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This is sociology's definition. Ain't it suppose to be skewed?
If we look at an engineer making 110k a year and some high school teacher making 60k a year, what makes them so vastly different? The only major difference is that one has more money to spend on things. Today, If you look closely you will see that middle class put more importance in education compared to other classes and believe that education is the key to success for a healthy living. Upper middle and middle class parents share similar parenting techniques and are a little more family oriented then upper and working class. The only major difference I see in upper middle and middle class is that upper middle are stronger financially. Overall the 2 share same principles and have about the same the same power/influence in society.
Now upper class not only make more money but they have more influence and power. The upper class are also much smaller in numbers. If you look at an engineer and a company executive of a major company who do you think has more power and control? Who do you think has more impact to the economy, impact to Political elections, impact to social standards, impact to laws/policies, impact to jobs. Bill Gates himself changed policies just so he can drive his car legally! An engineer can't go to the city major complaining about the potholes and expect the major to listen. The engineer is going to need multiple other people to complain in order for action to happen. This I think is the major difference between middle and upper class is.
This is generally speaking of course there is more into the classes then what I described and of course there are some exceptions.
Where is it sociologys definition that the middle class is the top decile minus the 1%?
Ive never seen any articles that has it skewed so high. That's over 100k a year.
As this political season approaches us, I keep hearing about the "middle class" and I started wondering what class I am. I define myself as middle class, as I'm sure many on here do, but I wanted to know if I truly was and what middle class means to you.
- I'm 33 and I make $101,000 a year.
- Currently owe $346,000 on a condo worth about $480k in Santa Monica, CA
- $85k in retirement
- $55k in mutual funds
- $23k in cash for emergencies
- Drive around a 2008 Toyota that is paid for
- I have a roommate that pays $1350/month
- No debt
- Networth of $289k
Since I don't really define middle class as just money, here are some other things about me:
- Own a dog, never married or no kids
- Undergraduate degree at a State school
- Wear a $400 watch and wear Banana Republic
- Most friends have undergrad or Master degree
What class am I?
Middle class now, yet keep investing and you will be lower end upper class by the time you are sixty.
Where is it sociologys definition that the middle class is the top decile minus the 1%?
Ive never seen any articles that has it skewed so high. That's over 100k a year.
You have to watch out what with people say, sometimes they are speculating or making it up. The issue is sometimes they say things but have no real reasoning to suggest it. If someone says "oh 200k+ is upper class" you should ask "why 200k and not 250k, or 150k?".
Just to give some though, some police officers in certain districts can make 100k a year and some high school professor can make 90k+ in high cost living areas. These are not upper class professions!
I wish I could provide sources but most of the text I read was in books that I use to read, very boring and dry stuff unless you are really into it....
You can take a look at wiki, surprisingly they provide some reasoning.
According to wiki the upper class consists of less then the top 1%. Along with that they provide a list of professions often associated with upper class:
Quote:
Successful entrepreneurs, CEOs, politicians, investment bankers, venture capitalists, heirs to fortunes, some lawyers, top flight physicians, and celebrities are considered members of this class by contemporary sociologists, such as James Henslin or Dennis Gilbert.
These professions not only give lots of money but they help individuals have huge influential power.
So if 1% is considered upper class, then who are below the upper class? Well that would be middle class.
The upper middle class is a sociological concept referring to the social group constituted by higher status members of the middle class.
As we can see upper middle class is derived from the middle class. It is not a separate category like upper class or working class, but a sub category of middle class. Therefore middle class is right under upper class. I have already stated earlier as to why the middle and upper middle class are related. Financially the two may be different but the core principles they live on are very similar.
If you have bumped into an article that suggests otherwise and provides reasoning other then saying that the difference is financial security between the classes please share, I am curious to learn.
As this political season approaches us, I keep hearing about the "middle class" and I started wondering what class I am. I define myself as middle class, as I'm sure many on here do, but I wanted to know if I truly was and what middle class means to you.
- I'm 33 and I make $101,000 a year.
- Currently owe $346,000 on a condo worth about $480k in Santa Monica, CA
- $85k in retirement
- $55k in mutual funds
- $23k in cash for emergencies
- Drive around a 2008 Toyota that is paid for
- I have a roommate that pays $1350/month
- No debt
- Networth of $289k
Since I don't really define middle class as just money, here are some other things about me:
- Own a dog, never married or no kids
- Undergraduate degree at a State school
- Wear a $400 watch and wear Banana Republic
- Most friends have undergrad or Master degree
What class am I?
You are beyond the "Average" Middle class American in terms of Income & Assets.
Middle class now, yet keep investing and you will be lower end upper class by the time you are sixty.
Well that is assuming that the upper class does not change in sixty years and remains static. Over the years things will get more expensive.
I have done a calculation in some other thread were a person acquired 1.2 million 30 years from now. 1.2 million seems pretty good but we also have to consider the inflation of the American dollar. If the American dollar is inflated annually at 3%, in 30 years a dollar in 2016 will be worth $2.43. So that 1.2 million is actually a little under 500k in 2016 dollars.
If someone managed to get 10 million in 60 years that would put them in upper class, if it was 2016! At 3% inflation the dollar in 2016 will be $5.89 in 60 years. So 10 million in 60 years will be about 1.7 million in 2016 dollars. In 60 years upper class individuals may have net worths of 40 million+ (remember the upper class are investing too!). Also lot of things will get more expensive in 60 years. A 50k BMW maybe almost 300k in 60 years. In the 1960s a new ferrari was like 18k, Today they are 230k+.
It would require a lot of effort or extreme luck for someone in the middle class to become upper class.
As this political season approaches us, I keep hearing about the "middle class" and I started wondering what class I am. I define myself as middle class, as I'm sure many on here do, but I wanted to know if I truly was and what middle class means to you.
- I'm 33 and I make $101,000 a year.
- Currently owe $346,000 on a condo worth about $480k in Santa Monica, CA
- $85k in retirement
- $55k in mutual funds
- $23k in cash for emergencies
- Drive around a 2008 Toyota that is paid for
- I have a roommate that pays $1350/month
- No debt
- Networth of $289k
Since I don't really define middle class as just money, here are some other things about me:
- Own a dog, never married or no kids
- Undergraduate degree at a State school
- Wear a $400 watch and wear Banana Republic
- Most friends have undergrad or Master degree
What class am I?
In most places with your income you'd me upper-middle class. In California, and especially in Santa Monica, I would call you solidly middle-class. I'd say as far as your net worth and the fact that you have no debt and a reasonable amount of investments you are far ahead of the typical 30-something American.
In most places with your income you'd me upper-middle class. In California, and especially in Santa Monica, I would call you solidly middle-class. I'd say as far as your net worth and the fact that you have no debt and a reasonable amount of investments you are far ahead of the typical 30-something American.
This exactly.
In Santa Monica, although he's not a peasant, there is a TON of money there. The OP would be on the lower end of the spectrum there.
Better than most, sure. Upper Middle class everywhere else, sure. But in a majority of So Cal, there is a pretty big middle class.
I also have a hard time with SINKs vs DINKs vs Families. There are different constraints for all of them.
The OP seemed to be in a situation where they were able to save for a down payment of a condo, buy a condo and max out their 401k. This takes discipline. 100k, if you're constantly buying stuff, goes far enough, but you're not living lavishly.
My wife and I make more than the OP, we're around the same age, yet we've had some medical bills, made some questionable financial decisions, still have some car debt, but we're starting to just now save for a house. Actually we only started making what we were making a couple of years ago.
As this political season approaches us, I keep hearing about the "middle class" and I started wondering what class I am. I define myself as middle class, as I'm sure many on here do, but I wanted to know if I truly was and what middle class means to you.
- I'm 33 and I make $101,000 a year.
- Currently owe $346,000 on a condo worth about $480k in Santa Monica, CA
- $85k in retirement
- $55k in mutual funds
- $23k in cash for emergencies
- Drive around a 2008 Toyota that is paid for
- I have a roommate that pays $1350/month
- No debt
- Networth of $289k
Since I don't really define middle class as just money, here are some other things about me:
- Own a dog, never married or no kids
- Undergraduate degree at a State school
- Wear a $400 watch and wear Banana Republic
- Most friends have undergrad or Master degree
What class am I?
You are well into the upper middle class and on track to be on the low side of the wealthy class in another 10-15 years.
"Percentile Rank : An income of $101,000.00 for ages 33 to 33 ranks at the 78.83%" Income Percentile Ranking Calculator - Rank income by age - Shnugi
"A household led by a 30-34 year old with a net worth of $289,000.00 was in net worth centile 91% in 2013. This centile ranged from $270,000.00 to $298,670.00." http://dqydj.net/net-worth-by-age-ca...united-states/
You are in the top 10-15% or so of wealth and income for your age. That is far above the "middle" and a full THREE times median personal income. You are humble-bragging & I get tired of people who are near-elites doing that on here. I don't care if people live in friggin Shangri-La or Hogwarts. If they are better off than 9 out of 10 of their peers in their country, they are in the top 10%, PERIOD. The fact is that most of us will never experience the kind of property value appreciation that occurs in a place like Santa Monica and due to the competition most of us wouldn't be able to get a job there in the first place.
The only thing that makes the OP not "wealthy" is that a health crisis or extended period of unemployment COULD significantly reduce his net worth. He's not bullet-proof, so not wealthy. Still, he's doing better than the overwhelming majority of his peer age group.
Last edited by redguard57; 04-19-2016 at 04:39 PM..
......... I don't care if people live in friggin Shangri-La or Hogwarts. If they are better off than 9 out of 10 of their peers in their country, they are in the top 10%, PERIOD. ........
You have obviously not lived in an expensive area, like the Bay area on the west coast or Washington-NY-Boston on the east coast. Making 6 figures plus is not that unusual. Making less can mean a struggle to get by.
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