Is $ 50,000 a year a good salary?

China
November 2, 2008 5:37am CST
My friend said that i am lower middle class. to be middle middle class to upper middle class you need to make at least $70,000 to $100,000 Do you think so?
1 response
@jonesy123 (3950)
• United States
2 Nov 08
That really depends on the area you live in. $50,000 doesn't buy you much in areas like New York or Los Angeles where even a small run-down house could cost you millions. In rural areas and poor states like Kentucky, $50,000 can buy you the same type of house. So in the expensive areas $50,000 is considered poor for an income, in the poor areas $50,000 is considered a good income. So where you rank on the social ladder is determined by the area you live in. Do a search on the median income in your area. That determines average middle class income. You go by that to determine where your salary level puts you. Besides, income doesn't really determine where you stand in the ranking. Your friend for example could earn $100,000 (double of yours), but still be worse off than you. It all depends on how you chose to spend your money. If you gamble it away, you have nothing to show for it. If you waste it on other stuff, it's the same. If you invest it wisely, accumulate good property stuff, that determines much more as to where you rank.