Well, at least that is the way most people look at. They see someone with a fancy car, fancy house, and a good job, believing them to have tons of money. However, many times, people are just getting by on what they make and have no true wealth stashed away.
One of the problems I have with the proposed tax increase on those that make over $250,000 combined income is that location has no bearing on the number. Someone making $250,000 in Chicago, California, or New York is completely different from someone making $250,000 in Indianapolis. That amount might barely get you a house in California, and in Chicago, you might have to live outside of downtown. But in Indianapolis, you could easily live in the prestigious area of Carmel and have plenty of money to spare.
While the government calls these people rich, most of them falling around the magic $250,000 number hardly think of themselves that way. Sadly they walk the fine line of upper middle class. Most have children who will need parental financial aid to school, and are themselves still paying back their college loans of years past.
A recent article from the Wall Street Journal addresses the dilemma many face from the government “change” that is coming our way. What do you think…what is your perception of rich?