Reply to 31% of millionaires think they're middle class

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[quote=Anonymous][quote=Anonymous]It's because of inflation, especially in college and housing.

We have a high HHI and about 5 million in investments. Plus our house, which we own. We don't put that in net worth because you have to live somewhere and if we moved, it would probably be to somewhere bigger/more expensive. This all sounds good and it is right? We're mid 40s so we still have more time to build savings. However, about 1 million of that money is earmarked for our 3 kids' college educations and we intend to spend every penny and then some. If they go to grad school, we'll have to pull from other savings.

Then there's our house. It's a nice house and it is worth a lot of money but it would have been considered firmly &quot;middle class&quot; back when we were growing up. It's 4 bedrooms and less than 3k sqft. Our kids go to public school in a &quot;good&quot; school district and we live in a lovely neighborhood.

When it comes to more frivolous spending, we spend money on our kids' activities and vacations. They each do private lessons for their chosen activity (tennis, skiing, gymnastics). We go skiing once or twice a year, we always take one trip to the Caribbean over spring break, one bigger &quot;splurge&quot; trip to Europe in June or July, and one trip to the OBX in August.

I'm not complaining about our lifestyle AT ALL. It just blows my mind because I know how much money we make and I would have considered it &quot;a lot&quot; back when I was growing up. It's just that wages haven't kept pace with inflation. I just checked flights to see what it would cost to fly to St. Martin from NYC in February and it was 8k for 5 people!!!

Basically what I'm saying is, it's crazy that it takes &gt; 500k to live a lifestyle that would have been &quot;upper middle class&quot; in the 80s and 90s with 3 kids.[/quote]

Yearly trips abroad wasn’t an UMC lifestyle, even in the 90s.[/quote]

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