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I agree that class is defined more by net worth than by income. I would put middle class in the $100k to $500k net worth, and upper middle class from $500k to $2m. By the time you have $5m net worth, you are definitely upper class. Lifestyle is always a personal choice, and is not related to class.
This is where you would be wrong because there is no actual definition of “class “. There is middle class income and middle class lifestyle and they are different
Middle class income speaks for itself , it is based on income .... middle class lifestyle takes in assets too ... you could inherit a house and coupled with a smaller income live a middle class lifestyle
I agree that class is defined more by net worth than by income. I would put middle class in the $100k to $500k net worth, and upper middle class from $500k to $2m. By the time you have $5m net worth, you are definitely upper class. Lifestyle is always a personal choice, and is not related to class.
And I grew up with 'you have what you can write a check for'. A very dear manager of mine during my banking days added 'and can afford to loose it'.
The ability to own a 3000 sq ft house within an hour commute to downtown with some land around the house.
The ability to send two kids to public college and pay the tuition out of pocket.
Having enough to pay for a $10,000 emergency without going into debt.
The ability to afford two relatively new cars.
This is where you would be wrong because there is no actual definition of “class “. There is middle class income and middle class lifestyle and they are different
Middle class income speaks for itself , it is based on income .... middle class lifestyle takes in assets too ... you could inherit a house and coupled with a smaller income live a middle class lifestyle
Precisely. It amazes me how many people posting here (and in related threads) do not seem to grasp this.
This is where you would be wrong because there is no actual definition of “class “. There is middle class income and middle class lifestyle and they are different
Middle class income speaks for itself , it is based on income .... middle class lifestyle takes in assets too ... you could inherit a house and coupled with a smaller income live a middle class lifestyle
Agree. I think we are living (in a certain sense) a very nice-middle-class lifestyle on basically poverty income. Mainly because almost all of our income is disposable, due to where we live and previous choices we made.
I really don’t get the comments I see on here about a house being 2.5x your annual income, huh?! That wouldn’t buy anyone a house. If you’re making $100K per year, there’s no way you’d be living in a pile of crap $250K house. In Portland you couldn’t find a house anywhere near that cheap. Heck even in Vegas, you still couldn’t. If you’re making $100K per year you’re looking at a $500K house. The multiple is more like 5x annual income not 2.5.
You don't know a lot of the market. My brother makes 250K a year. He just paid that for his retirement home - a beautiful nearly new house on 5 acres, on top of a mountain in NC. It is far from "a pile of crap".
My sister makes a little over half of that, and her brand new home comes to about 2.3x her annual income. Her house is far from a "pile of crap" as well.
This is where you would be wrong because there is no actual definition of “class “. There is middle class income and middle class lifestyle and they are different
Middle class income speaks for itself , it is based on income .... middle class lifestyle takes in assets too ... you could inherit a house and coupled with a smaller income live a middle class lifestyle
Of course there is a definition of class. The OP asked for one, and I defined it. If you disagree with my definition, you have a perfect right to be wrong.
Of course there is a definition of class. The OP asked for one, and I defined it. If you disagree with my definition, you have a perfect right to be wrong.
Not your definition though
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