Quote (AspenSniper @ Jan 14 2015 12:05pm)
I hate that phrase. I hate that people think it's just rich and poor now.
I work at a tech firm, most people in entry level start around $35k. Middle managers make $75k. Top executives of course make $200k+
In my mind, middle class is a salary of $35k-$150k a year. I know that's a big range, but I don't think $150k a year is rich, and I think $35k is enough to satisfy a decent living, assuming you'll get raises of 5% a year if you do well, especially early on. Most $35k white collar jobs will bump you to $45-50k within 2-3 years if you do well, if not more.
I live in a pretty expensive area of an expensive state, DC Suburbs of Maryland. Even there, you can live 15 miles out of DC in a pretty safe area in Maryland and pay $1000/month for rent on a 1 bedroom apartment. When I made $35k a year my checks were $1082 every 2 weeks AFTER taxes. $1000 a month to spend on a car, utilities, food, etc. I was saving about $400/month out of each paycheck just living frugally.
Even $150k a year I don't think qualifies as rich. That will afford you a very nice home for you and your family, but it isn't enough to retire quickly. People with that much money will typically just toss it into a college fund for their kids, keep their house nice and in a very safe neighborhood. Not rich, just well off.
Thoughts?
it depends on where u live. i can get a 1br apt around here, FL, for half what you are talking about, thats a neighborhood where you aren't likely to get robbed mind you. even less if you like living on the edge. we purchased a house and pay about 1k for a 4br on 1.2 acres. even so, 35k wouldn't go far. maybe if you and spouse both make 35k, you can be comfortable and even raise a kid.
i am in favor of flat tax, a straight 10-15%, i think that would work if loopholes for actual rich people were closed.