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Active Questions

How much money does it take to earn the title, "well-off"?
House & Home / 2:39 PM - Monday December 07, 2009

How much money does it take to earn the title, "well-off"?

In your opinion, how much money do you think a household income should be to be considered "well off"? Not rich, but just well off. Also, where are you from and about what is the average household income in your area?

- Asked by 20something, A Mr. Married Guy, Male, 29-35, Consulting

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It's not how much your income is -- the key to financial success is controlling how much you spend.

I have clients who bring in $300K a year. The whole problem is -- they spend $400K a year.

I have clients who barely make $30K a year. They only spend $29K a year including savings for emergencies, retirement, and college funds for this kids, and enjoy a splurge with the remainder.

For most people -- they more they make -- the more they spend. Very few people know how to actually live within a budget and be financially responsible.

- Response by utahmom, A Thinker, Female, 56-65, Managerial

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I'll say over 150K a year around here. I have no idea whatthe average is but I'm talking New England which you are familar with.

- Response by newnumbersguy32, A Mr. Nice Guy, Male, 36-45, Financial / Banking

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I always thought "well off" meant you had enough money to buy a home in a decent neighborhood, a couple of new cars, take an annual family vacay, put money aside for retirement and children's college, and do it all without accruing debt. Once Upon A Time, you could do all this one $100k, but that's just not the case anymore. I think it's around $200k to be just "well off."

Beyond that, I'd say, you begin to wander into the territory of being wealthy.

Median income in my area is around $50k.

- Response by dawsonmckay, A Rebel, Male, 36-45, Phoenix, Artist / Musician / Writer

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I live in Hawaii, and the median income HERE would probably make you "well off" in the lower 48. But here you need two jobs and a sideline to afford a basic CONDO.

To be considered "well off" HERE You need to make at least a million a year.

Everyplace Else I'd say...200-300K a year.

- Response by hnygrl, A Career Woman, Female, 46-55, Managerial

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Well-off, to me, would be somewhere around 200K per year.

I'm not sure what the average household income is here, but I'd guess around 70-80K.

- Response by piscesrising, A Thinker, Female, Who Cares?, Boston, Internet / New Media

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New Jersey. to me, "well off" is when a person makes at least 100,000 per year. that's one person's salary. but in my mind, well off simply means able to afford an at least middle class life and have extra money for vacations and having a good time out in general. not having to worry much about money. just enough to save up, get a nice house, and then live a good life.

- Response by hoppyish, A Thinker, Female, 29-35, New York, Law Enforcement

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