re: Definition of lower\middle\upper class??

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Standard of living and sustenance based on... Lower class: Government support Middle class: Salary,wages, and compensation Upper class: Income from assets, investments, etc Just my random opinion

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Nice summary..... pre 2012.

Today:

Lower class: Government support, dependent on family, friends, life behind the eight ball, no goals in life other than maybe winning the lottery.
Middle class: Salary, wages, compensation, beginnings of government support like Food Stamps, New year's resolutions, but no written goals and just one or two paychecks from being in serious financial trouble.
Upper class: Income from assets, investments, own non MLM businesses that allows the owner pay themselves enough to enjoy a higher standard of living than 95-97% of the population. Have written goals with action steps, review them regularly and makes adjustments quarterly, have assets and wealth that's 10-100 times greater than the 95-97%.

Pretty good definition.

With no kids, that level of income provides a very decent lifestyle IMO.

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Lower class: Government support, dependent on family, friends, life behind the eight ball, no goals in life other than maybe winning the lottery. Middle class: Salary, wages, compensation, beginnings of government support like Food Stamps, New year's resolutions, but no written goals and just one or two paychecks from being in serious financial trouble. Upper class: Income from assets, investments, own non MLM businesses that allows the owner pay themselves enough to enjoy a higher standard of living than 95-97% of the population. Have written goals with action steps, review them regularly and makes adjustments quarterly, have assets and wealth that's 10-100 times greater than the 95-97%.

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Those clarifications seem reasonable. I guess that puts me somewhere around upper-middle class. I have salary/wages/compensation but none of the rest of the middle class description. And I am definitely not upper class.

He better find him a wife that will work and support him. Otherwise he's screwed

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Upper class: Income from assets, investments, own non MLM businesses that allows the owner pay themselves enough to enjoy a higher standard of living than 95-97% of the population. Have written goals with action steps, review them regularly and makes adjustments quarterly, have assets and wealth that's 10-100 times greater than the 95-97%.

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Let's see, the bottom of the top of that 97% starts around $2.5M to $3M NW, so $25M to $300M NW range by your estimate. There is a thing such as upper class/wealthy, and then substantially above and beyond which would be elite. $300M NW might not be $1B, but would still be considered ultra wealthy IMO. Do the research on how many households have $25M net worth and repost.

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Median priced home in 37069 is 350k if median income was 77k, we wouldn't have enough residents qualify to buy median price home.

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It would be tough but someone making 77k can get a 350k house. I wouldn't recommend it but they can afford it if they choose to be house poor. Looking at about $1900 a month at 3.5% with 5% down. That would be roughly 30% of their gross salary. If they have good credit they can qualify.

Now with that being said it would be foolish to buy a 350k house on 77k but it is doable and banks probably qualify people every day.

[quote]Definition of lower\middle\upper class?? If you define class by earned income, you are probably not upper class. This is borderline subjective....much like the "fair share" rhetoric. There's always someone more rich than you. I'll say this: in almost all areas in this country, the family earning $250,000 annually has way more in common with a family earning $30,000 annually than they do with Warren Buffett, Bill Gates, or most US presidents. [/quote/]

This kid nailed it

Do u eat bologna, chicken, or steak?