4 ms·
High income and rich are not the same thing) I agree with grandparent comment that rich/wealthy denotes an accumulated level of assets, not just a high income (
by medvezhenok 4y ago
High income and rich are not the same thing) I agree with grandparent comment that rich/wealthy denotes an accumulated level of assets, not just a high income (which may or may not be transient)
- sologoub 4y agoThank you for your comment! It spurred another thought of why high income != rich - high new income usually is associated with high loads of debt in US, e.g. a mortgage to buy a house. Such leverage puts the recipient of this new wealth (compared to generational wealth or even an outsized exit in tens of millions or higher) into an even more precarious position and ups the dependence on the employer. Which of course matches with most financial advice to watch the lifestyle creep.