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PostPosted: January 29 19, 9:16 pm 
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Location: Low A Minors
MrCrowesGarden wrote:
Is savings in reference to a 401k, savings account, or both? I ask because I'd say I'm doing well in the former but am lucky to put away 50 bucks from each paycheck into a savings account (and just had one closed because it hit zero since I used it for earnest money to buy a house.)

I think TV show comps might be better for me

Poor: The Wire
Lower Middle Class: The Middle or Roseanne
Middle Class: The Office or Parks and Recreation
Upper Middle Class: Claire and Phil on Modern Family
Rich: Jay and Gloria on Modern Family (and anything above it)



I was reading back through this thread and thought I'd help you out.


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PostPosted: January 29 19, 9:31 pm 
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We are probably rich by most measures. We are modestly above the median income for the US. But we live in a very modest house in a neighborhood that is majority rentals. Most people I work with do not even live in this city, they live in a suburb or exurb, or in the newer part of this city I guess. We're very frugal. We spend our "extra" money on experiences, like sports tickets, concerts, trips, etc, and not on status symbols like cars or houses (our two vehicles are minivans that are each 10 years old). But we are much better off than basically everyone around us.

Another way of thinking of this is that when some unexpected expense comes up, we have money to pay for it, or we can throw it on the credit card and pay it off at tax refund time or whatever. Most people cannot do that. So another measure of wealth is what kind of surprise expense could you withstand?

Poor - already have had surprise expenses, and are in debt, barely scraping by, probably hungry and on the verge of being evicted
Lower Class - Basically one medical bill or unexpected expense away from dropping down to poor, just barely are able to meet basic living expenses
Middle Class - A medical bill would cause hardship but in time could be overcome. Live paycheck to paycheck, but have enough to meet living expenses, have a 401K, can take a modest vacation, or maybe save up for a while for a nice one. Losing their job would put them in big trouble pretty fast though.
Upper Middle Class - They'd have to lose their job to ever face true hardship, and even then, they could probably get by for several months, maybe even years on savings before they'd really be in a bind
Rich - You have so much money that there is really nothing that could ever happen to you to cause financial hardship.


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PostPosted: January 29 19, 9:46 pm 
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I just keep waiting for someone to pivot this thread into a pitch for their MLM.


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PostPosted: January 29 19, 10:02 pm 
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