What Is Middle Class?

Elizabeth Warren has trouble defining.

Well, it certainly isn't an easy as income level, especially when you consider fluctuations over years and cost of living in different regions.  But maybe the best way to define middle class is in relation to upper middle class and lower middle class.  Here's a scale I would propose:

Super Rich - Your unborn heirs will not need to work.

Rich - Your children do not need to work.

Upper Middle Class - You have more than one home and if you have debt, you could easily pay it off, but choose not to for management purposes.  Private schools are an option at all levels.  You hire people on a regular basis for things like baby sitting, nanny, house cleaning, etc.

Middle Class - You own a home, have all the right insurance.  Private school is a stretch or perhaps not an option at all.  You carry some debt, but also carry some savings.  College and/or a professional career are an expectation, but not vital.  You have a retirement account which could use more money.

Lower Middle Class - You rent or stretch to own a cheap home.  Insurance is a sometimes thing.  You carry debt that is a burden.  You don't have enough savings and retirement is tough to ponder.

Poor - Housing is a problem.  Food is a problem.  You need help to get by - from government or family.

Obviously, there are gradations in this scale, but as a general outline I think it works.