Originally Posted by VVG
Yes, but earlier, you posted that you considered an income of $350k "upper middle class", and yet now you are saying an income of $250k puts you in the top 1.5%.
Lower Middle=20-40th percentile
Upper Middle=60-80th percentile
Upper=80th percentile and up
I agree it is all a matter of definition, but how can you call the 99th percentile "upper middle class"?
Yes top 1.5% household income. That doesn't mean "rich" in my book. 250k or 350k is an amazing income, but don't be upset that I don't consider that rich.
The term rich to me really depends on a combination of total net worth, debt, AND income. If we are strictly talking about income alone, I would say for example that someone who makes 1.5m/year is probably rich. I believe most sociologists define it as the wealthiest 1%. This term is very subjective. I guess another factor would be location. 350k in some parts of the country will not get you near as far as others in terms or property, taxes, etc.