31% of millionaires think they're middle class

[Anonymous]

Anonymous wrote:

Anonymous wrote:1. Combined of about $400k. Bonus of about $200k this year. UMC

2. Comfortable, but not rich. The bonus is variable, some of it is equity, and I (70% of HHI) could be laid off at any time. Net worth of about $3.5M in our mid 40s, $1.8M 401k, $1.2M after tax, $500k home equity.

We have 3 kids, are paying for a nanny, and are “time poor”. That means we’re often buying time, ordering takeout, etc.

I often avoid taking toll roads, book flights out of inconvenient airports like BWI, book flights with layovers, etc. I’m buying 5 plane tickets every time we travel. Inflation has pushed prices on everything way up.

3. $8M?

Now imagine the life of a family of 5 on $80K income (average for DMV). You say your time poor - so are those working 12 hour shifts or two jobs where they are standing all day long. I wouldn't trade my office job for a McDonalds job even if it were the same salary - I know that those folks work harder than me everyday and are way more tired at the end of their shift than I am. I also know that society has decided that I'm more productive then McD workers - even if I'm actually "working" only 4-6 hours per day.

I'm self aware of my privilege and realize that I'm UMC (even UC), even if I'm frugal with my daily expenses because I save for expense 10-20 years down the road.

This. Many of the expenses listed are luxuries.

[Anonymous]

Anonymous wrote:As usual the people here are delusional about their wealth and privilege, would you really look the fast food worker in the face and say any of this to them? It’s insulting. Do away with the false modesty and cost of living justifiers and state the truth. You are upper middle class with a toe in the wealthy department. No wonder they want to, “eat the rich”

Oh please. We know our audience here. I don’t even live in DC but this is a forum I’ve found where I can talk about money with many others in similar income ranges, or on a path there, or above me. None of us are talking about our incomes this explicitly IRL.

1. HHI $1 million and consider us UMC
2. Feel comfortable, not rich. I live in a LCOL area and have lived in the same neighborhood for 20 years. Didn’t upgrade. I think most of our friends’ income ranges from $150-$300 and yet everyone seems to live the same kind of lifestyle as we do: multiple kids in lots of activities (public school) nice vacations, nice cars, lots of eating out. We save 20% of our income and then spend the rest. We have everything we need and many wants but definitely don’t feel like money isn’t an issue. That’s the feeling that would make me call ourselves rich.
3. $2.5 HHI. In our 40s, we will work for 20+ more years. Assets don’t make me feel rich now because we don’t touch those. Also, our income rose significantly over the last 5 years, so we’re not close to a net worth that would generate seven figures.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Fact is the middle class lifestyle of yesteryear has become much more expensive. Back in the 70s and 80s a family could buy a decent house in a good school district, have a couple cars and send their kids to nearly-free public colleges on one middle class salary. To replicate that same basic former middle class lifestyle will literally cost millions in the DMV today.

False. People now think they need large SFH designed by Joanna Gaines, a new Suburban, and family trips to Europe to be middle class. That wasn’t the middle class a generation ago.

+1. There are so many more expectations for life now. People on here think you must pay for 4 years at a private college. In the 90’s my family didn’t even save for me to go to a public college.
Kid’s’ birthday parties have to be held in fancy venues for $500, whereas in the past kids would just come over and eat cake at the house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:As usual the people here are delusional about their wealth and privilege, would you really look the fast food worker in the face and say any of this to them? It’s insulting. Do away with the false modesty and cost of living justifiers and state the truth. You are upper middle class with a toe in the wealthy department. No wonder they want to, “eat the rich”

Oh please. We know our audience here. I don’t even live in DC but this is a forum I’ve found where I can talk about money with many others in similar income ranges, or on a path there, or above me. None of us are talking about our incomes this explicitly IRL.

1. HHI $1 million and consider us UMC
2. Feel comfortable, not rich. I live in a LCOL area and have lived in the same neighborhood for 20 years. Didn’t upgrade. I think most of our friends’ income ranges from $150-$300 and yet everyone seems to live the same kind of lifestyle as we do: multiple kids in lots of activities (public school) nice vacations, nice cars, lots of eating out. We save 20% of our income and then spend the rest. We have everything we need and many wants but definitely don’t feel like money isn’t an issue. That’s the feeling that would make me call ourselves rich.
3. $2.5 HHI. In our 40s, we will work for 20+ more years. Assets don’t make me feel rich now because we don’t touch those. Also, our income rose significantly over the last 5 years, so we’re not close to a net worth that would generate seven figures.

$1 million HHI in a LCOL area? You are rich. You would even be rich in DC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fact is the middle class lifestyle of yesteryear has become much more expensive. Back in the 70s and 80s a family could buy a decent house in a good school district, have a couple cars and send their kids to nearly-free public colleges on one middle class salary. To replicate that same basic former middle class lifestyle will literally cost millions in the DMV today.

False. People now think they need large SFH designed by Joanna Gaines, a new Suburban, and family trips to Europe to be middle class. That wasn’t the middle class a generation ago.

+1. There are so many more expectations for life now. People on here think you must pay for 4 years at a private college. In the 90’s my family didn’t even save for me to go to a public college.
Kid’s’ birthday parties have to be held in fancy venues for $500, whereas in the past kids would just come over and eat cake at the house.

In many areas, that was the expectation in the 80s (and probably earlier).

[Anonymous]

Rich is being able to buy winter clothes for your kids without worrying you won’t make rent.

Rich is not having to forgo doctor visit if you get a parking ticket.

Most of the things listed here are crazy luxuries people feel entitled to because their neighbors have them. It’s all about expectations. I too can feel poor driving around mansions in McLean. But then l visit the real poor when volunteering and l realize l live like a king.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fact is the middle class lifestyle of yesteryear has become much more expensive. Back in the 70s and 80s a family could buy a decent house in a good school district, have a couple cars and send their kids to nearly-free public colleges on one middle class salary. To replicate that same basic former middle class lifestyle will literally cost millions in the DMV today.

False. People now think they need large SFH designed by Joanna Gaines, a new Suburban, and family trips to Europe to be middle class. That wasn’t the middle class a generation ago.

+1. There are so many more expectations for life now. People on here think you must pay for 4 years at a private college. In the 90’s my family didn’t even save for me to go to a public college.
Kid’s’ birthday parties have to be held in fancy venues for $500, whereas in the past kids would just come over and eat cake at the house.

In many areas, that was the expectation in the 80s (and probably earlier).

Not in the middle class. Ever. Most of my middle class friends had some parental help but still took loans even for instate schools. The fact that you think this IS the problem.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Fact is the middle class lifestyle of yesteryear has become much more expensive. Back in the 70s and 80s a family could buy a decent house in a good school district, have a couple cars and send their kids to nearly-free public colleges on one middle class salary. To replicate that same basic former middle class lifestyle will literally cost millions in the DMV today.

False. People now think they need large SFH designed by Joanna Gaines, a new Suburban, and family trips to Europe to be middle class. That wasn’t the middle class a generation ago.

Please get your facts straight. We paid over $1M for an unrenovated 3BR shack just so our kids could go to decent public school (not all that great even), drive a corolla and CRV that are 10 and 18 years old, and save just enough in 529s so that our kids won't totally drown in student loans when they go to in-state public college. Nothing but camping vacations or drive to western FL for maybe a week. How again does that not pretty much match what a MC family on one salary could have afforded in the 70s or 80s?!

[Anonymous]

Anonymous wrote:These questions are so fact-specific. We earn a lot of money but my spouse insists on providing for extended family members, so we never feel rich, even though most of you would balk at that because our income is so high.

No one cares about your feelings. If you have a high income and use it to support family, that is a choice. The fact you have that choice makes you well off. Find some empathy.

[Anonymous]

Anonymous wrote:My income is highly variable but we're probably in the 400-500K / year. I live in a small townhouse so I sure as hell don't feel rich.

That is a choice. You made a choice. Don’t take words that have meaning from others because you made a personal choice to feel one way despite the facts of the situation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fact is the middle class lifestyle of yesteryear has become much more expensive. Back in the 70s and 80s a family could buy a decent house in a good school district, have a couple cars and send their kids to nearly-free public colleges on one middle class salary. To replicate that same basic former middle class lifestyle will literally cost millions in the DMV today.

False. People now think they need large SFH designed by Joanna Gaines, a new Suburban, and family trips to Europe to be middle class. That wasn’t the middle class a generation ago.

Please get your facts straight. We paid over $1M for an unrenovated 3BR shack just so our kids could go to decent public school (not all that great even), drive a corolla and CRV that are 10 and 18 years old, and save just enough in 529s so that our kids won't totally drown in student loans when they go to in-state public college. Nothing but camping vacations or drive to western FL for maybe a week. How again does that not pretty much match what a MC family on one salary could have afforded in the 70s or 80s?!

I agree that’s middle class. Where does it conflict with what I said?

[Anonymous]

Middle income actually has a definition and its NOT the examples being thrown about in the post.

Middle-income households are those with an income that is two-thirds to double the U.S. median household income when accounting for family size and location. Some of you need a reality check https://www.pewresearch.org/short-reads/2020/07/23/are-you-in-the-american-middle-class/

[Anonymous]

I think the bottom line is this isn't the 80s anymore and actually a million isn't that much anymore. Technical millionaire is not rich anymore.

[Anonymous]

Anonymous wrote:

Anonymous wrote:These questions are so fact-specific. We earn a lot of money but my spouse insists on providing for extended family members, so we never feel rich, even though most of you would balk at that because our income is so high.

No one cares about your feelings. If you have a high income and use it to support family, that is a choice. The fact you have that choice makes you well off. Find some empathy.

Bitter much?

[Anonymous]

If you are UMC, you pay more tax, more charity, mire mortgage, send kids to good schools and colleges and end up middle class for retirement.