<p>If you compare $200K to a third world living cost, you are kind of shutting up people complaining about $200K income. I would really like to know how far $200K goes. That’s in the top 3%. What life do we envision for top 3% in this country? Does $200K enable you to do that?</p>
<p>Um, its called a budget. </p>
<p>Short of unexpected/emergency issues or caring for an ill or aging family member, a standard family (maybe not the Duggars, but who knows) should be able to pull this off with a minimal amount of whining.</p>
<p>I have a friend whose income/lifestyle changed dramatically. She went from living in a multimillion dollar house at one point, to now living in a 1 br apt. And when her Jaguar was totaled a year or 2 ago, she had to scale down… to a used BMW. </p>
<p>
</p>
<p>Woah. I just had that EXACT thought.</p>
<p>Yeah, I’d rather be healthy and able bodied and make the short walk into the building. </p>
<p>
</p>
<p>LOLing right now. I don’t know what page I posted that, but I had a feeling she was going to be feeling a little raw about getting such a low percentage of the community property, regardless of the amount. </p>
<p>I think it depends on relativity. The richest I ever felt was when I graduated college and got my first real career job. All of a sudden I could afford housing and food! And even budget to buy a few things! Wow, that was a heady feeling.
The rich feeling was from the lack of worrying about money at last.
We make a lot more money now than that first job but I don’t think I’ve ever felt richer than back then.</p>
<p>I saw a documentary years ago about someone (can’t remember who) was a multi-millionaire and they asked him about being rich and how it felt. The reply was that when they were worth 9 million they felt very rich but gradually you move into social circles where 15 million is the norm which made them feel relatively poor even though obviously they were not. So when they got to 15 million they didn’t feel richer, only average in their circle. Peer group is everything, even at the top.</p>
<p>^If that’s the only reason, why are people complaining more now than they used to? Are they expecting more now than before?</p>
<p>Are people complaining more, or are we seeing/hearing it more due to social media?</p>
<p>^Good point. We don’t know for sure. My impression was they are complaining more not just hearing more. That lamboghini guy is a good example. People complain about something they shouldn’t. Also, people are worse off. Instead of 3%, let’s consider 50%. What life should they have in the US? A decent house, 3-4 bedrooms, 2-3 bathrooms, 2 cars, kids through public university without loans and modest retirement savings. Do people with 50% income get that these days?</p>
<p>“These days to be rich, you need a BMW, a city apartment, a country house, and a mistress.”</p>
<p>You won’t stay rich for long when the last one is found out!</p>
<p>
</p>
<p>Wow, that is a very big assumption about what the 50% should have, in a competitive world.</p>
<p>“She is getting around a million a month. I could live on that.”</p>
<p>uh… actually she is getting 7 million per month!</p>
<p>“The reply was that when they were worth 9 million they felt very rich but gradually you move into social circles where 15 million is the norm which made them feel relatively poor even though obviously they were not. So when they got to 15 million they didn’t feel richer, only average in their circle. Peer group is everything, even at the top.”</p>
<p>It’s such a loser mentality to be constantly checking and reevaluating what you do through the eyes of your social circle, as opposed to just living your life according to your own internal compass of how you want to live it. Sorry, I have nothing but contempt for this mentality, and even less patience for then listening to “how hard it is” when you deliberately chose to upgrade your lifestyle to keep up with other people.</p>
<p>“Instead of 3%, let’s consider 50%. What life should they have in the US? A decent house, 3-4 bedrooms, 2-3 bathrooms, 2 cars, kids through public university without loans and modest retirement savings.”</p>
<p>Seriously? I think you’re out of town with how plenty of people live if you think that the top 50% could get these things. 4 BR + 2.5 BA + 2 cars plus kids through public university is the American <em>dream</em>,not the American middle class.</p>
<p>The American middle class may live in a modest 3 BR + 1 BA home, if 2 cars both are modest / beaters, kids attend community college, job training or maybe join the service – <em>maybe</em> a directional state university. Do you remember Roseanne? That’s a portrayal of the middle class. </p>
<p>“And Harold Hamm’s wife, getting a billion dollars in their divorce, wants more? Good grief. Money, money, money”</p>
<p>I haven’t followed the story in any detail, but all else being equal, isn’t she entitled to half? Whether the money is modest or generous isn’t really the issue, IMO. Assuming there’s not some other smoking gun I’m unaware of, I do think divorced couples should go halfsies, unless there was a prenup or post-nup otherwise.</p>
<p>
</p>
<p>That parameter for the middle class works, too. Just add a modest retirement savings. The discussion isn’t about what should be the middle. It is about if the earnings of the middle are enough to sustain the expectations of the income group to see if “complaining” is justified. How much income does one need to accomplish that? Do 50%ers earn enough to do that these days?</p>
<p>
</p>
<p>If that is the American dream, what percentile one has to be to accomplish that?</p>
<p>Igloo, there aren’t specific answers to your questions. If there were, the thread would not exist. ;)</p>
<p>dstark, we can try find the answers. If we know the average income for the 50% and average housing price, we may be able to guesstimate.</p>
<p>What are your guestimates?</p>
<p>I looked up. The median household income about $50K. Median new home price about $120K in 2000. Mortgage payment on $96K at 5% rate 30 year about $7K/yr. 401k contribution about $12K(?), tax, insurance, utility about $5K(?). That leaves about $26K/yr. Did people preach 10% saving? Then it’s down to $24K a year. </p>
<p>How did they do in the 60s? Median household income in 1965 $7.5K, Median house $12K. And I assume most of them had a pension. </p>