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Reply to "31% of millionaires think they're middle class"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]1. Combined of about $400k. Bonus of about $200k this year. UMC 2. Comfortable, but not rich. The bonus is variable, some of it is equity, and I (70% of HHI) could be laid off at any time. Net worth of about $3.5M in our mid 40s, $1.8M 401k, $1.2M after tax, $500k home equity. We have 3 kids, are paying for a nanny, and are “time poor”. That means we’re often buying time, ordering takeout, etc. I often avoid taking toll roads, book flights out of inconvenient airports like BWI, book flights with layovers, etc. I’m buying 5 plane tickets every time we travel. Inflation has pushed prices on everything way up. 3. $8M? [/quote] Now imagine the life of a family of 5 on $80K income (average for DMV). You say your time poor - so are those working 12 hour shifts or two jobs where they are standing all day long. I wouldn't trade my office job for a McDonalds job even if it were the same salary - I know that those folks work harder than me everyday and are way more tired at the end of their shift than I am. I also know that society has decided that I'm more productive then McD workers - even if I'm actually "working" only 4-6 hours per day. I'm self aware of my privilege and realize that I'm UMC (even UC), even if I'm frugal with my daily expenses because I save for expense 10-20 years down the road. [/quote] This. Many of the expenses listed are luxuries. [/quote]
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