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

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[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]

I think it’s because there is something in between UMC and UC. I would call it “rich” but not wealthy. At $1M you are rich. You can do rich people things like own a second home and send your kids to private school. Wealthy is when you become UC and have first class or private flights, own or have friends who own yachts, don’t live off your income, etc.

A rich person could become UMC more easily than become wealthy (e.g. loss of a job or chronic illness) while an UC person doesn’t have to worry about anything like that.[/quote]

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