General Discussion
In reply to the discussion: $20,833.00 per month???? [View all]stevenleser
(32,886 posts)Once you go beyond that income, that changes.
Of course, to know that, you have to know one percenters really well and how they live and you also have to know middle/low income families well.
the 1% households I know never have to say 'no' to buying something used in everyday life beyond an expensive piece of real estate or a boat or a plane. Their children can go to whatever university they want with no worry about funding it, they vacation in the most exclusive places and stay in 5 star hotels when they do. They usually have a 5+ day a week person who cleans their home, if not more domestic help, and their children go to private schools for grades K-12. Many of the adults in 1 percenter households do not work at all and those that do generally have incomes above $750K/yr.
That is not the life of a household making $250k/yr. Once you go beyond that, particularly above $500K, the lives of the household looks more and more like the 1% household I mentioned.