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re: Definition of lower\middle\upper class??
Posted on 2/20/13 at 1:36 pm to Bayou Tiger
Posted on 2/20/13 at 1:36 pm to Bayou Tiger
quote:
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
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%.
3
Posted on 2/20/13 at 4:14 pm to goodgrin
Pretty good definition.
Posted on 2/20/13 at 7:24 pm to goodgrin
quote:
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%.
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.
Posted on 2/21/13 at 12:25 pm to goodgrin
quote:
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%.
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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