Upper Middle Class After Almost Failing College
- Thread starter hwereson
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@kammajos000 What is 150k considered if not upper middle class?
kammajos000
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@kammajos000 Most people consider middle class $50-$100k. A single guy making $150k is making 4x the median income, he’s upper middle class.
kammajos000
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@kammajos000 He’s living in a relatively LCOL area and making that much single.
@kammajos000 upper middle could better be defined by savings rate and volume. he's putting away 49000 into investments and another 30000 into mortgage. That's saving 79000 on a 150k pretax salary. That's a 52% savings rate. If you can save or invest 79k a year, that's reasonably upper middle class, imo.
kammajos000
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@jesse1354 That's not really how the class structures are defined, and 30K on mortgage payments is really only like 10-15K principle pay down in the earlier years due to interest on the amortization schedule.
@kammajos000 fair enough re interest on mortgage. still, he's saving a lot, no?
It'd be a little naive to force a salary range as the primary factor in determining class.
It'd be a little naive to force a salary range as the primary factor in determining class.
kammajos000
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@jesse1354 That's the literal definition. Someone who lives with their parents and only has 10K of living expenses and makes 40k might be saving 75% of their income. By your definition, that's upper middle class?
@kammajos000 convenient to ignore that I said % and volume!
@kammajos000 What is it? You can see my salary progression, I started at 60k.
@monni If success equates to a higher salary, college experience objectively has a correlation to how much you’ll make. That’s the silliest statement I’ve heard all day and I’m on Reddit. Can you be successful without a college degree? Absolutely! But more often than not a “successful” person has a college degree if not multiple.
deuteronymous
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@david More often than not? Maybe in your area but here I deal with a lot of people who are successful and have no degrees or just went to trade school etc.
Most people who go to college do not even get a job in their field unless it’s specialized like medical school or engineering.
You are silly sir
Most people who go to college do not even get a job in their field unless it’s specialized like medical school or engineering.
You are silly sir
@monni Not just in my area. Everywhere. I don’t know what copium someone’s been giving you about college, but the average college graduate makes roughly twice that of their high school graduate counterparts. Those with a masters or doctorate make even more. But like I said, you don’t NEED a college degree to be successful. I know blue collar tradesman who have started their own business that do well.
If you have a study that shows that college graduates make less or even the same as high school graduates on average, I’d love to read it.
If you have a study that shows that college graduates make less or even the same as high school graduates on average, I’d love to read it.
@david This is purely based on personal experience plus experience of talking to many people throughout my career.
What the studies don’t tell you is that most if not all of those people with higher degrees have student debt that takes them 20 years or more to pay off due to high interest. In the end paying all that extra money is not always worth it. I’m saying that we are fed all this b.s that you HAVE to go to college to be successful and that was my main point.
What the studies don’t tell you is that most if not all of those people with higher degrees have student debt that takes them 20 years or more to pay off due to high interest. In the end paying all that extra money is not always worth it. I’m saying that we are fed all this b.s that you HAVE to go to college to be successful and that was my main point.
resjudicata
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@monni The average American WITH student loan debt has less than $35k in student loans. That’s not even counting those that attended college and did not take out loans (which would bring the average down even further). On average, college graduates make $30,000 more PER YEAR than those without a college degree. College is, objectively, a very good investment, on average.