Am I Upper Middle class or just in the middle?
Based solely on income, I would say upper middle class. Based on how the money gets used, your family could be in lower middle class because of poor spending/credit habits. Even someone who is “rich” based on your dad’s income could be dirt poor because of how that money is spent. What gets people into trouble is that they over extend themselves. They buy on credit what they really have no business buying to begin with. The best car, the latest keep up with other people mentality gets people into financial trouble. If you can’t buy it with cash, don’t buy it. A new Mercedes might look nice in the driveway, or a fixed up 1968 Cobra Mustang, but if the family is eating beans and bologna for dinner, then the first thing to do is to get rid of the fancy cars. An average car that will last a long time, and is reliable always makes better sense. Buying to satisfy prestige is not a good idea either. So, $150,000 per year might sound good, and it does, if mis-spent, it is no better than an inc
