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They do qualify if they suddenly become poor, which is the point of the safety net. > $350k… extremely wealthy In many parts of California this is someone who

They do qualify if they suddenly become poor, which is the point of the safety net. > $350k… extremely wealthy In many parts of California this is someone who can buy a just okay house with a long mortgage. Have we redefined the word wealthy?

gamblor956 3y ago
350k is 99th percentile in terms of income, so I'm not the one redfining "wealthy". If you can't afford a nice house with 350k/year, move a mile or two away from your upper class enclave to the middle class neighborhood and live like a king. (Per Nerdwallet, 350k/year is enough to qualify for a mortgage for a $1.35 million property with 20% down. I live in a nice part of LA and places here cost significantly less than 1.35 million.)
- lesuorac 3y ago
  It's not. 350k is 3% for the entire USA [1]. For somewhere like California if your _household_ isn't making $1M you're not 1% [2]. Even in the poorest state (West Virginia) if you lived alone then you're not even a 1%-er. People really do think of themselves as at the top when they're not. You're very good but not the top. [1]: https://en.wikipedia.org/wiki/Income_in_the_United_States https://en.wikipedia.org/wiki/Income_in_the_United_States [2]: https://www.visualcapitalist.com/mapped-the-top-1-percent-in-each-u-s-state/ https://www.visualcapitalist.com/mapped-the-top-1-percent-in...
ffgjgf1 3y ago
> someone who can buy a just okay house with a long mortgage. Look up housing prices in some major European cities (generally way less affordable that in most of the US if adjusted by income). In London, Paris or Munich prices are about as bad as in SF or NY yet median income is considerably lower (also good luck getting a fixed 30 year mortgage, so there is also considerably more risk even if you can afford it) > suddenly become poor If you earn over €350k per year you really have to make some very poor financial decisions for that to happen. Besides from changing illnesses/accidents etc. but you would still most likely end up in a much better position financially if you saved that extra 10% you pay in taxes or went with a private insurance option. Of course healthcare is probably a different matter.

gamblor956 3y ago

350k is 99th percentile in terms of income, so I'm not the one redfining "wealthy". If you can't afford a nice house with 350k/year, move a mile or two away from your upper class enclave to the middle class neighborhood and live like a king. (Per Nerdwallet, 350k/year is enough to qualify for a mortgage for a $1.35 million property with 20% down. I live in a nice part of LA and places here cost significantly less than 1.35 million.)

lesuorac 3y ago
It's not. 350k is 3% for the entire USA [1]. For somewhere like California if your _household_ isn't making $1M you're not 1% [2]. Even in the poorest state (West Virginia) if you lived alone then you're not even a 1%-er. People really do think of themselves as at the top when they're not. You're very good but not the top. [1]: https://en.wikipedia.org/wiki/Income_in_the_United_States https://en.wikipedia.org/wiki/Income_in_the_United_States [2]: https://www.visualcapitalist.com/mapped-the-top-1-percent-in-each-u-s-state/ https://www.visualcapitalist.com/mapped-the-top-1-percent-in...

ffgjgf1 3y ago

> someone who can buy a just okay house with a long mortgage. Look up housing prices in some major European cities (generally way less affordable that in most of the US if adjusted by income). In London, Paris or Munich prices are about as bad as in SF or NY yet median income is considerably lower (also good luck getting a fixed 30 year mortgage, so there is also considerably more risk even if you can afford it) > suddenly become poor If you earn over €350k per year you really have to make some very poor financial decisions for that to happen. Besides from changing illnesses/accidents etc. but you would still most likely end up in a much better position financially if you saved that extra 10% you pay in taxes or went with a private insurance option. Of course healthcare is probably a different matter.