Vatisha Smith

 Rich No More

The Great Debate

If someone makes at least $300,000 a year, are they rich? What exactly does it mean to be rich? With the recent emergence of the economic crisis, this question is becoming a heavily debated issue. If you ask a so-called member of the 99%,

A lone occupier holding down the fort. Photo by V. Smith

you will certainly get a different answer than from someone who may be considered a member of the 1%.

Who and How Much?

The New York Times recently published an article on income in America. For some, it was an eye opener about who makes the most money. For others, it only created more questions about wealth in this country. The article found that most individuals deemed the top earners in the US, have an income of at least $300,000. Encompassed in that group were physicians, attorneys, financial managers, and the self-employed. The article received huge responses because many people including myself, see the RICH as professional athletes, CEOs of corporations, and entertainers. We do NOT look at our primary care physician as rich. Even television personalities, e.g., reality TV stars are considered rich.

He say, She say.

Why have many of the top 1% earners in this country, vehemently denied they are rich? In the past it was considered rude and low class to discuss money. How much you had, how much you were able to accumulate, and especially how much you spent. Now it’s become a different story.  The well to do are everywhere we look. Television, Magazines, the Internet. Rich is shoved under our noses at every turn.

Village rental for over $18,000 a month. Photo by V. Smith

If you own more than one home are you rich? If you own more than one luxury vehicle are you rich? If you are able to go on exotic vacations, and buy designer clothes on a regular basis are you rich?

What if you live modestly but have a large investment portfolio? Many would agree that earning $300,000 certainly makes you better off than someone making $30,000 a year. However, what if you make $300,000, but are heavily in debt?

View from terrace at this duplex penthouse. Photo by V. Smith

The debate can go on and on, not to mention the discussion of who is rich versus who is wealthy. That is a different discussion altogether.