Reply to At what HHI did you stop feeling middle class?

Forum Index » Money and Finances

Reply to "At what HHI did you stop feeling middle class?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The idea of socioeconomic class around here creates confusion as realistically the average HHI is significantly higher than elsewhere in the nation or even abroad. We are among the richest people in the world, here in the DC area. And yet when you look at your life, living in a small townhouse in a regular suburb driving a practical car like Subaru and sending your kids to public school, you feel like you’re just another regular American. The money doesn’t go far. A young couple bringing in 250k feel less than when really that’s top income globally.

At what point do you feel, well, not middle class? [/quote]

400k[/quote]

My husband and I make $435 and I feel very middle class (we are in our mid 30s). I’d say closer to $600K. [/quote]

You must be referring to feeling ‘upper’ middle class.  There’s no way at that hhi you would only feel middle class unless you have 10 kids or six figure debt or something.[/quote]

How do you know the schools were high priced? College and medical school are not free.

We’re both doctors who went to medical school relatively late and prior to medical school worked in poorly paid positions, so basically saved nothing. We started making a combined income around $300K a few years ago. We have focused a lot on paying down debt and only have about $35K left. We just bought a $1.3M house in a HCOL area (outside NYC) last year and took out a 401K loan of $45K to afford it and we’ve been paying that loan back this year, which has been tough. We also have 2 kids in preschool and a nanny, because our hours are long and unpredictable and we don’t have any family help. We have one fully paid off car (2018 Subaru) and are putting off buying another car for as long as possible. We haven’t taken a vacation since 2019. I realize that paying off our debt (minus the mortgage) is temporary. Maybe my perspective is skewed by the fact that I came from a very middle class background (HHI under 70K, both parents routinely worked more than one job) or that I live in a very HCOL area where everyone around me seems to make way more.[/quote]

You have a spending issue.  You choose to go to high priced schools and then bought an insanely expensive house.  You could have done cheaper housing, you could have done day care and a baby sitter.  Your choices don't make you middle class.[/quote][/quote]

If you think $1.3M is a crazy amount to spend on a house, you are really out of touch. There comes a point where you can't actually find something decent for less. A small 3 bedroom home outside NYC is at least $1.3m and it doesn't make sense to have a crazy commute and never see your spouse or kids.  I don't think OP was saying she regretted medical school but it is expensive and the loans have to be paid off. No vacations and driving a Subaru does not sound like a "spending issue" to me. You just sound bitter.

[/quote]

Yes, its a crazy amount when you cannot afford it.  You live further out and commute like the rest of us do.  I am not bitter.  We make far less, have our house almost paid off as we pay in extra, a nice college fund for the kids and pay cash for our cars.  Sounds like we are living better on less.[/quote]

Many physician contracts require living within 1/2 hour or so of the hospital.  If you have long and irregular hours and you live in a state like New York where it snows and rains a lot and you have to be at the hospital in the middle of the night, you can’t always live that far out.  Plus doing patient care you have to be alert and on your game because the consequences of missing a diagnosis can be severe.

Where we live $1.3m is not insanely expensive—it will get you a basic 4BR house in a reasonable school district.  We were lucky to buy in a few years ago when housing was much cheaper.
[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics