'A lot of people with money don't have wealth': A political scientist, psychologist and CFP on what makes you 'wealthy.' (via CNBCMakeIt)
However, in a metropolis with a higher cost of living, achieving that status could mean you have to make $1 million per year.
If you're rich, this sense of security might waffle depending on how much you're earning that year or what the housing market is like. Being rich means more of your mental energy is focused on earning money, she says. A rich person will earn more than a middle-class person. However, they won't possess enough assets to make their income irrelevant.
This is especially true of wealthy people who exist alongside people who have a lot less than they do,. In a county with extreme income inequality, low-income Americans are less likely to believe in a meritocracy and high-income Americans are more likely to believe in it. As Kraus tells it, a wealthy person might think, "I don't have to be in a situation where I see people suffering. I can separate myself from people by going on vacation or traveling into space."
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