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> In some places $400k can give 8 families this life. In others not even one. It depends. Ummm, where exactly in the world is $400k per year not enough to surv
by EB66 5y ago
> In some places $400k can give 8 families this life. In others not even one. It depends.
Ummm, where exactly in the world is $400k per year not enough to survive? Monaco?
If you earn $400k year after year, then you are earning enough to be "rich". But true, it's still possible to live beyond your means regardless of how much you earn and incur financial difficulty.
- closeparen 5y agoThere’s a wide world between “survive” and the lifestyle I described. A wider universe between that lifestyle and “rich.” In San Francisco it's just about striking distance to the lifestyle I described. The commutes and the housing are generally a little worse.
- EB66 5y agoIn San Francisco a family can absolutely make do with $400k annual income, have a home, go to decent schools, put kids through college, save for retirement, etc. You wouldn't have to live in and commute from Oakland. You could still amass sufficient wealth to be considered "rich" by the time you retire. Average household income in SF is something near $135k. $400k is well well above that. However, as I mentioned above, that same family (or even one that earns millions more) could easily put themselves into financial difficulty if they live beyond their means. With $400k annual income you couldn't buy a single family home in the Pacific Heights neighborhood and if you had many children perhaps you couldn't afford to send them all to Harvard, but if you lived reasonably within your means you could certainly still be considered "rich".