Anonymous
Post 01/26/2021 07:35     Subject: Ok DCUrban Mums. What is Rich
Anonymous wrote:We feel upper middle class in Northern VA but would be considered rich. Our lifestyle would not be viewed as rich and our friends do not think we are rich. I look at my brother who is worth $35 - 50 million as rich.

We (early 50s) make $340K annually on W2 income, but our net worth is ~ $ 9 million. But we have always lived below our means, no family money involved except my doctor spouse had no student loans. We have no debt, 10% of our net worth is in our kids 529 plans. Our home in NoVA was purchased for less than a million, but is about $1.5 now, but less than 3,500 sq ft. About $2.5 M in retirement accounts. I made a lot of money early in my career in big law, but stepped back some years ago to work as a fed with much less salary. Our kids attend public schools. We don't have a 2nd home and drive Toyotas and Hondas

We don't budget, but we are debt free and don't spend frivolusly, and most expenses outside of living expenses are kid activity related. We have been lucky with real estate before prices jumped, and we invest our money ourselves in passive index funds.

We have many friends who are heads of businesses, attorneys partners, specialist doctors, finance, etc who make much more than we do and live more lavishly, and probably worth much more than we are worth.

So objectively we are wealthy, but we live a very modest upper middle class lifestyle compared with our peers and neighbors.


What drives you to be so class obsessed? Did you grow up feeling inadequate? Do you have higher achieving siblings that have caused you to be insecure?

Trying to understand where all this insecurity comes from.
Anonymous
Post 01/26/2021 07:03     Subject: Ok DCUrban Mums. What is Rich
We feel upper middle class in Northern VA but would be considered rich. Our lifestyle would not be viewed as rich and our friends do not think we are rich. I look at my brother who is worth $35 - 50 million as rich.

We (early 50s) make $340K annually on W2 income, but our net worth is ~ $ 9 million. But we have always lived below our means, no family money involved except my doctor spouse had no student loans. We have no debt, 10% of our net worth is in our kids 529 plans. Our home in NoVA was purchased for less than a million, but is about $1.5 now, but less than 3,500 sq ft. About $2.5 M in retirement accounts. I made a lot of money early in my career in big law, but stepped back some years ago to work as a fed with much less salary. Our kids attend public schools. We don't have a 2nd home and drive Toyotas and Hondas

We don't budget, but we are debt free and don't spend frivolusly, and most expenses outside of living expenses are kid activity related. We have been lucky with real estate before prices jumped, and we invest our money ourselves in passive index funds.

We have many friends who are heads of businesses, attorneys partners, specialist doctors, finance, etc who make much more than we do and live more lavishly, and probably worth much more than we are worth.

So objectively we are wealthy, but we live a very modest upper middle class lifestyle compared with our peers and neighbors.
Anonymous
Post 01/26/2021 06:09     Subject: Ok DCUrban Mums. What is Rich
Anonymous wrote:I’m so tired of everyone saying they are middle class. And then, everyone saying - No! You are not.

**** Let’s get to the bottom of this ****
What is Rich? When do you exit middle class?
What HHI do you have & what worries do you NOT have?
Do you roll in your money?

Be proud. I’m listening.


Why are you all so class obsessed?
Anonymous
Post 01/26/2021 06:07     Subject: Re:Ok DCUrban Mums. What is Rich
Income won’t tell you much. You need net worth.
Anonymous
Post 01/26/2021 05:45     Subject: Ok DCUrban Mums. What is Rich
Anonymous wrote:I’m so tired of everyone saying they are middle class. And then, everyone saying - No! You are not.

**** Let’s get to the bottom of this ****
What is Rich? When do you exit middle class?
What HHI do you have & what worries do you NOT have?
Do you roll in your money?

Be proud. I’m listening.

DCUM definition:

I am MC or UMC
Whoever makes more than me is rich
Whoever makes less than me is poor.
Anonymous
Post 01/26/2021 00:26     Subject: Ok DCUrban Mums. What is Rich
Anonymous wrote:This post will get you no where. But I'll share what a rich person once told me -- if you have to work for your money, you're not truly rich.
My takeaway: it's all in the eye of the beholder.


Nope. It is in the hard drive of my PRIVATE banker in our HNIW office.
Anonymous
Post 01/26/2021 00:21     Subject: Ok DCUrban Mums. What is Rich
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I’m so tired of everyone saying they are middle class. And then, everyone saying - No! You are not.

**** Let’s get to the bottom of this ****
What is Rich? When do you exit middle class?
What HHI do you have & what worries do you NOT have?
Do you roll in your money?

Be proud. I’m listening.


Since you’re listening, I hope you hear that this kind of post is annoying as hell. Seriously, who cares?


+1. Oh my god! So sick of these threads.


And yet, you post.
Anonymous
Post 01/26/2021 00:17     Subject: Ok DCUrban Mums. What is Rich
Anonymous wrote:
Anonymous wrote:I’m so tired of everyone saying they are middle class. And then, everyone saying - No! You are not.

**** Let’s get to the bottom of this ****
What is Rich? When do you exit middle class?
What HHI do you have & what worries do you NOT have?
Do you roll in your money?

Be proud. I’m listening.


Since you’re listening, I hope you hear that this kind of post is annoying as hell. Seriously, who cares?


+1. Oh my god! So sick of these threads.
Anonymous
Post 01/25/2021 23:40     Subject: Ok DCUrban Mums. What is Rich
When you can live your life year over year without budgeting or feeling limited by finances.
Anonymous
Post 01/25/2021 23:39     Subject: Ok DCUrban Mums. What is Rich
This post will get you no where. But I'll share what a rich person once told me -- if you have to work for your money, you're not truly rich.
My takeaway: it's all in the eye of the beholder.
Anonymous
Post 01/25/2021 23:31     Subject: Ok DCUrban Mums. What is Rich
Anonymous wrote:I’m so tired of everyone saying they are middle class. And then, everyone saying - No! You are not.

**** Let’s get to the bottom of this ****
What is Rich? When do you exit middle class?
What HHI do you have & what worries do you NOT have?
Do you roll in your money?

Be proud. I’m listening.


Since you’re listening, I hope you hear that this kind of post is annoying as hell. Seriously, who cares?
Anonymous
Post 01/25/2021 23:26     Subject: Ok DCUrban Mums. What is Rich
Anonymous wrote:You exit middle class at 400k


what are you considered at this HHI?
Anonymous
Post 01/25/2021 23:23     Subject: Ok DCUrban Mums. What is Rich
You exit middle class at 400k
Anonymous
Post 01/25/2021 23:16     Subject: Ok DCUrban Mums. What is Rich

It depends whether you compute by income or by net worth, and whether you take into account cost of living by location.

We have low income but high assets, so we live like the middle class (defined by PEW as earning between 42K-126K HHI nationally) yet are in the top 10% in terms of net worth.

Anonymous
Post 01/25/2021 23:07     Subject: Ok DCUrban Mums. What is Rich
I’m so tired of everyone saying they are middle class. And then, everyone saying - No! You are not.

**** Let’s get to the bottom of this ****
What is Rich? When do you exit middle class?
What HHI do you have & what worries do you NOT have?
Do you roll in your money?

Be proud. I’m listening.