Michael,
What I am calling "well off" or modest wealth translates to the ability to
fund the following:
- A comfortable home, perhaps with a swimming pool
- More than one late-model car
- Funding for health care and children's education
- Funding for vacations longer than a week at least once a year
- Funding for destinations further than you can drive to
- Ability to support at least one hobby or sport activity
I don't make as much money as I did before the current 'wonderful' Bush
economy, but when I did, I lived in a comfortable suburban house with a
swimming pool. I drove a Mustang Cobra that I bought new, and my husband had
a big truck and a commuter car. We paid a maid service to clean our house, a
gardener to keep things trimmed up, and a pool service to keep it in good
swimming condition. All of our children that wanted to go to college went,
and are now college graduates on good career paths.
If that is not 'wealthy' by virtually any standard you measure by, I don't
know what is. And we did that in Southern California on far less than a
taxable income of $200K. I can tell you that if I had been earning $200K
taxable income, I'd have been able to accomplish a lot more than I did with
the income I had.
I submit that if you're unable to live well on $200K taxable income, you are
squandering your money.
These days, we are still camped in an RV on our 20-acre ranch having been
unable to get all of the pieces in place so we can get the construction
project off the ground. I don't expect that condition to be permanent,
however. One way or another, we will finally get the electric grid the rest
of the way out to us, and we'll get that house built. Still on well under a
taxable income of $200K.
Best regards,
- Kris
www.shamrocktrails.com
©2004 Kristyne McDaniel |
