$250k and middle class

bones

Well-known member
Interesting topic making the rounds today.  The part about brands is interesting. Def not that way here in socal I don't think.
https://www.michigandaily.com/opinion/02jesse-klein-relative-wealth16

"My family?s household income is $250,000 a year, but I promise you I am middle class. I live in a $2 million dollar house, but I promise you I am still middle class. It has one story, doesn?t have a pool or its own movie theater. It is a modest three-bedroom, two-bath."

Yahoo article on it: https://www.yahoo.com/finance/news/university-michigan-student-insists-earning-183000778.html
 
bones said:
Interesting topic making the rounds today.  The part about brands is interesting. Def not that way here in socal I don't think.
https://www.michigandaily.com/opinion/02jesse-klein-relative-wealth16

"My family?s household income is $250,000 a year, but I promise you I am middle class. I live in a $2 million dollar house, but I promise you I am still middle class. It has one story, doesn?t have a pool or its own movie theater. It is a modest three-bedroom, two-bath."

Yahoo article on it: https://www.yahoo.com/finance/news/university-michigan-student-insists-earning-183000778.html

Our household income is more than 250K and I consider myself middle class in Irvine (lower to middle, not even upper middle class)
 
Marin County:  Millionaires who dress like paupers.
Newport Coast:  Paupers who dress like millionaires.
 
Irvine Dream said:
bones said:
Interesting topic making the rounds today.  The part about brands is interesting. Def not that way here in socal I don't think.
https://www.michigandaily.com/opinion/02jesse-klein-relative-wealth16

"My family?s household income is $250,000 a year, but I promise you I am middle class. I live in a $2 million dollar house, but I promise you I am still middle class. It has one story, doesn?t have a pool or its own movie theater. It is a modest three-bedroom, two-bath."

Yahoo article on it: https://www.yahoo.com/finance/news/university-michigan-student-insists-earning-183000778.html

Our household income is more than 250K and I consider myself middle class in Irvine (lower to middle, not even upper middle class)

Delusional in a way dont you think?  We live in irvine and own home.... Already better off. Just cuz you cant drive that ferrari like your fcb neighbors dont make you middle of road. 
 

Delusional in a way dont you think?  We live in irvine and own home.... Already better off. Just cuz you cant drive that ferrari like your fcb neighbors dont make you middle of road.
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More realistic I would say than delusional.  I haven't still bought a house in Irvine that I would consider atleast upper middle class which would be a detached SFR with its own driveway and atleast 5,000 sq feet lot.  I am asset poor but income rich maybe.
 
detached SFR with its own driveway and atleast 5,000 sq feet lot

why should that be upper middle class?  that same house in manhattan will be in the millions while it will be in the few 100's of thousands in vegas.  upper middle class is not defined by the size of the house as every market is different.  its about your income and spending ability.  sure you might own a smaller house than you like but its your choice.  you can easily get much bigger for much less by moving 20 miles inland. 
 
Irvine Dream said:
bones said:
Interesting topic making the rounds today.  The part about brands is interesting. Def not that way here in socal I don't think.
https://www.michigandaily.com/opinion/02jesse-klein-relative-wealth16

"My family?s household income is $250,000 a year, but I promise you I am middle class. I live in a $2 million dollar house, but I promise you I am still middle class. It has one story, doesn?t have a pool or its own movie theater. It is a modest three-bedroom, two-bath."

Yahoo article on it: https://www.yahoo.com/finance/news/university-michigan-student-insists-earning-183000778.html

Our household income is more than 250K and I consider myself middle class in Irvine (lower to middle, not even upper middle class)

Maybe you should take a at your expenses.
 
Irvine Dream said:
bones said:
Interesting topic making the rounds today.  The part about brands is interesting. Def not that way here in socal I don't think.
https://www.michigandaily.com/opinion/02jesse-klein-relative-wealth16

"My family?s household income is $250,000 a year, but I promise you I am middle class. I live in a $2 million dollar house, but I promise you I am still middle class. It has one story, doesn?t have a pool or its own movie theater. It is a modest three-bedroom, two-bath."

Yahoo article on it: https://www.yahoo.com/finance/news/university-michigan-student-insists-earning-183000778.html

Our household income is more than 250K and I consider myself middle class in Irvine (lower to middle, not even upper middle class)

Time to make "poorer" friends!  This was taken by a study done in Europe. I think hahvahd did a similar study as well.
http://www.telegraph.co.uk/news/science/science-news/3315638/Relative-wealth-makes-you-happier.html

"A brain scan study has shown that no matter how wealthy you are, money is most rewarding if you have relatively poor friends, peers and colleagues.

Several studies by sociologists have looked at whether the effect of money on happiness results largely from the things money can buy (the so called absolute income effect) or from comparing one's income to the income of others (relative income effect) and concluded the latter is most important, even though economists usually only focus on the size of salaries.

As if to underline this difference, one economist even referred to the "shocking fact" that people in the West have become no happier in the last 50 years, despite being healthier, wealthier and better travelled.

Now hard evidence to show that relative wealth is more important now comes from an experiment described today in Science by Prof Christian Elger and Prof Armin Falk at the University of Bonn."
 
rkp said:
detached SFR with its own driveway and atleast 5,000 sq feet lot

why should that be upper middle class?  that same house in manhattan will be in the millions while it will be in the few 100's of thousands in vegas.  upper middle class is not defined by the size of the house as every market is different.  its about your income and spending ability.  sure you might own a smaller house than you like but its your choice.  you can easily get much bigger for much less by moving 20 miles inland. 
Well... to be fair... you cut out the part where Irvine Dream said "in Irvine".

I tend to agree... detached SFR with own driveway and 5000sft is upper middle class *in Irvine*.

Motorcourt is middle class (unless you buy La Vita).

Attached is lower middle class.

3CWG is extinct class.

:)
 
bones said:
"A brain scan study has shown that no matter how wealthy you are, money is most rewarding if you have relatively poor friends, peers and colleagues.
Ahh... I need to kick Farmmie, qwermoney and ps9 to the curb and hang out with the JOST homeless.

But then I guess that's why they hang out with me... relative income effect.
 
$2 million dollar for a modest three-bedroom, two-bath house, sound like future Irvine to me.

That family spend 8x their annual household income on a house!  No wonder they don't feel financial well off since all the money goes to the house. 
 
irvinehomeowner said:
bones said:
"A brain scan study has shown that no matter how wealthy you are, money is most rewarding if you have relatively poor friends, peers and colleagues.
Ahh... I need to kick Farmmie, qwermoney and ps9 to the curb and hang out with the JOST homeless.

But then I guess that's why they hang out with me... relative income effect.

So you are their DUFF DPF, destinate poor friend. :)

 
Examples of High Class and Low Class:

High Class:  Janitor taking the bus to work and gives up his seat to a senior citizen.
Low Class:  Owner of Mercedes S550 who doesn't yield at crosswalks.
 
Happiness said:
Examples of High Class and Low Class:

High Class:  Janitor taking the bus to work and gives up his seat to a senior citizen.
Low Class:  Owner of Mercedes S550 who doesn't yield at crosswalks.

I don't see how this topic has to do with the social economics.
 
Irvine Dream said:
eyephone said:
Maybe you should take a at your expenses.

You are right,  I should but then I don't eat out like PS9 or cruise like SoCal or don't have a fast car like Paris.  What gives?

Check your closet, you might be surprised to see dozens of designer handbags.
 
Irvine Dream said:
eyephone said:
Maybe you should take a at your expenses.

You are right,  I should but then I don't eat out like PS9 or cruise like SoCal or don't have a fast car like Paris.  What gives?

Also how one got taxed makes a bigger difference too since not all $250k income are created equal. 

If your entire $250k income comes as W-2,  than you basically got robbed.

However if your entire $250k income come as cash and you don't reported, well, the IRS got robbed. :)

 

 
irvinehomeowner said:
Well... to be fair... you cut out the part where Irvine Dream said "in Irvine".

I tend to agree... detached SFR with own driveway and 5000sft is upper middle class *in Irvine*.

Motorcourt is middle class (unless you buy La Vita).

Attached is lower middle class.

3CWG is extinct class.

:)

you are saying the same thing as the michigan writer...her $250K + $2M house is middle class in palo alto but the reality is that its still upper middle class and you cant just focus on a very narrow view.  to take to the extreme, imagine a street full of mansions that all have bentleys in front except 1 house that has a camry.  would it make sense for the camry mansion guy to say he is rich or middle class based on his street?  he is rich regardless.  he chose the camry.  irvine dream might want a big house and lot and driveway but he chose irvine. 

whether you *feel* middle class, rich, or whatever, it doesnt change what you are based on income and spending ability.

also irvine has a massive number of condos and apartments.  i would imagine that 5-10% of the residents live in traditional SFH with 5000 sq lot and driveway.  so even if we were to use your relative definition, such a house would still be in the upper tier of irvine.
 
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