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a million dollars is a lot of money... I don't care who you are and what lifestyle you came from. Anyone with a million dollars who doesn't feel comfortable is either gambling or risking a lot of money in the market.
If you have a second home, want your kids to go to private schools and ivy league colleges then sure... it may not seem like a lot of money but most of the things listed are extra's and not necessities (sp).
a million dollars is a lot of money... I don't care who you are and what lifestyle you came from. Anyone with a million dollars who doesn't feel comfortable is either gambling or risking a lot of money in the market.
If you have a second home, want your kids to go to private schools and ivy league colleges then sure... it may not seem like a lot of money but most of the things listed are extra's and not necessities (sp).
Agree. But again, the poster asked about "well off" and "upper middle class" in Charlotte. They didn't ask about "getting by," "frugal living" . . . or upper lower class or lower middle class.
Let's work backwards, folks. To buy a $350K home, you need $70K as a downpayment. So start there. Payment around $1500, plus HO insurance. How much for other expenses? Household furnishings? Landscaping? Repairs? Utilities? Groceries? Eating out? Wine? Liquor?
Property Owners Association fees?
Both people work, so let's add daycare(or Nanny?), two cars, kids involved in various extracurricular activities. Dance lessons? Music lessons? (and musical instruments) Art lessons, plus supplies? Sports teams, plus equipment?
College fund. retirement fund. Healthcare insurance. Disability insurance. Life insurance. Vacation to Disney, lol.
Game system(s) and TV(s) for kids (and maybe mom and/or dad, too!) Laptops? iPods? smartphones? iPads? Monthly fees for said electronics?
The OP said - no debt, so no credit cards . . . car loans or pay cash for vehicles? Upkeep? Monthly gas expense? Car insurance? Personal property taxes? Boat? Membership at Y, or rent for boat slip? Gym membership? Golf club membership? Golf fees?
Tuition if private school? Tithing if church members? Entertainment (concerts? DVD rentals? Home theatre? Panthers tickets? Supper club? Dance Club? Elks Club? Country Club? Moose Club? Yacht Club?)
Clothing for kids? Professional clothing for parents? Dry cleaning? Socializing in business settings (picking up the tab) . . . Professional memberships? Professional subscriptions to magazines, newsletters? Computers, printer, scanner, etc at home (for parents)?
Car # 3 when kids hit high school and need it for after school events and transportation while mom and dad are at work?
Additional education for parents (MA? continuing Ed?) Student loans parents may still be paying off for their own educations?
Charitable donations?
Add it up. I am sure there are things I haven't listed . . . such as out of pocket healthcare expenses, dental work, orthodontia, eyeglasses . . .replacing the roof, the heat pump(s) . . .
Last edited by brokensky; 10-31-2011 at 08:58 AM..
My fault missed the "upper middle class" part. I saw the $300K and was thinking closer to middle class.
But what you wrote is true . . . one can certainly have a decent life here for $60-$70K a year - just not gonna have the discretionary income to pay cash for some (unnecessary, though nice!) extras.
I would personally strive to be comfortable/happy. Of course I believe our society focuses to heavily on statuses in lieu of finding our own happiness and taking the time to enjoy life.....
I know that is slightly off topic and almost as off as the question...Good Luck tho!
Being comfortable is, to me at least, not so much about how much money I have although more is definitely better than less. The thing that I most worry about (not comfortable) is losing enough money so as to be no longer comfortable.
If anyone, no matter how much they earn, loses anything more than 10% of their income, then the consider themselves poor. Why is this? Well we all live as close to our maximum earnings as we can. Nothing wrong with that. If the money is not working for us, then what use is it?
Ani touched on another aspect of the problem when she mentioned some of the toys that we all love. Cars, boats, high-end home cinema systems, vacations, the list is endless. The problem is that the more money we have, the more "toys" we seem to need. I use need interchangably with want - hehe.
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