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Lumifer comments on The Market for Lemons: Quality Uncertainty on Less Wrong - Less Wrong Discussion
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I conclude from the discussion that the term "rich" is too vague. The following is mine: I should be surprised to find many LWers who don't find themselves in the top percentage of the Global Richlist and who could not afford cryonics if they made it their lives' goal.
Not that I suggest that everyone adopt these definitions, but I usually use these words in the following meaning:
Rich -- "financially independent", you don't have to work if you don't want to and still have at least upper-middle-class lifestyle.
Upper-middle -- not worry about money too much, it's sufficient for comfortable and socially adequate lifestyle, but you need a high-paying job and can't really afford expensive extravagances.
Middle -- money is kinda OK, you can afford all the necessities and some (but not many) luxuries.
Lower-middle -- money is tight, you can afford most necessities, but few if any luxuries
Lower -- Paycheck to paycheck (if you have a job), no reserves, any crisis can thoroughly screw you up.
I just split people into "spends less than half of what I do," "reasonable," and "spends more than twice what I do." [/joke]
Yeah, these are also known as "poor bastards", "regular people", and "rich bastards" :-D
There are three different variables: income, consumption, and wealth, which confuse any discussion of economic class. Someone who is high-income, high-consumption, and low-wealth is probably working >40 hours a week at a professional job and worried about money, but also might be driving a fancy car and living in an expensive house.
In terms of life satisfaction, I get the sense that the primary variable that matters is wealth, but in terms of social status (for most groups), the primary variable that matters is consumption.
All true, but I wasn't trying to construct some sort of a comprehensive social stratification scheme. It's really just a quick list of what I mean when I'm using certain words.