Reply to 31% of millionaires think they're middle class

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[quote=Anonymous][quote=Anonymous]See, it isn't only on DCUM.

https://www.cnbc.com/2023/11/10/survey-31percent-of-millionaires-say-they-are-part-of-the-middle-class.html

A recent Ameriprise survey found that about 60% of milllionaires consider themselves "middle class." A quarter of households making $175k called themselves "very poor," "poor," or "getting by but things are tight." An Edelman Financial survey found that Americans said they'd need to earn $233,000 on average to feel financially secure and $483,000 to feel rich.

What about you? 
1. What's your HHI and what do you consider yourself?
2. Do you feel poor, comfortable or rich? Why?
3. What level would you need to achieve to feel "rich?"[/quote]

I mean, I get it. At the end of the day these people have more in common with those who live paycheck to paycheck than they do with the donor class who can take private jets and hire mega yachts.

When I was a child, I thought a million dollar house would have an Olympic pool, a lift and a butler. Today it’s a post-war shitbox on a fifth in Alexandria or Arlington.

So I understand the eyerolling at this. But if you really analyze it, the people saying this still have bills, they may have high fixed expenses, which is a factor of lifestyle creep, sure, but squeezes cash flow all the same. And they’re likely paying a higher rate of effective income tax due to the nature of their income, which is more likely derived from salary than tax sheltered investment returns.

I make $250k. I have two kids in college and pay all the tuition through a combination of 529 savings since they were babies (which affected cash flow in those days) and pay as we go. I pay a bunch of alimony. I have older cars but insurance, maintenance/repairs and property taxes are big bills twice a year. I lost two elderly dogs who ran up a lot of vet bills before they died. My mortgage is relatively modest as is my house but I pay it alone.

I am not complaining and know I am not poor. And I realize someone struggling looks at me and the things I have and thinks I am rich. And to some degree I am. But please don’t conflate me with Bezos or some influencer earning $25 million a year. [/quote]

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