Can we stop referring to households making $200 or 300K a year as "middle class"?

[Anonymous]

Anonymous wrote:

Anonymous wrote:If they are not financially secure in this income they are actually "poor". High earnings does not equate wealth.

If they are not financially secure in this income they are stupid.

Define "financially secure." I mean, you realize that making $400,000 for a few years doesn't mean you can retire at 45 and never work again right? Financially secure as in you will be eventually able to retire, sure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If they are not financially secure in this income they are actually "poor". High earnings does not equate wealth.

If they are not financially secure in this income they are stupid.

Define "financially secure." I mean, you realize that making $400,000 for a few years doesn't mean you can retire at 45 and never work again right? Financially secure as in you will be eventually able to retire, sure.

financially secure means you are not living paycheck to paycheck and if you hit a bump in the road it doesn't mean that you are in danger of losing your house and/or going to the food pantry for food.

[Anonymous]

My wife and I make a combined $230K and I feel very middle class and often like we're living paycheck to paycheck. We do belong to a modest club (dues $250 - $600 depending on usage) and our son goes to an inexpensive private school ($800 per month), but after our mortgage ($2,000 per month on a modest home), maxing out our 401ks ($36,000 per year), and contributing to 529 plans ($500 per month), all in the name of trying to do the right thing and be financially responsible, there is VERY little free cash left over and we live modestly without many other luxuries (new cars, travel, etc.)

[Anonymous]

Anonymous wrote:My wife and I make a combined $230K and I feel very middle class and often like we're living paycheck to paycheck. We do belong to a modest club (dues $250 - $600 depending on usage) and our son goes to an inexpensive private school ($800 per month), but after our mortgage ($2,000 per month on a modest home), maxing out our 401ks ($36,000 per year), and contributing to 529 plans ($500 per month), all in the name of trying to do the right thing and be financially responsible, there is VERY little free cash left over and we live modestly without many other luxuries (new cars, travel, etc.)

It's always like that: after you spend and save, there is nothing left.

[Anonymous]

I like the "working upper class" term in concept but it doesn't apply to us. We're middle class. Solidly.

We are a dual income ($225K or so combined, with fairly even salaries between us) household but outside the beltway (takes 15 minutes to drive to closest metro). New(er) construction house, big but builder grade. We couldn't afford the granite countertops; had to make sacrifices in some areas to get the things we really wanted.

Can't afford a nanny AND private school. Can afford multiple vehicles but had to watch our pennies and only buy used. Can take a nice cruise vacation but can't afford a balcony room or suite.

We have enough to enjoy discretion over how our dollars are spent, but not enough to make luxury choices.

Ergo, middle class.

[Anonymous]

Anonymous wrote:I like the "working upper class" term in concept but it doesn't apply to us. We're middle class. Solidly.

We are a dual income ($225K or so combined, with fairly even salaries between us) household but outside the beltway (takes 15 minutes to drive to closest metro). New(er) construction house, big but builder grade. We couldn't afford the granite countertops; had to make sacrifices in some areas to get the things we really wanted.

Can't afford a nanny AND private school. Can afford multiple vehicles but had to watch our pennies and only buy used. Can take a nice cruise vacation but can't afford a balcony room or suite.

We have enough to enjoy discretion over how our dollars are spent, but not enough to make luxury choices.

Ergo, middle class.
[/quote . you might be the biggest idiot yet, using cruises, a large house and having to choose between a nanny and a private school to claim middle class status. "SOLIDLY", no less. seriously?

[Anonymous]

Anonymous wrote:I like the "working upper class" term in concept but it doesn't apply to us. We're middle class. Solidly.

We are a dual income ($225K or so combined, with fairly even salaries between us) household but outside the beltway (takes 15 minutes to drive to closest metro). New(er) construction house, big but builder grade. We couldn't afford the granite countertops; had to make sacrifices in some areas to get the things we really wanted.

Can't afford a nanny AND private school. Can afford multiple vehicles but had to watch our pennies and only buy used. Can take a nice cruise vacation but can't afford a balcony room or suite.

We have enough to enjoy discretion over how our dollars are spent, but not enough to make luxury choices.

Ergo, middle class.

Fail. Being able to afford a nanny OR private school is not middle class.

[Anonymous]

Anonymous wrote:I like the "working upper class" term in concept but it doesn't apply to us. We're middle class. Solidly.

We are a dual income ($225K or so combined, with fairly even salaries between us) household but outside the beltway (takes 15 minutes to drive to closest metro). New(er) construction house, big but builder grade. We couldn't afford the granite countertops; had to make sacrifices in some areas to get the things we really wanted.

Can't afford a nanny AND private school. Can afford multiple vehicles but had to watch our pennies and only buy used. Can take a nice cruise vacation but can't afford a balcony room or suite.

We have enough to enjoy discretion over how our dollars are spent, but not enough to make luxury choices.

Ergo, middle class.

I'm pretty sure that not having granite countertops in your new home does not make you middle class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think we need a new name for the group that is above $200k and below $500k. Upper middle class doesn't seem to cut it. How about lower upper class?

or working upper class?

This is what our firm calls them. The working wealthy, although we talk in reference to net worth, not salary. This is the lowest level of wealthy. IMO, in this area I'd probably start this group at $300k, because $200k doesn't go far if you have small kids and want your commute to be under an hour.

[Anonymous]

Anonymous wrote:There just isn't a great word for that in-between class people like me are in. $215,000 or so HHI, probably $2 million household net worth, technically -- but it's virtually all in retirement savings and home equity, not liquid, and we live in this expensive area. No way are we "rich" or "wealthy" or "affluent," but we're not middle-class.

"Comfortable" understates it a bit? "Well-off"?

Upper middle class describes you perfectly.

[Anonymous]

How would you classify us?

We have combined HHI of $160k, both parents work. Three kids, 2 in college with limited financial aid. We live in a house with $800k value in a good school cluster, and our mortgage payments are about $3k/mo. Youngest attends public school. No club memberships, generally a trip once a year to someplace in the US, maybe the Caribbean. We have about $2 million saved, about half of this is for retirement. DH is close to retirement age; I plan to work for at least another 10 years.

I think we're upper middle class, but judging from a lot of the posts here I wonder if we're considered middle class? Does our age matter? We obviously bought our first home before the housing boom -- we're on our fourth home at this point, so we've had time to build equity. Curious what younger DCUMers think.

[Anonymous]

No matter how many times you say it, you still need + $10M to be upper class. If you don't have that, you are middle class.

[Anonymous]

Anonymous wrote:No matter how many times you say it, you still need + $10M to be upper class. If you don't have that, you are middle class.

You're funny. Not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There just isn't a great word for that in-between class people like me are in. $215,000 or so HHI, probably $2 million household net worth, technically -- but it's virtually all in retirement savings and home equity, not liquid, and we live in this expensive area. No way are we "rich" or "wealthy" or "affluent," but we're not middle-class.

"Comfortable" understates it a bit? "Well-off"?

Upper middle class describes you perfectly.

Working wealthy

[Anonymous]

Anonymous wrote:I like the "working upper class" term in concept but it doesn't apply to us. We're middle class. Solidly.

We are a dual income ($225K or so combined, with fairly even salaries between us) household but outside the beltway (takes 15 minutes to drive to closest metro). New(er) construction house, big but builder grade. We couldn't afford the granite countertops; had to make sacrifices in some areas to get the things we really wanted.

Can't afford a nanny AND private school. Can afford multiple vehicles but had to watch our pennies and only buy used. Can take a nice cruise vacation but can't afford a balcony room or suite.

We have enough to enjoy discretion over how our dollars are spent, but not enough to make luxury choices.

Ergo, middle class.

Err nice try. Truly middle class people I know can't afford your big house, cruises, or one of the nanny/private school. But thanks for playing.