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Reply to "Ok DCUrban Mums. What is Rich"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We feel upper middle class in Northern VA but would be considered rich. Our lifestyle would not be viewed as rich and our friends do not think we are rich. I look at my brother who is worth $35 - 50 million as rich. We (early 50s) make $340K annually on W2 income, but our net worth is ~ $ 9 million. But we have always lived below our means, no family money involved except my doctor spouse had no student loans. We have no debt, 10% of our net worth is in our kids 529 plans. Our home in NoVA was purchased for less than a million, but is about $1.5 now, but less than 3,500 sq ft. About $2.5 M in retirement accounts. I made a lot of money early in my career in big law, but stepped back some years ago to work as a fed with much less salary. Our kids attend public schools. We don't have a 2nd home and drive Toyotas and Hondas We don't budget, but we are debt free and don't spend frivolusly, and most expenses outside of living expenses are kid activity related. We have been lucky with real estate before prices jumped, and we invest our money ourselves in passive index funds. We have many friends who are heads of businesses, attorneys partners, specialist doctors, finance, etc who make much more than we do and live more lavishly, and probably worth much more than we are worth. So objectively we are wealthy, but we live a very modest upper middle class lifestyle compared with our peers and neighbors.[/quote] What drives you to be so class obsessed? Did you grow up feeling inadequate? Do you have higher achieving siblings that have caused you to be insecure? Trying to understand where all this insecurity comes from. [/quote] NP here. I am not sure I see insecurity here. What are you seeing that I am missing? [/quote]
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