One topic which has periodically hit these pages is who is Rich, who is Middle Class, who is poor.  A former major Diner contributor an friend, Eddie the Dentist always painted himself as a hard working middle class guy being taxed to death, and what rich was are the Billionaire class of Masters of the Universe.  So I would put up innumerable charts and graphs to show him, no Eddie, you're not Middle Class,you're fucking RICH.

What is generally accepted as true is that the top 1% of people are the rich.  So, in 2024 Amerika these days, how much does it take to be rich?  According to Bloomberg, you need to have $5.8M in assets to be a 1%er.  For Eddie, he passed that mark years ago.  His primary residence, a McMansion in the ritzy Austin neighborhood is on a couple of acres with an in ground pool, and in today's market has to be worth $3M if it's worth a dime.  Besides that, he has a Lake House, a 40 acre Doomstead and about 7 rental properties as income producers in the Slumlord bizness.  Then he has a storage unit bizness and his main bizness, a Dental practice.  The last income tax bill I remember him complaining about was for $250K, which means his after tax income was probably double that at around $500K/yr.  The median taxable income level smack in the middle of the Bell Curve is $75K.  He is at 10X that amount.  That is rich, and well past 1% in the income distribution also.

To Eddie, Rich means not the 1%, but the .001% class of Billionaires who actually have real power.  He's just a schlep footing the tax bill while they pay 0 taxes, and poor folks like me who live on Goobermint entitlements like SS he is paying for.  They aren't  rich, they are Filthy Rich, but that doesn't make him not Rich.  Owning numerous domiciles for personal use, as well as leeching off the poor renting McHovels at inflated prices around Austin is conspicuous consumption , along with the annual vacations to the Bahamas and skiing, the 4 Luxury cars  and trucks , ICE & EV and the weekly trips to fine Austin restaurants.  How can anyone in that class think of themselves as Middle Class?  It shows how skewed your perception of wealth becomes as you get richer.  Eddie won't quit working because he feels he doesn't have enough for a comfortable retirement.  Can you believe that?  it's insane.

https://www.bloomberg.com/news/articles/2024-02-28/how-much-wealth-you-need-to-join-the-richest-1-around-the-world?utm_source=newsshowcase&utm_medium=gnews&utm_campaign=CDAqEAgAKgcICjDi7PAKMIXduwIw7PHQAg&utm_content=rundown&gaa_at=g&gaa_n=AZsHK_nMhiVFdD8H41ZrORdPsICF7PfnAuPQ59bEggcdL_Xxr4HESF6axIwxBYeYgt67yD2qAjG3bxpfY6U-iIY1da7f&gaa_ts=65df93aa&gaa_sig=DTK1JBLsXUJqlMouYWUDOOjG4k7dA0ECoSLboNdGiws6STu8LDf3wjMpWOgZmP_IVqRNT3b8O_HXWo6rzpw-pw%3D%3D

How Much Wealth You Need to Join the Richest 1% Around the World

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Quote$5.8M in assets to be a 1%er

At that level you have enough to get mailbox money for eternity with travel to nice places here and there.  Attitudes will then adjust to match.  You can identify with the average guy if you want.  That part is optional.  Double that cash egg and pretending you are an average guy is totally delusional.  And most of us will be doing very good if we earn our way to a tenth of it.  Without Social Security we be fucked.

Eddy, ya well, he is a Texan.  Not a pass, but somewhat of an excuse.  The sun down there does stuff.  Me, I am an average guy.  If you say I am not then if I throw a thirty kilogram box on a seven foot shelf at work tonight I will pretend it is you.

Quote from: K-Dog on Feb 28, 2024, 03:12 PMMe, I am an average guy.  If you say I am not then if I throw a thirty kilogram box on a seven foot shelf at work tonight I will pretend it is you.

No, you're not rich, but you are solidly Middle Class.  You have a paid off McMansion worth probably close to $1M and drive a Mercedes to the Warehouse to throw 30kg boxes on shelves you're tall enough to reach without a ladder.  This is not average.  Average are the guys you work with there who can just about afford to live in mom's basement.

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I am still middle class compared to the whole world. We have two vehicles. The place is payed off ( It's not ours so no asset, but no rent ) I get about $800 each month from SS. A year $9,600.

"Wealthy" Amerikans?  People making $100K haven't been rich for a couple of decades.  It makes you nominally middle class if you haven no kids, your college loans are paid off, your mortgage doesn't consume half your take home and you're healthy with perfect teeth.  Forget the new car every 3 years, you're driving a 6 year old Lexus and maybe go out for dinner once a month.

Of course, to the majority of readers of the article making $20-30/hr which is that tier right above min wage like store managers or tradespeople, $100K seems rich.  Your tax bracket is higher though, and the tendency is to buy what thee banksters tell you you can afford on your income.  Since the cheapest McMansion decently close to your workplace is right at your income when the mortgage is 4%, that's the one you buy.  Then the ARM resets to 7%, and you're broke.

With all the real costs, taxes, emergency savings, 401K contribution, you aren'tyt anywhere near "wealthy" until you're north of $200K.  Even there, your job and "position" in society demands a dwelling commensurate with your job as bank president or dentist.  Can't show up at the Country Club driving a beater, you need a new Mercedes.  Plus the membership is $30K/yr, and it's a must have because that's where you play golf with the other successful movers and shakers in your gated community.  Your son goes to Princeton and it would be embarrasing for him to have to thake out college loans to cover the $100K/yr it costs to send him there.  You can eat up $200K pretty quick too.

Of course you also do have folks who really are rich who complain about how taxes are killing them, like our old friend Eddie the Dentist.  To Eddie, rich meant the Billionaires.  They think they're hurting if another Billionaire has a bigger Super Yacht and car collection.

https://www.cnn.com/2024/06/26/economy/wealthy-economy-inflation/index.html

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