Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think previous posters nailed it on why people at 300-350k feel middle class. T hey are spending most of their money on things that will reap benefits in the future. Childcare for the second income that later won’t require childcare, a mortgage that will pay off a home here, college savings so their kids don’t have any loans, and a large retirement fund that won’t need to pay for a mortgage or childcare.

So right now they feel very average and middle class. But later on they won’t.

I don’t know, I think it’s also a case of lifestyle creep. There’s no reason you can’t save AND live decently in the present on that income.

Lifestyle creep is definitely part of it. Everyone needs 2 nice cars, iPhone, cable package, eat dinner out once a week plus date nights, sports tickets, etc.... also vacations tend to get nicer, no longer taking the family camping you are instead renting a beach house for the week or flying somewhere to spend the week in a hotel, Disney maybe for the kids?

Absolutely! We are guilty of it too and make less than many on here who are grousing ($175k, dual income). We definitely indulge in things that my parents never could afford when I was a kid. Dinners out were for special occasions only, tickets to an MLB game or theater performance would have been a birthday gift. Whereas two weeks ago we were like hey it’s a nice day let’s go to the Nats game. AND we bought the overpriced food/beer there.

I guess the difference is that I recognize it and know how fortunate we are.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think previous posters nailed it on why people at 300-350k feel middle class. T hey are spending most of their money on things that will reap benefits in the future. Childcare for the second income that later won’t require childcare, a mortgage that will pay off a home here, college savings so their kids don’t have any loans, and a large retirement fund that won’t need to pay for a mortgage or childcare.

So right now they feel very average and middle class. But later on they won’t.

I don’t know, I think it’s also a case of lifestyle creep. There’s no reason you can’t save AND live decently in the present on that income.

Lifestyle creep is definitely part of it. Everyone needs 2 nice cars, iPhone, cable package, eat dinner out once a week plus date nights, sports tickets, etc.... also vacations tend to get nicer, no longer taking the family camping you are instead renting a beach house for the week or flying somewhere to spend the week in a hotel, Disney maybe for the kids?

Absolutely! We are guilty of it too and make less than many on here who are grousing ($175k, dual income). We definitely indulge in things that my parents never could afford when I was a kid. Dinners out were for special occasions only, tickets to an MLB game or theater performance would have been a birthday gift. Whereas two weeks ago we were like hey it’s a nice day let’s go to the Nats game. AND we bought the overpriced food/beer there.

I guess the difference is that I recognize it and know how fortunate we are.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think previous posters nailed it on why people at 300-350k feel middle class. T hey are spending most of their money on things that will reap benefits in the future. Childcare for the second income that later won’t require childcare, a mortgage that will pay off a home here, college savings so their kids don’t have any loans, and a large retirement fund that won’t need to pay for a mortgage or childcare.

So right now they feel very average and middle class. But later on they won’t.

I don’t know, I think it’s also a case of lifestyle creep. There’s no reason you can’t save AND live decently in the present on that income.

Lifestyle creep my foot. This is what $300K gets you in San Francisco.

https://www.msn.com/en-us/money/realestate/photos-show-the-dramatic-difference-between-an-dollar800k-home-in-texas-and-san-francisco/ar-BBV9RGN?ocid=spartanntp#image=BBV9RGN_1|1

San Fran is nuts. We have friends who moved from there to escape the prices. One sold her Oakland condo and was able to buy her DC condo outright. Another family bought in Arlington and said they never could have afforded anything comparable in San Fran.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think previous posters nailed it on why people at 300-350k feel middle class. T hey are spending most of their money on things that will reap benefits in the future. Childcare for the second income that later won’t require childcare, a mortgage that will pay off a home here, college savings so their kids don’t have any loans, and a large retirement fund that won’t need to pay for a mortgage or childcare.

So right now they feel very average and middle class. But later on they won’t.

I don’t know, I think it’s also a case of lifestyle creep. There’s no reason you can’t save AND live decently in the present on that income.

Lifestyle creep my foot. This is what $300K gets you in San Francisco.

https://www.msn.com/en-us/money/realestate/photos-show-the-dramatic-difference-between-an-dollar800k-home-in-texas-and-san-francisco/ar-BBV9RGN?ocid=spartanntp#image=BBV9RGN_1|1

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You guys do realize that most private schools in this area do not cost $47k, right? Those are the elite schools that cost that much. Again, they have nothing to do with middle class.

Most cost around 40K per year - very few are actually cheaper.

You’re not looking hard enough. Plenty of catholic schools are significantly cheaper.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think previous posters nailed it on why people at 300-350k feel middle class. T hey are spending most of their money on things that will reap benefits in the future. Childcare for the second income that later won’t require childcare, a mortgage that will pay off a home here, college savings so their kids don’t have any loans, and a large retirement fund that won’t need to pay for a mortgage or childcare.

So right now they feel very average and middle class. But later on they won’t.

I don’t know, I think it’s also a case of lifestyle creep. There’s no reason you can’t save AND live decently in the present on that income.

Lifestyle creep my foot. This is what $300K gets you in San Francisco.

https://www.msn.com/en-us/money/realestate/photos-show-the-dramatic-difference-between-an-dollar800k-home-in-texas-and-san-francisco/ar-BBV9RGN?ocid=spartanntp#image=BBV9RGN_1|1

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think previous posters nailed it on why people at 300-350k feel middle class. T hey are spending most of their money on things that will reap benefits in the future. Childcare for the second income that later won’t require childcare, a mortgage that will pay off a home here, college savings so their kids don’t have any loans, and a large retirement fund that won’t need to pay for a mortgage or childcare.

So right now they feel very average and middle class. But later on they won’t.

I don’t know, I think it’s also a case of lifestyle creep. There’s no reason you can’t save AND live decently in the present on that income.

Lifestyle creep is definitely part of it. Everyone needs 2 nice cars, iPhone, cable package, eat dinner out once a week plus date nights, sports tickets, etc.... also vacations tend to get nicer, no longer taking the family camping you are instead renting a beach house for the week or flying somewhere to spend the week in a hotel, Disney maybe for the kids?

Anonymous wrote:

Anonymous wrote:You guys do realize that most private schools in this area do not cost $47k, right? Those are the elite schools that cost that much. Again, they have nothing to do with middle class.

Most cost around 40K per year - very few are actually cheaper.

Anonymous wrote:

Anonymous wrote:I think previous posters nailed it on why people at 300-350k feel middle class. T hey are spending most of their money on things that will reap benefits in the future. Childcare for the second income that later won’t require childcare, a mortgage that will pay off a home here, college savings so their kids don’t have any loans, and a large retirement fund that won’t need to pay for a mortgage or childcare.

So right now they feel very average and middle class. But later on they won’t.

I don’t know, I think it’s also a case of lifestyle creep. There’s no reason you can’t save AND live decently in the present on that income.

Anonymous wrote:

Anonymous wrote:I think previous posters nailed it on why people at 300-350k feel middle class. T hey are spending most of their money on things that will reap benefits in the future. Childcare for the second income that later won’t require childcare, a mortgage that will pay off a home here, college savings so their kids don’t have any loans, and a large retirement fund that won’t need to pay for a mortgage or childcare.

So right now they feel very average and middle class. But later on they won’t.

I don’t know, I think it’s also a case of lifestyle creep. There’s no reason you can’t save AND live decently in the present on that income.

Anonymous wrote:You guys do realize that most private schools in this area do not cost $47k, right? Those are the elite schools that cost that much. Again, they have nothing to do with middle class.

Anonymous wrote:I think previous posters nailed it on why people at 300-350k feel middle class. T hey are spending most of their money on things that will reap benefits in the future. Childcare for the second income that later won’t require childcare, a mortgage that will pay off a home here, college savings so their kids don’t have any loans, and a large retirement fund that won’t need to pay for a mortgage or childcare.

So right now they feel very average and middle class. But later on they won’t.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I know I'm just another dumb guy living in an average DC family (HHI $90k at age 50) but sending three kids to private school at $50k each is not middle class. When you get into three times the average income for an area, the violin gets very small.

I am the poster above you. Of course that's not middle class. In fact if you can afford even one 50K tuition you are not middle class. The question is can you afford this on $300K, and i will say resoundly NO.

DP but I’ve completely lost track about what you are even arguing about now.

DP also, it was about the poster who said 300k income meant you could send 3 kids to private school at 50k each

And fly first class on luxury vacations!! LOL. You won’t even be taking driving vacations with 3 kids in private school here on 300k HHI