What Net Worth Puts You in the Upper, Middle & Lower Class?

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⌚️Timestamps:
00:00 Start here
00:19 Lower Class
02:44 Middle Class
03:07 Lower Middle Class
05:09 Middle Middle Class
07:56 Upper Middle Class
09:55 Lower Upper Class
11:45 Upper Upper class

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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.

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[Jeo_Momma]

So, we're retired. Middle income but lower upper class assets. 🤷🏼 Minimal debt. And yes, we look poor! 😂

[GreggyMcfly]

This is more true to life than anyone would have ever thought.

I'm in the Low, Low Class. Maybe I am pessimistic, but my pessimistic approach worked so well that I survived the job collapse in 2020. I moved faster than a stealth bomber.

[kenm]

Living below your means aka living poor is a tie for our greatest source of wealth. The other one is don't pay people to manage your money, even a low .5% AUM fee compounded over 40 years is serious chunk of change. Lower Upper class net worth but with a lower median income and retired at 54, no degree, no income real-estate, just investing and smart choices. We took vacations and lived well to get to our place. Setbacks happen but the emergencies seem to be less when you pay yourself 1st.

[Andrew-itfb]

I have an income of middle, middle class and net worth between upper lower and upper upper class. We've always lived within our means and I regularly funded my 401k and IRA.

[squenneville]

At 40 and 42 we are upper middle income with assets closer to lower-upper class…
I Started out as a high school dropout, single teen mom on welfare. It’s hard and a lot of things need to align but it can be done. College, working hard at a career, marrying (and staying married!), having a partner who is also college educated and career-driven, investing in retirement and real estate.

[Markrtsoon]

We are upper upper class in item of net worth with around 5 million. But we got here with a single middle class income. Saving and investing are our way of getting to where we are.

[consciouscrypto]

Wow, I've never thought of myself as upper class. Not sure if I quite buy this breakdown. I definitely don't feel upper class, though my asset level and mix definitely suggests that. Likely I'll hit upper upper within the next year actually. But my life is decidedly middle class. Paid off car. Simple little 3b/2b cottage. Cook my own meals and rarely eat out (yes, all organic), and spend leisure time with family. Vacation is usually a meditation retreat, so no real expense there. I guess upper just means you can be content with the above instead of feeling a need to strive for more?

[mhodge]

Definitely need to go by age for this to get a more accurate data

[kws]

Retired. Assets are Lower Upper Class. 2/3 in stock and 1/3 home equity (paid off). Income is barely middle middle class. Zero debt. We live way below our means. We lack for nothing and if there is something we want, we get it. The main thing that the money buys is peace of mind

[Raistlin]

Numbers seem very low for upper upper class. 2.5M net worth usually includes abode, which is as asset without regular return vs say mutual fund, and income of <400k would not get you into the wealthiest neighborhoods in any of the 10 largest cities.

[bez]

At 35 we are in the lower upper class with assets and income. We bought a few houses at the beginning of the pandemic and they have since skyrocketed. We also invested heavy into the stock market when everything bottomed out during the pandemic.

[christians]

I’ve heard many talk about how it’s important to focus on increasing your means (income) rather than just trying to cut expenses as much as possible. It can be difficult for younger generations to adopt that abundance mentality after they’ve lived through 2008, Covid and our current job market though.

[PulverizerA]

I've worked construction the last 30 years and the most I've made is recently $120, 000, working loads of OT. Keep in mind, there's been brutal years where I didn't make squat. 08-11 come to mind. I had to burn through savings to make it through those lean years. I have lower upper class assets now, in large part because I'm cheap and willing to drive a vehicle for 20 years before replacing it, paid the 30 year mortgage off after 17 years and threw some money into the 401k for years. Oh. *I also never married, so never lost 1/2 my belongings in the divorce.* That one will destroy any man's dreams of climbing the class pyramid. Strangely, the women climb the class pyramid much of the time after divorce. Go figure...

[XanderDDS]

because of ongoing inflation, all of your numerical ranges need to be shifted up 10% since the time this video was published earlier today.

[SnugglehPuppeh]

I dislike using arbitrary percentiles to denote classes. It would imply that if you go to some poor African country, someone could be living on $200 a year and be considered middle class, and someone who is poor in the US would be upper class there. I think it is better to identify specific qualities of life that someone of a certain class is able to achieve.

The notion of the "middle class" originally emerged to distinguish wealthy people who had some political power but did not have noble titles. In France, this was the Bourgeoisie - wealthy merchants who weren't members of the nobility, clergy, or military elite.

In the US, it came to mean a certain lifestyle - you were a homeowner, had a well-compensating job, owned various appliances, could afford the occasional vacation, etc.

If you have a static measure for middle class, you can observe that people in recent years are falling out of it. The amount of wealth (measured in dollars) you need to live the middle class lifestyle is growing larger and larger. If you just set it as arbitrary percentiles, then the entire society could collapse into poverty without this measure identifying this collapse occurred. You've just moved the goal posts. Middle class no longer means owning a home and a car - it means you struggle less to eat your meals every day, and I think that does a disservice to describing what people are looking to say when they are "middle class."

[wt]

With a high school education, I landed a job with the telecom company.
The first 10 years, I was averaging 70, 000 dollars a year in the 1990s.
From 2000 to today, I averaged 130, 000 dollars a year. I own the home outright worth 450, 000 dollars. No outstanding bills. 1.2 million dollars in my 401k.
250, 000 in Roth IRA, 175, 000 dollars in cash investment. Which bracket am I?
I'm planning to retire this year at the age of 59.
The key to my success was Don't get married with children. 😊

[someoneelse]

I’ve been retired from full time working since 39. It’s weird to see me classified as upper upper (my net worth is over $3m). I don’t see myself that way. Mindset thing I guess but I still live like I am middle class. My closet is still filled with clothes that is probably on average over 10 years old. I did buy a golf shirt last year and a pair of shoes ($60) but apparently I am not a fashionista. lol. My most recent biggest splurge was a new Tesla Model Y which I paid cash for. I love it. I had to talk myself into it a bit as I don’t like making big purchases easily. I did have a lake house and a boat for 10 years but sold them a few years ago. By the time I hit social security age, my net worth should be right around $8m. I do have a few trips starting to line up (Costa Rica, Japan and an Alaskan cruise) so yeah, I guess it’s going fine so far.

[xelefonte]

Vincent Chan’s videos are always top notch. What surprised me in this video is when he said he doesn’t come from a family that knows anything about finance. He sounds like he does because he understand this topic very well. Much credit to him and being self made in the finance world.

[SoCal]

There's no way you are near the upper upper class with only $2.5M in net worth. All of these categories seem skewered very low.

[rebeltheharem]

Technically, my family qualifies as lower upper class, but most of it is cause of the home. We live in CA as well, so it feels more like upper lower class.