(Closed) Do you think 250k/year is middle class?

posted 6 years ago in Finances
  • poll: Do you think 250k/year is a good place to draw the line for higher taxes?

    Yes, that's a good place to draw the line

    No, the line should be lower

    No, the line should be higher

    Not sure.

  • Post # 121
    Member
    190 posts
    Blushing bee
    • Wedding: March 2016

    View original reply
    justagirlfirst:  No, almost all of the things you mentioned are luxuries.

    The poor house is not being able to afford your bills.

    Post # 122
    Member
    300 posts
    Helper bee

    View original reply
    justagirlfirst:  agree, don’t think it is poor but definately no wiggle room to spend. 

    The good thing is at least Canadian schools are cheaper than US. The public school system we have there is also amazing. It is alot better than the US.  I lived around UBC in vancouver, growing up and did get scholorship from them. Even if there were no scholorships, the tuition is cheaper for ” in province”. in the states the tuition is insane how much student debts are. I have friends that have to spend half of their lives paying back student loans. 

    Which makes this 250 line even worse, because what they take home is way different than what they actually make. How many kids you have is definately even worse. Feeding your child is not an issue but the amount you can spend on education is limitless. Whether you consider education a luxry or mandatory varies drastically between different people. So dose the term middle class. 

    Post # 123
    Member
    303 posts
    Helper bee

    I think a lot of you are confusing the issue.  Feeling poor because of the financial decisions you made (whether for education, transportation, housing, children, etc) is VERY different from actually being poor.  For example, it is your decision to have four children, go to a private university, pay for your children’s education, save a certain amount in order to have a certain lifestyle in retirement, etc, etc.  It is not a choice to have shelter and food. 

    Post # 124
    Member
    455 posts
    Helper bee
    • Wedding: July 2010

    View original reply
    mrstbone: & 
    View original reply
    mrsyeti:  If you want to be realistic $250,000 is not in anyway “actually being poor” (in any part of the world) 

    What I was saying is a figure of speech, meaning if you planning on having a lot of children it is not a lot of money 

    Post # 125
    Member
    876 posts
    Busy bee

    Definitely depends on where you live. For a major northeast city, 250k in a household would let a family live comfortably, but not luxuriously.

    Post # 126
    Member
    303 posts
    Helper bee

    View original reply
    justagirlfirst:  And what I am saying is that while $250k may not feel like a lot of money for you due to your personal choices, it still is a pretty decent amount of money.  

    Post # 127
    Member
    455 posts
    Helper bee
    • Wedding: July 2010

    View original reply
    mrsyeti:  This is what I was saying in a jokingly manner. $250k is a lot of money but with a lots children you can feel poor. Once all our children have grown and we are no longer have the poor feeling, we will feel loaded… till they start getting married.

    Post # 128
    Member
    1949 posts
    Buzzing bee

    One major problem with defining a middle class is that the current deffinitions are antiquated.  We are constantly fed this term and told how good the middle class has it but nobody has really pointed out exactly what the middle class looks like in 2016, and more terrifying where the middle class is going.  The US ecnonmy has changed, the middle class is shrinking and most definitions of middle class and tax laws do not take this into account.  Also is not many people know how good the upper class has it and what defines them.  

    Drawing the middle class line at $250,000 throws a large percentage of people in the upper class category where it “feels good” to be.  But honestly it’s like giving a baby a pacifer.  You are not really living an upper class lifestyle with that income.  

    If I were to define middle class I would consider:

    – Able to afford College education with few to no loans

    – Able to afford private shool for your children or live in a schoold district that is properly funded

    -Able to purchase a comfortable home- comfortable requires definition… at least 600-800sq ft per person living in it

    -Able to stay gainfully employed with upward mobility in a career field

    – Able to save for a retirement that does not lower their standard of living

    -Able to pay for adequate insurance coverage that protects their family (health/auto/life etc)

    -Able to save and invest

    – Has modest disposeable income aside from savings and payments. (also requires some definition- Disposable income equal to at least 50% of all monthly expenses and savings payments)

    -Has leisure time

    -Able to secure middle class status for your children

    I havent given this a lot of thought but this is what comes to mind now. 

    PS I’d like to add  the privledge of spending time with your children and being present in their lives.  Many families make ends meet by parents working long hours and have no time to spend with their families.  Middle class should mean that you do not have to make the choice of paying bills and time with family

    • This reply was modified 5 years, 7 months ago by Lokie85.
    • This reply was modified 5 years, 7 months ago by Lokie85.
    Post # 129
    Member
    2737 posts
    Sugar bee
    • Wedding: January 2014

    View original reply
    Lokie85:  You’re completely mistaken. Drawing the middle class line at $250K puts 1.5% of people above that line.

    Post # 130
    Member
    186 posts
    Blushing bee

    View original reply
    Kikibear:  omgggg was thinking the same thing you just said it first lol her post served no purpose 

    Post # 131
    Member
    9111 posts
    Buzzing Beekeeper

    View original reply
    Lokie85:  600-800 sq ft per person living in a house?! We have about 1900 square feet (could easily expand to get to 2000) and we plan on at least 2 (possibly up to 4) kids and have zero intention of getting a bigger house. For a family of 5 you’re saying you need a 3000-4000 sq ft house? I would put that kind of space into upper class, not middle lol

    Post # 132
    Member
    32 posts
    Newbee

    Definitely depends on where you live. I am from South Florida and would definitely say that making 250k a year you’re pretty much rich/upper middle class. 

    Post # 133
    Member
    95 posts
    Worker bee
    • Wedding: July 2016

    View original reply
    Atalanta:  A teacher in the bay area = *insert pile of poop emoji* lol

    Post # 134
    Member
    3423 posts
    Sugar bee
    • Wedding: November 1999

    View original reply
    amcgaughey89:  A teacher in the bay area has to marry an engineer.  

    Post # 135
    Member
    336 posts
    Helper bee
    • Wedding: March 2017

    I live in NYC and I say 250K is certainly upper middle class UNLESS you live in manhattan where you pretty much need to me a millionaire to live well. But in the other boroughs, 250K will set you up quite nicely. 

    The topic ‘Do you think 250k/year is middle class?’ is closed to new replies.

    Find Amazing Vendors