Reply to is household income $220,000 lower middle class for DCUM?

Forum Index » Money and Finances

Reply to "is household income $220,000 lower middle class for DCUM?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I make a lot more than that.  But it’s a good income.  People on this site get carried away and I think a lot exaggerate.

Income is also just one side of the ledger.  I know a lot of people making my income and more who have 200k+ of student loan debt at 7-8% interest for the next 15 years.  Plus people also consume a lot and buy cars and houses that leave them with less flexibility

At 220k you make enough to have flexibility if you spend carefully.

So, I wouldn’t worry about how much others are making and spending, but rather how much flexibility your current income affords you now and in the future.[/quote]

This. Your mortgage and other costs matter a lot. Big difference between someone looking to buy their first home, $250K net worth, and paying for daycare or a nanny vs. someone who owns a $1.5M home that they bought for $750K back in the day with a 3% mortgage, $5M net worth, and kids in great public schools. [/quote]

[b]Those with NW of 5 mil who live in a house worth only 1.5 mil likely have their money invested and producing extra income.  [/b]If their job earnings are the same as OP's this doesn't mean their actual HHI is the same.  If this HHI is all investment income and not from job earnings, then these people are on a different level, as they are financially independent and do not have to earn a living.  Like someone already said it's also what you spend, having a life where you do not need to work for a living is closer to the wealthy classes in principal even if a lot more modest consumption wise. [/quote]

Not true. Lots of people in this situation live off part of their salaries while continuing to save and letting the interest compound without withdrawing. This is what we do. People like us are in this situation because we live below our means.[/quote]

That's your choice, but pretending like someone with 5 mil in NW doesn't have a huge leg up even with HHI of 220K is myopic.  You choose to work, but you don't have to.  If you do not have anything close to it and make 220K you have to work just to pay the bills, e.g. your perception of your social status would be very diff. than your perception where your income is to grow your already existing wealth and your necessities could be covered without touching your principal already. [/quote]

No one is "pretending like someone with 5 mil in NW doesn't have a huge leg up." The entire point was that someone's NW matters a lot.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics