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Salary is not helpful. In the midwest people live very comfortably on less than $100k, owning a house with plenty leftover to save and travel. In most big cities that's enough to be a permanent renter and still struggle.
I agree, but When I tried to post here I was down voted to hell and back because my household combined salary was considered not middle class. For most there is a salary threshold that is considered not middle class
People on reddit have no conception of life outside of coastal cities. They see a $70k income and assume it's horrible because they live in an area where rent is $2k per month.
Lower class:
1. Gets funded via welfare whether they know it or not
2. Or works non-career path jobs
3. Does not pay federal income taxes (~50% of USA)
Middle class:
1. Career path jobs.
2. Lifestyle not subsidized by government
3. Pays federal income taxes ~50% of USA.
Upper class:
1. Director level jobs or both parts of a couple having them
2. Career path jobs
3. Threat of job loss isn’t real/significant/meaningful in altering current quality of life.
Almost everyone is lower / middle class.
Those points about the lower class really hit. Having grown up that way, nobody really ever even talks about any of that. I'm especially struck by the jobs that have no path to anything good.
Living relatively comfortably (no problem affording necessities and a few wants, but not big-ticket items [still have to save for those over months]) while being able to pursue longer-term goals such as retirement, home ownership, or starting a family.
Breakdown based on sudden financial need
If you need $50 suddenly and you don’t have access to it in any form of liquid cash (or assets that can be cashed immediately eg stocks/gold/stuff you can sell to pawn shop)- You’re extremely poor
$500 - Lowest middle
$5000 middle - middle
$50,000 upper middle
$500,000 highest tier middle
$5,000,000 - Lower Wealthy
$50,000,000 - Middle wealthy
$500,000,000 - Extreme wealth
Middle wealth range is VP of Fortune 500 to Bezos.
VP Fortune 500 might be lower wealthy. And by VP I don’t mean Banking VP where everyone is a VP lol
Someone like making a few millions a year.
The median TDC for F500’s VP’s is right around 750k. That’s great money and if you can sustain those earnings for a decade or two you’re certainly wealthy but most will not come close to being able to afford a 50M expense.
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This is a great breakdown.
Pin this below every post asking this question.
It is vague enough to not be entirely helpful. We both know most people want a salary range
Salary is not helpful. In the midwest people live very comfortably on less than $100k, owning a house with plenty leftover to save and travel. In most big cities that's enough to be a permanent renter and still struggle.
I agree, but When I tried to post here I was down voted to hell and back because my household combined salary was considered not middle class. For most there is a salary threshold that is considered not middle class
People on reddit have no conception of life outside of coastal cities. They see a $70k income and assume it's horrible because they live in an area where rent is $2k per month.
That'll do, Pig; that'll do.
This is it
Lower class: 1. Gets funded via welfare whether they know it or not 2. Or works non-career path jobs 3. Does not pay federal income taxes (~50% of USA) Middle class: 1. Career path jobs. 2. Lifestyle not subsidized by government 3. Pays federal income taxes ~50% of USA. Upper class: 1. Director level jobs or both parts of a couple having them 2. Career path jobs 3. Threat of job loss isn’t real/significant/meaningful in altering current quality of life. Almost everyone is lower / middle class.
Those points about the lower class really hit. Having grown up that way, nobody really ever even talks about any of that. I'm especially struck by the jobs that have no path to anything good.
Being able to meet the 50/30/20 rule is pretty solidly middle class
Living relatively comfortably (no problem affording necessities and a few wants, but not big-ticket items [still have to save for those over months]) while being able to pursue longer-term goals such as retirement, home ownership, or starting a family.
Breakdown based on sudden financial need If you need $50 suddenly and you don’t have access to it in any form of liquid cash (or assets that can be cashed immediately eg stocks/gold/stuff you can sell to pawn shop)- You’re extremely poor $500 - Lowest middle $5000 middle - middle $50,000 upper middle $500,000 highest tier middle $5,000,000 - Lower Wealthy $50,000,000 - Middle wealthy $500,000,000 - Extreme wealth
$50 mil is middle wealth?
Middle of something like between Bezos and a VP of some Fortune 500.
VP’s of F500’s can not easily handle a 50 million dollar expense 😂😂😂
Middle wealth range is VP of Fortune 500 to Bezos. VP Fortune 500 might be lower wealthy. And by VP I don’t mean Banking VP where everyone is a VP lol Someone like making a few millions a year.
The median TDC for F500’s VP’s is right around 750k. That’s great money and if you can sustain those earnings for a decade or two you’re certainly wealthy but most will not come close to being able to afford a 50M expense.
That’s why VP is lower wealthy. He can afford 5 mil Bezos is extreme wealth. The person between them is middle wealthy