Study shows that 350k/year is barely scrapping by as middle class

[Anonymous]

Anonymous wrote:

Anonymous wrote:I know I'm just another dumb guy living in an average DC family (HHI $90k at age 50) but sending three kids to private school at $50k each is not middle class. When you get into three times the average income for an area, the violin gets very small.

I am the poster above you. Of course that's not middle class. In fact if you can afford even one 50K tuition you are not middle class. The question is can you afford this on $300K, and i will say resoundly NO.

You can't afford a $50k tuition on $300k? I'm paying $22k tuition on $200k. Still maxing retirement, still contributing to his college fund. Not sure why you couldn't find an extra $30k with an extra $100k of income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I know I'm just another dumb guy living in an average DC family (HHI $90k at age 50) but sending three kids to private school at $50k each is not middle class. When you get into three times the average income for an area, the violin gets very small.

I am the poster above you. Of course that's not middle class. In fact if you can afford even one 50K tuition you are not middle class. The question is can you afford this on $300K, and i will say resoundly NO.

You can't afford a $50k tuition on $300k? I'm paying $22k tuition on $200k. Still maxing retirement, still contributing to his college fund. Not sure why you couldn't find an extra $30k with an extra $100k of income.

At some point I think PP meant 3 kids at 50k each -- so 150k tuition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I know I'm just another dumb guy living in an average DC family (HHI $90k at age 50) but sending three kids to private school at $50k each is not middle class. When you get into three times the average income for an area, the violin gets very small.

I am the poster above you. Of course that's not middle class. In fact if you can afford even one 50K tuition you are not middle class. The question is can you afford this on $300K, and i will say resoundly NO.

Why not? If you are paying for private, then you don't need to pay the premium for living in an area with a good school district. That premium for the good school district becomes a luxury if you are sending your kids to private school. Instead, you can spend a lot less on a nicer home in a weaker school zone and lower your mortgage. However, I find that too many people attending privates, have a "keeping up with the Jones" mentality that they need to live in a good area with a home to which their kids won't be embarrassed to bring friends home. And they don't want to be the old beater in the line of Range Rovers, BMW's, Lexi and other luxury SUVs so they spend money on living up to those wealthier than they are.

[Anonymous]

$150K net is $300K gross, that income just pays for the schools.

[Anonymous]

Anonymous wrote:$150K net is $300K gross, that income just pays for the schools.

So choose cheaper schools. There are options, Google is your friend.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$150K net is $300K gross, that income just pays for the schools.

So choose cheaper schools. There are options, Google is your friend.

Cool. Please explain to the poster a couple pages back that $300K rich is a shitshack in an undesirable neighborhood, 3 mediocre parochial "private" schools, a Toyota, and economy flights at best, but likely drive to the beach vacation. There seems to be some confusion about first class flights, range rovers and all that jazz.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$150K net is $300K gross, that income just pays for the schools.

So choose cheaper schools. There are options, Google is your friend.

Cool. Please explain to the poster a couple pages back that $300K rich is a shitshack in an undesirable neighborhood, 3 mediocre parochial "private" schools, a Toyota, and economy flights at best, but likely drive to the beach vacation. There seems to be some confusion about first class flights, range rovers and all that jazz.

A parochial school? Oh, the humanity!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$150K net is $300K gross, that income just pays for the schools.

So choose cheaper schools. There are options, Google is your friend.

Cool. Please explain to the poster a couple pages back that $300K rich is a shitshack in an undesirable neighborhood, 3 mediocre parochial "private" schools, a Toyota, and economy flights at best, but likely drive to the beach vacation. There seems to be some confusion about first class flights, range rovers and all that jazz.

A parochial school? Oh, the humanity!

Sidwell Friends or nothing!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$150K net is $300K gross, that income just pays for the schools.

So choose cheaper schools. There are options, Google is your friend.

Cool. Please explain to the poster a couple pages back that $300K rich is a shitshack in an undesirable neighborhood, 3 mediocre parochial "private" schools, a Toyota, and economy flights at best, but likely drive to the beach vacation. There seems to be some confusion about first class flights, range rovers and all that jazz.

there is no way anyone is scrapping by on 350. that is all.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$150K net is $300K gross, that income just pays for the schools.

So choose cheaper schools. There are options, Google is your friend.

Cool. Please explain to the poster a couple pages back that $300K rich is a shitshack in an undesirable neighborhood, 3 mediocre parochial "private" schools, a Toyota, and economy flights at best, but likely drive to the beach vacation. There seems to be some confusion about first class flights, range rovers and all that jazz.

This is us. Hyattsville. $300k barely enough.

[Anonymous]

https://www.cnbc.com/2019/09/11/you-need-to-make-350000-a-year-to-live-a-middle-class-lifestyle-today-heres-why.html

[Anonymous]

Anonymous wrote:

Anonymous wrote:I know I'm just another dumb guy living in an average DC family (HHI $90k at age 50) but sending three kids to private school at $50k each is not middle class. When you get into three times the average income for an area, the violin gets very small.

See but you could get need based scholarships to give your kids free rides.

If this were true there wouldn’t be trillions in student LOAN debt

[Anonymous]

If you’re paying for private school because you have the option, you’re not middle class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$150K net is $300K gross, that income just pays for the schools.

So choose cheaper schools. There are options, Google is your friend.

Cool. Please explain to the poster a couple pages back that $300K rich is a shitshack in an undesirable neighborhood, 3 mediocre parochial "private" schools, a Toyota, and economy flights at best, but likely drive to the beach vacation. There seems to be some confusion about first class flights, range rovers and all that jazz.

there is no way anyone is scrapping by on 350. that is all.

Scraping by, not "scrapping." You have to scrape to use all your money, not scrap (throw away).

I wish you all would let this thread die. The misspelling in the title is extremely annoying.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$150K net is $300K gross, that income just pays for the schools.

So choose cheaper schools. There are options, Google is your friend.

Cool. Please explain to the poster a couple pages back that $300K rich is a shitshack in an undesirable neighborhood, 3 mediocre parochial "private" schools, a Toyota, and economy flights at best, but likely drive to the beach vacation. There seems to be some confusion about first class flights, range rovers and all that jazz.

there is no way anyone is scrapping by on 350. that is all.

Scraping by, not "scrapping." You have to scrape to use all your money, not scrap (throw away).

I wish you all would let this thread die. The misspelling in the title is extremely annoying.

Good thing you fixed the title on page 35