Other economists don't agree that you need $ 350,000 to be considered rich, however an amount of money that exceeds $ 200,000 per year is enough for a family to lead a more than comfortable lifestyle; this means having the
chance to
live in a big house, send the kids to private schools, have enough money to travel internationally, own
at least 2 cars, and have no
debt except a mortgage which will help them build equity.
I am currently $ 160,000 in
debt and make a reasonable
living as an entry level college English teacher, but my massive loan
debt (much of which is high interest private loans with variable interest) is killing my
chances at buying a home and delaying my ability to start a family.