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Does it matter what we think when it is obvious that Mark doesn't care what class the rest of us think he is in? He's figured something out very early on, something that most people never figure out.
One thing is $100k is NOTHING working 80 hours a week. The ibanker types who are pulling in 80 hour work weeks make way over $100k and I have a hard time calling anyone who makes ~$24-25 an hour upper middle class.
In many of the building trades a person working an 80 hour week would be making over $3000 a week and in some places over $4000. The advantages of being covered by overtime regulations.
I reckon such folks are middle class economically and working class socially. Best of both worlds.
In many of the building trades a person working an 80 hour week would be making over $3000 a week and in some places over $4000. The advantages of being covered by overtime regulations.
I reckon such folks are middle class economically and working class socially. Best of both worlds.
Yeah definitely. A lot of educated people become high end W2 wage slaves, and don't get overtime and compensated for their hard work, except in the form of an 8% raise and a 10% bonus instead of maybe a 4% raise and a 5% bonus. The "hard work premium" is so small.
If you added overtime pay into account his salary is more like $19 an hour. If you changed the $100k/80 hour work week to "$19 an hour but works overtime" what class would he be put in? My guess is you'd have people argue he's lower middle class, not upper middle class.
Hs social class is much different than his fiancial class of income to liabilty. His net worth isn't that higher yet but he is obviously workig towards that in future years. Working 80 hours a week ;doubt he has much of a social life but that can change as he obviously has goals.
Location: Chapel Hill, NC, formerly NoVA and Phila
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Quote:
Originally Posted by drshang
One thing is $100k is NOTHING working 80 hours a week. The ibanker types who are pulling in 80 hour work weeks make way over $100k and I have a hard time calling anyone who makes ~$24-25 an hour upper middle class.
This guy is a workaholic and saveaholic, but I don't think that makes him more than middle class.
Although, we don't know if he is expected to work 80 hours a week. Maybe he would still make his salary if he worked less. Or maybe he's doing side projects to get ahead. And as someone else mentioned, it really depends on where he lives. In the Midwest (other than Chicago), $100K is a huge salary. In NYC, LA, DC, or Boston, not so much. But the fact that he is a senior financial analyst tells me that he is in an upper-middle-class position and will have upward mobility
Who cares what bucket you can place him in, at least your hypothetical has properly prioritized saving and investing over flaunting consumption to fit into predefined social classes.
In many of the building trades a person working an 80 hour week would be making over $3000 a week and in some places over $4000. The advantages of being covered by overtime regulations.
I reckon such folks are middle class economically and working class socially. Best of both worlds.
I would agree. But how many people in the building trades are able to get that kind of overtime? And how many could keep working 80 hours weeks indefinitely? If they're using their bodies for their jobs, they might be dead or totally worn out physically by the time they're in their 50s.
Pardon me for starting a thread similar to another poster's but I'm kinda fascinated by this topic, especially if applied to non-standard lifestyles.
Mark, who is in his late 20's or early 30's, is currently a Senior Financial Analyst making around $100,000 a year. He drives a 1995 Honda Civic handed down from his parents. He has a Masters degree in Finance and has paid off all of his student loans a few years ago.
Currently, he rents a room (shared housing) in a mansion for $600/mo. Since he works 80 hours a week, he doesn't spend much time at home so he doesn't spend very lavishly here. He has a net worth of about $150,000 right now in stocks and liquid investments and is saving up his money to buy a house in the coming years. Mark saves over 50% of his take-home pay and lives very minimally outside of work.
By the way, how do you start a poll in the CD forums?
Pardon me for starting a thread similar to another poster's but I'm kinda fascinated by this topic, especially if applied to non-standard lifestyles.
Mark, who is in his late 20's or early 30's, is currently a Senior Financial Analyst making around $100,000 a year. He drives a 1995 Honda Civic handed down from his parents. He has a Masters degree in Finance and has paid off all of his student loans a few years ago.
Currently, he rents a room (shared housing) in a mansion for $600/mo. Since he works 80 hours a week, he doesn't spend much time at home so he doesn't spend very lavishly here. He has a net worth of about $150,000 right now in stocks and liquid investments and is saving up his money to buy a house in the coming years. Mark saves over 50% of his take-home pay and lives very minimally outside of work.
Are we talking about you here, or is this 'Mark' just a hypothetical friend. Either way, I wouldn't get hung up on the obscure notion of social class.
Generally, I think that once you start earning enough money to be able to afford the things you want (including a nice savings), your efforts are better spent maximizing other things in life. But if it's not enough, or if Mark is happy, he should keep working. Either way, he's upper middle class -- whatever that means or whatever privileges that affords.
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