treefiddy
+1 to 500k+
Not super relevant but I think the minimum for the 1% bracket in 2016 was 421k a year.
Are we talking household or individual?
I would say as an individual anything north of $300k is doing damn good.
But it is heavily influenced by location. $300k in rural North Florida would have me living like a king but probably not so much in New York City or somewhere similar.
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Point of order.
Nowhere are assets mentioned.
Assets matter.
Let’s say you have 300 acres of farmland outside of town which is taxed at a rate that is not even worth mentioning in my state. And you rent that land for an amount that is also somewhat negligible, but builders are expanding the footprint of your town and buying that land for $60,000 an acre.
You likely won’t sell it all for $60,000 an acre, or all at the same time, but you effectively have an $18MM asset that cost you nothing to own. You can’t really borrow against it, but it is still a valuable asset nevertheless.
Let’s call it a ship still out in the ocean, as it were, but will come into port one day, if you so decide, or you swap it in a 1031 exchange for a like-kind piece of real estate that either now earns income, or you just like better.
So being rated for only income just doesn’t mean much in my personal view.
Assets don't matter.
Okay, for this narrow discussion, I stand corrected.
Would you rather earn $100,000 a year and have no assets, or $100,000 and own several million in assets.
This “1%” designation is just meaningless to me.
As you all were.
Six figures in the car business means you have the opportunity to earn the sixth figure. This would mean any 20+ car guy, and any competent sales manager or F&I manager. How talented you are and how cheap the dealer is....another thread.
Highest six figure income possible is $999,999. I think I agree with boss man where "high six figure" would be anything over $500,000.I'm not sure why this is so hard to comprehend.
Do you think a HIGH SIX FIGURE INCOME is $150-199k or $650k+?
We're not talking about whether or no $XXXXXXXX is a 'good' or not, just purely what your perception is of a high six figure income.
If I told you I was going to hire you and pay you a high six figure income, would you assume it's $150-199k or $600k+?
Assets don't matter.
We're talking about INCOME, that's it.
Same question as above...
If I told you I was going to hire you and pay you a high six figure income, would you assume it's $150-199k or $600k+?
I'm not sure why this is so hard to comprehend.
Do you think a HIGH SIX FIGURE INCOME is $150-199k or $650k+?