Just for fun, what kinds of things do you guys think rich folks buy that are unavailable to Joe Sixpack? I don't think there really are all that many things that are unattainable. Most expensive things just look nicer or are more comfortable. For example, an upper cruster can take his private jet from Pittsburgh to Florida and avoid the discomfort of flying commerical. But for $300, Joe Sixpack is able to travel the same distance in about the same time. That's pretty incredible. A person squarely in the middle class can afford decent food, housing, transportation and entertainment.

pinto and mercedes basically the same thing itt

What happened to working class or has that term been completely written out in American social nomenclature?

Grunched the whole thread buy what about those doing traditional working class jobs that still make the relative big bucks, still working class or LMC/MC or beyond in some cases.

Working class is more job-dependent rather than income/lifestyle. So yes you can be poor, LMC, or MC and working class at the same time

Depends on how many of the houses are in NYC or SF imo

I drive a mercedes and I ain't no Rich.

I'm serious, there isn't a lot of practical difference between a basic car and a Mercedes.

Both take you from A to B amirite? Basically the same.

In practical terms yes, in asset value, amenities, and social value no.

It's true a lot of what the rich can buy are just nicer versions of the things available to middle-class folks.

However some of those nicer things can make a huge difference. Rich can send their kids to Ivy League with no problem (and no debt for the kids when they graduate), they have money to invest for a comfortable retirement, can send their kids to the best schools because they can afford private schools (or homes in the best school districts)... etc. All of these things make a massive difference. It's not just about buying a BMW vs. a Honda.

Most people considered middle-class don't have much actual net worth. They may "own" a home but more likely they work to pay the bank every month for their home. The rich can actually just buy a home for cash. Middle-class person might have a car but likely takes out a car loan to buy it. Rich can just pay cash.

Not to mention just having more wealth leads to even more wealth (money makes money).

No, but its not like mercedes are just so much more expensive and better than the cars normals drive.

Leisure. (And security.)

And comfort, too, I guess. That's sort of the point, though...

I didn't realize that the thread had reached the point where the bounds of middle class had been stretched so for that it needed clarification that they could afford food and shelter.

Really, though, just replying because that post/this thread requires: Let me tell you about the very rich. They are different from you and me.

Security is a good answer I think.

Apparently. They seem to spend their money on abstract concepts.

There are just so many variables to what you are saying that it makes it almost meaningless.

Joe sixpack can't afford any of the things that the upper class can afford, much less the rich. These terms mean different things, but if you're talking about the private jet, that's much much higher than you think. The private jet isn't even the 2% or 1%, its the 1/2 (or less) of the 1% or better. Who the hell do you know, or anyone knows, that has a private jet? Who's the richest person on these boards? How many of them have private jets? I'd say people like Ivey might have a private jet, but I would bet someone like Skalansky doesn't, and he's got more money than almost all of us.

Joe sixpack isn't sending his kids to private school, buying his kid all the electronics, cell phones, or even a used car at 18, or paying for their trip to Cancun for spring break at 17. None of these things is really affordable for people who make 55-80k household income in a metropolitan area unless they are pinching pennies in every category and even then it's really not feasible.

2+2 = 4 in every single school in America, but don't think it doesn't make a huge difference if you go to the worst grade school in Detroit or a 29,000 dollar school in Northern Virginia. It makes a gargantuan difference.

I would say services.

Education, the most hegemonic thing money can buy.

Lawyers
Nannies
Fancy vacations (annual ski trips, international travel)
Vacation homes
The best doctors (quality of health insurance becomes a big deal if your kid has hard to diagnose or chronic illness)
A house in the best school district or private school
Regular live entertainment (e.g. actual theater tickets rather than movie tickets, or going to NFL games rather than watching on TV, etc.)
Private \ country club memberships


The main thing is security which has already been said. Asset diversification, etc

An average Joe probably can afford to save up and go to one NFL game a year or one big vacation to Disney during their kid's childhood but the upper middle class or rich family can do this whenever.

I would say Freedom rather than security. Might just be semantics tho.

Upper middle class have better insurance, legal representation, they live in safer neighborhoods with safer schools and recreation areas, they have better asset diversification and savings to weather any kind of financial shock, even newer and safer vehicles. This all adds up to a much more secure grasp on their quality of life regardless of what happens.

This 4 minute clip helps put income inequality in perspective.

http://www.upworthy.com/9-out-of-10-...blowing-fact-2

As a serious question, did you not know this is how it really is in this country?

I understand the vast majority of Americans have no idea wtf is going on. That's a given. But the people on these boards have to be (in general) more aware of statistics than the average American simply due to so many people throwing up charts and stats all the time. No?

I've felt like I've known for quite a while how incredibly ******ed the distribution is, and it's only getting worse and worse each year. A very small group of people control and incredible amount of resources in this country. I believe the top 400 richest Americans own the same as the bottom half, 160 million Americans. If that isn't mind-blowing, I don't know what is.

it's not just the matter of people not knowing how the distribution is, it's also how they think they themselves are doing better than they actually are.

b

I would bet my life that Phil Ivey does not have exclusive use of a private jet. That's extreme wealth, not top 1%, or even top .1%.

This blew my mind when I first found out about it. We need a system that doesn't stifle innovation. I personally like seeing people become extremely wealthy through hard work and taking chances but at the same time it seems pretty insane to have 70-80% of the country struggling for what appears like no reason.

What scares me is when does it end? I mean it's showing no signs of stopping. People on this very board argue that unlimited greed is good. I can see greed being good to a point because it drives innovation but I see nothing wrong with putting some checks and balances in there. Unlimited greed doesn't seem healthy.

This. I have known 6 people that fly private. Of those only 2 owned it outright. One guy had a net worth of around $2 billion and the other had it from a business he used to own. When he sold the company he stipulated the he got to keep the jet. As for the others they are either fractional owners(like a timeshare), buy hours on a jet (like net jets), or use the company jet they work for.

I never did understand why someone would own a jet. With the operational and upfront cost of the plane. I guess ego plays into it more often than not.