Why are people so hesitant to call themselves rich/wealthy when they are by any definition?

[Anonymous]

https://www.rand.org/blog/2021/05/most-americans-consider-themselves-middle-class-but.html

39% of people describe themselves as lower class, 47% middle class, 12% upper class.

However,

"A majority of millionaires polled describe themselves as middle class or upper middle class despite being among the wealthiest 10 percent of Americans, according to the results of the third CNBC Millionaire Survey.

Fully 44 percent described themselves as middle class, and 40 percent said they were upper middle class. Only 4 percent described themselves as wealthy or rich, and 5 percent described themselves as upper class."

https://www.cnbc.com/2015/05/06/naires-say-theyre-middle-class.html

So if given the option, a lot of those upper class people would describe themselves as upper middle.

I agree that it's all relative. Relative to the world, I'm rich. Relative to the US, maybe rich (we're perhaps 95th percentile income). In the DC area, upper-middle class. In our neighborhood, average.

[Anonymous]

Because I can’t pay for Harvard out of pocket and private leading up to that, have a large home and a vacation home, and go on $60K worth of vacations every year.

Plus travel hockey

[Anonymous]

Anonymous wrote:

Anonymous wrote:The "by any definition" comment is probably inaccurate.

We earn $250k, and then we have whatever earnings are generated by a $3.5M investment portfolio?

Are we "rich/wealthy"? Maybe, but certainly not "by any definition." Probably not compared to PP who has earned income of $700k, who, likewise, does not consider themselves rich compared to law partners earning $3M.

Most law partners, for the record, ain't making $3M. There definitely are some, but it's the exception not the rule.

Depends on the area of law.

[Anonymous]

I don't/won't say I am rich because money is fleeting. I am a top 5% HHI earner in the DMV with a nice net worth, but things cost money and life can change in an instant. I am a good steward of money and respect money, so I am not frivolous most of the time.

[Anonymous]

Anonymous wrote:I don't/won't say I am rich because money is fleeting. I am a top 5% HHI earner in the DMV with a nice net worth, but things cost money and life can change in an instant. I am a good steward of money and respect money, so I am not frivolous most of the time.

peniaphobia

[Anonymous]

I think it's because they don't want to lose sympathy/empathy.

People want to be able to complain about stuff, and if they are rich, others will have less patience for this. Especially others who have less money. If your friend who makes 150k complains about the cost of college or service at a restaurant, you might be sympathetic. If your friend who makes 500k complains about the same thing, you might roll your eyes and not care.

They don't want to lose your sympathy. And sometimes that's understandable and other times it's less so. Kind of depends on what they want sympathy for.

[Anonymous]

Anonymous wrote:Both online & IRL?

It’s because they don’t self-identify that way. “Rich” or “wealthy” are understood by many as relative terms, and the people you are likely thinking of spend a lot of time with people you to them seem, you know, *actually* rich. Such people think of themselves as “comfortable”, “secure”, “well-off” or “successful” but think of “rich” as being the guy with the private jet, the family compound on Martha’s Vineyard, etc. Also “rich” and “wealthy” have a perjorative flavor to some, so it’s natural people don’t want that label applied to themselves. And it would be terribly tacky to actually describe oneself as “rich” even if true.

[Anonymous]

Anonymous wrote:Because we have been raised to think that “rich” people are bad, taking advantage of the middle class (and a lot of them are).

This. although, I don't know that it is lot of rich people who take advantage of the middle class. Some certainly do.

[Anonymous]

To avoid being victims of extortion, blackmaill, worrying about kids getting kidnapped, dislike constant requests for charity.

[Anonymous]

Anonymous wrote:Because they have built up their lifestyle to be expensive, so they don't feel flush. They expect to feel flush when rich. But if you buy a bigger house or more expensive cars or just more THINGS every time you can afford it, you will never feel like you have extra.

+1000

Keeping up with the joneses is expensive and does not allow you to feel like you have any extra.

Most people get a raise and immediately adjust their lifestyle to spend it all.

[Anonymous]

Anonymous wrote:Because there is always a bigger fish. And most people will be looking up and comparing themselves to them.

We make $700K. I do not consider myself rich or wealthy because there are big law partners making $3M a year. To me, those guys are wealthy and we're just small fry.

It's how it works.

But can you see/acknowlege that you are a 1%er?

[Anonymous]

People who are richer than you are rich. People who are poorer than you are poor. You are middle class.

Pretty simple, actually.

[Anonymous]

Anonymous wrote:Because there is always a bigger fish.

[Anonymous]

Anonymous wrote:Both online & IRL?

Because of their liberal views. It's a liberals thing. Most conservatives are not hesitant to call themselves rich.
Liberals blame the rich for all problems in our society and want to be viewed as the defenders of the poor.
Calling themselves rich will make them the target of the same people they claim to be fighting for.

[Anonymous]

Anonymous wrote:Because there is always a bigger fish. And most people will be looking up and comparing themselves to them.

We make $700K. I do not consider myself rich or wealthy because there are big law partners making $3M a year. To me, those guys are wealthy and we're just small fry.

It's how it works.

YOU ARE WEALTHY. Good grief. A household income of $700,000 is a lot of money - a lot of WEALTH and counts as WEALTHY - and it is fairly appalling that you don't think so. If you are only considering people to be rich when there are very few people who make more/have more wealth, you are basing your definition on making sure that being wealthy is something other people do, but not you.

If you consider yourself to be small fry when compared to the alleged Big Law partners making $3M, what do you consider someone making $150k? What kind of "fry" are they? I myself net $70k. What kind of "fry" am I?