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][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]

This is from a few pages back, but also about $15M net worth (no debt, no mortgage) and minor kids. We don’t feel like we’re in a place to simply not work either. [/quote]

What on earth are you talking about? What are you spending all of your money on? [/quote]

Gold toilets. Birkins. A mommy makeover for me.

In all seriousness - about a third is in our house and the rest is liquid. Our goal is to generally let that nest egg continue to build until we’re ready to retire in say 15 years. Our salaries (about $550k) cover our daily costs - tuition, food, clothes, vacation, etc. We go into that nest egg for big expenses like renovations or property taxes.

It’s a lot easier to say you’ll stop working and start spending down your nest egg than it is to really do it. Plus, it’s not like our kids will never have to work, so we want them to see us getting up everyday to be good role models.

We’re also 40 and 41. [/quote]

$5M house? On $550K? With $15M saved at 40/41. What?? None of that makes sense. Saying that as someone w over double your HHI in a house that is worth 1/5 what yours is. [/quote]

NP.  Over $30mm NW and a $1mm house?  Sounds like you're depriving yourself for some reason ($1 million doesn't get much in a HC or VHC locale), but as that prior poster noted, everyone has different priorities.[/quote]

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