How your income stacks up

[Malthus]

I do not hate the work, what I dislike is its all-consuming nature; even if I loved every minute of it, I'd still want a good balance, which is notoriously hard to achieve in this (or indeed any) profession. No amount of enjoyment of work is ever going to reconcile me to working so much. 

I'd probably be bored by a life of total leasure.

If you controlled how much work you did and when you did it, it would not be all consuming.

Ha! In theory.  I know lots of guys with their own firms. Not one of them works *less* than I. Indeed, most of 'em work *more*. Now they have all sorts of responsibilities to keep up. Sure they created those responsibilities themselves, but that makes them more pressing, not less.

I can't complain because of course we do it to ourselves. It's like owning a house. You want the house, you work for it, now it needs upkeep - still more work. Sure, you could let it fall apart, but it's *your* house, and who wants to live in a wreck?

I picture a really rich person as being one with the benefits but not necessarily the responsibilities. They have a house not because they worked their asses off to get one, but because they chose their parents wisely. They can keep it up because they have a fortune.

[BuddhaRhubarb]

Ya I'm with Malthus on that. The truly rich are by definition: Idle.

[Fate]

Malthus is one of those unlucky souls known as the working rich. It's even worse than being a member of the working poor.

[Malthus]

I disagree. What sort of debt does a $100K earner have compared to a $30K earner?  A larger home? A nicer car? All of which can be downgraded to manage that debt.

The problem is that the expectations of the "average" lifestyle cost more than the middle class can actually afford.

- Car
- Computer/TV/ Electronic gadgets
- Education for the kids
- Saving for retirement
- Most of all, a home

... cumulatively, the middle class assumes it should be able to have all that stuff when in fact it is (cumulatively) not really affordable on a middle class income, if you live in a big city at least.

[Malthus]

Malthus is one of those unlucky souls known as the working rich. It's even worse than being a member of the working poor.

Didn't you say at one point that you were going to med school? 

[Fate]

Malthus is one of those unlucky souls known as the working rich. It's even worse than being a member of the working poor.

Didn't you say at one point that you were going to med school? 

Yeah, I start in July. As a resident I will make less money per hour than a McDonalds worker.

[Josephus]

I disagree. What sort of debt does a $100K earner have compared to a $30K earner? 

A student loan.

Which should be paid off at some point...then do they become upper class?

[Josephus]

I disagree. What sort of debt does a $100K earner have compared to a $30K earner?  A larger home? A nicer car? All of which can be downgraded to manage that debt.

The problem is that the expectations of the "average" lifestyle cost more than the middle class can actually afford.

- Car
- Computer/TV/ Electronic gadgets
- Education for the kids
- Saving for retirement
- Most of all, a home

... cumulatively, the middle class assumes it should be able to have all that stuff when in fact it is (cumulatively) not really affordable on a middle class income, if you live in a big city at least.

Right Malthus. But a guy making $40K also has all that you stated....kids, school, retirment, home. Is he still in the same class as the dude making $150K? We've had this argument before, I know.

[Josephus]

I picture a really rich person as being one with the benefits but not necessarily the responsibilities. They have a house not because they worked their asses off to get one, but because they chose their parents wisely. They can keep it up because they have a fortune.

But to be fair, Malthus, you make a decent living. Your fantasy of a rich person is probably a lot different than a guy who makes, say, $30K/yr. His fantasy is of a rich person is probably being able to go on vacation once a year, not have to borrow money when he needs new snow tires and not having to tell his kids that Santa won't be bringing them the PS3.

I think richness is a very relative thing. To most people in Somalia, even I am rich. And lawyers are kings.

[Rasputin]

I disagree. What sort of debt does a $100K earner have compared to a $30K earner?  A larger home? A nicer car? All of which can be downgraded to manage that debt.

one does not downsize in boats; one trades up

[Zanza]

So what's the adjective to describe someone like Malthus who earns way above average, but is not "rich"?

[Fate]

So what's the adjective to describe someone like Malthus who earns way above average, but is not "rich"?

If he were an American, it would be "upper middle class."

[Malthus]

Yeah, I start in July. As a resident I will make less money per hour than a McDonalds worker.

Then your future is to end up "working rich". At least, if you choose a good field.

[Richard Hakluyt]

Chez Hakluyt we live way below our means; we are about 8 years away from dependency on paid employment.

(Yes, I'm a sort of profligate western Mono  )

It never ceases to surprise me how many people are willing to sacrifice free time for more pointless consumer goods 

[crazy canuck]

I disagree. What sort of debt does a $100K earner have compared to a $30K earner?  A larger home? A nicer car? All of which can be downgraded to manage that debt.

The problem is that the expectations of the "average" lifestyle cost more than the middle class can actually afford.

- Car
- Computer/TV/ Electronic gadgets
- Education for the kids
- Saving for retirement
- Most of all, a home

... cumulatively, the middle class assumes it should be able to have all that stuff when in fact it is (cumulatively) not really affordable on a middle class income, if you live in a big city at least.

I agree.  I felt the most rich when I was earning about 30,000 dollars a year.  Back then I had a very low rent and lots of time (and it seemed money) on my hands.

Now I have a lot more expenses that seem to have grown at a greater percentage then my income.