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What i get is your a moron. "Foolish and insulting" yes you are both. Congratulations.
Im done with you and the topic. Keep throwing up arms up in disbelief because you cant do it.
I really hope this fourm doesnt give a good example of long islanders because if it does that is very sad and i feel so sorry for you.
As for the TheImportersWife i already gave my opinion on what op asked. If you read the previous post you would see that but yet another lazy whinney long islander.
Best of luck to the ones with common sense and i hope the rest of you get with it. Sad bunch...
"lazy whinney long islander"? LOL
I have a feeling I don't have to worry about you relocating to my neighborhood.
Yeah, they saved $5million on a civil servant salary (or private sector but remember you said $100k salary). You are talking about a tiny few way out of the ordinary examples. YOU mentioned $100k salaried people in their 50's with $5 million (that's FIVE MILLION, with a 5 and a MILLION) net worth. That's some remarkable investing, I must say. Are their names Buffet?! Did they sock away 60% of each paycheck in a 401k (as if that were legal). They should write a book on how they raised $5 million NW on $100k/yr. Jim Cramer and Suze Ormon would jump on it.
!
Used to work with a guy who used to brag about how he had so much money, lived in Lloyd Harbor, sent his kids to college and no student loans, all on his lowly claims salary. Blah blah blah...had all the guys in the office in these ridiculous investments so they could be like him. Neglectedf to mention his wife inherited all the money AND the house and his kids all went to service academies (for free).
Are you assuming $100k over the 25-30 year period?
Guess what? $100k in 1984 on LI put you well into the UMC!
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Agree - my parents were making that after everyone but me was out of the house and they've socked away a very nice retirement. Been lucky healthwise which helps. Retiree health benefits and dad has a pension (private sector to boot). I'd bet he's got 2 mil around.
Problem is, after all that scrimping, scrimping, scrimping, he can't bring himself to spend a penny. Not a great way to live IMHO. But I'll never have to take care of them and I'm thankful for their planning in that regard.
Times were different then. My mom even says it - no way could they do now what they did then. If you think an upper class salary is $100K, you aren't sending your kids to private colleges, like my dad did (and paid for it) on that salary - not when it's a $250K education these days.
It is possible and honestly not difficult if you have the mindset for it. The comment about the 401k shows it. There are another retirement investments methods besides a 401k. The 5 million is on the high side and the lower 2 million which is still reasonable. 100k a year with 9% going to 401k with an avg 7% return which is what it usually averages out to over 25 to 30 years yields 1.3 to 2.3 million end result.
How many civil servants do you know who make $100K from day one of employment that allows them to put away $9K over the last 30 years? If you go back 30 years, that would be 1983, where the average salary was a heck of a lot lower than $50K back then.
Would it be safe to say that Long Island is so out side the norm in regards to taxes, COL, available land, etc that terms like middle-class don't really fit? At least their normal definitions.
Would it be safe to say that Long Island is so out side the norm in regards to taxes, COL, available land, etc that terms like middle-class don't really fit? At least their normal definitions.
Everyone needs a "STATUS"
Who really cares? Again, according to some, I am lower middle class with a combined income below 200K
Again, I have a few hundred grand in retirement and a basic 400K home. Both in our 40's
I guess i should feel "lower class"? =-(
Everyone needs a "STATUS"
Who really cares? Again, according to some, I am lower middle class with a combined income below 200K
Again, I have a few hundred grand in retirement and a basic 400K home. Both in our 40's
I guess i should feel "lower class"? =-(
I have almost exactly what you have and while I know I am middle class, I definitely feel like we're inching closer to lower than upper. The tide of costs just rises way faster than we can come up with revenue to match. That and if one of us loses a job, the party's over fast.
Everyone needs a "STATUS"
Who really cares? Again, according to some, I am lower middle class with a combined income below 200K
Again, I have a few hundred grand in retirement and a basic 400K home. Both in our 40's
I guess i should feel "lower class"? =-(
No, lower middle class is not the same as "lower class"
Again, it's not what you have, it's what you can afford (without relying on the plastic) - can you afford a second home....or several 5-star-resort vacations a year? Expensive camps for the kids (even if you don't NEED to send them to camp?)
The guy who has 5 million dollars on a $100K salary may be rich in retirement, but he's never afforded those things.
People are mixing apples and oranges with the point of the OP - it's not a matter of right or wrong or even choosing (lavish lifestyle or nice retirement?) - upper middle class people CAN have both. Whether they CHOOSE to or not is irrelevant. It's the mere fact that they have the cash to live however they like.
Quote:
Originally Posted by Spanky25
Everyone needs a "STATUS"
Who really cares? Again, according to some, I am lower middle class with a combined income below 200K
Again, I have a few hundred grand in retirement and a basic 400K home. Both in our 40's
I guess i should feel "lower class"? =-(
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