Thread: Upper Middle Class

Originally Posted by MDR

I'm back in school racking up more student loans in order to become marketable again. Serves me right for going into public education. Like the U.S. gives a flying fuck about educating it's citizens. The powers that be prefer stupid and maleable.

I was one of those brown folks that got a free ride because my grandfather donated a building

Originally Posted by Gissurjon

It's called living beyond your means.

Yes and no. I live in so cal so everything is inflated, most people pay more in rent than my mortgage. I also have 300k in equity in my home. If the school system wasnt so shitty here I wouldnt have to send my daughter to private school either.

Originally Posted by bigmoe65

Yes and no. I live in so cal so everything is inflated, most people pay more in rent than my mortgage. I also have 300k in equity in my home. If the school system wasnt so shitty here I wouldnt have to send my daughter to private school either.

I feel you, I wasn't trying to insult you at all. The standard is just so high in the U.S. that desire and necessity get twisted on a daily basis.

Originally Posted by bigmoe65

Yes and no. I live in so cal so everything is inflated, most people pay more in rent than my mortgage. I also have 300k in equity in my home. If the school system wasnt so shitty here I wouldnt have to send my daughter to private school either.

that nigga Gissurjon is bank he's an internet lawyer

Originally Posted by Gissurjon

It's called living beyond your means.

Not at all. He's clearly affording it.

It could be argued you are living beyond your means.

Originally Posted by Zaphod

Not at all. He's clearly affording it.

It could be argued you are living beyond your means.

It could be argued many are living beyond their means as there is very little incentive to save (consumption constantly said to be way to drive the economy, they are all in the corporations pockets no matter the side of the isle). You used to be able to get a good rate on a CD, bonds, you name it and people were apt to save 15% of their income because it paid to do so, hence the budgets were tighter and people would be way more careful. I saw the benefits of this in my 90 y/o great uncle, a machinist who is now worth 2 million dollars because he saved smartly and STILL makes more per month than his bills cost him.

That people is the American dream that we all will not get the opportunity to experience. Think about that, he had a blue collar job for 45 years and retired wealthy as hell (never lived like it though). Now he can be waited on hand and foot at the best assisted living community in his city and is very happy. That is a good example in my eyes of WHAT WAS versus the reality of WHAT IS that we face now.

Originally Posted by oufinny

It could be argued many are living beyond their means as there is very little incentive to save (consumption constantly said to be way to drive the economy, they are all in the corporations pockets no matter the side of the isle). You used to be able to get a good rate on a CD, bonds, you name it and people were apt to save 15% of their income because it paid to do so, hence the budgets were tighter and people would be way more careful. I saw the benefits of this in my 90 y/o great uncle, a machinist who is now worth 2 million dollars because he saved smartly and STILL makes more per month than his bills cost him.

That people is the American dream that we all will not get the opportunity to experience. Think about that, he had a blue collar job for 45 years and retired wealthy as hell (never lived like it though). Now he can be waited on hand and foot at the best assisted living community in his city and is very happy. That is a good example in my eyes of WHAT WAS versus the reality of WHAT IS that we face now.

It isn't so much that people don't want to save. They CAN'T save. Prices going up and wages staying mostly unchanged how is someone supposed to save?

Originally Posted by Zaphod

It isn't so much that people don't want to save. They CAN'T save. Prices going up and wages staying mostly unchanged how is someone supposed to save?

That is true, add an incentive though and people will look past discretionary spending and focus only on what is needed if able. It is by no means the perfect explanation it simply is stating that right now saving is very rare by most people [for various reasons].

Originally Posted by oufinny

That is true, add an incentive though and people will look past discretionary spending and focus only on what is needed if able. It is by no means the perfect explanation it simply is stating that right now saving is very rare by most people [for various reasons].

I know a few people that are struggling just to keep the basics paid much less discretionary things.

Originally Posted by oufinny

That is true, add an incentive though and people will look past discretionary spending and focus only on what is needed if able. It is by no means the perfect explanation it simply is stating that right now saving is very rare by most people [for various reasons].

you forgot or what's not needed ..

Originally Posted by oufinny

That is true, add an incentive though and people will look past discretionary spending and focus only on what is needed if able. It is by no means the perfect explanation it simply is stating that right now saving is very rare by most people [for various reasons].

the best banks are offering 1% APR while the CPI states inflation at around 3.5% but in reality that is closer to 8%. either way, it's a loss for the depositor and a gain for the bank as they are not lending and using these monies on wallstreet investments.

low rates by the FRB are supposed to encourage people to borrow or to delay saving, either way those with the least amount of income get punished as there is only so much you can do with say an annual savings of 10% of the income.

many people are being forced to use credit to consume as the increases in healthcare costs are rising 4x faster than real income growth annually.

Originally Posted by Doublebase

According to this I am considered upper-middle class. And in the top 10%. Then why can't I bring myself to shell out 27k for a new car?
Upper middle class - Wikipedia, the free encyclopedia

Because you can get three used Kia Spectras for that same price?

Originally Posted by Prince

its not one's income that matters most, it's how well one manages their money.

This.

"Beware of little expenses; a small leak will sink a great ship."
—Benjamin Franklin

Originally Posted by Zaphod

It isn't so much that people don't want to save. They CAN'T save. Prices going up and wages staying mostly unchanged how is someone supposed to save?

Downsize.

Smaller home closer to work. Drop cable. Don't eat out every day. Or at all.

Originally Posted by Dark Geared God

never will my billfold is to fat like curt james...

Originally Posted by Big Smoothy

You're doing very well. Good money management. One fo the best I've witnessed.

Cheers to you, DB.

Echo that sentiment.

Pretty much live by my grandfather's philosophy: "It's just money, I'll make more."

"Lucky" for him, he died in his very early sixties.

its all about money management.

Originally Posted by Prince

its all about money management.

Shut up Mr. Voice of reason.

Originally Posted by Curt James

Downsize.

Smaller home closer to work. Drop cable. Don't eat out every day. Or at all.

A good friend of mine is so broke he lost his modest home (not large by any means and in a mediocre neighborhood), lives in a home on property his parents own, car is paid off, lives out in the sticks with a much lower cost of living, no extras like cable or satellite and he STILL can't afford to save anything. His wife is working full time and he has been unable to find a decent job beyond anything part time.

Yes, his situation is a bit extreme but there are more and more people getting into that situation. Every last nickel goes just to surviving. And he isn't any slacker. There just aren't the jobs around that there used to be.

Originally Posted by Dark Geared God

that nigga Gissurjon is bank he's an internet lawyer

I'm bank?

You can't still be mad?

Originally Posted by Gissurjon

I'm bank?

You can't still be mad?

Damn nigga about time you be answering me..thought you were mad at all the reason that was dropped on yoz

Originally Posted by Dark Geared God

that nigga Gissurjon is bank he's an internet lawyer

Originally Posted by Dark Geared God

And I'll raise you two

Originally Posted by Zaphod

A good friend of mine is so broke he lost his modest home (not large by any means and in a mediocre neighborhood), lives in a home on property his parents own, car is paid off, lives out in the sticks with a much lower cost of living, no extras like cable or satellite and he STILL can't afford to save anything. His wife is working full time and he has been unable to find a decent job beyond anything part time.

Yes, his situation is a bit extreme but there are more and more people getting into that situation. Every last nickel goes just to surviving. And he isn't any slacker. There just aren't the jobs around that there used to be.

No one denies this is tragic but unlike some, the people you mention are still working hard and making ends meet. I say good for them even though the situation sucks royally. It is this attitude that is even more rare, people working their ass off through hard times instead of bitching and expecting something to be given to them so they don't have to endure. I bet they come out of this ok in the end (or I hope they do).