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I make $500k in NYC and live in a 4th floor walk up studio, take public transport everyday, cook all my meals during the weekday, wear cheap clothes from Uniqlo etc. it definitely doesn’t feel rich. I save a good amount but I am going to blow through all of it during retirement and if I ever get laid off.
Hopefully $3MM.
I make 500k and I'm not upper class.
Too me, it's a matter of capital, not income. I'll get there with this salary, but I could lose it tomorrow.
No wonder you work at KPMG 😂
This is a delusional post. Get some perspective people. Median salary in the US is 55K
Top 10% 150K
if you are making over 125K as an individual you are upper middle class. Idgaf if youre in nyc or lincoln nebraska. Stop comparing yourself to your social circles
This perspective is naive
Too 10% of income is nowhere near top 10% of lifestyle
As many others pointed out, if you’re measuring income instead of net worth, you’re not wealthy - you’re upper middle-class at best
If you make 2 million dollars and you spend 2 million dollars you have zero dollars. Class is net worth based.
But I will say wealthy is more directly net worth focused. Rich is more like flashy and expense focused (how nice is your lifestyle and correlates with income).
Class is I’d say wealth, income, social connections/capital, think famous people who can get into exclusive clubs
If you have a 15M portfolio but only live in a 700k home and have a cheap lifestyle (likely this will be me), you would be wealthy but not rich or upper class to the world I’d say.
Obviously 700k can do a lot in the middle of the country but a top 10 city it’s not upper class
Doesn't this fall into net worth more than salary to consider class?
But I would say if you make over 200k
The true measure is assets not income, especially as your assets diversify beyond your home.
There are suddenly quite a few home rich, cash poor individuals in the US.
In the UK class isn't deciphered through income.
Class cannot be purchased, you can be rich and working class or poor and upper class, it’s more about your family history / lineage. That’s how we do it in the UK anyway, no matter what I earn I’ll never be upper class!!
Honestly the upper class thing is never really a conversation in the UK, so few would be in that category, it’s basically just the aristocracy and landed gentry. 99.5% of people are some form of working or middle class, and which of those you are is almost entirely determined by the type of work you do, not how much money you earn.
Surveys aren’t an accurate measure of class because it’s based on their own POV they developed from location, peers, etc. and doesn’t consider national and state averages.
Can a salaried employee be upper class?
Absolutely. If you’re saving and investing prudently, but it’s not easy.
500k salaries paycheck to paycheck lol
Probably 1-2M+