1/6 What is the technical definition for a middle-class, lower-class, and
upper-class? Is it based on income AND debt (mortgage)?
\_ Probably closest thing I can think of is income quintiles:
Poor, Lower MC, Middle Class, Upper MC, Rich
\_ you forgot Uber-Rich (hedge funders, et al.)
\_ http://en.wikipedia.org/wiki/Social_class
But the definition of the classes probably depends on your agenda.
\_ If I borrow lots of money and live lavishly, will I move up from
a lower class to a middle class?
\_ It is based on income and not net worth. |