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

[@VincentChan]

🏆 The $1000 Savings Challenge is now closed but join the wait list below to be notified of the next one → learn.vincentchan.co/save1k

[@lacdirk]

BTW, adjusted for inflation, long-term returns on investment are barely over 6%, not 10%. In addition, there's a further loss from investing in an actual fund, rather than abstract market indices. Finally, at some point you have to cash out, and that comes with a high risk. Most investment managers will suggest gradually moving into safer investments as you grow older. That is very sensible, but it means lower rates of return in the final years.

[@briangranger1741]

When you are stating the Median Income, is that Gross or Net? Pls clarify ty

[@sa-vw2fy]

So if I have a median income of a lower upper class and net worth of a upper middle class, where does that put me?

[@kathyp1563]

"I can't afford that" is actually a phrase that brings freedom. When my dad was a young USAF officer, he chose to live in blue-collar neighborhoods. His fellow officers actually teased him about "slumming". (We never really grow out of Junior High, do we?) As officers of the same rank, they likely made the same money. But my dad said to himself, "I can't afford those neighborhoods."

[@kimchiba4570]

Well said

[@DanielChristopherPDX]

I find “I’m choosing not to spend my money there” to be a more empowering perspective on the same behavior. Saying “I can’t afford that” feels like victim mentality, and not reflective of the actual situation: I can afford it but I’m not prepared to sacrifice my future wellbeing for it

[@SK-or9bo]

​@DanielChristopherPDX i disagree. It's just a simple mindset that allows an easy way to say no to spending on something that isn't needed.

[@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.

[@joeschneider3894]

Keep at it. I’ve earned between $16k and $25k a year the majority of my life, with three years where I was in ACTUAL poverty and three years where I five years where I earned an avg of around $60k. My net worth is currently hovering around $440,000. I pulled this off as a self employed artist who rents and has never owned a home. More important than income is living below our means and investing the rest. I was AN INCH away from buying my 1st home IN CASH before the pandemic hit. Then housing prices skyrocketed so I opted to stay put. With or without a home… a comfortable net worth is realistic for anyone who wants it. If I stopped investing today and never added another penny, I would have roughly $4.5 million to retire on. Not bad for a self employed artist who rents, spent several years in poverty, and earned under $25k a majority of his life. One thing this video left out is the power of time. 75% of Americans will reach the top quintile at some point in their lives. If you want it and don’t quit, there is a statistical near certainty that you will reach that level. Keep at it! 💪🏻

[@paulsant659]

@GreggyMcfly then you score low on the vulnerability index !

[@kws5354]

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

[@NameRequiredSoHere]

Like you, I'm retired and with $1.5 in net worth. But no way do I feel Lower Upper class, or Upper middle class.

[@choppergirl]

You need to get out there and start helping the poor before it's too late, and you are in h377...

[@michaeldurkin8659]

​@NameRequiredSoHere Yeah, I hear ya. We're still 8 years from retirement, with no debt and lots of investments. No way I live or feel upper class.

[@kurt1391]

@@choppergirl The poor aren't poor because people aren't helping them.

[@Fanta....]

@@choppergirl No, you. dont be lazy.

[@kenm8162]

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.

[@kenm8162]

@@j887276 I can drive a 100k vehicle and live in 1m mill house and still be living below my means but much closer to neutral line. By living poor we drove cheaper vehicles and live in a more modest house that resulted in us retiring earlier and traveling. You can call it what ever you want I call it living poor because I was raised poor and carried over many of the traits from my informative years. The called it the rust belt in my childhood for a reason..

[@smb-zf9bd]

LOL My dad said constantly, "If you live below your means when your young you can live beyond them when you're older...and vice versa" I also retired at 55 and "took over" from the pool boy, yard guy and house woman. Then parents and grandkids....the beat goes on. Good luck

[@rexstrom5362]

Always pay for assistance managing your money when the manager can do better than you. This will rarely be the case for the middle class. Index funds are easy, cheap and relatively safe. When an advisor saves you more on tax than the advice costs, you should pay for the advice.

[@smb-zf9bd]

@@rexstrom5362 In today's world no one "pays" for advice since managers are paid by the securities they sell. I pay a tiny percent that covers trading (I am still an active trader from my Roth).

[@V2RocketScientist]

​@@rexstrom5362would be nice if the government just simplified the tax code so we didn't have to waste talent on navigating the tax code. Complications literally drag down the economy.

[@Baruch-Hashem]

"Who is rich ? One whom is happy with what he has." That is the problem with consumerism and materialism, it outs you on a path pf permanent dissatisfaction, seeing higher income and giving more of your brief life to employers, so called higher education,... Even the Upper Upper often feel they do not have enough. Do not buy into this foolishness, life is too short. Stop thinking in term of class, think in terms of independence and autonomy. Live simply, do not get into debt slavery or consumerism slavery. Do not let your income determine your self esteem.

[@Venus_LakeandSky]

Well said! I like this idea !

[@snakegriffin4928]

Yeah, ‘xept for in capitalism, you can hardly scrape by without some form of slaving for money. Consumerism and materialism are staples, built into the system, inescapable. With Fiat, they are the only game in town

[@steveperryman9760]

This video isn't about basing self worth on financial net worth, I believe striving to the next level is a spark that ignited human ingenuity and persistence.

[@justinjex1]

Lame

[@Person-mh6xq]

This video is focusing solely on finances. Money. No one ever suggested personal well being was not important. But you just had to take it a different direction to act like a challenger 🙄

[@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.

[@VincentChan]

thanks for sharing! any advice for people who are starting where you were?

[@ryencarew9227]

So your home and cars paid off

[@off_mah_lawn2074]

@@VincentChanbe born 40 years ago and invest in real estate with some luck on location. Lol

[@snakegriffin4928]

@@off_mah_lawn2074yeah the 2020 Plague led to incessant money printing, which in turn led to a lot of goofs with houses suddenly becoming unintentional millionaires. They can thank the Fed for that

[@janeaustere]

Automate investing into retirement accounts, at least 15% of your income. Chose a target date fund or an index that mimics the S&P 500. Start asap. And be frugal and disciplined, spend less than you make, save up an emergency fund, stay out of debt and live simply. You may not get to 5 million but you will climb higher in this pyramid! My husband and I started 6 years ago and we have tripled our net worth. Onward and upward.

[@Jeo_Momma]

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

[@Chrissers2010]

Ha ha...we know the feeling. Upper class assets, no debt, but middle income. We drink water at restaurants and usually get the lower priced menu items, drove 15 year old vehicles (until we upgraded my wife this year to a pristine 3 year old SUV), usually wear jeans with tee shirts, and are living in an RV while I build our home. I often wonder how people afford the things they do.

[@todddunn945]

Same here although our assets are upper upper class and we have no debt. We keep our income to what we need and to minimize taxes. We don't splurge and even sold one of the yachts a couple years ago.

[@keywestalert6329]

Anyone who can afford to build their own home without a mortgage is rich.

[@ChristopherMurray-uy4um]

I'm Irish living mostly in Ireland earning around 45k dollars,no debt ,own a property in the Philippines and a small plot of land and plan on buying more because it's an up and coming market,I'm 41 but I can't figure out what bracket I fit in,it doesn't suit everyone but it's possible to own property aboard on a small income and use the property as an investment ladder, example you can buy a new house there around 6k dollars and then trade up after a year and purchase a bigger or better location, again won't suit everyone,my wife is Filipino that's were I got the idea,now I have a retirement home for myself and the beauty of it is anyone can do the same,a few thousand euros or dollars and a local with knowledge and anyone can do it ​@@keywestalert6329

[@LivingRetirement]

I am retired, similar assets than you but poverty income level. Yes, I look poor as well!! 😅

[@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.

[@Andrew-it7fb]

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.

[@someoneelse6934]

Same here. Net worth $3m+. Income around $100k a year but I only work 20 hours a week at a job I really enjoy. I don’t have to continue working but it is very social and fun for me. It also pays for my hobbies so I don’t have to touch any investment funds. I have a pension, 401k, SEP IRA, Roth IRA, 457b, and 529 plans for the kids. Neither child will have any college debt upon graduation. My net worth will be around $8m by the time I can start collecting social security.

[@garyish]

Same.. in my 30s.. and networth of 1.1M.. should be between 10-15 M by the time I am in the 60s.. but we are outliers.. most of the finance KZbin video viewers are

[@pedro.arroyo]

I think it would be interesting to subdivide the Upper Upper Class. Wealth really starts becoming exponential at that point. I suspect that the Upper Upper Upper Class has a net worth of 10x or more of the mere Upper Upper Class.

[@christians131]

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.

[@mocheen4837]

It is easier to do when you grew up poor. The problem is that when you have kids and give them everything that you never had they have a difficult time cutting back.

[@christians131]

@@mocheen4837 agreed. Some of the most entitled, worst kids I’ve come across came from families who could provide everything, so they never made the child have to earn anything. Conversely, some of the best kids I’ve met came from a household where parents made their kids earn anything they want

[@randomgirl2994]

9:07 I think "je ne sais quoi” translates to "I don't know what.” To my understanding, people generally use this phrase to express a pleasing, indescribable quality and/or make note of special distinguishing feature that is hard to define or describe.

[@consciouscrypto3090]

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?

[@alanj9978]

Yeah to me upper class means you can live in comfort off your investment income, not just having a fatter pay cheque.

[@30yearsoldiam1]

There is no "feeling" of upper class or whatever. It's all about numbers. People can go from class to to class technically throughout their lives without even noticing it. He's just going over the technical definitions

[@garyish]

That shows how badly the average Joe is doing. You’re whatever class based on your networth in relation to others.. “feeling” have nothing to do with it

[@Ghostwriter0527]

Your relationship with money needs to change in order for you to fully understand and appreciate your hard work has landed you there! I’m upper middle class by NW but my income is a little below what is shown for that group. It’s possible to have a high NW and a lower income, and in fact I’d say if that’s you, then you’ve done a hell of a lot better than people who make a lot of money and are able to save that much because it shows frugality

[@JasonBay-RealEstateInvesting]

I was shocked to find myself in the upper, upper class. Never really thought of myself like that but enjoyable to watch :)

[@benelson12]

The only problem with this view is that there are enormous regional disparities. So although you may be upper class in one region you can find yourself lower middle class in another.

[@KCdanyoung]

This is not a valid point tbh. If you are within top 10% nationwide then you are always upper upper class. some areas or cities might have higher % within that top 10% but it wouldnt make you not upper upper even if you go there. Plus Feds look at inflation nationwide to come up with monetary policies. The stats he is presenting is looking at nationwide not area or state specific.

[@yashrajsingharora]

​@KCdanyoung be in top 10% in Alabama and try living in the Bay area.

[@squenneville1]

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.

[@evilzzzability]

This is a bit silly if you aren't factoring in age. Having 100k net worth is very different if you are 25 or if you are 55.

[@mhodge0890]

Facts

[@emilyau8023]

Yah, I think he's seen most of his target audience is a certain demographic.

[@richardparker82]

As a Brit - your class and your wealth are normally related but not actually the same thing. You can still be born in an upper class family with all the schooling, mannerisms, behaviours, traits etc but end up with little money or assets, but that does not suddenly make you working or middle class. The same can be said in reverse - you could win the lottery and be filthy rich and have no class whatsoever :-) In your examples, I would be 'lower upper class" (as Im nearing the end of a long I.T career in the city which has paid pretty well over the years) - but there is no way anyone in the UK would consider me upper class. Maybe its just money related in the US, in which case - interesting video to see where people like me would stand out there 🙂

[@lbell9695]

It's the same in Australia though less hierarchical. Money definitely plays a larger role than the UK (considering we don't have aristocracy), however top private schooling, generational wealth, attitudes, behaviours, and who you know play just as much of a role. So I guess we're a perfect mixture of the UK and US class systems haha.

[@jenniferpearce1052]

The reason for the little skirmish in 1775 is that difference! In the US, you _earn_ the class you belong to. You could be a low class Rockefeller, who lost everything, or a high-class nobody who worked hard. However, we would still say someone who is uncouth "has no class".

[@hugohabicht9957]

Verarmter britischer Landadel ist ein gutes Beispiel

[@Trusty_Shellback]

I would be interested to hear more about the british class system. The American class system has little actual use or meaning. It gives you a relative idea of who the politicians are talking about and a way to look at the economic status of citizens in groups. The class system pretty much is only refered to in the salary & net worth sense. There are usually differences in how individuals born into different classes act, but there are enough people climbing and decending the economic ladder and from different cultural backgrounds to make it not an accurate way to judge people. Which is a good thing in my opinion.

[@tabo01]

@@jenniferpearce1052 Myth. odds are 13-1 against getting from the bottom 20% to the top.

[@bez787]

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.

[@TheComp_Troller]

Smart!

[@garyish]

@@TheComp_Troller same. Hit 1M last year at 38.. bought stock during the pandemic when everyone was selling and the market was at a 30% discount

[@itsbeyondme5560]

Okay so

[@adrianaram4297]

Wish I knew the ins and outs to buying houses.

[@ad2094]

I find it impressive that you have all these clips to support your essay that are just you and not from the web

[@spinnetti]

What's interesting to me is the income is so high compared to net worth. Is this due to high cost of living areas where people make that kind of money, or really crappy savings habits? We aren't in the "upper upper" by income but have well more than 2x that in net worth.

[@sheneedsme]

I am a business owner and I’m old (70) so of course my assets put me in the upper upper class but my income is not even close, even though I am still working and have a nice pension and social security. I would never consider myself rich, just moderately comfortable.

[@Person-mh6xq]

Why “of course?” there are many 70-year-olds who are still stuck in middle to lower class. Surely you realize that.

[@dorinatudisco1308]

Great video! Subscribed 😊 I’m lower upper class at just over $1M in net worth and only 20% of it is my paid off condo. I grew up poor, but was disciplined and learned how to save. I live somewhat frugally in that I cook most of my meals, don’t have a fancy car (I paid cash for it) and have 0 debt. I’m glad I have a good financial advisor that I pay a low fee to guide me on where to invest my money and am seeing great returns. I have 2 Roths with my advisor and an IRA, but not my biggest chunk which is my 401k, but he still advises on where to invest there for no fee. I’m planning to retire in 2 years when I turn 61 and will live in the paid off condo.

[@johnnyboyvan]

2 million , single and not one single debt. Minor investments and a DB pension is the key. When you have no debt you feel rich. A high school teacher for 32 years.

[@C2EZ]

How’s your mental health?

[@hugohabicht9957]

@@C2EZ😂

[@sertyuhg]

I was part of all these classes except upper upper class.I could be there in 5 years,give or take depending on market conditions and international world events

[@jimcab4279]

Thank God for the union, it puts me in the upper middle class, unbelievable.

[@paulbrungardt9823]

Real estate investor here -- The hardest property for me to buy was the one I live in. I had to pay for all the expenses. Although there are times that income properties need subsidizing at some time, it was the tenants who were buying it for me. After becoming wealthy -- Do Well, Then, Do Good !!

[@ralphneptune9881]

Extremely detailed and interesting. I'll be at the middle upper class by 32. Iam now 31. Hope I'll make it to the upper class one day. Thank you for your quality work.

[@ayanharr]

This video is so spot on! Great watch!

[@VincentChan]

Thanks so much! Which class do you fall into?

[@icecoldwan]

Where are you getting the numbers to justify these buckets? The number for upper class seem quite low.

[@KenistonKist]

I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Brooke Miller for helping me achieve this

[@mikesnoek]

The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.

[@jadewashington7]

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

[@ReuletRikki]

I'm new at this, please how can I reach her?

[@lapetiteblonde]

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

[@KenistonKist]

she's mostly on Instagrams, using the user name

[@transitengineer]

Thank you, so much for breaking up the Middle-Class into three (3) different levels and also for dividing the Upper-Class into two (2) separate groups. During my 20's and 30's, I was in the "Middle Middle-Class"; in my 40's and 50's, I was in the "Upper Middle-Class"; and now in my early 60's, I am in the "Lower Upper-Class" with a Net Worth of $1.4 million (with half in the value of my fully paid-off home and, half in my retirement accounts and personal savings). It is nice to no longer have to look at the price of an item before, I buy it. But, the funny thing is each year as my Net Worth has grown the fewer things that, I want to buy (smile ... smile).

[@mhodge0890]

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

[@SSS-wo2hn]

Nope.

[@KillroyX99]

I'm almost upper, upper class, but my income is not that high! I invested early in rental property and it has done well for me. I should retire in my 40's, but I will probably work a fun, low income job.

[@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."

[@greghelton4668]

He is talking about Americans here. Where one lives and how they spend their money are different topics.

[@Freshprankstv1]

Obviously this is USA my guy

[@SnugglehPuppeh]

@@Freshprankstv1 Yes, but using percentiles rather than lifestyle measurements hides the fact that the middle class in the US is vanishing. Owning a home, a car, traveling occasionally, these are now things only available to the top 10-15% in the US. It used to be the top 50-70%.

[@Freshprankstv1]

@ yeah depends on where u live. A lot of u guys that like in massive cities have a very skewed perspective

[@jhouser972]

Lower upper class here grinding on the weekend. Upper upper class is my goal good video. 👌

[@dl_8x288]

Family of 3 lower upper soon to cross to next level, we r in mid 30 (1 typical STEM (non-tech) income in public sector, 1 grad student stipend). From single to family, we have simple rule : 1/3 for tax, 1/3 for saving, 1/3 for spending. I dropped out college 3 times, drive my car from college to the ground and have roommates from college to the first 8 yr of working, paid off student loan in 3 year, pay for my brother 5 yr college rent, bought a condo after working 8 yr and paid off in 6 yr. Still live a full life (travel 3-6 trip per year with 1-2 international trip, organic food, surfing, run marathon ect…). It s doable, you can stay in banff hotel for 2k/night or camping right there for less than $30/night. I dont have a car for past 5 year despite living in small town. Currently we also pay for our parents bills (prop tax, internet, grocery, utilities) except mortgage.

[@hunterandchavy]

Financial Sunday with Vincent Chan 🤗

[@VincentChan]

hahahah thank you hunter and chavy :) what did you think of the video?

[@hunterandchavy]

@@VincentChan apparently I a long way to go get to one of the two subtypes of lower/upper upper class. Always aiming higher. Thank you for the video Vincent.

[@JohnSmith-ps7hf]

I am in the” lower upper class”, but I live paycheck to paycheck. My house worth $0.5 M in CA. I make 120k. I am considered a poor guy in CA.

[@franciscotoro827]

These are national averages depending on where you live in America you can be rich and then you can move and find yourself poor and nothing has changed except your location.

[@thisbass]

Yea this would have to be adjusted heavily depending on your location

[@greghelton4668]

I humbly disagree. Chan is talking strictly about assets and income. You could convert your assets to money generating vehicles and move to Costa Rica and have a much higher life standard. Lifestyle is a different matter from where you stand asset-wise.

[@diggledoggledo]

This is easily skewed by age and where you live. If you are 65 years old and live in Silicon Valley and bought your house at $100k (and it is paid off) and it’s worth 3 million you could be considered upper class but you could have no other assets and live off social security.

[@starsoffyre]

I feel you. I'm in Singapore and make 200k, but apartments that are ok-sized (900 sq ft) cost upwards of $1.5M. To actually own a house on land that you own, it's $3M on the low end.

[@smb-zf9bd]

Retired, upper, upper class - securities, property, coins, art, etc My parents (low middle) were hard-working, saved and stressed education. Most importantly I married a good woman who was also a professional. We lived as if we would not get pensions, SS or inheritance. We got all three but haven't touched them yet - and this with 2 kids. Some think it's all "planned" but they're wrong. It's consistent investment, paying off debt and keeping abreast of all the new opportunities - growth sectors, property, crypto, new ventures.. My financial advisor and I talk once a week. Currently we're giving away much of our wealth now that the kids have "seen the light" and started their own path. I was working in the yard the other day and my wife brought out hot chocolate. We marveled (again) at finding ourselves in this position

[@Denverian]

Hi dad, would you like to adopt any new sons?

[@smb-zf9bd]

@ lol. Too many grandkids to handle more. Good luck.

[@nickmaestro]

I’m 37 and a school teacher. I currently have a middle middle class income, but rapidly approaching the net worth of an upper middle class. By regularly contributing to my 403b and Roth IRA, I’ll have the lower upper class net worth by 60. I’ve also 2/3 salary in saving and money market accounts. Live below your means, pay off debts and don’t have kids until you are married.

[@er98ah]

I’m in The upper upper class in these metrics, thanks for the boost. Though I would say the real upper upper class is $100million up in assets

[@someoneelse6934]

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.

[@JasonBay-RealEstateInvesting]

I love watching these kinds of videos!!! Well done.

[@mm345-0]

This is video is a real disservice, as it doesn't show just how much wealth is accumulated at the very very top end like 0.001% where most of the wealth lies.

[@Raistlin7070]

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

[@TheComp_Troller]

True, but that varies depending on where you live. I make around 150k but am basically a one percenter in the area I live. But if I moved to NYC I’d be broke!

[@Raistlin7070]

@@TheComp_Troller ya thats why i said 10 biggest cities. But go to middle of nowhere and theres no where to even buy a “luxury” home sometimes

[@chriswolske]

I don't think he made it clear whether these were numbers for individuals or households. 2.5M for an individual might indeed be upper-upper *median* net worth (top 5% by his definition), but I would expect household total to be much higher.

[@computerguy1579]

I'm in the category where you say I can buy organic and take any vacations any time, but I buy used, older cars so I don't go into debt, and I never buy luxury items except for very rare occasions. I don't need them, and I think most people get further ahead by finding contentment in life as it is (not saying you shouldn't go on vacations), but getting debt eliminated, a well-funded emergency fund, house paid off, and investing as much as you possibly can afford, work quickly becomes something you do because it's interesting and challenging rather than focused on duty, fear, and burn-out. Prioritizing luxury or finding ways to escape the life you live (outside of some fun, occasional things) really gets in the way of achieving financial independence.

[@SoCal9705]

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

[@transitengineer]

True, I think this data is about 5-years old. But, I still enjoyed watching (smile ... smile).

[@phoenix5054]

"Upper class" here is top 15%. That's a pretty low bar.

[@transitengineer]

@@phoenix5054 Think that, some of this data may be from the year 2020, U.S. Census which, may been based on year 2019, tax filing information. At the lower level, I would add 10 percent to these values, at the Middle Class level, I would add 15 percent, and at the Upper level, I would add 30 percent (smile ... smile).

[@ois-jy9kl]

I've work in banking for 25 years and he's rigth..... you wold be suprises how mutch people have overleveradge mortage, credit card debt and less than 1000$ in their account.

[@evalangley3985]

It is the top 5% average, not the top 1%.

[@JohnNelson-e6g]

Well explained. Thanks for bringing up the video. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject...

[@ThrowBackZone]

I’m definitely in the lower middle class but working hard to move up! 🙌 Anyone else here hustling to get to that next level?

[@adrianaram4297]

Same level working hard to get to the next level 🙌

[@Sarumanthewhite888]

Thank you very much Vincent 🙏🏻🙏🏻

[@nancienordwick4169]

A better definition of lower class is anyone receiving any government assistance. So if you are not getting any help (like with health insurance or loan subsudies or more obvious welfare), you are middle class but poor. So if you are in debt but self sufficient, you are actually middle class. This includes tons of educated persons still owing lots on their homes. A more accurate definition of Upper class is only people who do not need to work to make a living.

[@Snhojbar]

Thanks, Interesting stuff. These numbers are very different in California

[@dannymartial7997]

I don't like the grouping of net worth and income as if they're somehow linked. You can make $100k and easily have a net worth of $1m if you invest decades. That means your income is only middle class, but your net worth is upper class.

[@MrClaudemabry]

They are linked if that’s how you built the net worth.

[@cindylin266]

Where are you getting this info? The number seems to low for upper class

[@HichigoShirosaki1]

I am between the lower and middle middle class, but since this usually scales higher by age, I tend to think of it in that sense and among others my age, I am 10 years ahead of the curve. Since when adjusted for age, I am essentially in the lower upper class.

[@kchal0]

I’m 31 and my wife is 32. I always thought we were upper middle class. But according to this we are doing even better than I thought. She stays home with the kids and I make about $140k as a software engineer. Net worth of $2.1m with no debt.

[@whalesequence]

By the income, my fiance and I are upper middle class, by the net worth, we are lower class. Mortgages are too expensive to even get started unfortunately

[@AJohns3226]

I do wonder how accurate this video is, the "Lower Upper Class" seems really cheap to "Break Into" 750k is just a house in most coastal states. Not everyone with a house is Lower Upper Class.

[@alvingordon3560]

Really good video!

[@chokoprty]

Lower upper class through my mom. Dad's disabled. But we'll on our way to upper upper class. Yes both parents owned businesses.

[@icarrysig]

Me and wife is in the lower upper class. We just started our career as a nurse just over 9 years ago and have been consistently maxing out our 401k, got lucky in 2020 real estate, and covid pay def helped. Combined net worth is just over 1.5 mill in both stocks, cash high yield, real estates. Its doable because we never got out of the poor college students mode. We are expecting to double our net worth in 5 years and hit the retirement button

[@neilcook1652]

Linking income and wealth in a single ‘class level’ doesn’t work, as some have high income low net worth and others high net worth but low income

[@swamprat9018]

I remember my income being -23 dollars a month after bills. Eating a can of green beans for lunch was the norm and turning off the AC for a few summer months to make it by. With time and just a steady normal job I was able to climb to lower upper class...according to this video....but it sure feels like I'm just average. Good luck on your journey, it a lot of nose to the grind stone but you can climb out. Live within your means and save some amount of money each month.

[@littlebitmckee8234]

Thank you

[@vonfragyou]

Nice video! You did not mention people in higher classes have access to lower loan rates as well. The more money you have the more you can make, i.e. compound interst!

[@kml.]

so interesting. would be cool to see a video about why sometimes being upper class doesn't feel that way. everyone feels middle class i think.

[@mikeb5925]

My income is lower at 100k but i have a net worth of 1.3 million at 57. I live below my means. I dont feel upper middle class and still worry if i have enough to retire but the reality is that i probably do.

[@AlumniQuad]

3:54 "...you're still sucseptible (sic) to other kinds of problems..."

[@rebeltheharem7028]

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.

[@mocheen4837]

In California many millionaires worth $3 to $5 million identify as middle middle class. Some people worth $10 million consider themselves to be middle class. Making $300,000 per year in San Francisco barely qualifies you as middle class.

[@jimmyjohn8008]

4:20 other than avoiding lifestyle inflation. This has to be the most important thing about becoming wealthy.

[@joseromero9933]

Thanks for sharing

[@joegresells2161]

11:33 That's Cafe Sabor, I just ate there last week as I'm hanging out in Santa Cruz La Laguna, Guatemala.

[@AmarKap]

Thank you Vincent for putting together is video. It was very informative. I have liked and subscribed to your channel.

[@alanyoung159]

This also varies by location. Being is San Francisco with that amount is vastly different than being in Atlanta with the same amount.

[@coopclauson]

How are these being defined? Because I've seen a lot of different definitions floating around. It seems strange to me that according to these numbers, you can consider yourself upper class but not have enough net worth to own a home in a nice suburb outright.

[@U23721]

These numbers feel so small. Upper middle class NW is only 300k? Maybe I have CA blinders on, but 300k seems low even for W2 base salary.

[@itsbeyondme5560]

Good lesson.

[@jgalt5002]

Would love to see Canadian version of this . Cause the numbers are seem lower even when translated to Canadian dollars

[@M.Campbell]

Wow. I'm well into the lower class when it comes to income. But I have equity in my house which puts me into the middle class. I have to sell my house because I can't afford to live in the area anymore. Yet that equity isn't enough to buy another house, even when I move to a cheaper part of the country. It's not a good situation to be in.

[@christians131]

Yeah the rising insurance rates, regulations, and property tax in this area are turning away many aspiring investors. Don’t want to try renting out a room first to help offset the cost of ownership?

[@M.Campbell]

@@christians131 I tried that but it didn't work out well, at all. I have an exit plan and since I don't see any chance for improvement, in the foreseeable future, I'm pushing the button.

[@zyc7305]

Where did you get your data?

[@saraibucciarelli1821]

Good video.

[@swimmer751]

Economist and working in finance as well (19+ years.) I would challenge $2.5mm as upper upper class... I'd say "upper class" is closer to $10mm+ in net worth, and upper upper class closer to $25mm+ net worth. In most metropolitan areas, $2mm - $4mm is middle class.

[@donnag7288]

We are upper upper class w net worth of 5 million. And yes. We live like we are poor till recently. Now we spend our money ( like we don’t fly economy anymore because we are in our 60s ) My friend said if you don’t spend some of your money. Someone else will. So we have loosen up ! Stay healthy and enjoy.

[@Hrx84]

It is interesting to see how low net worth have Us Middle Class. Majority of them have really high salaries. People spend too much for things they dont need.

[@JustinPrice86601]

I've gotten a late start mostly because of trying to keep up with the Joneses and acquiring consumer debt. So my income now is borderline upper middle class and my net worth actually puts me in lower class but that is getting turned around quickly and gaining momentum. I will retire upper class.

[@FlyNavy2004]

Well it’s highly dependent on your location. Here in Northern Virginia, pulling in 350k a year and owning a house barely puts someone in the middle middle class.

[@andrewrobinson2565]

The US and UK class systems are clearly different. In the US it's about money and in the UK it's about birth (your parents' class) and whether you were privately educated, with the network that that gives you, or not.

[@gprufino]

Lower upper class by assets but upper middle class by income as stated in your video. Zero debt and a 20 year Thai Elite visa in the bag.😄

[@KelcIzahoe]

The Spider-Man wallet was classic 😂😂😂

[@alex.3820]

Great video! Question - Is this household or individual net worth?

[@CybelleCybella-s3m]

Enjoyed the smooth graphic diagrams! Might be missing the ending video link?

[@martinguldnerAutisticSwanGuru]

Job Income I am in the lower middle class. Net Worth I am between the upper lower class and the lower upper class because of an inheritance in 2020 .

[@rtbear674]

I have another way to gauge. I live comfortably, I have 80 years worth of current month living expenses as net worth. your lifestyle cost matters. If you have 300k net worth and your lifestyle cost 100k. you have 3 years of not being able to do anything before everything gone.

[@gamereditor59ner22]

1:01 : I understand! Thank you!

[@michaelpeele5739]

Looking at all sorts of figures, it seems that they are all skewed low, probably so that most people can be above average.

[@NovelNovelist]

Teasing apart the relationship between the highest level of education attained and net worth is complicated, and while I'm absolutely not questioning the stats and correlation, I absolutely AM questioning the implicit assumption that education level has a CASUAL relationship with net worth. To some extent, probably even a high extent, absolutely -- obviously a hypothetical average person with a medical degree likely has much higher earning potential than a typical other hypothetical person who didn't graduate high school. BUT there are so many other factors that could affect BOTH education level and net worth. For example someone's social class or origin/family resources is obviously a huge one. There are many more barriers to pursuing a higher education for people from families of modest means, and many more opportunities for people from families of abundant means. Other characteristics, which might be a bit controversial, and absolutely not true in all cases, include someone's ambition and intelligence -- smart and/or ambitious people are likelier to both pursue higher education and to earn more money, but would have still had an edge doing either alone. Then there are demographic factors like race, gender, sexuality, etc that can make pursuing a higher education, and also make earning more money, harder or easier -- but again, which would have affected either alone the same way. Finally, I'm convinced the relationship can easily work in the OPPOSITE direction too: i.e. people with more of their own money to begin with (not talking about minors or others relying on family) feeling more comfortable and able to pursue higher education. For example I have a Bachelor's degree and fall into the associated range of net worth, and as my net worth and general stability continue to rise, I'm feeling more and more inclined to go back to school and work on my Master's -- but it's very much having the security and resources already that's making that appealing, and much LESS about increasing my earning potential. I'm not even sure it would and don't have firm career goals associated with the possibility. It's just something I want to do in general and think I might be able to afford.

[@littlesparrowloves]

Class is not just about net worth. It includes education, profession, habits, income as well as assets.

[@user-ez5gp1pq6u]

Suggest you describe median vs mean. Both can mislead, but both matter. Also, how about showing the tiers by age range. Those are actually your peers.

[@V2RocketScientist]

I think you missed a step in these classes. I was in the upper upper class like 10 years ago, which is right around where most successful small business owners are based on my conversations with said individuals over the years. But what about the guys who make a huge break-through with a small business and investments?