I am wondering what everyone considers rich, poor or middleclass as far as finances go. I have often pondered this question through the years. I've met a few rich people(excluding bulti-billionaires), some middle class and a lot of poor people.
What is rich?
I would consider rich as those who do not have to work yet do. (I've never been that blessed myself)
What is poor?
I define the poor as those who are force to live in substandard conditions of any kind.
What is middleclass?
Isn't a middle class worker is one step away from poverty unless they have their own home paid for and some cash in the bank?
Rich means you don't have to work. You can live off the interest your money makes.
Middle class ranges from people that make $200K a year to $50K a year. Rough numbers. But if you've got a couple million in the bank and you have a pension and you can retire and you did all that making $200k a year for the last 20 years, you might be upper middle class or even considered rich, to some people. If you can afford to retire at 65, then you are middle class. If you will pay your home off by the time you retire, you are middle class.
My dad never made more than $13 hr, yet now he is upper middle class. He saved and has a pension from Ford. He has 2 homes. Now take his pension away and he might be screwed. But if he sold his vacation home, he'd survive. Of course that's IF he could sell his vacation home.
What's poor? Anyone who has a family and only makes $40K a year and is $20k in debt. Too many college educated people are finding themselves in this category. It's not right. But if you talk to Republicans, that person did something wrong. Along with millions of other Americans who were doing just fine before Bush got into office and started sending jobs overseas.
Many middle class people are not going to get a pension like our parents got, and they're social security is going to be cut because of all the GOP spending over the past 8 years. And our 401K's all got cut in half. And our homes lost value. So if we were going to be ok to retire at 65, we might have to rethink that. And with skyrocketing health care costs, I am afraid many people who are middle class now won't be when they go to retire.
I know many friends who's parents are now going to be a burden on them because they lost their pensions or their homes are no longer nest eggs or they lost jobs because their companies went overseas. They thought they were middle class and found out they are poor.