Reply to What’s the different between upper middle class and upper class?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Based on these responses you can be upper class while earning $100k in investments, sitting on a not for profit board and living extremely modestly. But upper middle while earning $1 million. [/quote]

We are borderline of UMC and UC. $3m HHI, few properties, can technically retire but cannot maintain current lifestyle without working.

Some people may say we are definitely UC. I consider ourselves UMC. [/quote]

If you were born UMC your tastes will be - and that really define you.  You are just rich UMC.  Strivers here don’t get that.[/quote]

Wait. Class has come up several times on this thread, and isn't that what that entire book is all about?[/quote]

Yes. That’s the whole point of the book and what a lot of middle class folks find so off putting. It’s also why they hate talking about class (ie, because they’re deeply insecure about their own class position with some even using threads like this as a crowdsourced “how to social climb” manual).  No matter how much money they have, they’ll never live down their middle or lower class upbringing. It’ll manifest itself through various tells and behaviors. So folks should just relax a little stop striving. [/quote]

Np-What book is it? I don’t see why people should be ashamed about coming from poverty and achieving financial security, or why anyone would think it’s an inferior way of “being”. We cannot change our family history.[/quote]

Some trust-fund kids are holding on to a dwindling family fortune, on a tight budget with no access to principal, and are insecure around "new money" folks who built something of value to society.  Those are the people projecting inferiority onto people who achieved something on their merits. [/quote]

This really depends on how much wealth the family has. It’s feasible to maintain a comfortable lifestyle (defined as top 1% HHI) with 50M+ assets and have each generation be wealthier than the previous one. As long as family size remains small (not more than 3 kids), inflation adjusted wealth can easily grow by 2-4x every 30 years. This is enough growth to ensure each generation has at least 50M of inflation adjusted assets per person and that the parents also still have 50M left after they transfer assets to each of their children. I’m also ignoring the inheritances to offspring when previous generations die off. A family like this will be become much wealthier over time as long as they keep their spend rate under 2%. [/quote]

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