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Posted on 12/9/16 at 10:40 am to KG6
quote:
And I just don't think you can put a family making 200k in the same class as Donald Trump or Warren Buffet.
If you're dividing it up three ways, then yes, yes you can. In fact it would be statistically dishonest to do it any other way.
Posted on 12/9/16 at 10:40 am to KG6
quote:
120k student loan doesn't help certainly. And I'll admit that is savings on top of retirement.
Dude please go find a middle class person and say you have a 300k house, two cars, 401k, retirement investments, savings account, daycare, and all of that is on top of regular loving expenses and you still save $1200 a month and then tell them you are in the same boat as them and not middle class.
Posted on 12/9/16 at 10:42 am to Salmon
quote:
he differences between lower, middle and upper are not the lifestyles or the extravagance of the things they own, its the ability to be able to afford basic needs
lower class struggle to afford for basic needs, like utilities, healthcare, food, gas, etc
middle struggle to save enough for retirement, college, healthcare, etc
upper shouldn't struggle to pay for any of these
This.
At $180k gross, you're not waning for anything on any level of the financial spectrum.
Posted on 12/9/16 at 10:46 am to KG6
quote:
People have a crazy belief that you just have buckets of cash. I'm in a 300k house, have a 33k and 24k car, pay daycare, 401k, insurance, and a hefty student loan bill. I'm not living extravagantly at all and maybe save 1200 a month (and not always). Now I admit bonuses have gone down and we'll make more like 180k combined this year, but we aren't by any means rich or "upper class" . I could maybe afford a 400k house or a luxury name brand vehicle, but itshe not like I have buckets of cash to do so.
So you'll be in like the top 3% of earners instead of the top 2% this year?
Nobody told you to buy that $300,000 house.
Posted on 12/9/16 at 10:48 am to KG6
Dude in the state of TX, filling Married 0 your net take home for the year is 149K and some change...
Thats 12,416 dollars a month.
In North Dallas as 300k home will roughly cost you 2k if you take PMI and factor in property taxes.
Car Note totals shouldnt exceed 850 a month at those prices if you negotiated properly.
My health insurance is frickin 120 a month (Fortune 500 company) 300 for a family.
Lets say other expense outside of a student loan will be 1500 (im being crazy there). That leaves you 7500 a month at your disposal to do things with an allocate. Even if you pay 1k a month on your SLoan, YOU HAVE 6K LEFT OVER????
WHAT ARE YOU DOING WITH YOUR MONEY????
Thats 12,416 dollars a month.
In North Dallas as 300k home will roughly cost you 2k if you take PMI and factor in property taxes.
Car Note totals shouldnt exceed 850 a month at those prices if you negotiated properly.
My health insurance is frickin 120 a month (Fortune 500 company) 300 for a family.
Lets say other expense outside of a student loan will be 1500 (im being crazy there). That leaves you 7500 a month at your disposal to do things with an allocate. Even if you pay 1k a month on your SLoan, YOU HAVE 6K LEFT OVER????
WHAT ARE YOU DOING WITH YOUR MONEY????
Posted on 12/9/16 at 10:48 am to Salmon
quote:
middle struggle to save enough for retirement, college, healthcare, etc
upper shouldn't struggle to pay for any of these
if you struggle to pay for any of these at $200k, you just suck at managing money
I agree 100% with this statement that and it's kind of how I made my breakdown. Just maybe a slight difference in opinion of where one may struggle to meet the financial burdens. My parents probably made 70k combined for most of my life. They did not struggle to pay for my college, or save retirement. So is that upper class? And I'm not saying I'm struggling to do those things making 200k (and that was one year where I was given a lot of bonuses). I'm not struggling now. If you say not struggling to afford college or retirement is upper class, than I'll take that title I guess. But then I think a lot of people will suddenly get lumped as upper class when you would otherwise consider them middle.
Posted on 12/9/16 at 10:49 am to KG6
quote:
If you say not struggling to afford college or retirement is upper class, than I'll take that title I guess.
Sounds pretty upper class to me
Posted on 12/9/16 at 10:52 am to 50_Tiger
quote:
WHAT ARE YOU DOING WITH YOUR MONEY????
Hookers and blow, I'm sure.
Posted on 12/9/16 at 10:52 am to KG6
quote:
My parents probably made 70k combined for most of my life. They did not struggle to pay for my college, or save retirement. So is that upper class?
Where did it fall on the income spectrum? Because at the end of the day, when discussing income classifications, that's the only attribute that matters.
This post was edited on 12/9/16 at 10:53 am
Posted on 12/9/16 at 10:52 am to KG6
quote:
Just maybe a slight difference in opinion of where one may struggle to meet the financial burdens. My parents probably made 70k combined for most of my life. They did not struggle to pay for my college, or save retirement. So is that upper class? And I'm not saying I'm struggling to do those things making 200k (and that was one year where I was given a lot of bonuses). I'm not struggling now. If you say not struggling to afford college or retirement is upper class, than I'll take that title I guess. But then I think a lot of people will suddenly get lumped as upper class when you would otherwise consider them middle.
obviously there will be outliers because some people suck at managing money and some are great (ex. your parents)
these are generalizations
I think there was a study a few years ago that $75k was the threshold for a comfortable lifestyle in the US, that at the point, you should be able to afford all the basic needs for a family of 5, after that, it was just the size of the toys got larger
Posted on 12/9/16 at 10:54 am to KG6
quote:
The average income of Louisiana is like 45k. If you raised the lower end of the middle class up to much from 30k, then you are saying a large portion of the state is lower class.
I'd say that it is. A family of 4 living on 45k is lower class, IMO.
Posted on 12/9/16 at 11:03 am to Mr Wonderful
quote:
There's tons of families in the "middle class" barely making rent driving around 10 year old cars.
If you're barely making rent and driving around in 10 year old cars (because that's all you can afford), you are not middle class.
Posted on 12/9/16 at 11:04 am to Epic Cajun
The average income in the whole country is only 50 something thousand. So are they all bordering on poor? This is why I can't take a blanket statement that xx amount of dollars suddenly makes you upper or lower class. On both ends of the spectrum I think defining it that way is dumb.
Posted on 12/9/16 at 11:08 am to slackster
quote:
Try telling this to literally anyone in the middle class and they'll beat the shite out of you.
What is the middle class? I think people spout off about the middle class all the time and people have varying definitions, which causes confusion.
There is definitely a huge lifestyle change from 60k to 200k, these are not near the same class IMO.
Posted on 12/9/16 at 11:08 am to KG6
quote:
The average income in the whole country is only 50 something thousand. So are they all bordering on poor?
way too many variables
these threads always illustrate that the OT, even though we think we are worldly and know everything, most of us live the upper middle class bubble
myself included
Posted on 12/9/16 at 11:12 am to Salmon
Low Class: Checking your account to see if you over drafted
Lower Middle: Same as above but instead account hitting 300-500 bucks
Middle Class: Paycheck to Paycheck to get all necessary goods to maintain a normal life and family
Upper Middle: Doesnt look at checking account outside of once a month for budget reasons and to make sure stock dividends / money vehicles deposit
Everyone Else: Has someone figure that shite out for them lol.
Lower Middle: Same as above but instead account hitting 300-500 bucks
Middle Class: Paycheck to Paycheck to get all necessary goods to maintain a normal life and family
Upper Middle: Doesnt look at checking account outside of once a month for budget reasons and to make sure stock dividends / money vehicles deposit
Everyone Else: Has someone figure that shite out for them lol.
Posted on 12/9/16 at 11:14 am to KG6
quote:
If you say not struggling to afford college or retirement is upper class
I've paid my way through grad school and I'm about to be finished paying my wife's 4 year professional schooling (concurrently), while funding retirement, but I'm in no way shape or form upper class. There's no way that is the way to define the classes.
Posted on 12/9/16 at 11:17 am to Epic Cajun
all these anecdotal stories are really irrelevant
these are massive generalizations when discussing the income scale
a middle class DINK couple will be able to afford more things than a middle class family of 5
these are massive generalizations when discussing the income scale
a middle class DINK couple will be able to afford more things than a middle class family of 5
Posted on 12/9/16 at 11:19 am to KG6
quote:
People have a crazy belief that you just have buckets of cash. I'm in a 300k house, have a 33k and 24k car, pay daycare, 401k, insurance, and a hefty student loan bill. I'm not living extravagantly at all and maybe save 1200 a month (and not always). Now I admit bonuses have gone down and we'll make more like 180k combined this year, but we aren't by any means rich or "upper class" . I could maybe afford a 400k house or a luxury name brand vehicle, but itshe not like I have buckets of cash to do so.
I don't disagree with this. Especially if the student loans are in excess of $1,000/month. I think people that make $200K a year and are living in a $700K house and driving around in 2 $50K+ cars are living well above their means.
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