outright (course, if you CAN purchase one outright, you'll save a ton on finance charges).

But with that kinda money coming in yearly, you could finance a really nice house (and probably a couple rental properties as well, which will in turn generate more income for you) and be doin just fine.

Answer 4

$300,000 a year is well off, no matter where you live. You could afford a large home in expensive areas or a mansion is smaller areas. You'll have the Mercedes and send your kids to private schools. You'll wear many designer garmets, but still shop at the local mall. It's a great amount to help fund the rest of your life. Save and invest wisely. There's no guarantee that you'll make that much forever.

Answer 5

It certainly isn't much money if you live in certain areas. That kind of money will only buy a small house in many cities along the coasts of the U.S. Plus you have upkeep, insurance & sometimes association fees. Something many people fail to look at before they buy.

Lifestyle would be pleasant if you didn't blow it all and then one day not have that income and still have to make payments on all the crap you bought.

; )

Answer 6

Can I get a job with you?

To put it in perspective, most of us get by on less than 1/3 of the tax paid on $300k/ yr! If you lived off of the interest of $300k, you would not be considered poor! Majority of people would have to save 100% of thier income for nearly 10yrs including interest to even get $300k, nontheless have it come in year in & year out! You are earning more than 95% of the people!

This is by no means a jab at the rich (which yes, you would be considered) or a guilt trip, just pure jelousy from me! Just a little fun with the facts.

Answer 7

Rich is earning $1,000,000 a year as defined by Fortune magazine. The average family makes less than $50,000 and many live well and happily. Money makes life easier but doesn't make it happy.

Answer 8

Actually it depends on where you live. In many areas 300,000 wont buy that huge of a house.

Answer 9

What do you do for a living? You can live in a huge house, just remember that there is always a chance that the income you have can go away. spend and save. Don't buy that huge house without ensuring that you can make the payments on it for two months without working, otherwise, should something happen, you'll be in trouble.

B-Cool

Answer 10

Chicken feed. You'll have to live in a shack.

A good rule of thumb to keep from overextending is that the house should cost no more than two years salary.

Around here, that would get you a fixer-upper cottage.