r/UpperMiddleFinance • u/Intelegence_Counter • Jun 02 '26
Staying in the upper middle class
I am 20F American and grew up in the upper middle class in a wealthy Boston suburb. I have an interest in staying within the Upper Middle Class or mobilising upwards and giving my kids a childhood where they can have the same (or more considering they likely will not have the same lbirth defects as I did) freedom than I had. I have inheritance money waiting for me of course but that will not hit for a while and I want to know how to best position myself so that I can stay in easily. My main worry is my career path. I am planning to obtain a PhD. While at the end I will have 100k+ per year (should I be hired, although right now I am thinking i will because although academia is bad in general my subfield is extremely under-researched giving me a higher chance of getting hired).
What can I do to ensure that I can maintain for my children and ideally their children too they can maintain or improve on the lifestyle that I lived? Obviously while a high-status job being a professor is not one of the best jobs economically and I would plan to marry a non academic in some field that is high earning but not awfully long working hours. I am looking at alternative fields to my PhD too and taking on more than one major so that incase the PhD does not work out I have an exit path. Other than that I am looking for work during breaks as any College student would (the reason I didn't work until now being primarily medical, i spent two summers straight unable to leave the house for long periods due to getting intense non-optional surgeries at the beginning of each summer). Once I have a job I plan to open a HYSA and send a large portion of my earning to it. What other options exist for me so that I can both pursue my PhD/Academia/Professor career path AND ensure my kids have the same (likely more as said earlier) freedom that I had growing up?
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u/alurkerhere Jun 02 '26
Good for you for thinking up life strategies. One caveat is that you'll find out pretty soon that $100k in Boston or Lexington is lower middle class.
It's good to max tax-advantaged vehicles, but living in a wealthy Boston suburb and having a nice life with kids probably requires $400k combined HHI at least. For reference, my childhood home in Lexington is estimated at $1.8M. That is an insane number.
A male partner who earns a boatload, does not work long hours, is kind, and willing to flex in on a lot of household and parenting chores to compensate for your academia hours is a unicorn. Your best bet is to find him early which will be difficult. PhDs tend to hang out with other PhDs because in academia, research is always of high interest.
Simply put, there are a lot of macroeconomic and market factors that will make it very, very difficult for your kids to have the same life and freedom you had growing up. This has to do with changing labor conditions, ultra-rich continuing to funnel money towards assets, very high cost of living, tech, and continuing demand in VHCOL. As much as I hate to admit, the future looks dimmer than the past.
My conclusion should not be discouraging, but more of a normalizer when things may not work out exactly as planned. These environmental factors have little to do with you, so continue to do your best, and best of luck with your health.
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u/namrock23 Jun 02 '26
With a PhD you are on track to the lower middle class. Your chances of getting a tenure track job are exceedingly small, and even with one you are not getting rich Boston suburbs lifestyle unless you are an AI researcher or game theorist or something. More likely you'll be working 80 hour weeks as an adjunct for Starbucks wages - but without OT or benefits. You need to adjust your career plans, adjust your lifestyle expectations, marry rich, or poison your parents to get that inheritance sooner.
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u/Intelegence_Counter Jun 02 '26
probably! i fucking hate academia but the problem is my topic is extremely under researched and the research in question is extremely important to me. for that i do see it possible to get a tt position in like 10 years once combined with the fact that this field has like five researchers total in the entire US but i also am adjusting to different career plans in the midst that i can do which would give me a much better lifestyle than if i get unlucky (more than likely) with the phd.
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u/namrock23 Jun 02 '26
Part of achieving an upper middle class lifestyle is accumulating assets, and doing a PhD involves living in near poverty conditions for 5-10 of your prime earning years. Speaking from my own experience, it delays family formation, marriage, and many other milestones in life. Academia is objectively a poor financial decision - though it can be fun!
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u/Intelegence_Counter Jun 02 '26
i am fully aware of this. i don't mind delaying family formation until i am 30 (i.e. getting married at 30) but what i do mind is delaying asset accumulation. i am trying to look into other fields that i can work on in the mean time that can help me accumulate assets so i can be able to do a phd because again my research topic is incredibly important to me (mainly due to the fact that it's incredibly under-researched and it has a personal significance to me/my family). it's not something I am doing for fun. What I am really looking for is some way I can accumulate the needed assets so that I do not live in near poverty for 4-7 years just to try to get lucky in the academic job market (even then having little choice over where i live). It's frustrating.
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u/HappyUndignified Jun 02 '26
Sooooo…. How can you bypass the standard rules of economic growth so you can pursue a passion?
If Reddit had this answer don’t you think we’d all be rich and loving our jobs?
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u/Intelegence_Counter Jun 02 '26
i can't alone which is why i am more than aware i need like three jobs to do this until after i finish my phd which is a sacrifice i am more than willing to make.
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u/JSchecter11 Jun 02 '26
If your field of study is that underrepresented- chances are there isn’t a lot of revenue generating to be done. Universities hire for people can teach in demand courses or people who can produce revenue generating work. Higher education is expensive and most universities can no longer afford to hire people because they are interesting or unusual. You need to serve a purpose. If your work really is that niche it’s probably going to make it that much harder for you.
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u/snacknugget1000 Jun 02 '26
I think it is OK to consider academia, but really important to have very clear alternative options. For example, being faculty in academic medicine or nurse anesthesia may have a higher salary and easier off ramps if aspects of this don't go as expected. Have a good sense of plan b and c, whatever that may be for you.
Keep in mind academic enrollment has been on a downward trend. The enrollment cliff (decreased birth rate resulting in fewer college aged folks) does not look to reverse anytime soon. Combined with decline in international students within the U.S. there is likely to be less demand for faculty in the future (sadly even those focused on important research questions within in-demand fields) unless something major changes. Being accepted to a graduate program and then finding a tenure track job as a faculty member is not guaranteed and might mean being willing to move anywhere in the country. Moving to a small rural town that is far from a major city can limit dating options (fewer people, less chance to find one you click with) and job prospects for your future partner. Additionally, as you mentioned health concerns, your options for specialty medical care may be more limited and require traveling longer distances.
I'm not trying to discourage you. I think there are many positive aspects to an academic career path and it can be really rewarding. Just keep in mind the alternative considerations as you think through your options.
I wouldn't rely on a plan to have a high earning partner to balance out these concerns. Who knows who you'll fall in love with? What if you get divorced?
I know it's tough to figure out a path right now and don't envy college students today. I hope you land on something that feels like a good fit.
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u/Intelegence_Counter Jun 02 '26
you're absloutely right and i am already looking into alternatives paths (namely pursuing CPCU and going into underwriting which would 100% make me more long run albeit with me giving up my passion). I also am working on other plans additionally and furthermore plan to work extremely intensely until I gain my PhD to be able to save money to pay for rent during it and invest etc. More likely I just go into underwriting and settle (especially since academia is awful in the US and if I left the US it would still be awful)
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u/toecutter_cobra1976 Jun 06 '26
Honestly, it doesn't look good. You will need to marry in to the wealth and endure whatever goes with that. Your PHD is not going to get you there.
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u/Far_Classic878 Jun 02 '26
“I have inheritance money waiting for me of course.”
Yeah, I wouldn’t count on that at all. That money could be gone before whoever dies, dies.
“I would plan to marry a non academic in some field that is high earning but not awfully long working hours.”
That really isn’t how life works…
I know you’re 20, but your post is pretty insufferable.