Anonymous
05/16/2017 15:33
Subject: What is Middle Class....Really?
Anonymous wrote:https://finance.yahoo.com/news/one-couple-feels-like-theyre-scraping-500k-year-144630331.html
According to the author, "they are living comfortably, but not large."
Anonymous
05/16/2017 15:28
Subject: What is Middle Class....Really?
Anonymous
05/16/2017 13:45
Subject: Re:What is Middle Class....Really?
Anonymous wrote:Anonymous wrote:When I was being taught how to fundraise, the grizzled old consultant asked a question to the group of trainees (all fresh out of college). The whole room guessed and guessed.
"100k per year." No.
"200k per year" No.
"300k per year." No. ...
"1m per year?"
Answer: 20m in the bank.
Why? As this fundraising consultant put it. "For most families you can really feel income increases up to about 80 grand per year, give or take. Below that, its hard to make ends meet. Above that, you can essentially afford to live, but it becomes a question of gradations of nice. As income goes up public school ----> becomes public schools in an expensive boundry ----> becomes catholic school ----> becomes private school ----> becomes boarding school. Your families one used honda civic becomes ----> 2 used civics ---->becomes 2 VWs ----> becomes 2+ Audi/BMW/Mercedes/Lexus type cars ---> becomes 4-5 nice cars include possibly a total "toy" of a sports car. Your YMCA membership ----> becomes a Vida membership becomes ----> country club membership ----> multiple club ----> Yosemite club membership. A 3br TH ----> becomes a 4br SFH ----> 8000 sf mc mansion ----> 8000 sf + vacation homes.
20 million in the bank is the point at which the average person can't accidentally slide their way into higher COH spending it all without going nuts.
Between 80k/year and 20 million in the bank...the rest just comes down to how good of a saver you are / how good your financial decisions are. Thats why some people say "we live a great life off 180k HHI here" and others might say "we have 430k HHI and can't afford extras."
The latter typifies the effect he was describing. The former are people who are learning to build wealth / live as if they are "upper class." The latter will always feel poor no matter how much they make...until they have about 20m in the bank. Then -- barring a crazy coke problem -- they should have trouble spending it.
Are you saying between 80k and 20 million in the bank is middle class??
PP here. No I am saying that between 80k and 20 million net worth the gradations (lower middle, middle, upper middle, wealthy but feels middle class, etc) become more subjective and largely based on how much you save/how wise you are financially and less about actual income. So someone making 180k could be well on their way to wealthy while someone making 400k could feel constantly broke.
Anonymous
05/16/2017 13:28
Subject: Re:What is Middle Class....Really?
Anonymous wrote:When I was being taught how to fundraise, the grizzled old consultant asked a question to the group of trainees (all fresh out of college). The whole room guessed and guessed.
"100k per year." No.
"200k per year" No.
"300k per year." No. ...
"1m per year?"
Answer: 20m in the bank.
Why? As this fundraising consultant put it. "For most families you can really feel income increases up to about 80 grand per year, give or take. Below that, its hard to make ends meet. Above that, you can essentially afford to live, but it becomes a question of gradations of nice. As income goes up public school ----> becomes public schools in an expensive boundry ----> becomes catholic school ----> becomes private school ----> becomes boarding school. Your families one used honda civic becomes ----> 2 used civics ---->becomes 2 VWs ----> becomes 2+ Audi/BMW/Mercedes/Lexus type cars ---> becomes 4-5 nice cars include possibly a total "toy" of a sports car. Your YMCA membership ----> becomes a Vida membership becomes ----> country club membership ----> multiple club ----> Yosemite club membership. A 3br TH ----> becomes a 4br SFH ----> 8000 sf mc mansion ----> 8000 sf + vacation homes.
20 million in the bank is the point at which the average person can't accidentally slide their way into higher COH spending it all without going nuts.
Between 80k/year and 20 million in the bank...the rest just comes down to how good of a saver you are / how good your financial decisions are. Thats why some people say "we live a great life off 180k HHI here" and others might say "we have 430k HHI and can't afford extras."
The latter typifies the effect he was describing. The former are people who are learning to build wealth / live as if they are "upper class." The latter will always feel poor no matter how much they make...until they have about 20m in the bank. Then -- barring a crazy coke problem -- they should have trouble spending it.
Are you saying between 80k and 20 million in the bank is middle class??
Anonymous
05/16/2017 13:07
Subject: Re:What is Middle Class....Really?
When I was being taught how to fundraise, the grizzled old consultant asked a question to the group of trainees (all fresh out of college). The whole room guessed and guessed.
"100k per year." No.
"200k per year" No.
"300k per year." No. ...
"1m per year?"
Answer: 20m in the bank.
Why? As this fundraising consultant put it. "For most families you can really feel income increases up to about 80 grand per year, give or take. Below that, its hard to make ends meet. Above that, you can essentially afford to live, but it becomes a question of gradations of nice. As income goes up public school ----> becomes public schools in an expensive boundry ----> becomes catholic school ----> becomes private school ----> becomes boarding school. Your families one used honda civic becomes ----> 2 used civics ---->becomes 2 VWs ----> becomes 2+ Audi/BMW/Mercedes/Lexus type cars ---> becomes 4-5 nice cars include possibly a total "toy" of a sports car. Your YMCA membership ----> becomes a Vida membership becomes ----> country club membership ----> multiple club ----> Yosemite club membership. A 3br TH ----> becomes a 4br SFH ----> 8000 sf mc mansion ----> 8000 sf + vacation homes.
20 million in the bank is the point at which the average person can't accidentally slide their way into higher COH spending it all without going nuts.
Between 80k/year and 20 million in the bank...the rest just comes down to how good of a saver you are / how good your financial decisions are. Thats why some people say "we live a great life off 180k HHI here" and others might say "we have 430k HHI and can't afford extras."
The latter typifies the effect he was describing. The former are people who are learning to build wealth / live as if they are "upper class." The latter will always feel poor no matter how much they make...until they have about 20m in the bank. Then -- barring a crazy coke problem -- they should have trouble spending it.
"100k per year." No.
"200k per year" No.
"300k per year." No. ...
"1m per year?"
Answer: 20m in the bank.
Why? As this fundraising consultant put it. "For most families you can really feel income increases up to about 80 grand per year, give or take. Below that, its hard to make ends meet. Above that, you can essentially afford to live, but it becomes a question of gradations of nice. As income goes up public school ----> becomes public schools in an expensive boundry ----> becomes catholic school ----> becomes private school ----> becomes boarding school. Your families one used honda civic becomes ----> 2 used civics ---->becomes 2 VWs ----> becomes 2+ Audi/BMW/Mercedes/Lexus type cars ---> becomes 4-5 nice cars include possibly a total "toy" of a sports car. Your YMCA membership ----> becomes a Vida membership becomes ----> country club membership ----> multiple club ----> Yosemite club membership. A 3br TH ----> becomes a 4br SFH ----> 8000 sf mc mansion ----> 8000 sf + vacation homes.
20 million in the bank is the point at which the average person can't accidentally slide their way into higher COH spending it all without going nuts.
Between 80k/year and 20 million in the bank...the rest just comes down to how good of a saver you are / how good your financial decisions are. Thats why some people say "we live a great life off 180k HHI here" and others might say "we have 430k HHI and can't afford extras."
The latter typifies the effect he was describing. The former are people who are learning to build wealth / live as if they are "upper class." The latter will always feel poor no matter how much they make...until they have about 20m in the bank. Then -- barring a crazy coke problem -- they should have trouble spending it.
Anonymous
05/16/2017 11:46
Subject: Re:What is Middle Class....Really?
Anonymous wrote:Middle class = enough to live a nice life today
Upper middle class = if smart and frugal, enough to maintain a good standard of living in retirement without counting on social security
I agree - this is a pretty good definition.
Anonymous
05/16/2017 11:17
Subject: Re:What is Middle Class....Really?
Middle class = enough to live a nice life today
Upper middle class = if smart and frugal, enough to maintain a good standard of living in retirement without counting on social security
Upper middle class = if smart and frugal, enough to maintain a good standard of living in retirement without counting on social security
Anonymous
05/15/2017 12:44
Subject: Re:What is Middle Class....Really?
OK.....here's where I think the dividing line is between middle-class and lower-middle (or even lower class) for ONE person, based on my own observation of how far money goes in the DC suburbs. (NOT the city.)
I have a friend who had been earning $65,000 in an administrative assistant type job. (She did not go to college.) Sometimes she would complain about money being tight, but she still managed to go for pedicures, buy a new car, eat at pretty nice restaurants, and go on mid-priced vacations, while renting an apartment in an OK neighborhood. (I have no idea if she was saving any money, but honestly....I doubt it was much.) But two years ago, at age 57, she lost that job and spent a long time finding a replacement. She finally did, but it's for $45,000. She wasn't happy with the salary, but she took it, realizing how hard it is for someone late 50s to find a job.
Boy, has her life changed. She no longer can afford to go to the theater, does her own toe nails, cooks and eats at home, does not travel at all, and has even told me she could not afford to meet me at this very reasonable place for lunch. (I treated her.) so I'd say the dividing line between middle class and "just getting by" is $65,000 vs $45,000.
I have a friend who had been earning $65,000 in an administrative assistant type job. (She did not go to college.) Sometimes she would complain about money being tight, but she still managed to go for pedicures, buy a new car, eat at pretty nice restaurants, and go on mid-priced vacations, while renting an apartment in an OK neighborhood. (I have no idea if she was saving any money, but honestly....I doubt it was much.) But two years ago, at age 57, she lost that job and spent a long time finding a replacement. She finally did, but it's for $45,000. She wasn't happy with the salary, but she took it, realizing how hard it is for someone late 50s to find a job.
Boy, has her life changed. She no longer can afford to go to the theater, does her own toe nails, cooks and eats at home, does not travel at all, and has even told me she could not afford to meet me at this very reasonable place for lunch. (I treated her.) so I'd say the dividing line between middle class and "just getting by" is $65,000 vs $45,000.
Anonymous
05/15/2017 12:34
Subject: Re:What is Middle Class....Really?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:
I think you need to reexamine your life. You sound mean and angry. What's wrong? Upset you don't make $350k/year?
Ha, not at all. I'm not actually the OP so I have no skin in the game, I just stepped in because the claim that a family that makes $350,000 a year couldn't afford to fly first class to Europe unless they had an inheritance was so laughable I had to say something
I'm not the idiot who keeps insulting the other poster about her 100k income, but seriously, a family with HHI of 350k cannot afford a first class trip to Europe without outside help, saving for years, or running out of money for other things. In this area, 350k will get you a middle class lifestyle, nothing more. Expenses have gone up, and a 6 figure income doesn't get you much. To the people making less than 250k in this or other hcol area, do you have everything a middle class lifestyle provides without struggling? A family of at least 4, 3-4 bedroom house in a nice, safe neighborhood zoned to good schools, couple of moderate vacations a year, able to help with college because expenses have risen astronomically?
HHI of about 220K and yes, we actually do.
I'd love to see your budget. What's your mortgage? What is your budget annually for a couple of modest vacations?
NP - I make around 100k - one child - and I feel like we live a pretty nice life. We even take vacations from time to time! Shocking I realize.....
I'm sure you do live a nice life. Your expectations of what constitutes a "nice life" is different than families making $50,000 HHI or $250,000 HHI.
I'm not sure what you mean really. I would expect some sort of different life at 250k? In what way? We have a nice house, good schools, and we take vacations. What else do we need??
How much are you saving annually for retirement, and what age do you hope to retire - before 65? At 250K, you would be expected to fund all of your childrens' college costs; at $100,000, you will be able to get some loans and perhaps even some scholarships. When you say you vacation, is it camping down the shore or ten days in Italy?
I honestly don't think I will get need based college fund at 100k. But I'd love to be wrong.
Vacations in the past few years have been England/France (one week), Adirondacks, Disney and Sanibel Island.
Retirement will be mid-60s I hope.
So are you saving enough to fund most of your childrens' college costs (if you wanted to pay for college)? Will you retire on social security mainly? The point of these questions is that if you had a $250K HHI, you might wish to retire at 60 rather than 65, and you might expect to fund your retirement mainly out of earnings from investment rather than social security. Not much difference in your day to day lifestyle now.
Anonymous
05/15/2017 12:29
Subject: Re:What is Middle Class....Really?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:
I think you need to reexamine your life. You sound mean and angry. What's wrong? Upset you don't make $350k/year?
Ha, not at all. I'm not actually the OP so I have no skin in the game, I just stepped in because the claim that a family that makes $350,000 a year couldn't afford to fly first class to Europe unless they had an inheritance was so laughable I had to say something
I'm not the idiot who keeps insulting the other poster about her 100k income, but seriously, a family with HHI of 350k cannot afford a first class trip to Europe without outside help, saving for years, or running out of money for other things. In this area, 350k will get you a middle class lifestyle, nothing more. Expenses have gone up, and a 6 figure income doesn't get you much. To the people making less than 250k in this or other hcol area, do you have everything a middle class lifestyle provides without struggling? A family of at least 4, 3-4 bedroom house in a nice, safe neighborhood zoned to good schools, couple of moderate vacations a year, able to help with college because expenses have risen astronomically?
HHI of about 220K and yes, we actually do.
I'd love to see your budget. What's your mortgage? What is your budget annually for a couple of modest vacations?
NP - I make around 100k - one child - and I feel like we live a pretty nice life. We even take vacations from time to time! Shocking I realize.....
I'm sure you do live a nice life. Your expectations of what constitutes a "nice life" is different than families making $50,000 HHI or $250,000 HHI.
I'm not sure what you mean really. I would expect some sort of different life at 250k? In what way? We have a nice house, good schools, and we take vacations. What else do we need??
How much are you saving annually for retirement, and what age do you hope to retire - before 65? At 250K, you would be expected to fund all of your childrens' college costs; at $100,000, you will be able to get some loans and perhaps even some scholarships. When you say you vacation, is it camping down the shore or ten days in Italy?
DP, but I earn just under $110,000 and live very well, too. I'm single with no young kids - so that makes a difference,I suppose - and own a rather upscale $600,000 townhouse in a nice neighborhood, eat out at least three times a week with friends, go to movies or a play maybe three times a month, buy whatever clothes I feel like, belong to a tennis club (I'm getting better!), take a couple of mini-vacations a year (like three nights at Ocean City) and one big trip (like a 10-day Panama Canal cruise, which I did last winter), and still manage to save 10% of my income for retirement. I have one young adult child and give her nice gifts, too, (including treating her to the cruise I just mentioned.) I think I'm living a very nice life, too. What else would I need?
Um yeah, single with just one child (and it sounds like she doesn't live with you) would have a totally different lifestyle than a family of 4 making the same amount...sounds like you have a nice life though, I'm jealous
Well, you can be jealous NOW....but I had to watch my spending closely in my earlier years, when I was earning less - and had a child still at home. The last several years have been easy, though.
Anonymous
05/15/2017 12:07
Subject: Re:What is Middle Class....Really?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:
I think you need to reexamine your life. You sound mean and angry. What's wrong? Upset you don't make $350k/year?
Ha, not at all. I'm not actually the OP so I have no skin in the game, I just stepped in because the claim that a family that makes $350,000 a year couldn't afford to fly first class to Europe unless they had an inheritance was so laughable I had to say something
I'm not the idiot who keeps insulting the other poster about her 100k income, but seriously, a family with HHI of 350k cannot afford a first class trip to Europe without outside help, saving for years, or running out of money for other things. In this area, 350k will get you a middle class lifestyle, nothing more. Expenses have gone up, and a 6 figure income doesn't get you much. To the people making less than 250k in this or other hcol area, do you have everything a middle class lifestyle provides without struggling? A family of at least 4, 3-4 bedroom house in a nice, safe neighborhood zoned to good schools, couple of moderate vacations a year, able to help with college because expenses have risen astronomically?
HHI of about 220K and yes, we actually do.
I'd love to see your budget. What's your mortgage? What is your budget annually for a couple of modest vacations?
NP - I make around 100k - one child - and I feel like we live a pretty nice life. We even take vacations from time to time! Shocking I realize.....
I'm sure you do live a nice life. Your expectations of what constitutes a "nice life" is different than families making $50,000 HHI or $250,000 HHI.
I'm not sure what you mean really. I would expect some sort of different life at 250k? In what way? We have a nice house, good schools, and we take vacations. What else do we need??
How much are you saving annually for retirement, and what age do you hope to retire - before 65? At 250K, you would be expected to fund all of your childrens' college costs; at $100,000, you will be able to get some loans and perhaps even some scholarships. When you say you vacation, is it camping down the shore or ten days in Italy?
DP, but I earn just under $110,000 and live very well, too. I'm single with no young kids - so that makes a difference,I suppose - and own a rather upscale $600,000 townhouse in a nice neighborhood, eat out at least three times a week with friends, go to movies or a play maybe three times a month, buy whatever clothes I feel like, belong to a tennis club (I'm getting better!), take a couple of mini-vacations a year (like three nights at Ocean City) and one big trip (like a 10-day Panama Canal cruise, which I did last winter), and still manage to save 10% of my income for retirement. I have one young adult child and give her nice gifts, too, (including treating her to the cruise I just mentioned.) I think I'm living a very nice life, too. What else would I need?
Um yeah, single with just one child (and it sounds like she doesn't live with you) would have a totally different lifestyle than a family of 4 making the same amount...sounds like you have a nice life though, I'm jealous
Anonymous
05/15/2017 11:56
Subject: Re:What is Middle Class....Really?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:
I think you need to reexamine your life. You sound mean and angry. What's wrong? Upset you don't make $350k/year?
Ha, not at all. I'm not actually the OP so I have no skin in the game, I just stepped in because the claim that a family that makes $350,000 a year couldn't afford to fly first class to Europe unless they had an inheritance was so laughable I had to say something
I'm not the idiot who keeps insulting the other poster about her 100k income, but seriously, a family with HHI of 350k cannot afford a first class trip to Europe without outside help, saving for years, or running out of money for other things. In this area, 350k will get you a middle class lifestyle, nothing more. Expenses have gone up, and a 6 figure income doesn't get you much. To the people making less than 250k in this or other hcol area, do you have everything a middle class lifestyle provides without struggling? A family of at least 4, 3-4 bedroom house in a nice, safe neighborhood zoned to good schools, couple of moderate vacations a year, able to help with college because expenses have risen astronomically?
HHI of about 220K and yes, we actually do.
I'd love to see your budget. What's your mortgage? What is your budget annually for a couple of modest vacations?
NP - I make around 100k - one child - and I feel like we live a pretty nice life. We even take vacations from time to time! Shocking I realize.....
I'm sure you do live a nice life. Your expectations of what constitutes a "nice life" is different than families making $50,000 HHI or $250,000 HHI.
I'm not sure what you mean really. I would expect some sort of different life at 250k? In what way? We have a nice house, good schools, and we take vacations. What else do we need??
How much are you saving annually for retirement, and what age do you hope to retire - before 65? At 250K, you would be expected to fund all of your childrens' college costs; at $100,000, you will be able to get some loans and perhaps even some scholarships. When you say you vacation, is it camping down the shore or ten days in Italy?
DP, but I earn just under $110,000 and live very well, too. I'm single with no young kids - so that makes a difference,I suppose - and own a rather upscale $600,000 townhouse in a nice neighborhood, eat out at least three times a week with friends, go to movies or a play maybe three times a month, buy whatever clothes I feel like, belong to a tennis club (I'm getting better!), take a couple of mini-vacations a year (like three nights at Ocean City) and one big trip (like a 10-day Panama Canal cruise, which I did last winter), and still manage to save 10% of my income for retirement. I have one young adult child and give her nice gifts, too, (including treating her to the cruise I just mentioned.) I think I'm living a very nice life, too. What else would I need?
Anonymous
05/15/2017 11:50
Subject: Re:What is Middle Class....Really?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:
I think you need to reexamine your life. You sound mean and angry. What's wrong? Upset you don't make $350k/year?
Ha, not at all. I'm not actually the OP so I have no skin in the game, I just stepped in because the claim that a family that makes $350,000 a year couldn't afford to fly first class to Europe unless they had an inheritance was so laughable I had to say something
I'm not the idiot who keeps insulting the other poster about her 100k income, but seriously, a family with HHI of 350k cannot afford a first class trip to Europe without outside help, saving for years, or running out of money for other things. In this area, 350k will get you a middle class lifestyle, nothing more. Expenses have gone up, and a 6 figure income doesn't get you much. To the people making less than 250k in this or other hcol area, do you have everything a middle class lifestyle provides without struggling? A family of at least 4, 3-4 bedroom house in a nice, safe neighborhood zoned to good schools, couple of moderate vacations a year, able to help with college because expenses have risen astronomically?
HHI of about 220K and yes, we actually do.
I'd love to see your budget. What's your mortgage? What is your budget annually for a couple of modest vacations?
NP - I make around 100k - one child - and I feel like we live a pretty nice life. We even take vacations from time to time! Shocking I realize.....
I'm sure you do live a nice life. Your expectations of what constitutes a "nice life" is different than families making $50,000 HHI or $250,000 HHI.
I'm not sure what you mean really. I would expect some sort of different life at 250k? In what way? We have a nice house, good schools, and we take vacations. What else do we need??
How much are you saving annually for retirement, and what age do you hope to retire - before 65? At 250K, you would be expected to fund all of your childrens' college costs; at $100,000, you will be able to get some loans and perhaps even some scholarships. When you say you vacation, is it camping down the shore or ten days in Italy?
I honestly don't think I will get need based college fund at 100k. But I'd love to be wrong.
Vacations in the past few years have been England/France (one week), Adirondacks, Disney and Sanibel Island.
Retirement will be mid-60s I hope.
Anonymous
05/15/2017 11:43
Subject: Re:What is Middle Class....Really?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:
I think you need to reexamine your life. You sound mean and angry. What's wrong? Upset you don't make $350k/year?
Ha, not at all. I'm not actually the OP so I have no skin in the game, I just stepped in because the claim that a family that makes $350,000 a year couldn't afford to fly first class to Europe unless they had an inheritance was so laughable I had to say something
I'm not the idiot who keeps insulting the other poster about her 100k income, but seriously, a family with HHI of 350k cannot afford a first class trip to Europe without outside help, saving for years, or running out of money for other things. In this area, 350k will get you a middle class lifestyle, nothing more. Expenses have gone up, and a 6 figure income doesn't get you much. To the people making less than 250k in this or other hcol area, do you have everything a middle class lifestyle provides without struggling? A family of at least 4, 3-4 bedroom house in a nice, safe neighborhood zoned to good schools, couple of moderate vacations a year, able to help with college because expenses have risen astronomically?
HHI of about 220K and yes, we actually do.
I'd love to see your budget. What's your mortgage? What is your budget annually for a couple of modest vacations?
NP - I make around 100k - one child - and I feel like we live a pretty nice life. We even take vacations from time to time! Shocking I realize.....
I'm sure you do live a nice life. Your expectations of what constitutes a "nice life" is different than families making $50,000 HHI or $250,000 HHI.
I'm not sure what you mean really. I would expect some sort of different life at 250k? In what way? We have a nice house, good schools, and we take vacations. What else do we need??
How much are you saving annually for retirement, and what age do you hope to retire - before 65? At 250K, you would be expected to fund all of your childrens' college costs; at $100,000, you will be able to get some loans and perhaps even some scholarships. When you say you vacation, is it camping down the shore or ten days in Italy?
Anonymous
05/15/2017 11:39
Subject: Re:What is Middle Class....Really?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:
I think you need to reexamine your life. You sound mean and angry. What's wrong? Upset you don't make $350k/year?
Ha, not at all. I'm not actually the OP so I have no skin in the game, I just stepped in because the claim that a family that makes $350,000 a year couldn't afford to fly first class to Europe unless they had an inheritance was so laughable I had to say something
I'm not the idiot who keeps insulting the other poster about her 100k income, but seriously, a family with HHI of 350k cannot afford a first class trip to Europe without outside help, saving for years, or running out of money for other things. In this area, 350k will get you a middle class lifestyle, nothing more. Expenses have gone up, and a 6 figure income doesn't get you much. To the people making less than 250k in this or other hcol area, do you have everything a middle class lifestyle provides without struggling? A family of at least 4, 3-4 bedroom house in a nice, safe neighborhood zoned to good schools, couple of moderate vacations a year, able to help with college because expenses have risen astronomically?
HHI of about 220K and yes, we actually do.
I'd love to see your budget. What's your mortgage? What is your budget annually for a couple of modest vacations?
NP - I make around 100k - one child - and I feel like we live a pretty nice life. We even take vacations from time to time! Shocking I realize.....
I'm sure you do live a nice life. Your expectations of what constitutes a "nice life" is different than families making $50,000 HHI or $250,000 HHI.
I'm not sure what you mean really. I would expect some sort of different life at 250k? In what way? We have a nice house, good schools, and we take vacations. What else do we need??
mainly:
a college fund for the kids, not just a bs, maybe an ms, jd, or md.
retirement savings so that parents can be independent into old age and not have to expect children to help out
tutors/clubs/activities for kids
not worrying so much about unexpected expenses, not relying on others for help, etc...