What do you define as "middle class"?

[madoka]

Argued with my friend tonight.

He makes $300K+ per year. He just got a $750,000 bonus this year and will get an additional $1 million in two more years when his options vest.

He claims he is middle class. While I can't say he is "upper" class, it just seems wrong to say that he's middle class. Would he best be described as upper middle class?

 

[Imp]

Makes enough to live comfortably and to buy useless shit to keep up with Jones', but not rich enough to never work again.

 

[eldorado99]

I would say it is most accurate to define him as "your friend with a jealous and insecure friend". If this kind of thing weighs on your thoughts then it doesn't sound like you two really are friends.

 

[jlee]

Argued with my friend tonight.

He makes $300K+ per year. He just got a $750,000 bonus this year and will get an additional $1 million in two more years when his options vest.

He claims he is middle class. While I can't say he is "upper" class, it just seems wrong to say that he's middle class. Would he best be described as upper middle class?

lol I could retire with $1mil.

Makes enough to live comfortably and to buy useless shit to keep up with Jones', but not rich enough to never work again.

$1,050,000 this year, $300k next year, $1,300,000 the following? Even at a 50% tax rate, if he kept expenses to a "normal person" level and don't buy all that useless shit, he wouldn't have to work again.

 

[brainhulk]

Seating towards the middle of the plane

 

[mmntech]

I don't know what it is, all I know is I'm not in it anymore.

What constituted "class" is highly dependent on cost of living. Though any normal person would probably consider a $300,000/+ yr salary plus a fat bonus like that to be wealthy. Unless you work for the government, where that's considered a slave wage.

 

[Leros]

Makes enough to live comfortably and to buy useless shit to keep up with Jones', but not rich enough to never work again.

That's about right IMO.

Middle class is enough to live comfortably and not worry about money, but not enough that you don't have to manage money. Even if you make $1M a year, you can't just go out and buy a $70k car without seriously thinking about it.

I'd say that upper middle class is probably something like $500k to $3M per year.

 

[JackBurton]

Argued with my friend tonight.

He makes $300K+ per year. He just got a $750,000 bonus this year and will get an additional $1 million in two more years when his options vest.

He claims he is middle class. While I can't say he is "upper" class, it just seems wrong to say that he's middle class. Would he best be described as upper middle class?

lol, he isn't middle class. Not even close.

 

[eldorado99]

That's about right IMO.

Middle class is enough to live comfortably and not worry about money, but not enough that you don't have to manage money. Even if you make $1M a year, you can't just go out and buy a $70k car without seriously thinking about it.

I'd say that upper middle class is probably something like $500k to $3M per year.

Yeah sure, anyone who makes $3,000,000 per year is middle class. Typical middle class American making 3 million bucks a year.

 

[Engineer]

That's about right IMO.

Middle class is enough to live comfortably and not worry about money, but not enough that you don't have to manage money. Even if you make $1M a year, you can't just go out and buy a $70k car without seriously thinking about it.

I'd say that upper middle class is probably something like $500k to $3M per year.

Top 1% around $350,000. Not sure that I could define the top 1% as upper middle class, especially given that the numbers you posted are well above the top 1%.

Wait, I forgot. This is ATOT where $500,000 is the median income of the forum. How could I forget that? /forehead_smack

 

[JackBurton]

That's about right IMO.

Middle class is enough to live comfortably and not worry about money, but not enough that you don't have to manage money. Even if you make $1M a year, you can't just go out and buy a $70k car without seriously thinking about it.

I'd say that upper middle class is probably something like $500k to $3M per year.

Yes, at $1 million per year, a $70K car doesn't really take much thought. So yeah, it's wealthy. The only reason you'd feel like a welfare case is if you are hanging around billionaires. Then yes, you are, relatively speaking, poor.

 

[Leros]

Top 1% around $350,000. Not sure that I could define the top 1% as upper middle class, especially given that the numbers you posted are well above the top 1%.

Wait, I forgot. This is ATOT where $500,000 is the median income of the forum. How could I forget that? /forehead_smack

Somebody making $500k a year might be top 1%, but they're not a "1% percenter" in terms of controlling the economy. In terms of power and lifestyle, they're more like somebody making $100k a year than somebody making $5M a year

 

[Leros]

Yes, at $1 million per year, a $70K car doesn't really take much thought. So yeah, it's wealthy. The only reason you'd feel like a welfare case is if you are hanging around billionaires. Then yes, you are, relatively speaking, poor.

Sure it does. It's the equivalent of a $7k purchase for somebody making $100K a year. That's a lot of money!

 

[OBLAMA2009]

"class" is as much about education and background as it is about income. to be "upper class" you have to be smart enough to make sustained good income. a lot of ballers can make 10 mil a year but arent going to make that for more than a couple years, and will end up losing it all. would you call most ballers "upper class"? a lot of techies might find some cushie position at a startup and make $300 grand but then lose that job and have to go back to selling shoes at footlocker cuz then only got lucky the first time. op's friend probably hasnt made that kind of money all his life so he cant really consider himself wealthy yet. to be considered wealthy youd have to be able to retire whenever you want and live well off investments, and in order to do that youd have to have a net worth of several million, say 10 mil., and in order to have that you would have had to made a good income for many years, youre gonna have a hard time saving 10 million earning $300,000 pre tax

 

[Engineer]

Somebody making $500k a year might be top 1%, but they're not a "1% percenter" in terms of controlling the economy. In terms of power and lifestyle, they're more like somebody making $100k a year than somebody making $5M a year

It's all about choice. If you're not rich on $500,000 per year, it's your own damn fault, period. Based on what you're saying, EVERYONE in the US from $40,000 up to $3,000,000 per year is middle class. Heh.

 

[Atomic Playboy]

If being in the top 1% of earners qualifies someone as middle class than the term is effectively meaningless as it describes virtually everyone in the country apart from the absurdly wealthy and the inconceivably destitute.

 

[ninaholic37]

edit: might have misinterpreted post

 

[moonbogg]

Middle class is between 100k and 500k. Over 500k and you actually have money to invest in other businesses and can actually do something with your life. Below 500k and you are doomed to work. Under 100k? Good luck owning a home before you are 65. You will likely work until you are dead due to the endless struggle of financial hardship and desperation.
Also, if you live on the moon or on mars, you may get by with under 100k and be alright, so long as you buy nothing and grow your own food, saving every last penny for a retirement back on earth.

 

[JackBurton]

Sure it does. It's the equivalent of a $7k purchase for somebody making $100K a year. That's a lot of money!

No, not the same. Is 50% of $30k the same as 50% of $300k? It's the same percentage.

 

[Belegost]

Even if that money was all the net worth this person had (and you don't get to that level of salary + bonus overnight, so I suspect he/she already has significant holdings) that would put them well over the 90 percentile. (check here)

I would not consider someone wealthier than over 90% of the population to be in the middle class.

Admittedly there is a wide gap between this person and the 1 percentile, but I am open to the upper class having it's own levels of rich.

 

[Skyclad1uhm1]

Lower class: under the average income
Middle class: average to 2-3x average income (depending on the country)
Upper class: over 2-3x average income

Your friend can work for 5-10 years, retire, and have yearly spending money of over 2x average income after that for the rest of his life. That's by no means middle class, most of the middle class has to work till 65+ in order to have enough money for their retirement.
Yes, it's possible with a 1M yearly income to not be able to manage if you insist on buying a huge mansion with lots of land and hiring a full staff to manage it, eating at the most expensive restaurants and flying all across the globe in a private plane all the time. But then, it's also possible to waste a trillion dollars a year if you really want to, that doesn't mean that you're middle class.

 

[RichieZ]

depends where you live, my income looks something like that when the startups I've worked at go IPO and you average it out (don't get the crazy bonus though and my yearly income is well under 300K)

in SF/Bay Area I'm not considered rich, I'd say its well off / upper middle class. Not enough money to retire, but enough to have the first world problem of striving to find a job that is meaningful.

if i'm remembering correctly I've seen your toys in the garage forum, so you clearly aren't doing too bad yourself

 

[Red Squirrel]

Living fairly comfortably, but not rich. Ex: not able to just randomly splurge on something big, have to actually save up for it. So like, under 100k salary. Anything below 30k I'd say is lower class. Can't afford a house or much on that kind of salary and have to make big commitments such as not having a car or not having anything nice at all.

 

[Nograts]

Damn, by this logic I am just above the poverty line...I'm only making like 40k a year

And my wife doesn't work. And my children are bad. And my car's front left tire is going south....god damnit ATOT.

 

[StrangerGuy]

"You are an entitled middle class prick because you have a $50 microwave oven.", Top 1%er only because he won the birth lottery