Do I fall in America's lower, middle, or upper class? How your income stacks up in the US economic class system

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This may sound funny, but I know plenty of "10-cent millionaires" who are in debt out the wazoo, but they always have new cars, a big house, nice clothes and fancy social gatherings and vacations and all of it bought on credit.

I only use a credit card to buy gas at the pump and buy stuff online or pay for a hotel room (folks always say never use a debit card for these). My balance is always $ZERO at the 1st of the month and absolutely believe that being debt free is being stress free. So salary alone doesn't make you rich. You can have little income and be better off financially than many of these 10-cent millionaires. Stay tuned for more of the Captain's advice.
 
Captain Rhett Butler said:
This may sound funny, but I know plenty of "10-cent millionaires" who are in debt out the wazoo, but they always have new cars, a big house, nice clothes and fancy social gatherings and vacations and all of it bought on credit.

I only use a credit card to buy gas at the pump and buy stuff online or pay for a hotel room (folks always say never use a debit card for these). My balance is always $ZERO at the 1st of the month and absolutely believe that being debt free is being stress free. So salary alone doesn't make you rich. You can have little income and be better off financially than many of these 10-cent millionaires. Stay tuned for more of the Captain's advice.
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Right? we call them "30K Millionaires". They drive the leased BMW and wear the fake Rolex.

The folks with real money don't flash it.
 
Captain Rhett Butler said:
This may sound funny, but I know plenty of "10-cent millionaires" who are in debt out the wazoo, but they always have new cars, a big house, nice clothes and fancy social gatherings and vacations and all of it bought on credit.

I only use a credit card to buy gas at the pump and buy stuff online or pay for a hotel room (folks always say never use a debit card for these). My balance is always $ZERO at the 1st of the month and absolutely believe that being debt free is being stress free. So salary alone doesn't make you rich. You can have little income and be better off financially than many of these 10-cent millionaires. Stay tuned for more of the Captain's advice.
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No, you're spot on. A lot of people who appear to be rich are in debt up to their eyeballs. Most couldn't come up with any significant amount of cash if they had to, and if anything happens to their job they'll be in deep trouble quickly.

I learned my lesson many years ago, I despise debt now. I probably don't make the kind of money people think I do, it just goes a long way because I'm debt free and I do a lot of the work on my house myself.
 
Guard Dad said:
No, you're spot on. A lot of people who appear to be rich are in debt up to their eyeballs. Most couldn't come up with any significant amount of cash if they had to, and if anything happens to their job they'll be in deep trouble quickly.

I learned my lesson many years ago, I despise debt now. I probably don't make the kind of money people think I do, it just goes a long way because I'm debt free and I do a lot of the work on my house myself.
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The Sound Guy said:
Only debt we have left is the house payment and it's got 5 years on it. Just paid the truck off this month. (well, all but 23 cents, but who's counting)

Now, maintenance on a 22 year old house... THAT no body warned me about.
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I told the trophy wife last night. "I'm damn near done with this place. Every time I turn around, something is breaking or hanging by a thread."

This place was built in 1963 and added onto over the years (by others).
So, you get how small the master bathroom is.
We had a guy come out and give us a quote to remodel the bathroom.
New toilet / new vanity / fixtures / new shower enclosure .... not rearranging plumbing, or moving anything.
The quote: $48,000.00
Really? This only makes sense if it's in pesos rather than dollars.
 
I learned my lesson with debt when I graduated college and almost couldn't afford to pay for a place to live. I graduated with a couple of maxed out credit cards (over $30K in debt) and nothing to show for it. It took a few years to pay them off, but I never carried a balance on a credit card after that. I've been fortunate enough (and worked hard enough) to have had good jobs over the years. Throw in some consistent side jobs along the way, and I don't currently owe anyone anything and I plan to keep it that way.
 
cptlo said:
I learned my lesson with debt when I graduated college and almost couldn't afford to pay for a place to live. I graduated with a couple of maxed out credit cards (over $30K in debt) and nothing to show for it. It took a few years to pay them off, but I never carried a balance on a credit card after that. I've been fortunate enough (and worked hard enough) to have had good jobs over the years. Throw in some consistent side jobs along the way, and I don't currently owe anyone anything and I plan to keep it that way.
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my wife had a couple of maxed out cards when we got engaged. I told her she needed them paid off before we married as I had no full time job at the time being still in school.

She pulled it off, but I'm just glad we didn't have to fight about it.
 
I will have a small balance on my credit card this month and probably next month. Just too many house items needed and I'm not comfortable hitting the cash reserves anymore than I've had to. I need to get a zero turn mower too but I'm just too cheap right now. Me, not the mower.
 
J-man said:
I will have a small balance on my credit card this month and probably next month. Just too many house items needed and I'm not comfortable hitting the cash reserves anymore than I've had to. I need to get a zero turn mower too but I'm just too cheap right now. Me, not the mower.
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That won't last long. It wasn't long after I moved in here that I bought the Deere. Had to.
 
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