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Old 03-22-2018, 08:09 AM
 
3,583 posts, read 1,510,560 times
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Quote:
Originally Posted by lieqiang View Post
Isn't this more a reflection of accumulation of assets than income?

If someone is a VP of a big company with a 600k salary they are upper income by just about any definition, but it's entirely possible they're living an upper class lifestyle that consumes most of that income and they haven't been in the half-mil club long enough to support that lifestyle for long without the income stream.
True! I miswrote.

"Upper income" means high income. That is really all it means.

"Upper financial status" to me means you don't need to work to maintain an expensive lifestyle. This is what most people would call "rich".

"Upper class" is a social marker which as I and others have stated, is not driven by financial status though it tends to correlate.
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Old 03-22-2018, 08:24 AM
 
Location: 5,400 feet
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Quote:
Originally Posted by mysticaltyger View Post
I think this whole idea of upper class being based on income alone is wrong headed. I think net worth is a better indicator. But others would say non-monetary factors also come into play such as education, cultural attitudes and values, etc.
I agree there is far too much focus on income as a measure when the real measure of financial 'status' should be net worth. One can be high income, but bad spending and savings habits won't necessarily result in increasing net worth. If the income disappears, the 'status' disappears. Someone with a high net worth can generate their own income.
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Old 03-22-2018, 09:49 AM
 
Location: Somewhere in America
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Quote:
Originally Posted by AlaskaErik View Post
Do you make the cut? This article defines upper class according to family size and income. I make the cut, but sometimes I sure don't feel like I do.

https://www.cnbc.com/2018/03/20/how-...per-class.html
Are these pre-tax dollars or post-tax dollars? These articles always seem to leave that import detail out. The more you make, they more they take! So while someone may earn $125K on paper, their take home may only be $85K. While $85K is higher than the national average, it's not going to go far in many areas. People have bills that they're stuck with like student loans that take years to pay off. I know I pay thousands a year in student loans....I hope to live long enough to pay the damn things off!

And just because a person or couple earns a certain income doesn't mean they're upper class. This is real life. This isn't the Jefferson's where they're moving on up to the East Side in a deluxe apartment in the sky.
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Old 03-22-2018, 10:16 AM
 
8,272 posts, read 3,452,461 times
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What's the difference between wealthy and upper class?

If someone has the means but decides not to live in a large and fancy house for instance, are they upper class or not?

Can someone be rich and still lower class?
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Old 03-22-2018, 11:21 AM
 
Location: Aurora Denveralis
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Quote:
Originally Posted by 49erfan916 View Post
Im sacramento, income over 73k is considered upper middle class with a household of 1 person.
Sacramento is a big place. Do you live in Del Paso Heights or Granite Bay?
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Old 03-22-2018, 12:37 PM
 
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don't know if it was NYT or WaPo that produced an article on what income is considered middle class in every county. just look for that article.
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Old 03-22-2018, 02:04 PM
 
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Quote:
Originally Posted by Hoonose View Post
What's the difference between wealthy and upper class?

If someone has the means but decides not to live in a large and fancy house for instance, are they upper class or not?

Can someone be rich and still lower class?
To take the second question first, there are lots of people who are "rich" and remain lower middle, high-prole or even mid-prole. Consider a retired professional boxer who has considerable investments from his earnings when he was boxing; or the Kardashians; or any number of recent Internet gazillionaires.

The first scenario is where people get confused about the difference between class, which is a function of attitudes, family background, education, and so on; versus financial status. YES, it is possible to have a modest financial status and yet be upper class. We don't see this very often in the USA, being such a young country and one where the vast majority of people have come from the middling classes. The classic example is the English "shabby gentility" - for example the ancient families who can't afford to keep the old manor house and have deeded it over to the National Trust and live in an apartment carved out of the old house.
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Old 03-22-2018, 02:34 PM
 
8,272 posts, read 3,452,461 times
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Quote:
Originally Posted by turf3 View Post
To take the second question first, there are lots of people who are "rich" and remain lower middle, high-prole or even mid-prole. Consider a retired professional boxer who has considerable investments from his earnings when he was boxing; or the Kardashians; or any number of recent Internet gazillionaires.

The first scenario is where people get confused about the difference between class, which is a function of attitudes, family background, education, and so on; versus financial status. YES, it is possible to have a modest financial status and yet be upper class. We don't see this very often in the USA, being such a young country and one where the vast majority of people have come from the middling classes. The classic example is the English "shabby gentility" - for example the ancient families who can't afford to keep the old manor house and have deeded it over to the National Trust and live in an apartment carved out of the old house.
So I guess Warren Buffett to be middle class. Except for the private jet.
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Old 03-22-2018, 04:28 PM
 
Location: San Francisco Bay Area
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Quote:
Originally Posted by kinkytoes View Post
Could not agree more. How are you upper class if you have to work for a living? It would make sense to base that on assets or something...Anyway this is america, we have no upper class. But a working stiff with 20k per year and $500 rent is just as much as a working stiff with $200K per year and 700K mortgage.

Some people have free houses they inherited, and millions of $$. They may make 50K or whatever in interest every year. Are they poor? Some people have property that is in trust, so it looks like they don't have a lot of assets or income. Are THEY poor?
Bill Gates, Warren Buffett and countless others work, so I don't equate laziness with being upper class or upper income.
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Old 03-22-2018, 05:09 PM
 
Location: Eugene, Oregon
7,086 posts, read 2,207,882 times
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Quote:
Originally Posted by AlaskaErik View Post
Do you make the cut? This article defines upper class according to family size and income. I make the cut, but sometimes I sure don't feel like I do.

https://www.cnbc.com/2018/03/20/how-...per-class.html

Acquiring large amounts of money may gain you entry to the ranks of the Nouveau Riche, but it won't give you any class at all.
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