Is $5000 a week before taxes considered financially "well off" ?

[Anonymous]

20,000 a month

[RedInnocent68]

It certainly does, but your expenses and lifestyle proportionately change with your income, to the extent that you can still feel hard done by. Case in point, someone complaining about the cost of living because the of the price of their favourite imported cheese, when they’ve just spent thousands on a purebred cat, instead of rescuing a stray from a shelter, not recognizing that having a pet at all is a privilege not all can afford. It also depends where you live. Housing in New York City is a lot more than in Flint…

[DaveJord]

I would say so, you are pulling in over $240,000 a year. The most I ever earned was 230,000 and was pulling in over 16,000 a month... more than I could spend honestly, so I invested in properties, had 4 of them at one time which only brought in more money, but gave me a tax write off.

Until the Trump tax law screwed me over.

[rachel776]

after taxes it's only about $3,200 and that's before sales tax, property tax, gas tax, insurance tax, phone tax, and on and on

[ArrowheadSW]

Oh yeah definitely. Surprisingly though I've heard of people who make that much but spend so much they don't have an extra $5,000 for a sudden expense that they might have. But really that is considered upper middle class in most areas.

[Flatmanlewis]

Yea it is. That plants you firmly in the middle class in most major US cities and upper middle class anyplace else. If you invest properly and don’t spend money on frivolous luxuries you can easily turn that into a life long income stream.

[Astarlessnightsky]

Its a shitton of money, its what others make in a year.

[Fireguy17]

no, take off depending on what state you live in 30 to 40% for taxes.
It's ok, better than a lot of people have but not enough that you don't have to worry.
Well of is when you can't spend the interest from the principal that you have invested.

[AviatorTom]

That's $260K a year, which you should be able to live comfortably on. Most people would consider that "well off".

[Anonymous]

Average income in America the richest country on earth is only $1215 a week.
If your making $5000 you are in the top 10%

[lightbulb27]

$5000 a week is good even in big cities.

doing what?

[Pudsmucker]

I would say a person making five grand a week would be financially stable. But they can be also a financial room if they do not control their spending habits.

[zagor]

Most places. You can't buy a house with that in a lot of places though, unless you also have substantial savings.

[Asker]

what makes you think someone like that won't have substantial savings?

[zagor]

If they're recently out of college and just got a car they might not, especially if paying rent in an expensive city. And if single the taxes would be high; here the state income tax is over 10% marginal for that income, on top of federal.

[Asker]

what if he's 28 and has lived with his parents for the past 5 years?

[zagor]

If he's been making that (or close) the whole time then he should be in good shape. Unless he's supporting his parents.

[Asker]

but regardless if he started making that early or late... this type of income can easily lead to a house within just a few years.

[zagor]

As long as he stays with parents in meantime.

Do you know what the taxes on that are for a single guy?

[Asker]

doesn't matter how much the taxes are if he's making that much money... a house is imminent within a short period of time.

[zagor]

Houses here that are nothing special are $1.2 million.

[Asker]

@zagor

you can buy multiple properties for that price and rent them out.

but I think 250k a year can mortgage out a house for 1.2 mil. its not unreasonable considering that most people make 70k a year and own 500k house.

[zagor]

The traditional guideline was that you could afford a house that cost 5x your annual income. So that would work.

[jamesgoldman]

I'd say so
Less than I make, close to what I generate, far less than several associates of mine make

[Unit1]

That's 240K annually and you are asking if it's well off?

For what standards are we talking about? Dubai? Seattle?

[FunkyMonkee]

Hell yeah!! That's over a quarter of a million a year!

[Surely]

Most people live on less than that for the whole month.
Live within your means and that should be plenty for a nice life!

[Anonymous]

I'd say for MOST situations that's VERY WELL OFF. But everything is relative. Some jobs and locations require a certain lifestyle and some require more coinage to live and exist.

[KostasKouvalis]

Hell yeah! That's almost as much as I make in a year

[AmeerX]

Pretty much 👍. It means you are getting 2-3 times the median salary even for a first world country

[Twalli]

Depends on where you live. The price of living differs state to state.

[Anonymous]

I would think majority of people don't even make that much in a month

[Drumlin2001]

Yes. Many people have to survive on 10 times less

[exitseven]

Yes, it is very well off.

[Dargil]

Looks good to me.

[DextroShade]

That is the top 5% of earners so yes.

[pickles77]

If you live modesty it’s a lot

[jahaims]

Yeah

[shortster]

Yes.

[In_Trance]

No it's not

[jimmy2]

Wow yes