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]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]

What is your net worth? [/quote]

Around $15m, enough to retire but not maintain our lifestyle. We have 3 minor children.[/quote]

What's your lifestyle and yearly spend? At $15m you could spend >500k/yr forever. [/quote]

We have 3 kids to pay for college, grad school, weddings, down pays. Yes, we can retire but we are still in our forties and will probably work for another ten years.

The people I consider UC are ones with generational wealth where you don’t have to work. I always tell my kids they aren’t rich because they will have to get a job after college.[/quote]

We live off of generational wealth but we would never label ourselves UC.   Our kids will get the jobs they want without worrying about salary.  Most of our families have one stay at home  parent, either father or mother so I’ll bet that’s what they do.    None of them will buy a home that’s way bigger than they need.   None will buy a six figure car.  There’s always thought about the next generation.  [/quote]

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