{ "media_type": "text", "post_content": "How do I get rich? Consulting will only lead me to upper middle class😑", "post_id": "5746544707d0830e00a6fde8", "reply_count": 59, "vote_count": 26, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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How do I get rich? Consulting will only lead me to upper middle class😑

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Similar to D8's point, my ranting is because if you don't recognize how good you have it in general, it's too easy to overlook the basic day to day struggles so many people face. I don't want to become increasingly out of touch in a bubble of only rich, highly educated and successful people. Life in the bubble is wonderful but I don't want to be so disconnected from other perspectives. I don't actually care whether you call yourself upper class vs upper middle class (it's well-researched that everyone wants to consider themselves middle class on both the too-poor and too-rich ends).

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BCG 1 I agree with you about we having it good and should appreciate the luxuries we have vs ranting about being poor. My only point is, upper middle class is a segment that should be able to buy a house, send their kids to college without worrying too much. Unfortunately though 150K+ is a lot somehow houses with that income still struggle with these basics. I agree it's all relative and we are top 5-10% of the country and still have a struggle ahead then to OPs point you will never reach that point about not worrying about finances in consulting unless you become partner which in all fairness has less than 5% probability at best

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Just because you don't feel as rich in consulting as tech entrepreneurs / ibankers / partners at your firm doesn't mean you're not extremely well off versus the majority of the population. I wish people appreciated that more and didn't take it for granted.

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Generational wealth can only be achieved through entrepreneurship, in my opinion.

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D1 get some perspective. The median (middle middle class) US household income is $52k. Your starting salary as a single person (not household) in consulting was likely already above that.

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Upper? Points isn't really money dude. Don't count that towards your assets

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^LOL if you think 180k household income is middle class then what would you consider lower class?

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Are we really talking about how a $150k+ income is not upper class but middle class? Yikes. Who's more out of touch with reality? The people on this thread or the current presidential candidates?

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D2 - not sure where you get your numbers but it takes a long time for a partner get to $1M+ per year at Deloitte

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"I'm not rich. I spent all my money on a Ferrari and beach-front mansion."

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250+ = the infamous 1%
150-249 (the 5%) = upper class
100-149 = upper middle class
60-99 = middle middle class
32.5-60 = lower middle class
23-32 = lower class

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Same over here, you actually make less than you did as a sm for the first few years as you pay back the buy in then it is truly your sales ability to get you up the salary ladder

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@EY I disagree. If you can afford to live in an area where 300k is enough to cover the high cost of living wherever you live then I would consider you to be upper class. That's like people in LA that live in million dollar homes saying they consider themselves to be middle class because there hh income is just enough money to cover their mortgage and high cost of living.

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D1 - I put those considerations into the "I'm not rich, I spent it on a Ferrari" category. If some locations cost more or have higher taxes, you can chose to live there or not. If you have debt, that's because you chose to spend your future income.

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Ok sweet so we got 1 valid response... 1)entrepreneurship. Instead of arguing about semantics can we provide some concrete value as to HOW to get to 500k+ a year

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I don't think your premise is correct. You can earn $500k+ in consulting.

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Salary for one year, or even several years, means little in the way of wealth. As my parents always told me, it's not what you earn but what you keep. It takes years of 350k+ (or whatever or define top 1% as) to come close to being a top 1% in terms of wealth. Anyone that defines their wealth relative to others based on salary has a lot to learn if they ever want to become wealthy.

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What do you consider rich. Partners make 1mil + per year after they are bought in.

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Marry an I-banker?

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@ACN1 - are you trolling?

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My hh income is 180, I consider myself middle class. My in-laws are at 210 and they are upper. Why? Everything is paid off and they don't work. Numbers mean nothing.

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