What income is considered upper class?

Wealth is measured by savings not income. Nice try.

DragonLady wrote:

Wealth is measured by savings not income. Nice try.

Perhaps that's why he said "not wealthy."

On an income basis the top 10 per cent begins at a household income of 184,200

The top 5 percent is 248,000

The top 1 per cent starts about 475,000.

That is in the US for 2019.

Class and wealth are not the same thing...

I'm a pitcher wrote:

DragonLady wrote:

Wealth is measured by savings not income. Nice try.

Perhaps that's why he said "not wealthy."

Don’t care. Salary is irrelevant; it’s the rate of wealth accrual, net ex spend, that matters.

It depends where you live, age and overall asset levels.

For a VHCOL area, mid 30s individual like myself I would consider a NW or around 2mm and an annual salary of 500k or greater would start to scratch the surface of wealthy for our age group and being in a strong position to be wealthy by most reasonable metrics later in life.

-andrew jf wrote:

Just out of curiousity. I would say rich (not wealthy) begins at $500k per year?

There is a vast difference between upper class and upper-middle class. $500k is upper-middle class. Upper class means not having to work to maintain a life of privilege and luxury.

nuts of dough wrote:

-andrew jf wrote:

Just out of curiousity. I would say rich (not wealthy) begins at $500k per year?

There is a vast difference between upper class and upper-middle class. $500k is upper-middle class. Upper class means not having to work to maintain a life of privilege and luxury.

Kind of how I would define it as well.

Upper class probably starts around $5 million net worth, that lets you buy a million-dollar house and still have enough invested to comfortably draw over $100k to live on every year.

That said, I'd say around a million a year in income makes you defacto upper class, because you could live comfortably while also saving enough to hit that $5MM mark in a few years.

nuts of dough wrote:

-andrew jf wrote:

Just out of curiousity. I would say rich (not wealthy) begins at $500k per year?

There is a vast difference between upper class and upper-middle class. $500k is upper-middle class. Upper class means not having to work to maintain a life of privilege and luxury.

I live in the Boston area and make a bit more than that. I consider myself solidly middle class, not upper middle. We worry about money, we can't afford the kitchen remodel our older house desperately needs, we're not sure how we'll afford our kids' college, etc. Upper middle to me means freedom from some of these headaches and I'd say that's $1,000,000+ in this area.

Not upper class wrote:

nuts of dough wrote:

There is a vast difference between upper class and upper-middle class. $500k is upper-middle class. Upper class means not having to work to maintain a life of privilege and luxury.

I live in the Boston area and make a bit more than that. I consider myself solidly middle class, not upper middle. We worry about money, we can't afford the kitchen remodel our older house desperately needs, we're not sure how we'll afford our kids' college, etc. Upper middle to me means freedom from some of these headaches and I'd say that's $1,000,000+ in this area.

If you are making 500k+ a year and can't afford a desperately needed kitchen remodel or saving for your kids' college education then yoi desperately need a financial planner. And if you actually consider yourself middle class then you are absurdly out of touch.

Gyydjrknf wrote:

Not upper class wrote:

I live in the Boston area and make a bit more than that. I consider myself solidly middle class, not upper middle. We worry about money, we can't afford the kitchen remodel our older house desperately needs, we're not sure how we'll afford our kids' college, etc. Upper middle to me means freedom from some of these headaches and I'd say that's $1,000,000+ in this area.

If you are making 500k+ a year and can't afford a desperately needed kitchen remodel or saving for your kids' college education then yoi desperately need a financial planner. And if you actually consider yourself middle class then you are absurdly out of touch.

Thanks for the tip. Are you a financial planner? Or are you talking out your a$$?

Not upper class wrote:

nuts of dough wrote:

There is a vast difference between upper class and upper-middle class. $500k is upper-middle class. Upper class means not having to work to maintain a life of privilege and luxury.

I live in the Boston area and make a bit more than that. I consider myself solidly middle class, not upper middle. We worry about money, we can't afford the kitchen remodel our older house desperately needs, we're not sure how we'll afford our kids' college, etc. Upper middle to me means freedom from some of these headaches and I'd say that's $1,000,000+ in this area.

How big is your kitchen? How many kids do you have? Do you have any student loans?

Not upper class wrote:

Gyydjrknf wrote:

If you are making 500k+ a year and can't afford a desperately needed kitchen remodel or saving for your kids' college education then yoi desperately need a financial planner. And if you actually consider yourself middle class then you are absurdly out of touch.

Thanks for the tip. Are you a financial planner? Or are you talking out your a$$?

Not talking out of my a$$. That is the simple truth. Good luck, though I guess.

Not upper class wrote:

nuts of dough wrote:

There is a vast difference between upper class and upper-middle class. $500k is upper-middle class. Upper class means not having to work to maintain a life of privilege and luxury.

I live in the Boston area and make a bit more than that. I consider myself solidly middle class, not upper middle. We worry about money, we can't afford the kitchen remodel our older house desperately needs, we're not sure how we'll afford our kids' college, etc. Upper middle to me means freedom from some of these headaches and I'd say that's $1,000,000+ in this area.

You are an imbecile, a comic-level idiot.

heyyo wrote:

How big is your kitchen? How many kids do you have? Do you have any student loans?

Medium?

Two. Both of which will almost certainly attend good (i.e. expensive) schools, which I will pay for, because that's the deal I made with both of them. One is a sophomore, the other an 8th grader so I'll need about $800k ready to burn in the next 8 years. (And yes, we have 529s set up, etc, etc.)

And no, not anymore. Other than our mortgage we carry zero debt at this point.

Anyway, I didn't mean to imply that we're not comfortable. We could conceivably swing the kitchen upgrade, for example. But we're conservative about spending, put a lot into retirement (I do in fact have a financial planner), and as compared to friends who make twice as much as we do, our lives are rather spartan. And compared to people I work with who are truly upper class ($5MM+ yearly) there is no comparison at all.

Forest Delorenz wrote:

You are an imbecile, a comic-level idiot.

Okay. What's your story then?

Not upper class wrote:

Gyydjrknf wrote:

If you are making 500k+ a year and can't afford a desperately needed kitchen remodel or saving for your kids' college education then yoi desperately need a financial planner. And if you actually consider yourself middle class then you are absurdly out of touch.

Thanks for the tip. Are you a financial planner? Or are you talking out your a$$?

You make half a mill, and you can't remodel your kitchen? Seriously? You (or your wife) are blowing your money on something, dude.