Ok DCUrban Mums. What is Rich

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Over 200k is rich. I don't care if that means you can't afford 40k per year private school. You have choices, you are not struggling, none of your bills should be a struggle. So what you cannot afford vacations in Aspen and EU. That doesn't qualify you for middle class.

Any HHI can be on a budget.

There is no 300k middle class. I don't care where you live. You chose your home and your mortgage.

This used to be the definition of middle class. Now it's rich?

Yes. Lots of middle class Americans still struggle with paying bills. Middle class is going on vacation one state over, in a cheap motel, staying with family, or even camping in a tent. They are not on government assistance, but when that $500 medical bill comes in, they have to make a payment plan or struggle to pay it off. If you do not feel that dread of an unforeseen expense, because you have savings, a good career, and plenty of options, then you are not really middle class. Sure you aren't Bill Gates, but you are incredibly wealthy in many ways.

Someone who is struggling to pay bills is either lower class or lower middle class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Over 200k is rich. I don't care if that means you can't afford 40k per year private school. You have choices, you are not struggling, none of your bills should be a struggle. So what you cannot afford vacations in Aspen and EU. That doesn't qualify you for middle class.

Any HHI can be on a budget.

There is no 300k middle class. I don't care where you live. You chose your home and your mortgage.

This used to be the definition of middle class. Now it's rich?

Yes. Lots of middle class Americans still struggle with paying bills. Middle class is going on vacation one state over, in a cheap motel, staying with family, or even camping in a tent. They are not on government assistance, but when that $500 medical bill comes in, they have to make a payment plan or struggle to pay it off. If you do not feel that dread of an unforeseen expense, because you have savings, a good career, and plenty of options, then you are not really middle class. Sure you aren't Bill Gates, but you are incredibly wealthy in many ways.

But this is insane. According to this definition, I was "rich" when I was in grad school making $9000/year because I had expenses low enough that I could still save money. This definition of "middle class" doesn't make sense.

Okay you were not making over 200k. You were lower middle class. But if you were hit with a $500 bill it would be painful to spend 5% of your HHI on your own.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You exit middle class at 400k

what are you considered at this HHI?

Yes, but this isn’t rich. We’ll surpass this HHI this year, yet our net worth is under $1M. Our retirement and kids’ college funds are woefully underfunded. We’re in our late 40s, so we have some time to catch up but not so much time that we’ll retire rich. It would have been a game-changer if we made this income 10 years ago, but we didn’t.

Just curious, what are your jobs, and what were you making 10 or 15 years ago?

And I make the same income (380K) but my investments are up several hundred thousand dollars just in 2021 so far. I really didnt appreciate the difference net worth: income makes in trajectory. Because of my net worth, my income is secondary to my annual income, even though its robust. It is when this happened that I actually felt "rich" (to me, rich means secure) as I could live off of my passive income at this point, (mid 40's single earner).

[Anonymous]

Anonymous wrote:We make $400k a year and are definitely not rich. Pretty laughable to say that we are.

this might be the most out of touch thing I've read all day

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Over 200k is rich. I don't care if that means you can't afford 40k per year private school. You have choices, you are not struggling, none of your bills should be a struggle. So what you cannot afford vacations in Aspen and EU. That doesn't qualify you for middle class.

Any HHI can be on a budget.

There is no 300k middle class. I don't care where you live. You chose your home and your mortgage.

This used to be the definition of middle class. Now it's rich?

Yes. Lots of middle class Americans still struggle with paying bills. Middle class is going on vacation one state over, in a cheap motel, staying with family, or even camping in a tent. They are not on government assistance, but when that $500 medical bill comes in, they have to make a payment plan or struggle to pay it off. If you do not feel that dread of an unforeseen expense, because you have savings, a good career, and plenty of options, then you are not really middle class. Sure you aren't Bill Gates, but you are incredibly wealthy in many ways.

Someone who is struggling to pay bills is either lower class or lower middle class.

This. Or they're just bad with money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Over 200k is rich. I don't care if that means you can't afford 40k per year private school. You have choices, you are not struggling, none of your bills should be a struggle. So what you cannot afford vacations in Aspen and EU. That doesn't qualify you for middle class.

Any HHI can be on a budget.

There is no 300k middle class. I don't care where you live. You chose your home and your mortgage.

This used to be the definition of middle class. Now it's rich?

Yes. Lots of middle class Americans still struggle with paying bills. Middle class is going on vacation one state over, in a cheap motel, staying with family, or even camping in a tent. They are not on government assistance, but when that $500 medical bill comes in, they have to make a payment plan or struggle to pay it off. If you do not feel that dread of an unforeseen expense, because you have savings, a good career, and plenty of options, then you are not really middle class. Sure you aren't Bill Gates, but you are incredibly wealthy in many ways.

So I could walk down the Main Street of Magic Kingdom in Disney World and every single person (non-"cast member") I see must be rich because they obviously have the discretionary funds to spend on a fairly pricey vacation that goes beyond staying in a cheap motel one state over.

...yes, except for local Floridians. When I was a kid only rich families went to Disney. The DCUM bubble is such a trip.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Over 200k is rich. I don't care if that means you can't afford 40k per year private school. You have choices, you are not struggling, none of your bills should be a struggle. So what you cannot afford vacations in Aspen and EU. That doesn't qualify you for middle class.

Any HHI can be on a budget.

There is no 300k middle class. I don't care where you live. You chose your home and your mortgage.

This used to be the definition of middle class. Now it's rich?

Yes. Lots of middle class Americans still struggle with paying bills. Middle class is going on vacation one state over, in a cheap motel, staying with family, or even camping in a tent. They are not on government assistance, but when that $500 medical bill comes in, they have to make a payment plan or struggle to pay it off. If you do not feel that dread of an unforeseen expense, because you have savings, a good career, and plenty of options, then you are not really middle class. Sure you aren't Bill Gates, but you are incredibly wealthy in many ways.

So I could walk down the Main Street of Magic Kingdom in Disney World and every single person (non-"cast member") I see must be rich because they obviously have the discretionary funds to spend on a fairly pricey vacation that goes beyond staying in a cheap motel one state over.

...yes, except for local Floridians. When I was a kid only rich families went to Disney. The DCUM bubble is such a trip.

OK, I think that's a bit ridiculous to say that every guest at Disney World who is not a resident of Florida is rich.

There are two things you need to consider. One is that when you were a kid, you were actually poorer than you realized. That's not a bad thing, in fact, it says a lot for your parents that you never felt like you were missing out.

Second, and more importantly, standards change. Travel is cheaper now than it's ever been. People have more disposable income. The U.S. standard of living is higher than it was when we were kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Over 200k is rich. I don't care if that means you can't afford 40k per year private school. You have choices, you are not struggling, none of your bills should be a struggle. So what you cannot afford vacations in Aspen and EU. That doesn't qualify you for middle class.

Any HHI can be on a budget.

There is no 300k middle class. I don't care where you live. You chose your home and your mortgage.

This used to be the definition of middle class. Now it's rich?

Yes. Lots of middle class Americans still struggle with paying bills. Middle class is going on vacation one state over, in a cheap motel, staying with family, or even camping in a tent. They are not on government assistance, but when that $500 medical bill comes in, they have to make a payment plan or struggle to pay it off. If you do not feel that dread of an unforeseen expense, because you have savings, a good career, and plenty of options, then you are not really middle class. Sure you aren't Bill Gates, but you are incredibly wealthy in many ways.

So I could walk down the Main Street of Magic Kingdom in Disney World and every single person (non-"cast member") I see must be rich because they obviously have the discretionary funds to spend on a fairly pricey vacation that goes beyond staying in a cheap motel one state over.

...yes, except for local Floridians. When I was a kid only rich families went to Disney. The DCUM bubble is such a trip.

OK, I think that's a bit ridiculous to say that every guest at Disney World who is not a resident of Florida is rich.

There are two things you need to consider. One is that when you were a kid, you were actually poorer than you realized. That's not a bad thing, in fact, it says a lot for your parents that you never felt like you were missing out.

Second, and more importantly, standards change. Travel is cheaper now than it's ever been. People have more disposable income. The U.S. standard of living is higher than it was when we were kids.

LOL yes that's it. I was secretly poor! Alternative explanation: my parents were normal middle class and traveling to Disney and buying tickets is a luxury.

Also, the idea that the "standard of living" is higher with higher "disposable income" is just another way of saying richer. Yes, many Americans are rich. Many other Americans spend like they're rich and are surprised when their money is gone.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Over 200k is rich. I don't care if that means you can't afford 40k per year private school. You have choices, you are not struggling, none of your bills should be a struggle. So what you cannot afford vacations in Aspen and EU. That doesn't qualify you for middle class.

Any HHI can be on a budget.

There is no 300k middle class. I don't care where you live. You chose your home and your mortgage.

This used to be the definition of middle class. Now it's rich?

Yes. Lots of middle class Americans still struggle with paying bills. Middle class is going on vacation one state over, in a cheap motel, staying with family, or even camping in a tent. They are not on government assistance, but when that $500 medical bill comes in, they have to make a payment plan or struggle to pay it off. If you do not feel that dread of an unforeseen expense, because you have savings, a good career, and plenty of options, then you are not really middle class. Sure you aren't Bill Gates, but you are incredibly wealthy in many ways.

Someone who is struggling to pay bills is either lower class or lower middle class.

You’d be surprised... many upper middle class people are struggling with their bills because they live above their means.

https://summation.net/2020/01/08/financially-drowning-on-300k-a-year/

[Anonymous]

Rich is guy I dated briefly in my 20's who would have made a great partner had I had enough self esteem back then to think that I was good enough.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make $400k a year and are definitely not rich. Pretty laughable to say that we are.

this might be the most out of touch thing I've read all day

Agreed. We make half of that and I feel very fortunate.

[Anonymous]

Anonymous wrote:I’m so tired of everyone saying they are middle class. And then, everyone saying - No! You are not.

**** Let’s get to the bottom of this ****
What is Rich? When do you exit middle class?
What HHI do you have & what worries do you NOT have?
Do you roll in your money?

Be proud. I’m listening.

Rich is making a little more than your peers/friends/coworkers/family. If this is the case you will feel rich in your social circle. If you make $60k and everyone you know makes 50k or less you will feel very well off in social interactions. Similarly if you make 600k and they all make 500k or less the same feelings will apply, you will feel very comfortable and maybe a little smug...lots human nature lol

[Anonymous]

Owning more than one home is rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Rich = high income w/o the assets. They still work for their money.

You didn't ask, but wealthy = high assets + high net worth. They make their money on passive income.

so you wouldn't consider an heiress rich?

A heiress is wealthy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:


It's a disease: people strenously denying they're rich in the face of all available evidence, including publicly available data regarding median and average incomes and net worth, even after factoring high cost of living areas (of which the DC area is NOT, by far, the highest)

So they can go blue in the face all they want, we know they're rich.

what percent of the country would you classify as rich? the top ____ percent?

.5%