Reply to Where do you draw the line between upper middle class and upper class?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are absolutely upper class by economic standards (hhi @$1M) but we don’t live an extremely upper class lifestyle. We live in nyc and own our home and a second home and pay for private school but we don’t take super luxury vacations and don’t fly first class with our kids, don’t buy or wear designer clothing etc. We budget and make choices about how we spend our money because it isn’t unlimited.
I think that’s the reality for a lot of UMC and UC families. There’s a big difference between $1M hhi and $10 or $100m. [/quote]

Is this satire? Ok, you don't live an EXTREMELY upper class lifestyle. You live a VERY upper class lifestyle.

"Don't fly first class with our kids"--ISWYDT LOL[/quote]

They live a UMC lifestyle. [/quote]

I disagree.  I would call it lower rung of "richistan", they are the lower tier of UC.

UMC don't have both a comfy apartment in Manhattan and a second home, private schools for more than one kids, etc.  They have to compromise.  Either public schools or a second home, for example.  A family sized apartment in Manhattan starts at around 2 mil, for modest ones in older buildings.  You could find dumpier places or if you are ok with a 2 bedr for 1.5.  Rent for a small 3 bedr would run you 10K and a lot more if you go for luxury, premium area, etc.  Second homes vary, can't assume if it's a modest cabin upstate or Poconos, a condo on the beach or an SFH in a nice part of Hamptons.  Either way maintaining a second home even if not expensive compared is an added cost unless they rent it out.

UMC would not be able to afford maintenance on a second home and having it be unrented (having equity sit there) AND send more than one kid to private schools.  This tells me that the poster not only makes 7 figures but also has a good enough NW, likely 10 mil? This will by itself put them into the lower rung of UC even by NYC standards.  There are many families in NYC living in 2 bedrooms and doing public schools who never see 7 figure HHI even with 2 salaries. It's not uniformly rich, that's a myth.  There is also public housing, subsidized housing for working MC, and rent control, lots of elderly on fixed incomes, lots of transient families, and many families rent for life.  I know NYC very well.. she is most definitely NOT UMC.

This poster's perception is skewed by her circle being a private school parent where the "floor" is people like her with the uber rich kids and a sprinkling of FA kids who she entirely ignores, but who represent a lot of NYers.  She is looking up to the higher rungs of UC where the sky is the limit and there are many of those in NYC too.  Her perception of UC is based on her relative "struggles" compared to others in her circles, e.g. not being able to afford every luxury while probably knowing people with private jets and yachts.  Irrelevant. UC has its own tiers.[/quote]

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