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As one of these middle class fucks I don't know how to refer to myself. I'm supporting myself and a dependent adult on barely six figures a year (plus some disability money).
I know I have it way fucking better than folks working in a warehouse or migrant agricultural workers so I don't want to falsely describe myself as lower class when I've clearly got it better... but I'm also being fucking squeezed and each month I eat into my savings. I will say that I am not carrying debt because I aggressively saved early in my career but I am slowly whittling down what should be my retirement savings.
So, what the fuck am I?
Scrapping by
People focus on income, income ain't the whole picture, it's wealth that's important.
It used to be owning a home built wealth passively, as you lived and paid your mortgage, you gained equity.
If people cant afford to buy a home, it's almost impossible to build wealth. You just flush more money away on rent as you earn more money.
It's what happens when they charge as much as people can pay for something we all need.
Towards the end, Medicare/medicaid/whatever takes the house too if you don't plan ahead, and no doubt they'll close the "loopholes" for planning ahead too.
Look up filial laws that states are passing. There will be no great transfer of wealth except from boomers to corporations.
Fucked.
If you are struggling and you are not living above your means then you are not middle class you are lower class.
You’re lower class. (No offense)
No offense taken, certainly... that's even true if I'm in the 97th percentile of earners (by age range) nationally?
Well, it’s hard to put you in a class without knowing your income. But if you don’t have a good chunk at the end of the month, you’re not in that stable middle area.
That's extremely fair, I guess my point is less a question of what precisely am I and more about the fact that as someone in the top 3% of earners if I'm not in the middle class who the fuck is - is it the .3%-1.5% slice? I know I personally have some awful extenuating circumstances, but the past half a decade have felt like a game you can't win no matter how lucky you get. (I also might clarify that I am Canadian and our CoL is really high atm).
Oh for sure. It feels impossible. We had a retirement savings person come into my office and they were doing math based on today. Saying that by the time I’m ready I would have “This much” Money. But if we adjust for inflation in the future, based on inflation in the past, that amount would actually be worth about a third of what it is today. I can’t survive on that at all. With the prices of everything going up across the board, it feels like most of the people I know have a lot less spending power than they did when they were making even less than today. I guess I just missed that sweet-spot for retirement (the boomer).
My retirement plan is a bullet. 🤷♂️