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outcastplo313
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Have you made it to the Middle Class??

submitted on August 28, 2010 by outcastplo313 in "Member's Lounge"
(Six signs that you've made it to the middle class!)


1)Home Ownership
Home ownership remains the American dream. The step up from renting to owning signifies prosperity and achievement. With median home prices ranges differing by so much in different cities across the United States, the ability to achieve this goal varies significantly by geographical location. Someone earning an income in the 50% range in Detroit may not be able to afford even a small house in Los Angeles.


2)Automobile Ownership
Owning an automobile provides freedom of movement and the luxury of avoiding the limited schedules and cramped quarters offered by mass transportation options such as buses and subways. Here again, the cost of cars varying widely, as does the kind of automobile required. For one driver, a used Hyundai will do the trick. For another, a new BMW signifies the achievement of this goal.


3)A College Education for the Kids
Helping children get ahead in life is a primary goal for middle class families. Paying for a college education for children can cost anywhere from the low tens of thousands of dollars to hundreds of thousands. Decisions about which university of college to attend can have a significant impact on the price tag.

4)Retirement Security
Retirement is a goal nearly everyone wants to achieve. It demonstrates success and provides a reward for decades of hard work. Once again, definitions make a difference. The amount of gold required to support your golden years will vary significantly depending on whether you want a staff of 10 at your villa in the South of France or a townhouse in Peoria, Illinois.


5)Health Care Coverage
The ability to obtain healthcare is an important goal for middle class wager earners and their families. The high and rising cost of medical care and prescription drugs make healthcare coverage an ever-increasing need, as going without it can have serious negative financial implications in the event of a severe illness or injury.


6)Family Vacation
The family vacation is a middle class staple. Vacations demonstrate that a family has disposable income and has been successful enough to take time away from work to focus on leisure.


Read more about it here:
http://finance.yahoo.com/news/.....1.html?x=0
 

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  Comments
  • 76956
    webbyone2010
    professor
    1
    Posted by webbyone2010 on August 28, 2010
    [reply] 3 0
    Is home ownership even relevant anymore?
  • 76970
    WhattaDealBlog
    professor
    1
    1
    Posted by WhattaDealBlog on August 28, 2010
    [reply] 4 0
    I'm 2 for 6. I guess I'm destitute. Cry
      76988
    • WhattaDealBlog
      professor
      1
      1
      Posted by WhattaDealBlog on August 29, 2010 [reply] 0 0
      + I have a home
      + 2 cars
      - Son is only 2 so no college education saved up yet.
      - Not safe for retirement either, but I'm not even 30 yet.
      - I'm self-employeed e.g. no health insurance.
      - And while we used to vacation often, we have not besides a weekend trip since our son was born.
  • 76984
    deby32953
    professor
    Posted by deby32953 on August 29, 2010 [reply] 0 0
    Boy, I think we just made it. 6 for 6!! But does it count if you can't sell your house because it dropped 50% or almost 1/2 in value since you purchased it 3 yrs ago & you can't even find a refinancer? Are you still middle class if you have all the debt associated w/the house, cars & your savings are all for your kid's college & retirement?
      76986
    • WhattaDealBlog
      professor
      1
      1
      Posted by WhattaDealBlog on August 29, 2010
      [reply] 3 0
      I bet that makes you destitute as well in this economy. Artistic
    • 76998
    • deby32953
      professor
      Posted by deby32953 on August 29, 2010 [reply] 0 0
      :???:I bet I'm in more debt than you are!!
  • 76999
    deby32953
    professor
    Posted by deby32953 on August 29, 2010 [reply] 0 0
    Wink

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