Here is what living a wealthy life looks like according to the Town and Country Magazine for a married couple in their 40s with 2 teenage kids: The household and living expenses associated with such a life style are estimated at $3.2 million a year. You are absolutely right. My wife and I have 1 child (hoping/planning for at least 1 more) and I would tend to concur w/ these numbers, albeit the discretionary expenditures are all very personal in terms of where families derive incremental happiness from etc.

If you can make a similar amount of income and relocate to a lower cost area of the country, then this is something to consider as well. Subscribe to the Financial Samurai newsletter here. Back in 2016, when I started reading FS, I was in the upper 26%.

For an upper class family in Manhattan with 2 kids, the home should be around 2,500 square feet with 3 bedrooms and 3 bathrooms in a luxury full service and full amenity building. For an upper middle class family in Manhattan with 2 kids, the home should be at least 1,500 square feet with 3 bedrooms and 2 bathrooms. Every affluent I know has invested in real estate in some form or another. That was a fun show to watch!

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There is also the cost in maintaining the house.

In terms of income, liberals tend to be tied with pro-business conservatives.

For the musical work, see, The examples and perspective in this article, Last edited on 24 September 2020, at 05:01, Learn how and when to remove these template messages, Learn how and when to remove this template message, American middle class § The professional/managerial middle class, smaller than what the differences in nominal income suggest, Social class in the United Kingdom § Upper middle class, "Middle class according to The Drum Major Institute for public policy", "Professional Occupations according to the US Department of Labor", "US Census Bureau, income quintile and top 5% household income distribution and demographic characteristics, 2006", "US Department of Labor, median income of registered nurses", "Bureau of Labor statistics data published by Monster.com, 20 highest paying jobs", "US Census Bureau, distribution of personal income, 2006", "US Census Bureau, overall household income distribution, 2006", "US Census Bureau, personal income distribution, age 25+, 2006", "Pew Research Center.

Lessons I’ve learned in my old age. That is $3.4 million for two kids. a net worth 50% higher than the average American.

By most any definition I have seen I am firmly in the upper class. Everything is relative when it comes to finances. The majority is the middle class, which also provides comfort in numbers. Recessions are a perfect time to try and start a business and do something new. If you live in a location where you can have the same lifestyle, but spend a fraction of what a New Yorker would need to spend, then you should be happy about it. He enjoys being a stay-at-home dad to his two young children. Majority of doctors succumb to lifestyle inflation and a lot live paycheck to paycheck despite that paycheck being as high as it is. I would argue you get much less support than people in poverty because you “make too much” and you pay more taxes than the rich because you have less loop holes to take advantage.

I’ve always preferred the terms middle class, investor class, and rich.

The difference is staggering and, hence, the amount needed to maintain an upper middle class or upper class lifestyle is a lot larger than what you find in other less pricey locations.

Plenty of lower class people with high incomes. I believe a big part of being upper class is having more freedom and happiness than the average person. The greater your household size, the greater the income needed.

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what is considered upper middle class

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