How to Gauge Your Middle-Class Status - Page 4

Homeslice · 03-26-2010, 05:15 PM

If I was buying a truck I'd go used, because I don't see the point of paying big money for something that isn't very fun to drive. And even if a used truck breaks down, it's not like a German car that costs an arm and a leg to repair.

Cutty72 · 03-26-2010, 06:58 PM

I want to make $81K...
Hell, I'd be happy with 45K!

Homeslice · 03-26-2010, 07:46 PM

Quote:

Originally Posted by Cutty72

I want to make $81K...
Hell, I'd be happy with 45K!

Remember, they said $81K was with 2 incomes

Cutty72 · 03-27-2010, 11:56 AM

Quote:

Originally Posted by Homeslice

Remember, they said $81K was with 2 incomes

ok... in that case i would be happy with $55k

smileyman · 03-27-2010, 01:13 PM

i came across the figure somewhere saying Arkansas median household income was around 38 thou. So probably 2 incomes of minimum wage. No where close to middle class tho...

tommymac · 03-27-2010, 01:16 PM

witht the cars i wonder how often there replaced or upgraded. Are they like me or dave who kinda drivem till they die or are replacing them every 3 yrs. I paid around 26k I think for my accord 10 yrs ago so I def got my moneys worth out of it, as opposed to buying/financing a new vehicle every 4 or 5 yrs.

Captain Morgan · 03-27-2010, 01:24 PM

Hmm, difficult to really tell where I rank, as that is mainly talking about families. I'm way above the "single-parent, 2 kids" mark of 25k, but only have 1 kid. But I don't have a new car (mine's 13 years old with 218k miles), my house is only 1100 sq. foot upstairs, with 800 sq. foot of unfinished basement, I put 11% of my gross income into retirement savings, and 19% of my gross income goes to debt, including mortgage (should be 15%, but I'm paying extra on my mortgage each month). I'd really like to get the debt payment and retirement payment ratios swapped.

Homeslice · 03-30-2010, 01:34 PM

$90K divided by a 5 year loan is $18K/year, and that's not including interest. Even if they were 6-year loans, it's still $15K/year.

smileyman · 04-01-2010, 11:03 AM

Quote:

Originally Posted by Homeslice

$90K divided by a 5 year loan is $18K/year, and that's not including interest. Even if they were 6-year loans, it's still $15K/year.

90 thou at 6 pct for 72 mon is 1491.56 per mo or 17898.72 per yr.
45 Thou at 6 pct for 72 mo is 745.78 per mo and 8949.36 annually.

I think to afford the 90 thou 2 car scheme you would have to be near the upper metric from this article in order to meet a typical 36 pct debt to income ratio most banks use as a rule of thumb...
The second scheme is much more plausible.

lauralynne · 03-31-2010, 06:33 PM

Most of that doesn't apply to me. But I consider myself upper middle. Very low debt to income ration, no consumer debt, putting away over 20% of our earnings towards retirement. Value of our cars doesn't count - we have several classics worth upwards of $100k each, our "daily drivers" aren't worth $20k total. We're frugal to the last penny.

03-27-2010, 01:13 PM	#5
smileyman White Trash Hero Join Date: Mar 2008 Location: NW Arkansas Moto: Buell 1125R Porco Rosso Edition Posts: 4,895	i came across the figure somewhere saying Arkansas median household income was around 38 thou. So probably 2 incomes of minimum wage. No where close to middle class tho... __________________ Arkriders.com To be the best you must first be willing to risk the worst!

03-31-2010, 06:33 PM	#10
lauralynne 667:Neighbor of the Beast Join Date: Mar 2008 Location: Everett WA Moto: VTR1000, SV650, FZR400, CRF150 Posts: 1,403	Most of that doesn't apply to me. But I consider myself upper middle. Very low debt to income ration, no consumer debt, putting away over 20% of our earnings towards retirement. Value of our cars doesn't count - we have several classics worth upwards of $100k each, our "daily drivers" aren't worth $20k total. We're frugal to the last penny. __________________ WMRRA's slowest Expert! triathalete, mom, racer, rider, friend, sister, wife - all in one tidy package! Married my best friend 8/30/09

03-26-2010, 05:15 PM	#1
Homeslice Elitist Join Date: Nov 2008 Location: SF Bay Area Moto: Gix 750 Posts: 11,351	If I was buying a truck I'd go used, because I don't see the point of paying big money for something that isn't very fun to drive. And even if a used truck breaks down, it's not like a German car that costs an arm and a leg to repair.

03-27-2010, 01:16 PM	#6
tommymac Moto GP Star Join Date: Nov 2008 Posts: 11,022	witht the cars i wonder how often there replaced or upgraded. Are they like me or dave who kinda drivem till they die or are replacing them every 3 yrs. I paid around 26k I think for my accord 10 yrs ago so I def got my moneys worth out of it, as opposed to buying/financing a new vehicle every 4 or 5 yrs.

03-27-2010, 01:24 PM	#7
Captain Morgan Let's do another U-turn Join Date: Feb 2008 Location: Indiana Moto: 2009 V-Strom Posts: 3,816	Hmm, difficult to really tell where I rank, as that is mainly talking about families. I'm way above the "single-parent, 2 kids" mark of 25k, but only have 1 kid. But I don't have a new car (mine's 13 years old with 218k miles), my house is only 1100 sq. foot upstairs, with 800 sq. foot of unfinished basement, I put 11% of my gross income into retirement savings, and 19% of my gross income goes to debt, including mortgage (should be 15%, but I'm paying extra on my mortgage each month). I'd really like to get the debt payment and retirement payment ratios swapped.

03-30-2010, 01:34 PM	#8
Homeslice Elitist Join Date: Nov 2008 Location: SF Bay Area Moto: Gix 750 Posts: 11,351	$90K divided by a 5 year loan is $18K/year, and that's not including interest. Even if they were 6-year loans, it's still $15K/year.