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Old 03-27-2018, 03:23 PM
 
Location: Honolulu
485 posts, read 505,059 times
Reputation: 520

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72k for a single person is NOT "upper income" at all in the OP's article.

When I hear the term "upper class" it is true wealth...and most physicians/lawyers wouldn't even make the cut in my book.

Upper class is when you do not need to put in your time to earn a time-sensitive wage (even lawyers and doctors, in general, have to put in hours to make money. A very very highly paid hourly worker though of course...). You have sources of income that is much more dependent on business acumen and the financial markets rather than a labor-based wage.

When you are making money while you're sleeping and you can easily take 1 month off on a exotic vacation and come back to your business without a slight worry of your finances...then you're likely upper class, IMO.

When you have power and access to the higher tiers of society and you get your calls returned, and when you can have "your people" call "their people" these are also signs of being in the upper class.
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Old 03-28-2018, 03:57 AM
 
Location: Kuwait
3,038 posts, read 1,181,424 times
Reputation: 2326
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
Not buying these categories....I would quadruple or more the break point to call oneself "Upper Class" and then double that if you're in the Bay area or NYC.
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Old 03-28-2018, 05:02 AM
 
Location: Honolulu, HI
4,589 posts, read 1,145,353 times
Reputation: 6560
A list of the 25 wealthiest families in America

Quote:
Rank Name Net Worth Origin of Wealth
1 Walton family $130 billion Wal-Mart
2 Koch family $82 billion diversified
3 Mars family $78 billion candy
4 Cargill-MacMillan family $49 billion Cargill Inc.
5 Cox family $41 billion media
6 S.C. Johnson family $30 billion cleaning products
7 Pritzker family $29 billion hotels, investments
8 (Edward) Johnson family $28.5 billion money management
9 Hearst family $28 billion Hearst Corp.
10 Duncan family $21.5 billion pipelines
11 Newhouse family $18.5 billion magazines, cable TV
12 Lauder family $17.9 billion Estee Lauder
13 Dorrance family $17.1 billion Campbell Soup Co.
14 Ziff family $14.4 billion publishing
15 Du Pont family $14.3 billion DuPont (chemicals)
16 Hunt family $13.7 billion oil
16 Goldman family $13.7 billion real estate
18 Busch family $13.4 billion Anheuser-Busch
19 Sackler family $13 billion pain medicines
20 Brown family $12.3 billion liquor
21 Marshall family $12 billion diversified
22 Mellon family $11.5 billion banking
23 Butt family $11 billion supermarkets
23 Rockefeller family $11 billion oil
25 Gallo family $10.7 billion wine, liquor
https://www.investopedia.com/article...n-families.asp

You can’t buy your way onto that list. That is upper class.
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Old 03-28-2018, 06:30 AM
 
4,729 posts, read 2,259,491 times
Reputation: 8776
Quote:
Originally Posted by Rocko20 View Post
A list of the 25 wealthiest families in America


https://www.investopedia.com/article...n-families.asp

You can’t buy your way onto that list. That is upper class.
I bet you can.

There are quite a few self-made first generation mega wealthy, Jeff Bezos is worth 100 million and Larry Ellison 65 million they can buy their way onto any list they want.
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Old 03-28-2018, 08:07 AM
 
Location: 5,400 feet
2,199 posts, read 2,272,314 times
Reputation: 2840
Quote:
Originally Posted by lieqiang View Post
There are quite a few self-made first generation mega wealthy, Jeff Bezos is worth 100 million and Larry Ellison 65 million they can buy their way onto any list they want.
I think you meant billion. Ellison had enough to buy an island in Hawaii.
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Old 03-28-2018, 11:00 AM
 
Location: Honolulu, HI
4,589 posts, read 1,145,353 times
Reputation: 6560
Quote:
Originally Posted by PDCorp View Post
How come families like Gates, Bezos, Buffet, etc. aren't on that list?
Quote:
Originally Posted by lieqiang View Post
I bet you can.

There are quite a few self-made first generation mega wealthy, Jeff Bezos is worth 100 million and Larry Ellison 65 million they can buy their way onto any list they want.
The list is “old money” transgenerational wealth. Old money typically (privately) looks down upon new money.
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Old 03-28-2018, 04:57 PM
 
Location: Honolulu
485 posts, read 505,059 times
Reputation: 520
Quote:
Originally Posted by Rocko20 View Post
The list is “old money” transgenerational wealth. Old money typically (privately) looks down upon new money.
Heh, that's funny.

I mean if I made new money and became a billionaire I could care less what "old money" thinks of me.
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Old 03-28-2018, 05:42 PM
 
8,292 posts, read 3,456,454 times
Reputation: 1586
Quote:
Originally Posted by ginmqi View Post
Heh, that's funny.

I mean if I made new money and became a billionaire I could care less what "old money" thinks of me.
I agree. This social upper class picture is not as useful as retained wealth or net worth.
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Old 03-28-2018, 06:34 PM
 
Location: Honolulu
485 posts, read 505,059 times
Reputation: 520
Quote:
Originally Posted by Hoonose View Post
I agree. This social upper class picture is not as useful as retained wealth or net worth.
Plus, if you were just born into money, it's not as much of an accomplishment as if you were a self-made mogul.

One of the kids of the Johnson and Johnson heir made a documentary about being kids of these super rich families and its quite eye-opening.
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Old 03-28-2018, 10:59 PM
 
24,726 posts, read 26,794,844 times
Reputation: 22718
Quote:
Originally Posted by Rocko20 View Post
A list of the 25 wealthiest families in America


https://www.investopedia.com/article...n-families.asp

You can’t buy your way onto that list. That is upper class.
There's always another level. The really rich and powerful people never get their names on the Forbes 400 list or in the media.
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