The difference between upper middle and upper class

[Polish3d]

Originally posted by: hanoverphist

Originally posted by: Nemesis 1
A $100'000 upper middle class not a chance. its way more than $100,000.

In 1950 $100,000 was big money today thats peanuts.

then why isnt the average salary 100k a year? lots of people make waaaay less than 100k. ask them if 100k is peanuts. ill take them peanuts, its more than i make in a year.

He's just acting bravado



The median public definition of rich in America is a household income above 122,000

 

[Dirigible]

Originally posted by: Frackal

Originally posted by: hanoverphist

Originally posted by: Nemesis 1
A $100'000 upper middle class not a chance. its way more than $100,000.

In 1950 $100,000 was big money today thats peanuts.

then why isnt the average salary 100k a year? lots of people make waaaay less than 100k. ask them if 100k is peanuts. ill take them peanuts, its more than i make in a year.

He's just acting bravado



The median public definition of rich in America is a household income above 122,000

Public opinion is a horrible way to define something. An income is $$/time and does little on its own to illustrate the financial well-being of the earner. You indicated as much in one of your previous posts.

Someone could be earning $125k/year, but have just started earning that and have $300k in student loans that were needed to get that salary. That person would not count as rich in my book. Do they have a chance to get rich over time? Probably a better chance than an uneducated minimum wage drudge, but they're not rich yet.

 

[MagnusTheBrewer]

My Class = What am I willing to give up to put gas in my car this week?

 

[Polish3d]

Originally posted by: Dirigible

Originally posted by: Frackal

Originally posted by: hanoverphist

Originally posted by: Nemesis 1
A $100'000 upper middle class not a chance. its way more than $100,000.

In 1950 $100,000 was big money today thats peanuts.

then why isnt the average salary 100k a year? lots of people make waaaay less than 100k. ask them if 100k is peanuts. ill take them peanuts, its more than i make in a year.

He's just acting bravado



The median public definition of rich in America is a household income above 122,000

Public opinion is a horrible way to define something. An income is $$/time and does little on its own to illustrate the financial well-being of the earner. You indicated as much in one of your previous posts.

Someone could be earning $125k/year, but have just started earning that and have $300k in student loans that were needed to get that salary. That person would not count as rich in my book. Do they have a chance to get rich over time? Probably a better chance than an uneducated minimum wage drudge, but they're not rich yet.

I'm not saying I agree with THAT definition though. My main point was to show the difference between public perception and the comment that contemporarily, "100k is peanuts"

 

[vi edit]

Originally posted by: Dirigible

Originally posted by: Frackal

Originally posted by: hanoverphist

Originally posted by: Nemesis 1
A $100'000 upper middle class not a chance. its way more than $100,000.

In 1950 $100,000 was big money today thats peanuts.

then why isnt the average salary 100k a year? lots of people make waaaay less than 100k. ask them if 100k is peanuts. ill take them peanuts, its more than i make in a year.

He's just acting bravado



The median public definition of rich in America is a household income above 122,000

Public opinion is a horrible way to define something. An income is $$/time and does little on its own to illustrate the financial well-being of the earner. You indicated as much in one of your previous posts.

Someone could be earning $125k/year, but have just started earning that and have $300k in student loans that were needed to get that salary. That person would not count as rich in my book. Do they have a chance to get rich over time? Probably a better chance than an uneducated minimum wage drudge, but they're not rich yet.

Yeh, 122k is far from "rich". It's comfortable, but not rich by any definition of the word.

My household income is above that.

We have a home that is fairly modest(less than 2x household income)
Two fairly modest cars (loans on 10K and 20k)
And a heafty student loan for my wife ($400 a month)
We also take out $100 a month for my Roth and a $100 a month for our daughters college fund.

Now subtract basic things like food, utilities, and a few frivolous things like satellite TV, cell phones, and cable internet and you are starting to get to the bottom of your monthly expendable income.

Slap on $1150 a month for daycare and things really start getting thin at the end of the month. At that point you are down into a couple hundred bucks left over. Certainly not "baller" money or anything you would consider significant.

I'm not complaining about our position in life, but $150k a year certainly doesn't afford endless luxuries and entertainment, especially if you have kids.

 

[Dirigible]

Originally posted by: Frackal

I'm not saying I agree with THAT definition though. My main point was to show the difference between public perception and the comment that contemporarily, "100k is peanuts"

Gotcha.

Originally posted by: vi edit
...
I'm not complaining about our position in life, but $150k a year certainly doesn't afford endless luxuries and entertainment, especially if you have kids.

Yup. With you there too. You can slowly get ahead if you're careful at that income level, but you won't be swimming in cash.

 

[mitchel]

Originally posted by: vi edit

Originally posted by: Dirigible

Originally posted by: Frackal

Originally posted by: hanoverphist

Originally posted by: Nemesis 1
A $100'000 upper middle class not a chance. its way more than $100,000.

In 1950 $100,000 was big money today thats peanuts.

then why isnt the average salary 100k a year? lots of people make waaaay less than 100k. ask them if 100k is peanuts. ill take them peanuts, its more than i make in a year.

He's just acting bravado



The median public definition of rich in America is a household income above 122,000

Public opinion is a horrible way to define something. An income is $$/time and does little on its own to illustrate the financial well-being of the earner. You indicated as much in one of your previous posts.

Someone could be earning $125k/year, but have just started earning that and have $300k in student loans that were needed to get that salary. That person would not count as rich in my book. Do they have a chance to get rich over time? Probably a better chance than an uneducated minimum wage drudge, but they're not rich yet.

Yeh, 122k is far from "rich". It's comfortable, but not rich by any definition of the word.

My household income is above that.

We have a home that is fairly modest(less than 2x household income)
Two fairly modest cars (loans on 10K and 20k)
And a heafty student loan for my wife ($400 a month)
We also take out $100 a month for my Roth and a $100 a month for our daughters college fund.

Now subtract basic things like food, utilities, and a few frivolous things like satellite TV, cell phones, and cable internet and you are starting to get to the bottom of your monthly expendable income.

Slap on $1150 a month for daycare and things really start getting thin at the end of the month. At that point you are down into a couple hundred bucks left over. Certainly not "baller" money or anything you would consider significant.

I'm not complaining about our position in life, but $150k a year certainly doesn't afford endless luxuries and entertainment, especially if you have kids.

WTF? Spend less. Families get by with 30k a year no problem.

 

[Polish3d]

I can share my experience. My parents make 400k a year altogether when my mom is working, she's working on the Obama campaign right now (I think as a volunteer) so she isn't working at the moment.

This amount with two children in college, (including myself) allows me to live in a really nice apartment (~1,2k in rent ~1ksqf 1 bedroom) and probably have around 1,200 a month in spending cash after all bills are paid (cell, cable, car insurance, utilities) without working. My sister lives on about the same AFAIK. If I weren't in a special position getting ready for grad school and if my tuition weren't paid for largely by my own merit I'd definitely have to work.

 

[vi edit]

Originally posted by: mitchel

WTF? Spend less. Families get by with 30k a year no problem.

I never said I was in a bad position. I was simply dispelling the myth that $125k was "rich".
My wife drives a $15k Malibu and I have a $20k minivan. Our house is a pretty average $240k which is right in line with the national median. We are comfortable, nothing more.

I grew up in a household that earned 20k combined some years. I know it can be done. But it's not like earning 7 times that has elevated me into some elite company.

 

[mitchel]

Originally posted by: vi edit

Originally posted by: mitchel

WTF? Spend less. Families get by with 30k a year no problem.

I never said I was in a bad position. I was simply dispelling the myth that $125k was "rich".
My wife drives a $15k Malibu and I have a $20k minivan. Our house is a pretty average $240k which is right in line with the national median. We are comfortable, nothing more.

I grew up in a household that earned 20k combined some years. I know it can be done. But it's not like earning 7 times that has elevated me into some elite company.

You said you only had hundreds left at the end of the month. Sounds like overspending to me.

 

[vi edit]

Originally posted by: mitchel

Originally posted by: vi edit

Originally posted by: mitchel

WTF? Spend less. Families get by with 30k a year no problem.

I never said I was in a bad position. I was simply dispelling the myth that $125k was "rich".
My wife drives a $15k Malibu and I have a $20k minivan. Our house is a pretty average $240k which is right in line with the national median. We are comfortable, nothing more.

I grew up in a household that earned 20k combined some years. I know it can be done. But it's not like earning 7 times that has elevated me into some elite company.

You said you only had hundreds left at the end of the month. Sounds like overspending to me.

The point of my post wasn't about overspending. It was to give an idea of what sort of realistic things you can afford with the so called "rich" income.

I can afford average cars, an average home, pay to keep the lights on and the TV plugged in, food on the table and my daughter in a quality daycare. Plus I am putting money away for retirement and future college expenses.

I'm not flying to a tropical island every weekend and I'm not feasting on $50 a plate meals every day.

 

[BarneyFife]

Upper class to me is someone that doesn't have to work and can sustain a luxurious lifestyle.

IE Paris Hilton

 

[Vic]

Originally posted by: Frackal
What do you think constitutes upper middle class versus upper class?

Whether or not their house can be seen from the street.

 

[DainBramaged]

Originally posted by: Random Variable
If you're in the upper middle class, you can afford a $200 hooker; if you're in the upper class, you can afford a $4000 hooker.

Which leaves me with $20 blowjobs.

 

[Polish3d]

Originally posted by: vi edit

Originally posted by: mitchel

Originally posted by: vi edit

Originally posted by: mitchel

WTF? Spend less. Families get by with 30k a year no problem.

I never said I was in a bad position. I was simply dispelling the myth that $125k was "rich".
My wife drives a $15k Malibu and I have a $20k minivan. Our house is a pretty average $240k which is right in line with the national median. We are comfortable, nothing more.

I grew up in a household that earned 20k combined some years. I know it can be done. But it's not like earning 7 times that has elevated me into some elite company.

You said you only had hundreds left at the end of the month. Sounds like overspending to me.

The point of my post wasn't about overspending. It was to give an idea of what sort of realistic things you can afford with the so called "rich" income.

I can afford average cars, an average home, pay to keep the lights on and the TV plugged in, food on the table and my daughter in a quality daycare. Plus I am putting money away for retirement and future college expenses.

I'm not flying to a tropical island every weekend and I'm not feasting on $50 a plate meals every day.

At 150k with one kid in a reasonable suburban neighborhood I'd think you could afford the BMW5 series 500k house lifestyle without overextending yourself too much

 

[Polish3d]

Originally posted by: BarneyFife
Upper class to me is someone that doesn't have to work and can sustain a luxurious lifestyle.

IE Paris Hilton

That is upper class, but the manager making 700k/year is too

 

[vi edit]

Originally posted by: Frackal

At 150k with one kid in a reasonable suburban neighborhood I'd think you could afford the BMW5 series 500k house lifestyle without overextending yourself too much

You can't be serious.

 

[Polish3d]

Honestly I am. BMW5 series for around 35k used, or lease it. Spend a tad over 2x gross income on your house, etc

 

[vi edit]

Originally posted by: Frackal
Honestly I am. BMW5 series for around 35k used, or lease it. Spend a tad over 2x gross income on your house, etc

A $400,000 mortgage(20% down) @ 30 years @ 6% is $2400 in P&I alone. You are looking *AT LEAST* another $500 in escrow for taxes and insurance. So round it up to an even $3000.

$35,000 for five years @ 5% is $660.

That's over $3600 down the drain for just the house and the car.

$150k a year nets you around $8000 a month.

So you are down to about $4400.

$500 in utils
$500 in food
$200 mth in insurance
$400 in student loans (just guessing given the income)
$1100 in daycare
$200 in misc kiddo related goods
$200 for other car
$200 a month in gas

That leaves you about $1000 a month without any other costs. No additional investing. No nest egg savings. No christmas, birthday, anniversary, bridal, baby whatever gifts. No car repairs (it's a used BMW). No annual car plate/registration. No misc things that need to be done around the house. No meals out.

Yeh. You could do it, but miss one months paycheck and you are proper f'd.

 

[redly]

the difference between upper middle class and upper class is not in income, but rather assets owned outright

 

[wirelessenabled]

Originally posted by: Dirigible

Originally posted by: Frackal

Originally posted by: hanoverphist

Originally posted by: Nemesis 1
A $100'000 upper middle class not a chance. its way more than $100,000.

In 1950 $100,000 was big money today thats peanuts.

then why isnt the average salary 100k a year? lots of people make waaaay less than 100k. ask them if 100k is peanuts. ill take them peanuts, its more than i make in a year.

He's just acting bravado



The median public definition of rich in America is a household income above 122,000

Public opinion is a horrible way to define something. An income is $$/time and does little on its own to illustrate the financial well-being of the earner. You indicated as much in one of your previous posts.

Someone could be earning $125k/year, but have just started earning that and have $300k in student loans that were needed to get that salary. That person would not count as rich in my book. Do they have a chance to get rich over time? Probably a better chance than an uneducated minimum wage drudge, but they're not rich yet.

$300K in student loans? Wow, wish I'd gone to school on that program:thumbsup:

 

[sindows]

Middle Class-Bmw 525i
Upper Middle Class-Bmw 550i
Upper Class-BMW 760il
Bill Gates-Ford Focus
Mother F'ing SOB wealthy-Rolls Royce Phantom
Owns their own mid-east country wealthy-Bugatti Veyron

I think that sums it up

 

[gamepad]

Where does middle class start? $40k?

 

[alkemyst]

upper class is usually falsely identified. There is a huge bridge between upper and anything middle though.

A lot of well-off middle classers like to think they are upper class, but they are not.

Personally I think upper class is those with at least $500k of DISPOSABLE income per year or more.

 

[Cellulose]

Originally posted by: alkemyst
upper class is usually falsely identified. There is a huge bridge between upper and anything middle though.

A lot of well-off middle classers like to think they are upper class, but they are not.

Personally I think upper class is those with at least $500k of DISPOSABLE income per year or more.

Agreed, our family income is around $400k+ , but with schooling for 2 costing $80k alone, not much of that income is disposable here in London, England. We are definately not upper class, not even close.

Joe