Question Wednesday

By Nicole Dieker August 29, 2018

It’s Wednesday, which means it’s time to get rolling on those financial questions.

Last week, we launched a new Doing Money series (“Meet Michelle”) that quickly turned into a discussion of which incomes qualify as “middle class.” Billfolder Janpa left the following comment, which I saved for today’s question:

I’d be very interested in a discussion around what people feel being middle class should be able to “get” a person/family. Like should middle class include a vacation every year? A new car every x years? A home with y bedrooms by age z? I’m not sure that there is even consensus around that level of definition (and the analyst in me wonders how those expectations vary based on the respondents’ income/wealth/geography, but at that point we probably need to kick it to the academics/research firms). Not sure if that’s something others are interested in discussing, but thought I’d put it out there 🙂

I’m very interested in this discussion, and my initial response is that “middle class” households should have regular time off from work and enough money for both reliable housing and a reliable car — but I also think every household should have that. The amount of money you spend on vacations/housing/cars may vary based on your income, but being able to take a break from work, have a safe place to sleep, and have a way of getting around town are, in an ideal world, essentials.

Add your thoughts — or ask your own questions — in the comments.

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