True middle class cannot afford full college, full retirement and own a nice home. You all are upper middle class or rich.

Anonymous wrote:We make $280k, have a NW of $1.1M, and are definitely middle class too. We can save for retirement and college, which I'm very grateful for. But we live in a small/old house, drive basic cars, and need to be mindful of our budget to be able to save for those things. We're not living large by any means.

Same here. College savings (and current college expenses), retirement savings, healthcare, and trying to get the house paid off before we're 60 (10 more years!) certainly eats up the majority of "extra" money. That said, we are also grateful we have that to use towards all of those things. It's almost like upper middle class these days doesn't mean the vacations, Volvos, and country clubs as it did in the 80s and 90s. Rather, it means that you can afford to properly save for your future (and your childrens' education). Doesn't look flashy but means a lot in the end.

Age 46/52. We make $170k with $900k of net worth in a good mix of home asset, retirement, and 529 along with a decent pension. I definitely feel upper middle class knowing that my family will never have major money worries.

Rich no. But a heck of a lot more settled then my childhood middle class lifestyle.

I believe it. There was a caller to the Ramsey show the other day that had $9M in investments and making $1.4 annually, who thought he shouldn't be spending $15k on a vacation. Even the hosts laughed at him.

We make $280k, have a NW of $1.1M, and are definitely middle class too. We can save for retirement and college, which I'm very grateful for. But we live in a small/old house, drive basic cars, and need to be mindful of our budget to be able to save for those things. We're not living large by any means.

We’re millionaires and are definitely middle class. We make 240k. I’m sure we’re upper middle class but definitely still middle class. I feel like most UMC people have a million if they are saving. Dh and I both have 400k in retirement (800k total) plus 200k cash + 600k in our home (900k- mortgage).

I don’t feel broke or like I’m just getting by. We save quite a lot. I’m sure we could save more but we have small kids and throw money at problems now to keep our sanity.

Anonymous wrote:See, it isn't only on DCUM.

https://www.cnbc.com/2023/11/10/survey-31percent-of-millionaires-say-they-are-part-of-the-middle-class.html

A recent Ameriprise survey found that about 60% of milllionaires consider themselves "middle class." A quarter of households making $175k called themselves "very poor," "poor," or "getting by but things are tight." An Edelman Financial survey found that Americans said they'd need to earn $233,000 on average to feel financially secure and $483,000 to feel rich.

What about you?
1. What's your HHI and what do you consider yourself?
2. Do you feel poor, comfortable or rich? Why?
3. What level would you need to achieve to feel "rich?"

I mean, I get it. At the end of the day these people have more in common with those who live paycheck to paycheck than they do with the donor class who can take private jets and hire mega yachts.

When I was a child, I thought a million dollar house would have an Olympic pool, a lift and a butler. Today it’s a post-war shitbox on a fifth in Alexandria or Arlington.

So I understand the eyerolling at this. But if you really analyze it, the people saying this still have bills, they may have high fixed expenses, which is a factor of lifestyle creep, sure, but squeezes cash flow all the same. And they’re likely paying a higher rate of effective income tax due to the nature of their income, which is more likely derived from salary than tax sheltered investment returns.

I make $250k. I have two kids in college and pay all the tuition through a combination of 529 savings since they were babies (which affected cash flow in those days) and pay as we go. I pay a bunch of alimony. I have older cars but insurance, maintenance/repairs and property taxes are big bills twice a year. I lost two elderly dogs who ran up a lot of vet bills before they died. My mortgage is relatively modest as is my house but I pay it alone.

I am not complaining and know I am not poor. And I realize someone struggling looks at me and the things I have and thinks I am rich. And to some degree I am. But please don’t conflate me with Bezos or some influencer earning $25 million a year.

We have a lower-middle class income, but millions in assets that we are not spending apart from funneling a portion into college costs.

So in my case, yes, I do consider myself middle class, because my total yearly expenditure never goes beyond what the middle class is spending.

I realize how out of touch this sounds to people who earn, say, 70k per year, because that’s how I grew up. But DH and I now make almost 250k together and I feel like we’re middle class. This is how:

After deductions for health care and retirement accounts, we take home $5000 together per payday, every two weeks.

We live in a small row house with three beds, two baths. Our mortgage is $3500/month. We save $1000 each month in 529s, our kids are approaching college, and we have less than 30k in each 529. (Two years ago, HHI was much lower so we were saving $500/month between them.) All our other expenses are super normal: utilities, gas, phone and internet, groceries, medical bills, orthodontia, therapy. We take one vacation a year, never overseas. Kids are in public schools. There’s nothing ostentatious in any of our spending, except maybe our insane grocery bills and our maxing out of 401ks. I actually don’t remember how we did it when we were only making 120k, except that we weren’t saving much for retirement and college.

1. We're in the top 1% for our metropolitan area (over $485K). Technically we're rich on paper but I consider us UMC.

2. We're comfortable. Tuition is major $ suck but even with 3 tuition payments we can buy/do what we want within reason without much thought. We still budget each month.

3. No idea the $ amount but at a point where money is nevr a consideration. Several million a year? Don't know just spitballing.

Million is not much maybe 30 years ago

My income is highly variable but we're probably in the 400-500K / year. I live in a small townhouse so I sure as hell don't feel rich.

These questions are so fact-specific. We earn a lot of money but my spouse insists on providing for extended family members, so we never feel rich, even though most of you would balk at that because our income is so high.

Doesn't suprise me. Rich people are truly in denial. Or stupid. One or the other.

I consider my family upper middle class. Our household income is $180K.

The average household income for our region is $90K, and we earn twice that, so upper middle class.

If I ever was rich it wouldn't be because of my income. It would be because of how much money I had in the bank / in the market. To feel rich, it would take $5 Million.

See, it isn't only on DCUM.

https://www.cnbc.com/2023/11/10/survey-31percent-of-millionaires-say-they-are-part-of-the-middle-class.html

A recent Ameriprise survey found that about 60% of milllionaires consider themselves "middle class." A quarter of households making $175k called themselves "very poor," "poor," or "getting by but things are tight." An Edelman Financial survey found that Americans said they'd need to earn $233,000 on average to feel financially secure and $483,000 to feel rich.

What about you?
1. What's your HHI and what do you consider yourself?
2. Do you feel poor, comfortable or rich? Why?
3. What level would you need to achieve to feel "rich?"