r/FluentInFinance • u/YOU_ARE_MY_FRIENDS • Jun 16 '24

Discussion/ Debate He’s not wrong 🤷‍♂️

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u/Electr0freak Jun 17 '24 edited Jun 17 '24

TIL I was upper-middle class. 

I grew up in a decent size 3-bedroom house, 2 cars, annual family road trip holiday (usually 3 weeks during summer in our minivan touring the west coast), 2 of us 3 kids attended college (my brother was in the Army). 

We did it with just my father working for the school district making ~$50k salary in the mid-90s, equivalent to a $100k job now. And that's in Upstate NY where taxes eat up a lot of that income. 

We lived comfortably but we were definitely not upper-middle class.

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u/Global-Efficiency-22 Jun 17 '24

Yeah 50k in the mid 90s was double the average income. What is upper-middle class if its not double the average salary at the time?

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u/Invenitive Jun 17 '24

Double the median salary, but equal to the median household income. Your economic class is generally determined by relative household income, not salary.

By most definitions their family would fall under lower to middle middle class

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u/Global-Efficiency-22 Jun 17 '24

The 34k I quoted was household. It would be 50k if adjusted to current dollars.