10-27-2017, 12:40 PM
I have a couple problems with this article, the primary one being the idea that you have to be saving money in order to be middle class. That somehow middle class can't be paycheck-to-paycheck.
Look at NFL players. They make $500k-25m/yr and when there was a holdout some of them were lasting only WEEKS after taking out million dollar loans. They still made millions of dollars though, so how are they ineligible to even be middle class?
I know that's an extreme example with the NFL, but I really just don't see how saving money determines what your income class is. If a person makes $100k/yr, but blows it on a huge downpayment for an Aston Martin, that shouldn't take away from the fact that they make $100k/yr and have an Aston Martin.
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A smaller problem is the requirement of a vehicle in that calculation. If you live in a big enough city, a vehicle simply might not be needed between walking distance and public transportation. There's plenty of people who make a lot of money in a city like New York who don't own a car.
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And finally the other problem I would want to point out is mortgage and property tax are ridiculously different in different parts of the country.
$7k in property taxes in Ohio at it's 1.532% tax would mean a $457,000 home, which is a really large and nice home if you live even slightly rural.
https://www.realtor.com/realestateandhomes-detail/2208-Van-Blaricum-Rd_Cincinnati_OH_45233_M41464-59061 (6 bedroom, 3 full/1 half bath, 4,758 sq ft, 2.5 acres of land, $450k
As you go further away from the city, your money goes further as well.
Look at NFL players. They make $500k-25m/yr and when there was a holdout some of them were lasting only WEEKS after taking out million dollar loans. They still made millions of dollars though, so how are they ineligible to even be middle class?
I know that's an extreme example with the NFL, but I really just don't see how saving money determines what your income class is. If a person makes $100k/yr, but blows it on a huge downpayment for an Aston Martin, that shouldn't take away from the fact that they make $100k/yr and have an Aston Martin.
- - - - - - - - -
A smaller problem is the requirement of a vehicle in that calculation. If you live in a big enough city, a vehicle simply might not be needed between walking distance and public transportation. There's plenty of people who make a lot of money in a city like New York who don't own a car.
- - - - - - - - -
And finally the other problem I would want to point out is mortgage and property tax are ridiculously different in different parts of the country.
$7k in property taxes in Ohio at it's 1.532% tax would mean a $457,000 home, which is a really large and nice home if you live even slightly rural.
https://www.realtor.com/realestateandhomes-detail/2208-Van-Blaricum-Rd_Cincinnati_OH_45233_M41464-59061 (6 bedroom, 3 full/1 half bath, 4,758 sq ft, 2.5 acres of land, $450k
As you go further away from the city, your money goes further as well.
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![[Image: jamarr-chase.gif]](https://media.tenor.com/Ycw6u-nmw3AAAAAM/jamarr-chase.gif)
