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Q:

What's the cutoff line between middle class and upper class?

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There are a couple cutoffs. Some say that the upper class starts with anyone that has a liquid net worth of $1,000,000. Other's say it's that wealthiest 1%. I don't think the details matter quite as much as what it means. So here's how I break it down. Middle Class: Gets by, has a house and possibly some savings. Must abide by a strict budget, but CAN budget for niceties like vacations every so often and other splurges. Upper Middle Class: Probably does not live paycheck to paycheck. Saves a significant portion of their income and can afford to splurge a lot more often than the middle class. Upper Class: Does not HAVE to work to live their lifestyle. Their budgets are probably managed by other people. They do not have to with the tadeoffs of their purchases like those in the upper middle class do. I'd say the main difference between the upper middle class and the upper class is that the upper middle class still has to make choices. Someone in the upper middle class can save up and ... more
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