When your kid asks, are you "middle class," "upper-middle," something else?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Our kids stand to inherit a millions of dollars. But they'd never know it and they wouldn't learn it by googling the value of our house versus their friends houses (as another pp suggested). Lots and lots of their friends live in far nicer houses and drive nicer cars. But our kids certainly feel comfortable to ask us for certain opportunities, be it traveling abroad at spring break or getting tutoring help in French.

The "faux poor" are so odd to me. Are you ashamed? Why not be who you are? You don't think anyone questions why you are spending so much money on spring break? Frankly, I don't believe you. I do not believe that there are all these rich living like tha po' folks but saving up the millions, no multiple millions, no it's more than you could even count... But it is a BIG secret! Just is not believable. Living beyond your means -- that is believable.

What are you talking about? We are exactly who we are. We don't want to live in a mansion so we don't. We have very nice cars but my kids' friends' parents have Maseratis and Ashton Martons. We're not interested in $100,000+ cars. And no I don't think anyone cares our kids go to Europe with the French club over spring break. You should read The Millioaire Next Door. You'd be amazed. No one cares what you believe or don't believe. That, you can take to the bank.

WTF is an 'Ashton Marton'? Did he date Demi Moore?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I agree, money cannot buy class.

Those of you from wealthy backgrounds who acknowledge the advantages you have received, are you ok with this inequality?
Is it ok to you that even today a child can be underpriveledged? Do you ever wonder if this should be changed or would you rather keep things this way, to ensure privelidge to your kids. Not that your kids have done anything to deserve that priveledge

Because everyone has a right to be classy? I'm confused as to the point you're trying to make. Fisrt you say money can't buy class. Then you seem to urge that those with money give it to others so that everyone can have class. Really?

Of course. Good manners are not related to income. Ways of the refined society is classy. Money alone will not give you good taste.
Money can give you priveledge. Are you ok with it that some will be denied opportunities? Does this fit in with your idea of justice, or is the way things are your view of the perfect society. By perfect I mean one where the priveledged will not loose their place in society

[Anonymous]

Anonymous wrote:I agree, money cannot buy class.

Those of you from wealthy backgrounds who acknowledge the advantages you have received, are you ok with this inequality?
Is it ok to you that even today a child can be underpriveledged? Do you ever wonder if this should be changed or would you rather keep things this way, to ensure privelidge to your kids. Not that your kids have done anything to deserve that priveledge

NP here. I would like everyone to have access to a good education (preferably one where kids learn to spell privilege) that prepares them for college and/or career. What they they do with that is up to them.

[Anonymous]

Anonymous wrote:I agree, money cannot buy class.

Those of you from wealthy backgrounds who acknowledge the advantages you have received, are you ok with this inequality?
Is it ok to you that even today a child can be underpriveledged? Do you ever wonder if this should be changed or would you rather keep things this way, to ensure privelidge to your kids. Not that your kids have done anything to deserve that priveledge

without losers there are no winners

[Anonymous]

Anyone can say they are the Millionaire next door, resisting buying an "Ashton Marten" (LOL). I say why not go bigger with you whopper of a lie? After living with the upper middle and lower upper (and some upper) all my life I just have not seen the old junker car, old run down house, but great big bank account. It is the Working Class Myth. A myth like any other.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I agree, money cannot buy class.

Those of you from wealthy backgrounds who acknowledge the advantages you have received, are you ok with this inequality?
Is it ok to you that even today a child can be underpriveledged? Do you ever wonder if this should be changed or would you rather keep things this way, to ensure privelidge to your kids. Not that your kids have done anything to deserve that priveledge

without losers there are no winners

ok, mr animal farm. We are all equal but some are more equal than others.

Do you really need an underclass of less priveledged people to feel safe? Are you against a more just and equal society?

[Anonymous]

We are wealthy enough that neither of us need work & we live very, very comfortably on investment income. Our house isn't ostentatious, but it is in a close-in, good neighborhood. You probably wouldn't guess our net worth by looking at it.

DS will inherit a few million at 25, then the bulk of our assets when we're gone. He doesn't know about the inheritance $ yet; but having gone through this, it is not easy to walk into a sudden lump of money.

To help prepare him, he has had his own trading account since he was 5yo. Every few months, we tally up free cash in it and talk about what he wants to invest in. He's got 18 yrs to get ready to manage his own assets, so his 'little' 30k account is like a set of training wheels and he is already very aware of the power of compounding and investing. He's too busy focusing on what he's got personally to bother asking about whether we're rich or poor.

I do a lot of hands-on volunteering at a hospital that services the most underserved parts of DC and try to live by example in letting him know that having money is mostly about having the freedom to choose what you want to do with your time without having monetary constraints play a significant role in your decision. My hope is that it also demonstrates the importance of community service and will inspire him to do likewise as he gets to be old enough.

[Anonymous]

I like you PP. Good for you on training them young fiscally and socially.

[Anonymous]

I tell him we (his parents) can afford an upper-middle class lifestyle for our family but only if we continue to work until retirement, save and invest. He will need to make his own lifestyle when he is an adult through education and a career which pays enough for him to maintain that lifestyle.

[Anonymous]

I say the same thing my father told me when I asked how much money he made: if you have a roof over your head and enough food to eat don't worry about it. There are people with more and people with less.

[Anonymous]

So who is the Middle Class Obama was talking about during last night's State of the Union? Is it anyone making less than 250K?

[Anonymous]

Anonymous wrote:We are wealthy enough that neither of us need work & we live very, very comfortably on investment income. Our house isn't ostentatious, but it is in a close-in, good neighborhood. You probably wouldn't guess our net worth by looking at it.

DS will inherit a few million at 25, then the bulk of our assets when we're gone. He doesn't know about the inheritance $ yet; but having gone through this, it is not easy to walk into a sudden lump of money.

To help prepare him, he has had his own trading account since he was 5yo. Every few months, we tally up free cash in it and talk about what he wants to invest in. He's got 18 yrs to get ready to manage his own assets, so his 'little' 30k account is like a set of training wheels and he is already very aware of the power of compounding and investing. He's too busy focusing on what he's got personally to bother asking about whether we're rich or poor.

I do a lot of hands-on volunteering at a hospital that services the most underserved parts of DC and try to live by example in letting him know that having money is mostly about having the freedom to choose what you want to do with your time without having monetary constraints play a significant role in your decision. My hope is that it also demonstrates the importance of community service and will inspire him to do likewise as he gets to be old enough.

Do ya think that if he is smart enough to trade his own account at age 5, he just might be smart enough to figure out your're a little better off than some? But great approach, and I think you are doing the right thing.

[Anonymous]

Anonymous wrote:"Your mother and I are rich. You have nothing."
http://www.youtube.com/watch?feature=player_embedded&v=rO35dhxNjYI

Or, more helpfully, this interactive graphic from the NYTimes may help you (go to the components of class tab)
http://www.nytimes.com/packages/html/national/20050515_CLASS_GRAPHIC/index_03.html

HA! This was my first thought.

[Anonymous]

Anonymous wrote:We are wealthy enough that neither of us need work & we live very, very comfortably on investment income. Our house isn't ostentatious, but it is in a close-in, good neighborhood. You probably wouldn't guess our net worth by looking at it.

DS will inherit a few million at 25, then the bulk of our assets when we're gone. He doesn't know about the inheritance $ yet; but having gone through this, it is not easy to walk into a sudden lump of money.

To help prepare him, he has had his own trading account since he was 5yo. Every few months, we tally up free cash in it and talk about what he wants to invest in. He's got 18 yrs to get ready to manage his own assets, so his 'little' 30k account is like a set of training wheels and he is already very aware of the power of compounding and investing. He's too busy focusing on what he's got personally to bother asking about whether we're rich or poor.

I do a lot of hands-on volunteering at a hospital that services the most underserved parts of DC and try to live by example in letting him know that having money is mostly about having the freedom to choose what you want to do with your time without having monetary constraints play a significant role in your decision. My hope is that it also demonstrates the importance of community service and will inspire him to do likewise as he gets to be old enough.

Please don't take this question the wrong way, I do mean it sincerely -- if you can afford to live well off of investments and never work again, why do you live in this area? My husband and I daydream about this scenario often and we both agree that unless we have to be tied to this area to work we'd move somewhere else. Do you have family here? Or do you just like it? Really just curious, it sounds like you have a wonderful situation.

[Anonymous]

Anonymous wrote:Anyone can say they are the Millionaire next door, resisting buying an "Ashton Marten" (LOL). I say why not go bigger with you whopper of a lie? After living with the upper middle and lower upper (and some upper) all my life I just have not seen the old junker car, old run down house, but great big bank account. It is the Working Class Myth. A myth like any other.

So what that make you?