Reply to Study shows that 350k/year is barely scrapping by as middle class

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I am a real example of how 350K can be Middle Class.

I was living in a paid off house with a stay at home wife and no kids in college making that much money. I would got to Turks and Caicos on vacation, buy wife a new car, had a BMW.

Well job ended, had to get new one. Same salary, much more expensive location and had to move. Now I have mortgage and my house costs me $3,700 a year. My kid started college and I have a second one starting in Fall. My college I am doing out of non-college savings as I only have enough for youngest and may be forced in early retirement. I will pay in Fall $8,000 a month for college on ten payment plan. Now I do $2,000 a month in 401k,

So I am up to $13,700 a month. Rest of bills car insurance, kids, food, you name it around $4,000 a month. So I am at $17,7000 month budget.

I cant afford nothing, have not been on a real vacation in three years. My car is a nine year old american car overdue for an oil change. My wife a 8 year old american car. [/quote]

350K income here. One SAH. PITI $4600 NWDC in a 1m house. Don't need to take vacations - we've BTDT all over the world. I drive a 10-year-old Toyota with 80K miles on it, and I will drive that sumbitch into the ground, then will get on Craigslist and buy another used one and drive it for 10+ years. 1 kid in public school, 1 kid in college. We save 70K per year plus max out 401K. We DIY whatever we can and have fun doing it. We furnished our house off of Craigslist over the course of a year (West Elm, CB2, Restoration Hardware, DWR, C&B, Pottery Barn). Our house looks stylish enough and we saved a ton of money buying stuff used (hope we didn't bring in bed bugs, though). Anyway, at 350K a year, we feel super rich[b]. I open up the car door and sit in the 10 years of stink and it's comforting. I don't worry that someone is going to scratch or ding the car, or if the dog is going to puke in it. That's freedom. [/b]Your lifestyle is high-stress with all the things you buy and what you think you need. [/quote]

I drove an old car for years.  We don’t even use a car on a regular basis.  BUT - I wouldn’t be too smug about driving a 10 year old car when you have kids.  If you get in a major wreck and don’t have the latest safety features you won’t be as smug.  Especially if your kid gets injured so you can save a few bucks.

You’re pretty much proving the point of the post.  Driving an old, probably unsafe car and shopping on Craigslist for furniture isn’t a “rich” lifestyle.  What you described is very middle class.  Same with not taking vacations.

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