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Old 09-14-2012, 08:19 PM   #42
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We know that statistically the median household income in the U.S. is somewhere around $50,000. (http://money.usnews.com/money/blogs/...post-recession). We know from cost of living figures that this equates to about $110,000 in Manhattan and perhaps $25,000 in the rural Midwest.

So what is the life of this household like? Are they saving? How often are they going on vacation, and where? Do they buy the basic necessities without worry, or do they skimp? Is their house comfortable for their needs or not? What's their quality of life in terms of cars, phones, TVs, washers, boats, fashion, etc.? Do they have health insurance? How are they doing toward retirement savings? How many paychecks can they miss before it all falls apart?

Next, at what income level (adjusted for local cost of living) do the answers to the above questions fundamentally change? What answers have to change on the upward side to be considered affluent? What answers have to change on the downward side to be considered poor?

It's an interesting discussion.
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