Anonymous wrote:

Anonymous wrote:For me, a net worth of at least 10 million is rich.
1-10 mil is UMC

Agree.

Fwiw we make between 500-750k depending on bonuses, have a little over 3 million excluding our house, and we live a pretty middle class lifestyle.

Our biggest splurge is travel where we probably spend around 30-40k, which I completely understand is a luxury not a necessity. But even there we are flying coach and staying in AirBnB

Oh my God. Stop it. We are in the same household income. Actually a little bit more this year. Last year was 700k. This year's 850k

you are not middle class because you use an Airbnb and fly coach. You're spending 30 to 40 thousand on travel.

even if you separate class from income, you are in the top 2% of incomes in the entire country.

people need to get over this idea just because there are what, 1% of people making more than you that you are not in fact wealthy or rich or doing incredibly well

YOU ARE NOT MIDDLE CLASS! go out into the real world. Watching TV. Get some perspective and see what true middle-class is like.

I posted at 9:31 but 9:30 makes my point exactly

Anonymous wrote:For me, a net worth of at least 10 million is rich.
1-10 mil is UMC

Agree.

Fwiw we make between 500-750k depending on bonuses, have a little over 3 million excluding our house, and we live a pretty middle class lifestyle.

Our biggest splurge is travel where we probably spend around 30-40k, which I completely understand is a luxury not a necessity. But even there we are flying coach and staying in AirBnB

UMC is just a “polite” way of saying rich.

Anonymous wrote:

Rich is such a gauche term. Ugh.

Net worth

I think it’s something like 10% of Americans have a million or more

3% have 3 million or more

1% have 8 million or more

Pretty sure that is just cash and investments, excluding primary residence (because you have to live somewhere)

For me, a net worth of at least 10 million is rich.
1-10 mil is UMC

Can we not with the salary?

We made 236k last year. Live in a 400k house and have 4 kids and are squarely middle class. In fact some people might consider us lower middle class.

There are several variable involved. How much you make. How many kids. Family money. Assets.

I like to draw a distinction between being rich and being wealthy. If you’re supporting an UMC lifestyle on your yearly salary, you’re definitely rich. If losing your job means that lifestyle would go away, then you’re certainly not wealthy.

I think it is more salary. One million a year salary or more.

Anonymous wrote:Rich, for me, is about accumulated wealth. If you don’t need to work for money, if have a few million saved, I consider that rich. I only know 4-5 households where that’s the case. I don’t know what I would call people with a high HHI but not much savings. In the accumulation phase?

This. The ability to never have to work again. Of course, everyone’s standard for this is different. But for me that’s about $3m and no debt.

Rich, for me, is about accumulated wealth. If you don’t need to work for money, if have a few million saved, I consider that rich. I only know 4-5 households where that’s the case. I don’t know what I would call people with a high HHI but not much savings. In the accumulation phase?

I think the line is somewhere between $200k and $250 in the DMV.

Is rich based on net worth or income or mixture?