Money Debate: Is 400 K per year considered middle class income by today's standards?
- Thread starter playahaitian
- Start date
Bgol said 400,000 is something like minimum wage.
This thread here is proof positive of why so many women (regardless of ethnicity) have unrealistic expectations of men's earning potential.
Even the men can't understand that anyone making 100k or above in 2021 is rare air. Let alone 400k.
According to KS, making over 200k puts you in like the top 1% of earners...but he also says, being "high value" is not all about what you make though...on that note, for the brothers here that are making over 400k...care to share your journey? im being dead serious here, not trolling at all; im trying to get where yall at..
So this nig said I don’t live on the first floor I live on the 1.8 floor Lmaoooo
Move over 1 percenters there’s a new squad in town the 1.8 percenters
Tito in jail
Cellmate: so I heard you was a 5 percenter
Tito: no nig get it right I’m a 5.8 percenter
Bruh, he's at another fundraiser. He don't hear this.
OR..he's looking for a 97 LTV "conventional" loan for 1.5 mil...
And wondering why people keep hanging up on him
Tito..I know some hard money lenders...but they gon want ya family as collateral.
He’s sipping wine from berries from 1 of Neptune’s moon.. he literally signed a treaty stopping intergalactic war among 6 alien species… tomorrow he will be mentoring satan and god and gonna have them call truce for the betterment of mankind.. Tito the great is the most awesomeness man ever.. over the weekend he swimmed with the dolphins and hand fed killer whales..he speaks 744 diff aqua languages.. he does this cause he’s a 1.8 percenterBruh, he's at another fundraiser. He don't hear this.
OR..he's looking for a 97 LTV "conventional" loan for 1.5 mil...
And wondering why people keep hanging up on him
Tito..I know some hard money lenders...but they gon want ya family as collateral.
Bruh, that's damn good money in the ATL. Shit that is great money across the rest of the South.
Nice breakdown.
Bruh, it lets you know it a bunch of liars on this website. LOL
Tito be killin yawl niggas
Bruhs, I am an old nig, and if you are making $400k a year, it ain't shit you can't do. You are a rich mofo if your are making $400k a year. Shit you can fuck off half of it and still be balling. You can easily take care of a family of five, and I mean well, with that type of money. Plus, you will still have money left over if you know how to manage it. I know some of you on here are making good bread, but a regular dude, not making money like that. This is most of America, and a lot of us black folk aren't seeing any of those sights. Yeah, we have some who are, but most of us ain't busting that 6 figure realm at all. Bless up to your rich nigs though.
I make 300k a year
stay at home wife and toddler
max out 401k
HSA account
deferred salary account around 25k a year
1 international vacation a year
the biggest expense is the baby
>1k a month for pre school
when she gets to school age, private school will be 15k a year
i am comfortable
but i dont feel rich
cause there are dudes in my neigbourhood driving lambos and ferraris
and i dont have lambo money
stay at home wife and toddler
max out 401k
HSA account
deferred salary account around 25k a year
1 international vacation a year
the biggest expense is the baby
>1k a month for pre school
when she gets to school age, private school will be 15k a year
i am comfortable
but i dont feel rich
cause there are dudes in my neigbourhood driving lambos and ferraris
and i dont have lambo money
15k a year for a kindergartner?
yep
we live in vegas
thats on the low end
other wise you can take your chances with clark county public schools
50th in the country
Guess all the tax income from casinos are going somewhere else.
Yep.
I've seen them, and the people in here, say you can't live in NYC unless you're making $100k or more and I know that's not true. The MTA has thousands of people working for it living in the 5 boroughs making less than $100k.
where did he move to the High Desert?? thats the only place 90 minutes outside LA for under 500K
Over a 100+ post in this thread and not one single person said that
98.2 percenter joke
Bruh, he's at another fundraiser. He don't hear this.
OR..he's looking for a 97 LTV "conventional" loan for 1.5 mil...
And wondering why people keep hanging up on him
Tito..I know some hard money lenders...but they gon want ya family as collateral.
Listen my G, admittedly I've had a blessed life. But, it hasn't come without cost or my share of hardships. The difference between you and i is that I made a decision a long time ago to stop feeling sorry for my myself and to always do what I can to change the things that I can change. I don't live in a mansion, but my crib is nicer than most. Yes I attended an Ivy League school, but this was after graduating from a community College. Yes, I am married to a gorgeous woman who is probably more than I deserve. But, I did bag her early and have given her the world, or at least what I could. I have two cool jobs that pay decently and allow me to help people. However, there are no black people in my immediate department which leaves me in the company of CACs everyday. This is why I like BGOL. I do have my vices, particularly, I love fucking hoes and getting my dick sucked by bitches. Old, young, smart, dumb, whatever. As long as I think she's cute, she can suck this dick.
You and your boyfriend seem to be mad because I experience a life that you only see on TV. Trust me, there are people on the forum making way more than me, I'm sub $200K with two jobs. I'm not in the 1.8%. Top 10%? Yes. But that's not such a hard accomplishment when you understand how dire the financial situation is for black folk. Yes, I'm educated and make it a point to continuously educate myself and others. I read constantly and watch "how to" videos religiously. In, fact I am studying for my ccna certification just so I can teach it to other brothers and sisters.
Going to a fundraiser is no big deal. In fact, it's kinda stupid. Every year my wife and I are dumb enough to pay $500 a person to be around snobby "movers and shakers" of the region. Why, because she likes being there and it is legitimately a good cause.
You want to change your life? Just follow some of the free advice I have offered in other threads. Take the time to read my investment advice thread, it will change your life. You are where you are because of you. You are your roadblock. You could literally have a completely different life in 6 months if you just tried and stopped running in the victims Olympics. Stop being a bitter internet troll, it's not a good look son. Do better.
Lastly, just to educate you, technically speaking, wine is usually defined as the fermented juice of grapes not berries, and in the European Union, this is actually the legal definition.
PS. Thx for the new quote.
LOL Richmond is one of the most violent cities in the Bay Area if not the country. Good luck there. They ran Master P up out of the Rich. That house is literally in the heart of one of the worst parts of Richmond too. Close to North Richmond which is an unincorporated area of the city patrolled by contra costa county sheriffsWith all due respect, many of you should consider taking a course on finance. Many of do not have an inkling of an idea of how money works what is needed to survive or buy things.
For example:
For all of you who say that $400K isn't much in San Francisco, ask anyone in real estate, particularly those who understand mortgages, if a person has an annual income of $400K, $50K down, he or she can afford a home well over $1.5 million in the San Francisco area.
This is not a middle class home. $1.2M can be purchased by a person earning $400K.
2605 Tulare Ave, El Cerrito, CA 94530 | realtor.com®
View 40 photos for 2605 Tulare Ave, El Cerrito, CA 94530, a 4 bed, 3 bath, 2,999 Sq. Ft. single family home built in 1961 that was last sold on 11/16/2021.www.realtor.com
Additionally, all homes in the area are not million dollar homes. More correctly, the homes you desire are million dollar homes. But, there are homes available.
Here is a great middle class home for $500K in the San Francisco area.
2108 Gaynor Ave, Richmond, CA 94801 | realtor.com®
View 33 photos for 2108 Gaynor Ave, Richmond, CA 94801, a 3 bed, 2 bath, 1,150 Sq. Ft. single family home built in 1943 that was last sold on 11/16/2021.
Again, my aim is not to be disrespectful. But, it must be said. There are those who are just observing and reading the comments wondering if they are failures or if they are losing in life because they are not living up to the fantasy BGOL millionaire dreams.
A person getting what they want does not mean that there is no availability.
FYI: The median income for a single person in San Francisco is $123K. This is well under $400K.
I think posters are getting things like “income” and wealth mixed up. If you make $400k year 1 in NYC or at you’re not rich (especially if you have a family). But you do have a good amount of money to invest. Over time, if you continue to make $400k you can become “rich”
The problem is that even people lucky enough to make $400k don’t do it for more than 5 years or so.
We also have a tax system that taxes high “income” people and not high “wealth” people which makes it even more difficult to break our of middle class.
So in short, telling people how much income you make this year doesn’t automatically tell people your class (in certain cities).
Anybody in this thread saying 400k a year aint rich...aint never made 400k a year.
Don’t flatter yourself nig I’m being extra sarcastic.. I can tell you hangout with people that are less than you to feel that you are great.. you have no idea what me and that other poster do.. in fact several posters kno me in real life and if you want to talk about tv shit I been there done that as far as bucket list shit or shit people will never do.. I just tend to be extra humble on here.. even when I tell some of my adventures I tend to downplay certain things cause that’s how I am.. I really hold back a lot of stuff on here.. there’s certain things I’ve been a part of from entertainment, adult entertainment , and other stuff that I keep real quiet but ya seen, heard, or witness from behind your pc.. there’s future things that ya will see that I’m part of..if you really knew who some of my people are you wouldn’t believe it.. but like I said I’m humble.. so I’ll let you continue to inflate your ego
Listen my G, admittedly I've had a blessed life. But, it hasn't come without cost or my share of hardships. The difference between you and i is that I made a decision a long time ago to stop feeling sorry for my myself and to always do what I can to change the things that I can change. I don't live in a mansion, but my crib is nicer than most. Yes I attended an Ivy League school, but this was after graduating from a community College. Yes, I am married to a gorgeous woman who is probably more than I deserve. But, I did bag her early and have given her the world, or at least what I could. I have two cool jobs that pay decently and allow me to help people. However, there are no black people in my immediate department which leaves me in the company of CACs everyday. This is why I like BGOL. I do have my vices, particularly, I love fucking hoes and getting my dick sucked by bitches. Old, young, smart, dumb, whatever. As long as I think she's cute, she can suck this dick.
You and your boyfriend seem to be mad because I experience a life that you only see on TV. Trust me, there are people on the forum making way more than me, I'm sub $200K with two jobs. I'm not in the 1.8%. Top 10%? Yes. But that's not such a hard accomplishment when you understand how dire the financial situation is for black folk. Yes, I'm educated and make it a point to continuously educate myself and others. I read constantly and watch "how to" videos religiously. In, fact I am studying for my ccna certification just so I can teach it to other brothers and sisters.
Going to a fundraiser is no big deal. In fact, it's kinda stupid. Every year my wife and I are dumb enough to pay $500 a person to be around snobby "movers and shakers" of the region. Why, because she likes being there and it is legitimately a good cause.
You want to change your life? Just follow some of the free advice I have offered in other threads. Take the time to read my investment advice thread, it will change your life. You are where you are because of you. You are your roadblock. You could literally have a completely different life in 6 months if you just tried and stopped running in the victims Olympics. Stop being a bitter internet troll, it's not a good look son. Do better.
Lastly, just to educate you, technically speaking, wine is usually defined as the fermented juice of grapes not berries, and in the European Union, this is actually the legal definition.
PS. Thx for the new quote.
Listen my G, admittedly I've had a blessed life. But, it hasn't come without cost or my share of hardships. The difference between you and i is that I made a decision a long time ago to stop feeling sorry for my myself and to always do what I can to change the things that I can change. I don't live in a mansion, but my crib is nicer than most. Yes I attended an Ivy League school, but this was after graduating from a community College. Yes, I am married to a gorgeous woman who is probably more than I deserve. But, I did bag her early and have given her the world, or at least what I could. I have two cool jobs that pay decently and allow me to help people. However, there are no black people in my immediate department which leaves me in the company of CACs everyday. This is why I like BGOL. I do have my vices, particularly, I love fucking hoes and getting my dick sucked by bitches. Old, young, smart, dumb, whatever. As long as I think she's cute, she can suck this dick.
You and your boyfriend seem to be mad because I experience a life that you only see on TV. Trust me, there are people on the forum making way more than me, I'm sub $200K with two jobs. I'm not in the 1.8%. Top 10%? Yes. But that's not such a hard accomplishment when you understand how dire the financial situation is for black folk. Yes, I'm educated and make it a point to continuously educate myself and others. I read constantly and watch "how to" videos religiously. In, fact I am studying for my ccna certification just so I can teach it to other brothers and sisters.
Going to a fundraiser is no big deal. In fact, it's kinda stupid. Every year my wife and I are dumb enough to pay $500 a person to be around snobby "movers and shakers" of the region. Why, because she likes being there and it is legitimately a good cause.
You want to change your life? Just follow some of the free advice I have offered in other threads. Take the time to read my investment advice thread, it will change your life. You are where you are because of you. You are your roadblock. You could literally have a completely different life in 6 months if you just tried and stopped running in the victims Olympics. Stop being a bitter internet troll, it's not a good look son. Do better.
Lastly, just to educate you, technically speaking, wine is usually defined as the fermented juice of grapes not berries, and in the European Union, this is actually the legal definition.
PS. Thx for the new quote.
Bruh, I hope your life is good...but honestly, idgaf.
I just don't impress that easily.
All that camouflage you typed doesn't change the fact that you didn't know what the hell you were talking about regarding your 97 LTV Jumbo loan.
If I was wrong, you would have corrected me.
Matter of fact, you didn't try to dispute it, cuz you've prolly found out, by now, that I'm right.
At this point, I'll refrain from saying what you know, cuz if you didn't know that, how much of your other financial advice is accurate?
If I was you, I prolly wouldn't like me either..
Actually, I meant to address that. First. Yes, I mistakenly said conventional loan instead of jumbo loan. It wasn't because I wasn't knowledgeable of jumbo loans, it was because I was more concerned with not giving the impression that a person could use something like a fha loan. I hastily wrote conventional. I appreciate the correction.Bruh, I hope your life is good...but honestly, idgaf.
I just don't impress that easily.
All that camouflage you typed doesn't change the fact that you didn't know what the hell you were talking about regarding your 97 LTV Jumbo loan.
If I was wrong, you would have corrected me.
Matter of fact, you didn't try to dispute it, cuz you've prolly found out, by now, that I'm right.
At this point, I'll refrain from saying what you know, cuz if you didn't know that, how much of your other financial advice is accurate?
If I was you, I prolly wouldn't like me either..
Second, you are incorrect regarding LTV. I really don't want to derail the thread, but i think it's important to correct misinformation as they appear. Although LTV is a huge component in loan approval, you are conflating two related but separate aspects. LTV is regarding the market value of the home and the loan amount. Not the actual cost or what you are paying for the home. Sounds the same, the are closely related, but they are not. A person can absolutely buy a house well below market value which improves the LTV. Not saying that LTV is not important,
because it absolutely is,, but do not xonflate that with the amount a person is paying regarding the downpayment. Additionally, if you think that a person can not buy a million dollar home and pay 5% down, then you need to go back and do your research. On top of that, VA loan limits have been removed. What does that mean? No down payment at all for million dollar homes IF you qualify. I'm a vet, so I keep up with this.
Lenders are in the business of making money. 20% of a million is $200K. Banks are not dumb. They know most people, even if they have it, will not want to come up off of that. You know as well as I do that if you have verifiable high income and good credit, you will 100% be able to find a lender. This is a fact
You should apologize to the board for sharing misinformation. A LTV of 97% is low. I admit this. But it is not unheard of.
You have no idea what you're talking about.
So, now you tried to change it and admit it was a jumbo...but the rest of that stuff is BS
I've done more loans in a month, than you've done in your life.
You're trying to find SOME WAY to try to sound like you have an inkling of an idea about the subject...and it's hilarious.
IF it was true, you'd have found one, just like all those houses you found.
Listen, if you have 45k..50k down on a 1.5 mil loan...that's a 97LTV loan...
But now you wanna CHANGE the value of the home...
Bruh, you can take that example as far as you like to prove your point, I suppose..
Yeah, if the house is worth 100mil, and you got this great deal...cuz you....
Tito Jackson..
Yeah, that's helpful info, bruh..
400k is upper middle class, not rich.
[/QUOTE]
That's why that level is a tricky area becuse it's not rich but sho aint poor.
150k and above is upper middleclass but 400k to me is the lower level of "rich".
300k is what I consider the top end of the upper middle class.
That's why that level is a tricky area becuse it's not rich but sho aint poor.
150k and above is upper middleclass but 400k to me is the lower level of "rich".
400k to me is not upper middle class. It's at the bottom end of being "rich".
300k is what I consider the top end of the upper middle class.
It's not chump change, but is it rich? Having a 800k house, an suv and maybe 2 jet skis isn't rich.I'm fucking buggin off of the responses of people thinking 400k is chump change.
Rich is being able to create wealth while having fun. Generation wealth, liquid and hard assets, passive income etc.
400k with state and federal taxes, student loans, life insurance, college funds etc is easier, but not a given. It also depends on if you have a business or work for someone else.
I look at rich as people that generate 3-5 million annually
and the person at 3-5 million looks at rich as being able to buy a super yacht like Jeff Bezos. There's different levels to rich. It's like boxing with the different weigh classes. Yet 220 and over is all heavyweights.
Tito...
From Rocket Mortgage...
Just a lil mortgage co...
Down Payment
Jumbo loans typically have much higher down payment requirements compared to conforming loans. It’s common to see lenders require 20% down on jumbo loans for single-family units. You may also need a higher down payment for second homes and multifamily units. Finally, the down payment required is based on your loan amount and credit score as well.
and
Manual Underwriting
Jumbo loans are often manually underwritten. A finance expert will go through your credit report, assets and bank statements with a fine-toothed comb and bring to light any past missteps. If you have a bankruptcy or foreclosure on your report, you’ll have a harder time getting a jumbo loan
What you're proposing...where you've moved the goal posts to infinity..to find some way to be right..
would probably incur so much scrutiny...they'd suspect money laundering, fraud... I've seen it...I used to talk to underwriters everyday.
They're like detectives..and they ain't signing off on some shit that looks shaky..and could come back on them.
Not saying it's not completely impossible, but that's the most once in a lifetime type of example, and in no way would apply, most of the time.
If you wanna be the expert on fairy tale deals, I concede.
From Rocket Mortgage...
Just a lil mortgage co...
Down Payment
Jumbo loans typically have much higher down payment requirements compared to conforming loans. It’s common to see lenders require 20% down on jumbo loans for single-family units. You may also need a higher down payment for second homes and multifamily units. Finally, the down payment required is based on your loan amount and credit score as well.
and
Manual Underwriting
Jumbo loans are often manually underwritten. A finance expert will go through your credit report, assets and bank statements with a fine-toothed comb and bring to light any past missteps. If you have a bankruptcy or foreclosure on your report, you’ll have a harder time getting a jumbo loan
What you're proposing...where you've moved the goal posts to infinity..to find some way to be right..
would probably incur so much scrutiny...they'd suspect money laundering, fraud... I've seen it...I used to talk to underwriters everyday.
They're like detectives..and they ain't signing off on some shit that looks shaky..and could come back on them.
Not saying it's not completely impossible, but that's the most once in a lifetime type of example, and in no way would apply, most of the time.
If you wanna be the expert on fairy tale deals, I concede.
