Surprising Signs You’re No Longer Middle Class
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- Опубликовано: 29 июн 2024
- What are some signs that you've made it past the middle class? In this video, we examine 8 surprising signs you may notice if this applies to you. For those who aren't there yet, we go through some actionable steps to help you get there.
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WHO AM I?
Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
⏱️ Timestamps:
0:00 - Start Here
0:35 - Extra Money After Investments & Expenses
1:49 - You Own a Mix of Assets
3:05 - You Live in a More Expensive Neighborhood
3:52 - You've Experienced Positive Lifestyle Changes
5:10 - You Can Afford Higher Education Expenses
6:37 - You Have Minimal Financial Stress
7:57 - You're Considering Retiring Early
8:54 - You Have Multiple Income Streams
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Hey Humphrey! Thanks so much for the shoutout!! 🙏 I'm such a fan of your wonderful content! My favorite point of your vid striving for a life of minimal financial stress. Amazing video, as always!! 😊
You're the best! I appreciate the inspiration. Everyone go subscribe to Erin!
I love your channel! I watch every video!
@@humphrey Already subscribed
Erin. I love your videos.
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.
I have not written this sort of comment before but from the your comment, I knew that you have good understanding of investing, How can one reach this advisor of yours?
Kristin Amber Landis is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
That's great, your financial advisor must be really good, I have seen testimonies of people using the help of financial advisors in making them more financially stable. I just discovered her exceptional resume when I made a Googled search of her names online. I consider it a blessing that I discover this comment area!
My financial stress is compound interest. I'm addicted to it.
Telling me.. I have built a compound interest calculator for demonstrating the impact to my kids of how much their investments will grow… they are all under 12
@jacquie212 once you get a taste of it, game changer. Pray for high rates.
So true! For me spending money makes me realize how much it ACTUALLY costs with the missed compounding interest. The problem is that later in life you get addicted to saving rather than enjoying retirement
That's what I'm afraid of@@vancouversworstdrivers
@vancouversworstdrivers you know the saying, "mo money, mo problems".
I make low "middle class" income but have gotten to the point where I dont feel middle class anymore. I have extra money, i spend less than i make, i just bought a car with cash last month, and I dont really worry about gas prices or grocery prices. If i cant afford the bag of chips, i dont buy them. I buy the food that fits my budget. My mortgage is extremely affordable, and its the only debt I have. 😊
Is that really middle class if something like a bag of chips is out of budget?
Sure there’s money management involved but certain things shouldn’t really sway your end of month balance
@@Michael-pi8ps buying the bag of chips at $6 wouldnt hurt anything, i can afford it. I choose not to buy them, because i can find other stuff thats less expensive. I guess my point is, i would not pay $6 for a bag of chips so i take that off my grocery list or find it cheaper.
Well done! That is what people should aspire to do and be like. I don’t understand why people live above their means and feel entitled to things that are way out of their budget. I’ve seen way too many people unable to plan their financial future and instead blame everyone and everything else.
Only part that I am a bit jealous here is the affordable mortgage. I just graduated college a couple years ago, paid off my student loans and car loan and I’m debt free now and saving and investing every month, but in the area I live in I doubt I’ll be able to buy a residence anytime soon with these prices and rates 🥲
@@FarhoodEnsan yeah, house prices are way high now. I bought my house 6 years ago, and back then it was affordable, but even then the market was insane. I looked at 7 or 8 houses and had a really low/strict budget. The house i ended up buying was within my range and not needing tons of work. To be clear though, values have skyrocketed. My house value has more than doubled since i bought it.. if i tried to by my house tomorrow at its current value, i wouldnt be able to afford it.
Frequent fine dining and expensive cars are the biggest killers of wealth.
A credit card balance being normal is also awful.
Expensive cars and credit card debt aren’t quite on the same level as “frequent fine dining”, depending on what you mean by frequent.
An exceptionally nice dinner for two once a month can cost you $400. That’s a lot less than a loan/lease on an F150, or even getting Applebee’s every other day for that same month. (I personally have those expensive dinners ~6 times a year, and enjoy them a lot more than frequent Red Lobster visits or a giant status symbol on wheels).
And gambling
Fine dining is part of my “rich life” as Ramit would call it. I budget $1,500 a month for eating out and entertainment but I only spend $1k a month on my house 🤷♂️.
@@zoraster3749Seems like a fine plan to me if you’re hitting the important financial targets when it comes to saving and investing, or withdrawal rate. I think Ramit’s advice is generally spot on.
I think it’s certainly ideal to determine and live your own rich life once one takes care of the important big financial numbers. It’s also super smart to prioritize what matters to yourself and/or your partner financially and cut back mercilessly on what isn’t important.
Subscribe and check out Hump Days! humpdays.substack.com
Even though we are officially Upperclass, we are hanging onto our Middleclass mentality!
Word!
fantastic thought however if you wish to continue growing past upper middle class, you need to ditch the middle class mentality. Just remember to always think in terms of “net worth” over annual income and savings.
Erin!! Yes! She deserves so much love too! She speaks calmly and soothingly.
shes so great
@4:08 No cleaners and unhappy with price changes ($4 to $5 is a 20% increase!)... but happy to spend $$$ on Michelin-starred meals that are on my bucket list (i.e., fly to Greenland or Faroe Islands to try KOKS).
Spend on things you enjoy and that matter to you. Try and be cheap/frugal with things that don't.
Exactly, thank you Sebby!
I never pegged Sebby as a lover of Kok.
Bein upper middle class isn't defined by how much you make but by how much you keep. Net worth is always the determining factor in determining if you are upper middle class.
Agreed but I would argue net worth test is depending on age. A very solid net worth at 40 might not be so solid for a 60 year old.
I think people confuse rich with wealth. I’d argue you make a million and spend a million you are rich, not wealthy. You make 60k a year but your assets can allow you to live without working, you are wealthy.
I have always considered our family middle class but apparently we’re well above that according to these metrics, so I guess we’re doing something right. Thanks for the great content.
Great video. I also love how large channels like yours’ occasionally shoutout the little channels!!! That’s awesome to see Erin Talks Money getting love by one of the massive staples of financial RUclips channels.
Humphrey, any chance of a collaboration video with you and Erin? You both have such a calm and collective demeanor with your well articulated and easily understood educational videos!
great video here. i think the takeaway from these type videos that always blows my mind is that people have credit card debt. I by no means would consider myself beyond upper middle class but taking on credit card debt has always seemed insane to me just based off their interest rates alone!
Another Banger Humphrey! You’ve inspired me to make a RUclips channel and maybe one day I’ll have another stream of income. Keep up the amazing content!💪🏼
Great video! I’d love to see a video about the upper and upper upper classes that you mentioned early in the video
I really enjoyed listening to this video, having met many of these criteria, after years of the corporate grind, working two jobs at times, and never having much financial security. Hooray!
Great video Humphrey! Have you ever shared what camera you use and microphone. Incredible quality and editing! Well done! Love your videos!!! 🙂
Thanks for the content!
I love watching Erin too.
In the end, it is just a definition. If we understand our life and financial goals and are able to achieve them, it does matter what an externally defined category we fall into.
Nonetheless, still enjoyed the video. Thanks, Humphrey 😊
I love watching you and Erin :)
dude your vids are so chill
great video!
Great Vid!
👃 Smelling a lot of that cc ball action AE effect lol. Loving the new editing style!! 💪
Awesome shoutout to Erin Talks Money ❤❤❤
Great video
Thanks for the visit
I'm upper middle class. My financial stress is the daily movement of the stock market. When you have 7 figures in 401k/Roth/IRA/HSA/brokerage accounts, a whole month's paycheck worth of money is created or destroyed on a daily basis. It's stressful trying to stop yourself from looking. 😅
You should just leave it in the bank then. No ups or down on a daily basis. Solved.
I only have 6 figures invested and i can feel this haha, its all good though, long term itll be big gains 😎👍🏽
Yea but bank doesn't even give big enough return to beat inflation let alone make your money grow @@Longtermalwayswins
Don't look. Seriously, put it on your calendar to only check balances quarterly.
@@Longtermalwayswinsyea leave it in the bank to have inflation eat into your money and savings. Great financial advice! 😂
I love when new videos come out lol I feel like I’ve watched everything 😂😂
Hahaha yeah
I agree with most of this. But I think you need to have at least 5000 in your emergency cash if you’re upper middle. Mainly because you tend to have bigger expenses in this class status. If your air conditioning goes out in a 500,000+ house… it’s not going to cost 1000 dollars to replace. Ijs 😊
3-6 months of monthly expenses is definitely a must!
Yup, my A/C went out I think 6 years ago. It costed us $5500 installed. And that was with a family deal, that otherwise would have costed around $8000. Fortunately I had like $15K in the bank at the time and it was an inconvenience, not an emergency.
So yeah having $5K is the absolute MINIMUM anyone should have. Ideally $25K-$50K or more to factor in potential job loss.
Window units
I don’t know much about big A/C units on a half million dollar house but on my $100K house, I’ve probably saved hundreds if not thousands because I found out from a RUclips video that when an A/C stops working it’s often a part called a Capacitor. They provide air conditioning units with the initial electrical charge necessary to start the motor and keep it running. But they wear out after several years and need to be replaced. Mine only cost me $25 and I installed it in about 10 minutes. Works as good as new now.
@@coolcat6303 Yeah often times it’s minor like that. Mine unfortunately was the compressor unit. It was also 19 years old so it gave up.
Great video! Pretty much everything resonated with me, especially minimal financial stress and higher education. The sources of income one will vary but I do believe that the likelihood of having multiple sources of income increases as you move up in net worth, it’s just not a given or a must.
We have our income from employment, 401k, and brokerage investments but no rental or business income and our net worth is well over 200k - the upper middle class income threshold you had mentioned. We’re actually in the top 20% according to our net worth. So there is more than one way to build wealth but being disciplined with whatever path you choose is an absolute must.
Agree with all of this 100%, currently all of our extra income streams are HYSA, dividends, and capital gains. We plan on more in the future, but aren't ready for rental income yet.....
This makes me feel less bad about my Porsche splurge! 25 yrs old in the Bay Area and have had excess household income for awhile now. But because I kept hearing about how it’s bad to splurge, better to focus on investing, etc… I’ve fixed all my financial issues and felt it was time to finally spend a little on myself. Sometimes it’s better not to compare yourself to the average person especially since finances are still fairly private. Happy to say that even with a high monthly payment I’m below my 50% monthly spend target and get to invest about the other 50-60% of my income. If I continue this, even without raises, I’m set to become a multimillionaire. Diligence pays off!! Don’t feel bad about spending a few dollars here and there especially after working hard!
I agree. We bought the Porsche too BUT it was not an impulse buy. It was researched, planned for, and worked towards for years - all the sweeter when purchased. We have a very high net worth but splurge rarely. Our food bill is very high though because we eat extremely fresh/healthy. Health is wealth. Enjoy your Porsche - well deserved!
Inflation fueled dollar coupled with the over-priced stock market definitely has inflated the net worths of Americans. Curious what the actual inflation adjusted net worth is today.
Hey Humphrey, can you do a video on phantom debt? The pay over time, buy now, pay later? I saw somewhere that the younger generation is actually in more debt than reported because of this. I looked into it when my bank offered and it is a decent option.. until you can't meet the payments.
I'm not moving to a more expensive neighborhood just because I can. Same as my boss telling me I could have bought a $500k home when I bought a $200k home.
Diversifying income sources and maintaining a robust emergency fund are not just markers of financial stability, but also crucial strategies for long-term security and peace of mind 💼.
I love Erin ❤
She’s great!
i live deliberately in a lower middle class neighborhood to save as much as possible, so when i pay off mortgage at 58 and cont to save what i am now I'll have almost a mill new worth at 65.. and on an income under 100k. so there 😁
I just realized I am no longer middle class thanks to this video 😅 all the signs in video was what I thought how the middle class should be (excess savings after investment, going out to eat, dont have to get on payment plan for iPads, etc...)
It's wild how circumstances vaulted me from a paycheck to paycheck guy to firmly in the middle class. My first career netted me a pension and benefits worth over 40k per year. That, added to my new job earnings, allowed me to purchase a second home and rent out my old one. Then covid struck, housing got scarce, and the equity in both my properties jumped up. Based on my total income and my 250k in equity, I'm part of the upper middle class now.
I always hear about how college is so expensive. SDSU tuition is around 8,000 a semester and so is every other state college in California so idk where these crazy numbers are coming from.
I guess I am officially middle class now. It feels weird to say that at 24 and growing up low income, I was expecting this video to be more aspirational rather than hearing I’m already there. Got to count my blessings and keep saving!
Hi, I suscribed to your chanel maybe 2 or 3 weeks ago, but, I don't receive your notification and I obviously clicked on all notification, so thought to let you know just in case if it's happening to someone else
When I go to Culvers and want to get a Concrete, the largest size of the three sizes available is called medium. This video reminds me of that.
nice
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@caseycantrell-gh6fg However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@Lourd-Bab Oh please I’d love that. Thanks!
@@caseycantrell-gh6fg Judith Ann peace is her name
Lookup with her name on the webpage.
Hi humphrey
Great
I find “household income” to be a strange useless metric for my situation and the situation of other people who live with housemates. My household has 4 people who aren’t related or linked to one another from a financial or family perspective. So what does it matter what our household income is, when analyzing an individual’s financial situation. If one of the housemate makes $200,000 or $35,000 a year, it’s going to have next to no impact on the net worth of another person in the house who makes $75,000 or $50,000 a year. But it will become part of that household’s total income.
For normal people, it's husband, wife, and a kid or two.
For you with 3 other unrelated adults - weirdo, it's confusing.
@@BA-sl9yc It’s not that weird in high cost of living areas. Especially for people college aged to middle aged.
I see comments from others asking why people do insane things like car payments, cc debt, etc. The bottom line is they don’t know any better or don’t give a sh*t. I learned by trial and error at a young age- I had no formal or informal financial education, it was rough! But now I’m debt free except for mortgage have substantial savings and other sources of income (stocks dividends, interest payments). We have to educate our young generation and let them set their own course.
Is there any good reason why finances are measured by household income regardless of headcount? I feel like a family of 4 on $120k is less than a bachelor on the same amount
Definatly staying put. witha 2.65% interest rate and 15 years (hopefully) until retirement it would be bonkers to upgrade the house. Especially since we don't want to retire where we currently live
Oh wow. I'm doing way better than I thought. Glad because i just retired at 50 from corporate life to do my own thing.
Very interesting stats.....although our household income is $120,000, which I guess is considered "middle class", our net worth is about $980,000. I feel that we are "upper middle class" based on how we managed our income.....I think "class" should be defined by HOW your income is managed over "HOW MUCH" you earn in a year.
Well done!
I hadn't really thought about it, but according to your numbers, I'm well past middle class. I don't think the label was ever very important to me, but getting to a point where I could retire in my early 40s and I don't have to work and can buy things I need without worry is one indicator. My net worth skyrocketed mostly because the area where I own property really took off the last 20 years. That was partially luck, partial good planning. Other than a few luxuries like cars, I don't much care to show money with clothing or jewelry. I don't mind being the unassuming rich guy or whatever it's called. I think too many people live beyond their means and put roadblocks up that hinder their ability to reach a comfortable life. If you're still struggling, stop buying daily $6 coffee at Starbucks, for instance. I spent my childhood very poor and it's taken me awhile to be able to just eat where I want and not worry. Some of the fear of poverty is in my DNA, but I'm learning to enjoy life a bit more. Ha! And you nailed the house cleaner that comes every other Thursday.
I calm down and still believe there’s still a chance that this country still has a chance when Papa Humphrey posts a video😂😂
I own Nvidia stock and feel like I moved past the middle class today.
I feel richer too but then I had to remind myself that my gains are only in the hundreds not millions. 😢
I live in the SF Bay area, I have a well paying job and about 3x my yearly salary in net income but I still feel like I'm not getting anywhere because housing is so ridiculous.
When I am routinely writing checks for 5-30k to various investments… Leveraging debt to by new assets to pay said debt and aim to keep the delta as cash flow… when I think paper money that I hold is worthless and I have a ever running need to buy cash flow…all these things are starting to think I might be making it beyond the middle class…. Still feel broke though.. when you grow up poor you’ll always feel poor even at a 2.5M net work at 40yrs old…
Taxes are out of control in the U.S. , yet unlike every other civilized country, we don't provide health care (and education, if qualified) to our citizens. You can go bankrupt paying medical bills, even in retirement. We send billions to other countries. Even being Upper Middle Class is no guarantee that you'll be secure financially in the U.S. Our Social Security payments are taxed! I love my country and what our Constitution represents, but if I were a younger person knowing what I know now, I would have moved the hell away from here a long time ago.
I guess I'm middle class. It feels weird
to say that at 33 and growing up low income family with my 3 siblings i never considered myself middle class. i think what attributed to this success was probably not having kids and not having no students loans.I continued to live like i was on the verge of being broke all the time. That mentality made me save more and spend less.I gotta keep counting my blessings and keep saving.
If you want to retire early I'm assuming that would mean investing enough in an individual brokerage account you can live off until you can dip into a your roth IRA and 401k at 59.5.
Based on this vid I'm still middle class 😅
It's good though that I have some benchmarks and goals to work towards!
You got this!
Everything described as being above middle class sounds like what moddle class should be.
Buy a duplex when you're young and live in one half. Then buy a sf home, after you save more $$$.
The only true one is guac at chipotle without thinking about the fact that is costs like 3 dollars
I will never get it no matter how much I make. Just like a $7 latte.. never
@@FIREownyourtime if guacamole isn’t factored into your FIRE calculations, you’re doing it wrong
I have an issue with the use of the word “class” because money doesn’t buy it or good taste.
Nowadays elite college cost 300k total, I would stressed the f out if I have "just" 200k and my kid is good enough to get into those schools
If they get into those top schools, they’ll definitely get a lot of scholarships, and there’s also debt they can take to start paying after school ends, so you don’t have to stress about your 200k right now, the main thing are the recurrent living costs and some tuition that you’ll have to pay by semester
@@sergioalcantara4361 thanks for your tips, and your cat looks just like mine lol
Are your kids going to pay your retirement? In most cases, that’s a no, so don’t sacrifice your retirement for their sake. If the college costs that much, the cost benefit analysis likely don’t pan out for lifetime earnings considering debt and interest. As a mid career engineer, my employers do not care at all what college I went to. They only care at this point about my portfolio of projects and accomplishments.
You don't need $150k income to own rental property. My tenant made around $200k and was often late on rent due to lifestyle. Also, there are a lot of people who are completely debt free including no mortgage without having a $150k income. Plus the emergency fund is a lot larger in a high yield savings account with cash in a drawer. Large purchases are heating and air units, roofs, cars, and boats. No house cleaner for me. If milk was $5, I would leave it at the store.
We make $240,000 household and have over $1,000,000 net worth. And we don't really feel too much above the middle class. Maybe thats just us...but dont feel like we are rich or anything!
I still believe using net worth inclusive of Real Estate is a poor formula. Highly illiquid and replacement cost especially if you have a low interest rate is extremely high.
Agreed
I'm a Financial Advisor and id say the mark for "middle class" is now miles away from what it was just 5 years ago. If I were to sell and rebuy my current home I bought in 2021, my mortgage would be double what it is now. Purchasing a home responsibly is now almost impossible for 95% of the population. Anecdotally, I'd say north of $200,000 a year is the floor for Upper Middle Class these days.
I agree with you completely.
I feel like I am doing well for someone my age but my financial stress is super high because I cant afford a decent house in my area which is around 600k+. I save 55% of my income and still don't have much chance to afford a house in the next 3-5 years unless something major changes.
Question
I'm 47 and have a Roth 401k thru work with $420,000 investing 15%
Should I max this to $23k/yr before opening a Roth IRA or a taxable brokerage account? If I open a Roth IRA, I'm starting over to get that 100k to get the compounding rolling. Doesn't it make more sense to keep adding to the $420,000?
I’m not a financial advisor by any means but I would guess they would ask first what are your goals and needs to try to figure out the answer to that question
I always see these stats and they are all artificially low. My net worth and household income are always way above these artificial numbers and I am firmly middle class. In addition, I live in "fly over" country MidWest USA so compared to populations on the Coasts I am considered poor.
I live in northern va I make 95k my wife makes about 130k and we feel like low class
“No debt besides a mortgage” While student loans and credit cards were addressed, car loans were not. So this means having car loans means you are not past middle class? I don't have any car loans but want to be clear as this is a pretty major line item for many.
I think the take being able to afford higher education is a bit of a stretch tho. To “afford it” to me says you can pay for the annual tuition outright in cash (or I suppose quarterly/every 6 months) while not dipping into other plans with the money accumulated. I mean we’re talking anything from $10K-$30K per quarter one has to fork out - also not including living costs and books. I feel like if a parent can pay for higher Ed for their kids outright that is straight up upper class
Just to clarify, if hypothetically a couple accumulated $300K in liquid cash by the time to pay for kids’ (I.e.) $100K tuition, is that something you can say you “can afford”? I feel like if that were me I wouldn’t say I could “afford it”perse but rather “I could make it work” but involve some short term goal sacrifice. I feel like you’d need to have $500K (5x the amount of education cost) set aside to be in the “higher ed is affordable to me” category.
I think a number of people do move to a nicer neighborhood as they get wealthier. There are several reasons for this, but a primary one is wanting more space and safer space. Another one wanting better schools for their children. Like it or not wealthier neighborhoods have better schools and are often tougher on the children in terms of expectations. And children often are more effected by peer pressure than parental nagging. I see this a lot in the Asian communities. Where you see Toyotas and Hondas parked in front of big houses.
Emergency cash shiuld be at leash 6-9 months of expenses, otherwise you have financial stress
Fire is the ultimate wealth. Time is valuable. Paper is not.
these videos oddly usually make me feel better about my financial situation! watching all these LA influencers makes a person regularly feel poor! hehe
Florida retiree here. Your numbers sound very low.
An income of say 150k, and 200 k in savings is not crushing it.
And age matters a lot, too. Big consideration...
What if those are your numbers at 25? Obviously people at retirement have accumulated wealth lol.
@@dylanvcr200k at 25? Lol
@@adamasimolowo8285Anesthesia assistant likely, common to make +$150k first job
@@adamasimolowo8285 the original comment says 200k is not crushing it at retirement which I agree with. The point I was making which they also address is age matters.
How come I’m hitting a lot of these marks but I feel broke AF😂. I hate this cost of living crisis.
150k crazy
We are well over 150k closer to 3 but still I would only consider us in the middle class.
This video is so arbitrary. I’m interested in the cold hard reality
This! I need the actual dirty figures
I don't have much of anything...
Moving up to a higher end home is a sign you’re inflating your lifestyle. Not sure if that’s a sign you’ve joined the upper middle class necessarily. Warren Buffet and I are staying put.
More like $600,000 to $800,000 of assets puts a person in upper middle class. About $3 million makes a person rich.
$600,000 is rich to me 😂 But compared to billionaires, it’s definitely upper middle class.
Technically starting at $600k to 700k is upper class.
You cant lose sight of the whole population. Unfortunately because the standard is so low - once you break ~$250k net worth you enter the "upper-middle" class. It is all relative to the bell curve.
Looking at retirement? Then remember that the richest person is the one that needs the least…. No mortgage or personal debt is key to living without stress.
Or, are still living with your generous parents as an adult until you get married 😂
I make 80k with 7 mill net worth! I feel like a normal person. I have a 20 year old and two 10 year old cars.
Thank you, for sharing this useful information. Personally, I have always divided the "Middle-Class" into the following three (3) separate sections: Lower middle class, Middle middle class, and Upper Middle class. For the upper middle class, I prefer to use the terms "financially comfortable" or "financially independent" and, this is where, I am currently. For most of my working life since earning my B.S. degree in Electrical Engineering, I was solidly in the Middle middle class range with monthly bills of a home mortgage, automobile loan, and credit card debit. Then at age 55, I paid off in 20-years my home loan and felt financially free for the first time in my life. After the next five year period, I no longer had an automobile loan or any credit card debit. Therefore, at age 60, I had it made if, I lost my job at the City because, I had a fully vested pension, 457 plan, and personal savings and investments. In addition, at age 65, I will apply for my social security. Now as a retiree that is also financially independent ... life sure is sweet (smile...smile).
Loser...
Outro music ?
I got you $0.00001 closer to moving past upper middle class by watching this video.
I know I've made it because I just drive through the car washes now :)
If you live in Cali those numbers don’t apply to you.
You have an officially made it past middle-class, you can now attend higher education 😒.
Can someone advise what job if you have that is more than $150k income? A majority of us would like to get into it.
@kito1san Skilled trades, certified welder, utility worker, or engineer…if I were starting out, I would become an electrician, hvac technician, or a plumber. The entry costs are low, the services are always in demand, and each can lead to small business ownership…just my $0.02.
@@DebtFreeEssentials thanks for the tip. Sounds like I am in the wrong field and under paid.
be a nurse tbh and work lots of overtime