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I thought poor, middle, upper middle class and etc was based on more net worth than salary.
So i can make 400k and blow it all and have nothing to show for it and be upper middle? Failed logic and i think that's the problem with the long island mentality
No, you're broke, but you could have been upper-middle class.
Not according to some of the post here. Its only income
So 400k a year is upper middle
While someone making 100k and has a net worth of 5 million is poor.
Like clarkstreet said it isnt just income. Its a whole different aspects which define. However one should care about lables.
If you can support yourself and family and are happy that is rich to some.
Ha. $100k/yr and $5 mill net worth?! You see THAT every day! Home? Good luck paying the taxes for that on $100k. Art? Good luck with the insurance? Savings? The interest alone would put income over $100k assuming they worked anywhere other than taco bell. Retirement? OK, lucky inheritance or lottery. Hardly the norm here or anywhere else for that matter.
To keep the intelligence level on the thread up, let's assume UPPER middle class means more than "supporting your family and being happy." Oy vay.
To keep the intelligence level on the thread up, let's assume UPPER middle class means more than "supporting your family and being happy." Oy vay.
Let's rephrase the orignal question to: To be considered UMC what percentage of families does your family need to have a greater income?
If family incomes are normally distributed then ~84% of families have family incomes less than a family having an income of one sd above the mean, two sd is ~98%.
I think it depends on the kind of SUV they can buy with debt.
If they can afford 2 Escalades, they are middle class.
If they can afford a BMW and a Land Rover, they are UMC.
Lease or Buy? Big difference - many of those people driving those "new" Bimmer and Rovers are renting from the bank with no intention of owning either because they don't have the money to buy it outright or like to breathe in those VOC's every 3 years.
Ha. $100k/yr and $5 mill net worth?! You see THAT every day! Home? Good luck paying the taxes for that on $100k. Art? Good luck with the insurance? Savings? The interest alone would put income over $100k assuming they worked anywhere other than taco bell. Retirement? OK, lucky inheritance or lottery. Hardly the norm here or anywhere else for that matter.
To keep the intelligence level on the thread up, let's assume UPPER middle class means more than "supporting your family and being happy." Oy vay.
Typical long island thinking or lack there of.
I know many people in there 50s making 100k and has a networth 2 to 5 million. By that point these people have there houses paid in full.
I never said supporting family and happy means upper class i said the lables shouldnt matter but of course you miss the point.
Your thinking or lack there of is a prime example why most long islanders will suffer. Cant read the words in front of them
Honestly yes some of them are but not all. The ones who work private sector saved, didnt foolish spend their money and had investments.
They wanted to have 20% for a house. Normal car not a 50k one. Didnt buy things to keep up with the Jones
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