Still paying off a $12,000 car loan, but I learned that is considered equalized if I just sold the car for full value (also took your advice to read up on investing/asset management). Take a look at how the Bay Area compares to other metro areas around the US. Minnesota: $149,803. Learn all about the latest and greatest spirits. Dont tell people you are a millionaire, dress in Walmart clothes, drive an old car, mow your own lawn and paint your own house. Love it! I dont think this signifies anything about their adeptness. The upper middle class are big investors in real estate to benefit from rent increases and property price increases. A Bay Area citizen now needs an average net worth of $3.8 million this year to be considered "wealthy," compared to $4.5 million in 2020. I do believe you need to save and invest a high-income to become wealthy or possibly rich especially if one starts with little to nothing.Earning a lot of money is one thing, but keeping and growing that money via savings and investment is another one has to save and invest for retirement. .rll-youtube-player, [data-lazy-src]{display:none !important;}, Updated: 11/15/2022 by Financial Samurai 168 Comments. We have no debt (cars, mortgage, student loans) and are now saving $200k a year. Buy a little real estate, nothing fancy. Children raised and retirement in sight for travel. $150,000 home equity + $150,000 investment portfolio - $180,000 . What do I need/want for my family and self. How do you explain the middle class wealth collapsing when most of their wealth is tied to real estate? Its a free country. The middle class is a fine class. The median net worth for all households in Canada, regardless of age, is $329,900. The Bureau of Labor Statistics and the Census Bureau have calculated that food, housing, health care, child care, transportation, taxes, and other household expenditures consume nearly the entire median household income. c){for(var d=[],e=2;e