What is "Upper" class to you?

[Free4Life11]

If most people are really picking 500k and sbove why is it always that people will vote for canidates that want to raise taxes or no give stimulus checks to those making 150k. I know here in CA where I live 150k does't go real far.

Well people don't just vote for candidates based on their tax policies... Personally, ensuring people with high incomes have lower tax rates is probably one of the least important issues to me.

 

[Master Mason]

The top 5% already pay something in the neighborhood of 80% of all taxes. What happened to the American Dream where if you work hard you can get rewarded for your efforts instead of penalized.

I dream of a flat tax. 7% of income, no tax breaks for anything. Between all the extra money you would bring in, and all of the IRS you would be able to elimate the governement would be rolling in money.

 

[Andy B]

You are making connections which do not stack up.

In the title of the thread you refer to 'Upper Class' but in the poll you ask about money and richness, in the post you refer to 'caste'.

They are all different. Class is much more about background and upbringing, may with class do have money but they are not allways rich, also those with money do not have to have class, David and Victoria Beckham are undoubably weakthy but are not Upper class, David is from a working class family in Leytonstone in East London, some of their lifestyle choices in my opinion lack class.

Caste is a specific term relating to Indian culture where status within society used to (and occasionally still does) govern your social connections including marriage. You can be an 'untouchable' and rich.

 

[jenm2878]

If most people are really picking 500k and sbove why is it always that people will vote for canidates that want to raise taxes or no give stimulus checks to those making 150k.

I can only speak for myself, but social issues are very important to me and Democrats tend to follow my line of thinking socially. I want to keep more of my own money the same as the next person, but I know that this war has to be paid for somehow. There are alot of ways the gov't needs to eliminate waste, but I don't pretend that it will happen overnight or that our debts will be magically forgiven.

Right now social issues are more important to me then rolling back the Bush tax cuts, but I wholeheartedly agree that the gov't needs to cut wasteful spending. Unfortunately, I have little faith that any one president can pull that off.

 

[mjkacmom]

Well, at least here, DH makes over $100,000, and we live paycheck to paycheck. I guess over $500,000?

 

[Mamu]

I think of upper class as royalty. It's a special lifestyle. You can have lots of money and still not be upper class.

To be financially secure you need to be in the $500,000 area. With that amount of money comes more expensive home's (probably a summer home too, with a boat), auto's, clothing and private schools and elite college's and a more expensive life style overall. A lot of the college's in this area will cost you 1/5 of your yeary income, a year. If you have more then 2 children you'll pay dearly for their education.

Anything in the $100,000 range is a daily struggle.

Not just how much you make a year, but the area you live in and your life style play a big part of wealth.

 

[corndog]

I see that nobody has picked Obama's definition of "the rich" yet (that he says he'll raise taxes on): $75,000 couple, $37,500 single (though $100,000 and $50,000, respectively, for seniors).

 

[Liberty Belle]

Well, at least here, DH makes over $100,000, and we live paycheck to paycheck. I guess over $500,000?

It completely makes a difference what area of the country you live in (and people's upbringings and experiences contribute to their idea of wealthy, too, of course). Here if you make over $100,000, there's no way you'd be struggling, unless you have a huge mortgage and huge car payments. I think the median household income is around $50,000.

 

[SplashMtnCrew]

I see that nobody has picked Obama's definition of "the rich" yet (that he says he'll raise taxes on): $75,000 couple, $37,500 single (though $100,000 and $50,000, respectively, for seniors).

 

[Todd&Copper]

I said $500K as well. Many in my neighborhood make well over 6 figures, many double and triple that, and aren't rich by any means...not with the housing costs here.

ITA. The DC metro area is quite expensive, and $100K per year here does not go nearly as far as it would in the midwest or the south. Our housing prices are still pretty high compared to most of the US.

 

[mla973]

I think that rich is when you have enough money that you're not concerned with how you spend it.

I picked $500k and up in your poll, but I think the real number lies even higher. Because people frequently own cars and homes beyond their means, I think the definition of rich is getting fuzzier. I would consider myself rich if/when I didn't have to "work to live".

 

[alldiz]

I voted more than 500K.

Anything less is Upper Middle Class.

In my head.

Lower middle class.....under 100,000 but over 50,000

Middle Class....over 100,000,

Upper middle Class, 200,000+

Ok....just made a new class

Kinda Rich ....200,000 t0 500,000.

Rich....500,000 to a few Million.

Really Rich.....3 mil to 10 mil.

Crazy rich...more than 10 mil.

Problem is....like OP said....we consider rich....anyone above us...but one cannot call someone making a few hundred thou....rich...and call Bill Gates Rich also....there is a BIG spread in rich....POOR not so much.
Kerri

 

[Nette]

Problem is....like OP said....we consider rich....anyone above us...but one cannot call someone making a few hundred thou....rich...and call Bill Gates Rich also....there is a BIG spread in rich....POOR not so much.

That's exactly why I ask. I find the spread in answers fascinating. *I* know that it's all dependent on where you live, or how much you make.

And I agree, Rich means either you are able to save more than you spend, or that you don't have to work to live.

That said, I can totally see someone making 500K/year and living paycheck to paycheck. (Not us though... we aren't into being "house poor")

 

[RitaZ.]

Rich is when your money works for you.

 

[shortyK]

Does anyone differentiate in their minds between "rich" and "wealthy"? I think of "rich" people as those who have nice things and don't worry about money. I think of "wealthy" as those who don't even think about money because they have so much. Maybe it's just semantics, but how I think...

 

[momto2girls]

I do agree that COL makes a big difference obviously, but I live in a place with a very reasonable COL and know several people who make around $500,000 and I definitely don't think that they are "rich". Comfortable, yes. And perhaps building enough wealth to be truly wealthy one day, but at this point, definitely not rich.

 

[Mouse House Mama]

Rich? That is when you are sharing your life with someone you love, trust and have complete faith in. It is when your extended family truly wants to be with you and loves visiting and spending time with you. It is when you have good health with no major illnesses to contend with. It is when you have the ability to work, and the luck to have a job that you absolutely love. It is when you can give and share with others what they may need without worrying about your own circumstances.

Rich is not about money. Not at all.

This is true 110% but I think the OP was talking more in terms of paying the bills.

 

[shelly3girls]

I do agree that COL makes a big difference obviously, but I live in a place with a very reasonable COL and know several people who make around $500,000 and I definitely don't think that they are "rich". Comfortable, yes. And perhaps building enough wealth to be truly wealthy one day, but at this point, definitely not rich.

ITA! With $500k a family is living quite comfortably in our area but if they are saving for retirement and education of 2-4 kids properly then they are definitely not rolling in it. Even with a reasonable house most people would have monthly bills of a mortgage and tax bill of around $1200-$1500/month. Daycare alone runs over $13k per child per year. I know families with 3 kids who pay over $36k a year just for child care. These families definitely have all the financial means to provide well for the family but not my definition of rich where money is no object.

 

[POOHDRMR]

I used to think that over 6 figures would be upper middle class but my husband finally hit this mark and we are no where near upper middle class.Most would classify us as lower middle class(if that) by our location.But compared to alot of the other people in my area they think we are rich.We bought our house about 5 years ago when house prices were up so the house I bought then cost double what it did 2 years earlier when most of my neighbors bought.Of course it was still much cheaper than now.Also we pay for school that my husband is still going through to get his masters.So anyway I also think that it does depend on where you live because I know that 100,000 somewhere else would be very nice-that is my problem with Obama's plan you can't say that we are upper class when we have higher taxes here on Long Island and the cost of living requires families to make that much to survive here.So I think my answer would be 500,000-hopefully if we ever hit that mark it would still be.

 

[Laugh O. Grams]

I think the idea of being "rich" or "upper class" is purely subjective. IMO, "rich" means being able to walk away from work right now and having enough money so that your kids and grandkids never have to work.

The truth of the matter, for the rest of us, is the annual household earnings of the top 5% Americans is in the neighborhood of only $150,000 and the top 2% of Americans start around $220,000. That means that 95% of all American families bring home less than $150K. Pretty striking, especially when you consider that so many people think that raising a family on a six figure salary is somehow unmanageable. IMO, if you're just squeaking by on $200K and can't make it in the neighborhood you live in, you're most certainly living beyond your means.