Annual income 60k to 250k (in CT)
Net Worth 50k to 850K
the middle class has a wide range. I refer to lower middle, middle and upper middle.
The upper class is very unique. You can do what you want whenever you want, there are virtually no financial restraints. You don't have to work to pay your mortgage. You can live off of your investments.
It's more about assets than income. Many people that earn 250k per year must keep the peddle to the medal, otherwise they'll lose their house. To me, that's not upper class.
Net Worth 50k to 850K
the middle class has a wide range. I refer to lower middle, middle and upper middle.
The upper class is very unique. You can do what you want whenever you want, there are virtually no financial restraints. You don't have to work to pay your mortgage. You can live off of your investments.
It's more about assets than income. Many people that earn 250k per year must keep the peddle to the medal, otherwise they'll lose their house. To me, that's not upper class.
I concur, but it's reality
pretty hard to pay a million dollar mortgage if your income takes a hit
i probably spend 20k a year on average (and it has gone up quite a bit lately with inflation in the necessities) and feel i live like a king
wealth is to the eye of the beholder you really don't need that much money to get by....
granted i'm not married and don't have any kids but....
there are perks to renting....no upkeep costs if shit gets old....don't have to worry about getting trapped in housing bubbles....no property taxes....etc...
that said probably a great buying opportunity on the home front in 2010 or so....and i don't expect housing to do a V shaped bounce.....so no rush IMO
wealth is to the eye of the beholder you really don't need that much money to get by....
granted i'm not married and don't have any kids but....
there are perks to renting....no upkeep costs if shit gets old....don't have to worry about getting trapped in housing bubbles....no property taxes....etc...
that said probably a great buying opportunity on the home front in 2010 or so....and i don't expect housing to do a V shaped bounce.....so no rush IMO
So why can't we as a group of people distinguish what " middle class is"?
Is it because we don't have an intelligent group of people or is it because it is subjective?
The more "subjective" it is, the easier it is for a guy like B. Hussein Obama to preach to a group of people that you can't define and he can't define.
Same thing with giving to the "poor" and taking from " the rich".
Tiz- I don't think Real Estate will have any sort of V shape bounce. I told friends last year, that prices in 5 years will be about the same. Maybe they go down for a couple years, level off and start to go up, but you should be in NO RUSH to buy property ( at least in my area). I had a friend that bought 2 properties because the market is down, and you buy low sell high. He doesn't understand that he market isn't set to 3 levels ( low, medium and high). It can go low, lower, lowest instead of low, high, low, high, low, high.
Is it because we don't have an intelligent group of people or is it because it is subjective?
The more "subjective" it is, the easier it is for a guy like B. Hussein Obama to preach to a group of people that you can't define and he can't define.
Same thing with giving to the "poor" and taking from " the rich".
Tiz- I don't think Real Estate will have any sort of V shape bounce. I told friends last year, that prices in 5 years will be about the same. Maybe they go down for a couple years, level off and start to go up, but you should be in NO RUSH to buy property ( at least in my area). I had a friend that bought 2 properties because the market is down, and you buy low sell high. He doesn't understand that he market isn't set to 3 levels ( low, medium and high). It can go low, lower, lowest instead of low, high, low, high, low, high.
