Feedback: Your ideas on what rich is

Mmmmmoney. Counting money.

Next week on Marketplace Money, the show will concentrate on one number: $250,000. It's the current line in the sand in the debate on whether to extend Bush-era tax cuts. An income of $250,000 makes you wealthy, says one side. Oh no it doesn't, says the other.

We'll hear from people like you across the nation on the topic. Some say, "A household of $250,000 is not wealthy." Others say, "Yes, in many places in the country its." What do you think?

We'll also hear from people like Robert Frank, whose book "Richistan" chronicled a dozen or so folks worth millions of dollars who say they don't feel rich.

"I had a couple, they're worth $200 million. They said to me, 'Wow, I love reading that book about those people. I couldn't believe those people in your books.' So the wealthy they don't see themselves as wealthy," says Frank. "There was a billionaire I talked to who said, 'I'm not rich. Now let me tell you about this guy who is rich.' And he genuinely meant it because, again, we're always looking at those above us and comparing ourselves to the people that we'd like to be rather than looking down at the reality."

We want your feedback: What is rich to you? Leave a comment here or at our Facebook page.

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Hmmm..I make a great deal less than that and support my family, adult son & daughter with 4 grandchildren. I think of my taxes as membership in the Country Club of the USA. Remember that you get what you pay for. Specifically, $250k (net) is a great place to place the marker.

$250K/ year can make someone rich, but not if they're spending $300K. Wealth has more to do with Net Worth than it has to do with income.

Rich, I dunno. Well off, certainly even if it is gross and not net. Americans, at least of my generation--pre baby-boomer--like to think of ourselves as middle class or working stiffs, no matter our income. We were children in the depression or during WWII. The rich were people in the movies with top hats. Bottom line: 250k net can afford to pay more and 1 mil even more 2.5 mil still more etc., etc.

I'd say $250,000 a year is rich. I make less than 20% of that and I have a nice, small house, a car that runs well, heat in the winter and ac in the summer, one kid through college, another there now, and one yet to go. I have a comfortable life. At 5+ times the income, I'd be swimming in luxury.

Gross income over $250,000 puts you in the category of the top 20% of the people who own 85% of the wealth in this country. Therefore, whether you like it or not, you are rich.

The information already provided is a testament to the fact that a person's view of what is rich and which is not is based on your own view and circumstances. If you live lavishly and have not been careful with financial decisions, $250K might seem like poverty. However, others may be living very well on $250K. Because most of us are below that level, we are going to consider $250K a good demarcation point. But it is semantics; my view is that $250K is a good point at which to make the distinction on the tax cut.

Since I've always heard: it's what you keep and not what you make, please decide whether 250K is GROSS or NET.
Also while I'm on the subject of full disclosure, I suggest that when someone mentions the poverty level earnings of a family of two or four they say gross of net also. Please send me a reply. Thx


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