Millionaire Middle Class (needs sources)

[Meditative]

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It’s your favorite topic, again! Money!



1) How common is it for physicians to have assets (not income) >1 million? (Fairly common, right)

2) Where can I find a tax table or other table which will break down households by assets (again I am neither talking about sources of revenue nor income), into the 1% and so on?

Where would those with assets of >1 million fall?


Apart from this, I understand that Obama claims that those earning more than 250K are in the upper middle class. Sorry, I don’t have a source.



3) According to this article in the Washington Times, (http://communities.washingtontimes.com/neighborhood/making-change/2009/nov/17/can-you-name-us-socio-economic-levels/) there are 12 socioeconomic classes in the U.S. Those with assets >1 million are not rich, but they constitute a “millionaire middle class” who by spending habits may not have accepted their wealth. Sure, I agree.



It would be nice to know where this data is widely available. Thanks.

Discuss.

 

[Valadi]

It would be nice to know where this data is widely available. Thanks.

An economics forum?

 

[Meditative]

An economics forum?

C'mon, would it be gauche to admit that as a med student you have an interest in money? 😀

Financial shrewdness is imperative.

What I am asking is the relative meaning of 1 million in assets.

 

[TooMuchResearch]

It’s your favorite topic, again! Money!



1) How common is it for physicians to have assets (not income) >1 million? (Fairly common, right)

Common in those that don't over spend and like to save.

2) Where can I find a tax table or other table which will break down households by assets (again I am neither talking about sources of revenue nor income), into the 1% and so on?

I don't know what this means.

Where would those with assets of >1 million fall?

I don't know what this means.

Apart from this, I understand that Obama claims that those earning more than 250K are in the upper middle class. Sorry, I don’t have a source.

This isn't a question.

3) According to this article in the Washington Times, (http://communities.washingtontimes.com/neighborhood/making-change/2009/nov/17/can-you-name-us-socio-economic-levels/) there are 12 socioeconomic classes in the U.S. Those with assets >1 million are not rich, but they constitute a “millionaire middle class” who by spending habits may not have accepted their wealth. Sure, I agree.

This isn't a question.

It would be nice to know where this data is widely available. Thanks.

Discuss.

.

 

[Valadi]

C'mon, would it be gauche to admit that as a med student you have an interest in money? 😀

Financial shrewdness is imperative.

What I am asking is the relative meaning of 1 million in assets.

Don't know if you're new here or just created a new handle, but this topic ("money") gets brought up all the time in one subforum or another. There is a Finance and Investment subforum here. I wish people would use it more to ask these questions. Your questions could probably best be answered by regulars there.

Your post has nothing to do with financial shrewdness. It's just about seeing how high up the class ladder you would end up if you became a physician. And yes, that is gauche.

 

[Meditative]

Don't know if you're new here or just created a new handle, but this topic ("money") gets brought up all the time in one subforum or another. There is a Finance and Investment subforum here. I wish people would use it more to ask these questions. Your questions could probably best be answered by regulars there.

Your post has nothing to do with financial shrewdness. It's just about seeing how high up the class ladder you would end up if you became a physician. And yes, that is gauche.

I think you've misread my intentions.

 

[GoSpursGo]

Moving to Finance and Investment.

 

[Dr. USMLE]

.

 

[MT Headed]

What I am asking is the relative meaning of 1 million in assets.

One million dollars in liquid assets will kick off $40K of current income, per year, in perpetuity. It's enough money to do anything (for instance, fund tuition for yourself or a loved one at a private medical school) but it is not enough money to do nothing.

If the one million dollars of assets is in home equity then it is probably only worth $600K now, if you could even find a buyer.

 

[deleted103644]

Not sure how valid the data in this graph is, but looks like the average net worth for the top 10% is $4,000,000.

I'm sure that's heavily skewed towards the top, so the cutoff for being in the top 10% could easily be $1,000,000 or less.

The average for the rest of the top quartile is around $500k.

 

[deleted126335]

One million dollars in liquid assets will kick off $40K of current income, per year, in perpetuity. It's enough money to do anything (for instance, fund tuition for yourself or a loved one at a private medical school) but it is not enough money to do nothing.

If the one million dollars of assets is in home equity then it is probably only worth $600K now, if you could even find a buyer.

Probably. If wisely invested. Even allowing for inflating withdrawls to match inflation. It is a good rule of thumb that financial planners use. Not a physical law that always works.

 

[Meditative]

One million dollars in liquid assets will kick off $40K of current income, per year, in perpetuity. It's enough money to do anything (for instance, fund tuition for yourself or a loved one at a private medical school) but it is not enough money to do nothing.

If the one million dollars of assets is in home equity then it is probably only worth $600K now, if you could even find a buyer.

Wow, I was going to come back and delete my post. I didn’t realize there would be responses.

I am familiar with your expression. I heard Warren Buffet used your expression “it’s enough to do anything, but not enough to do nothing”when speaking to his son about his inheritance.

I apologize in advance for the questions, but I have many:

So you are not considering the home as a source of assets? Even if there is little to no (negligible) mortgage. (I found this source which considers the home as an asset when determining net worth: http://money.howstuffworks.com/personal-finance/budgeting/how-to-million-dollars.htm)

Also what about in the case of the above plus NO debts and NO liabilities!

What about with home, about 1-1.5 million in assets. Without home: close to 1 million. You only foresee a home garnering 600K. Can the home assets become liquefiable?

What’s a reverse mortgage do and what does refinancing a home do? Assume I’m completely naïve about finances.

Anybody know how common miserly behavior is among those who have assets of 1-1.5 million?

Anybody know the rules for Medicaid. What if the household “just discovered” that it has such assets when crisis has stricken.

What’s the best way to set aside money in this case (Medicaid, crisis, no debts and liabilities, some perpetual income) for purposes of paying private med school tuition for one adult child? Again, assume I’m completely naïve about finances.

 

[Meditative]

Not sure how valid the data in this graph is, but looks like the average net worth for the top 10% is $4,000,000.

I'm sure that's heavily skewed towards the top, so the cutoff for being in the top 10% could easily be $1,000,000 or less.

The average for the rest of the top quartile is around $500k.

Exactly what I'm looking for.
Would you mind going into some detail about how the data is skewed toward the top and that the cutoff for the top 10% could easily be $1,000,000 or less. (I haven't had statistics yet.)

 

[deleted103644]

Exactly what I'm looking for.
Would you mind going into some detail about how the data is skewed toward the top and that the cutoff for the top 10% could easily be $1,000,000 or less. (I haven't had statistics yet.)

The wealth distribution in the US is an "L-shaped curve", so it has a strong positive skew. What that means is that the average is much greater than the median, and I believe this is true for the top decile as well as for the distribution overall.

For example, if you have 999 people earning $10,000 a year and one person earning $10 billion, the average salary is a little over $10 million, but the median is $10,000.

This type of distribution is present in income in the US, and is even more exaggerated for wealth.

 

[Meditative]

Probably. If wisely invested. Even allowing for inflating withdrawls to match inflation. It is a good rule of thumb that financial planners use. Not a physical law that always works.

What's an "inflating" withdrawal?

Please chime in on the questions I posted today. I am a novice.

 

[xf3rn4nd3sx]

Well basically this refers to inflation rate eating away at the interest on your principal. Let's say you put a million dollars in a CD that yields 2% year. This growth rate is purely for discussion purposes (interest rates suck right now...). So on that million you would be drawing $20k, excluding taxes, right? Wrong. Inflation is currently 2.30%. That means instead of your million dollars growing 2% per year, it is effectively shrinking .30% every year. It appears to be growing, but as you know, inflation makes the purchasing power of that million dollars less and less every year.

I'm not going to answer all those questions...but I will touch on the question about the wealthy generally being miserly. You do not build wealth by spending. A fool and his money are soon parted (a thread entitled "pics of toys" in this very forum comes to mind...).

 

[deleted126335]

What's an "inflating" withdrawal?

Please chime in on the questions I posted today. I am a novice.

Let's say you have $1,000,000. You think you need it to generate $40,000 per year. The first year you take out $40,000. Assuming that inflation is 3% per year you need to withdraw $41,200 the next year to have the same purchasing power as $40,000 in the first year. The year after that will be $42,346.,etc.

In order to be able to maintain this your $1,000,000 has to be prudently invested and you have to be lucky to retire at the right time. Think the difference between those who retired in 1980 on the cusp of the biggest bull market in history (lucky) and those who retired in early 2000 (unlucky).
By the way with interest rates in the toilet, the "4% rule" is less likely to work than in the past.

 

[Meditative]

Let's say you have $1,000,000. You think you need it to generate $40,000 per year. The first year you take out $40,000. Assuming that inflation is 3% per year you need to withdraw $41,200 the next year to have the same purchasing power as $40,000 in the first year. The year after that will be $42,346.,etc.

In order to be able to maintain this your $1,000,000 has to be prudently invested and you have to be lucky to retire at the right time. Think the difference between those who retired in 1980 on the cusp of the biggest bull market in history (lucky) and those who retired in early 2000 (unlucky).
By the way with interest rates in the toilet, the "4% rule" is less likely to work than in the past.

Trying to keep the general appeal of this thread alive. However, let me try to condense this. Let's say one of the primary goals is to fund tuition for yourself or your offspring at a private medical school, as was suggested earlier by another poster. Now, this may be a naive question, but would anyone be remiss to put ~$300,000 in savings bonds for this purpose? Thus far, I understand savings bonds could not be touched by Medicaid. Other options: living trust.

 

[deleted126335]

Trying to keep the general appeal of this thread alive. However, let me try to condense this. Let's say one of the primary goals is to fund tuition for yourself or your offspring at a private medical school, as was suggested earlier by another poster. Now, this may be a naive question, but would anyone be remiss to put ~$300,000 in savings bonds for this purpose? Thus far, I understand savings bonds could not be touched by Medicaid. Other options: living trust.

Don't know the rules of asset protection for medicaid. Talk with an elder care attorney in your state about transferring them. States are becoming much more aggressive about going after assets. I think that you have to transfer assets at least five years before they can't be clawed back. Also, You can't buy that much in savings bonds anymore, at least not at once. $10,000 per year in I bonds. $10,000 per year in EE bonds per SS#. Oh and by the way they are all electronic. No more paper savings bonds being issued. Easier to track and collect taxes on.

 

[Meditative]

Here's what I found out about using savings bonds for college expenses:
Series EE and I Savings Bonds may only receive the income tax exemption for amounts used to pay for tuition at Title IV colleges, universities, and vocational schools.
Room, board, and books are not covered under the exemption. Withdrawals for these amounts will be subject to normal income tax. (Source: http://collegesavings.about.com/od/ussavingsbonds/ss/savingsbonds_4.htm)
Funding medical school with savings bonds may not be the most tax advantageous.
So I ask you all, what are the most tax advantageous options for funding medical school?

 

[Meditative]

Don't know the rules of asset protection for medicaid. Talk with an elder care attorney in your state about transferring them. States are becoming much more aggressive about going after assets. I think that you have to transfer assets at least five years before they can't be clawed back. Also, You can't buy that much in savings bonds anymore, at least not at once. $10,000 per year in I bonds. $10,000 per year in EE bonds per SS#. Oh and by the way they are all electronic. No more paper savings bonds being issued. Easier to track and collect taxes on.

Five years? Are you serious?
Advice doesn't come cheap.

 

[deleted126335]

Five years? Are you serious?
Advice doesn't come cheap.

http://elder-law.lawyers.com/Transferring-of-Assets-for-Medicaid-Look-Back-Periods.html

I strongly recommend that you consult an elder care lawyer in the state of residence of the person looking to transfer assets.
Prudent investments for med school tuition is a separate issue than protecting assets from creditors including medicaid.

Tax advantageous: 529 plans come to mind.

 

[Meditative]

http://elder-law.lawyers.com/Transferring-of-Assets-for-Medicaid-Look-Back-Periods.html

I strongly recommend that you consult an elder care lawyer in the state of residence of the person looking to transfer assets.
Prudent investments for med school tuition is a separate issue than protecting assets from creditors including medicaid.

Tax advantageous: 529 plans come to mind.

Thanks for the link. 👍

Unfortunately, it may be a separate issue, but it's all relevant at the moment, if you know what I mean. 😎

 

[Meditative]

nvm

 

[Meditative]

Here's a curve ball: OK, suppose Medicaid planning was an unnecessary tangent.

I'd like your opinion here. If parents have the means to fund their offspring's medical education in full (and also prudently plan for their health emergencies) should they do it?

Are there other tax advantageous options for funding tuition that you can recommend apart from the 529 plan?

Thanks.

 

[touchadream]

1. Physicians over about 50 or 55 (all depends when they start) often have more than 1M in retirement fund assets (401K profit sharing plans). Add house if its not underwater and they don't have much more. This is from private research at my company.
2. You can buy lists of people making X amount of money, or having X amount of "investible assets" in any given geographic area, but I don't know where it is available for free. The surveys done which support the "free" or self reported studies published in medical magazines are IMO suspect because they don't tend to match the reality I see in the marketyplace, and I work in the marketplace and see doctors' tax returns all the time.
I think your point about the 250K being rich middle class is deceptive because of high taxes on that class, ie, no Roth, phased out kid deductions, no breaks for kid education, no earned income credits, etc, etc. and highest marginal tax rate applied. You don't feel well off because you aren't after they take their share, which is large in that bracket. If self employed, you have to earn 250 to put 50 into a 401k PSP, which leaves you 200 on which you owe tax.And that is after you pay your share of expenses for the practice. About the only deduction you have is personal and those are phased out by income and then house interest and taxes. No wonder everyone on here wants a "doctor" mortgage. The millionaires you are discussing may have the assets, but most are not liquid, that is the other catch-22. Good news is creditors (lawsuits) can't get to retirement assets--bad news is neither can you until you are 59.5. House isn't liquid and you need a place to live. You can max out loan with HELOC but then you get strapped for cash. That is why "rich doctor" is a bit of an oxymoron. Taxes are key item, as is late start to significant income, with concomitant loss of compounding savings in those critical early years.

 

[touchadream]

Are there other tax advantageous options for funding tuition that you can recommend apart from the 529 plan?

Thanks.

Most doctors will scream at this, but one great option is buying early an indexed universal life, flexible premium life insurance policy on baby medical student. By the time he is ready to go, there is 1) he is insured, in case he becomes uninsurable, and he will need insurance at some point in life, so why not buy it while he is young and its cheap, say 5 or 10k a year for 10 years only. You can skip a year or add more with some policies so be very very sure what you are getting. 2) Unlike 529 which can be bad investment ( mine was underwater when my youngest went to college in 09!) these only go down to 0 in bad years and only go up in good years. 3) Like 529, growth is tax-free. 4) you can find an agent who will not rape you with commiissions if you look. 5) Unlike 529 money can be borrowed out anytime for any reason, once cash has built up and so if you need rehab $ instead of med school money its there. If parents can pay, its there for a house downpayment for kid, or wedding or whatever. If not used its a fat retirement. If not used for fat retirement, its tax free to heirs as best wealth transfer vehicle there is across generations since Franklin Roosevelt enacted it. I use it on all babies to assure their later insurability, as there is no underwriting on a baby, and I have several family members, including kids who became uninsurable at young ages, which term insurance won't help at all when its really needed. The idea to buy term and you won't need it later isn't true. You won't have saved enough and if you do you can't pass it on, except to the government in taxes or to a charity and not to your family who can't afford to pay the taxes. I'm ready for the criticism now, bring it on. I know doctors hate insurance.

 

[cincincyreds]

Most doctors will scream at this, but one great option is buying early an indexed universal life, flexible premium life insurance policy on baby medical student. By the time he is ready to go, there is 1) he is insured, in case he becomes uninsurable, and he will need insurance at some point in life, so why not buy it while he is young and its cheap, say 5 or 10k a year for 10 years only. You can skip a year or add more with some policies so be very very sure what you are getting. 2) Unlike 529 which can be bad investment ( mine was underwater when my youngest went to college in 09!) these only go down to 0 in bad years and only go up in good years. 3) Like 529, growth is tax-free. 4) you can find an agent who will not rape you with commiissions if you look. 5) Unlike 529 money can be borrowed out anytime for any reason, once cash has built up and so if you need rehab $ instead of med school money its there. If parents can pay, its there for a house downpayment for kid, or wedding or whatever. If not used its a fat retirement. If not used for fat retirement, its tax free to heirs as best wealth transfer vehicle there is across generations since Franklin Roosevelt enacted it. I use it on all babies to assure their later insurability, as there is no underwriting on a baby, and I have several family members, including kids who became uninsurable at young ages, which term insurance won't help at all when its really needed. The idea to buy term and you won't need it later isn't true. You won't have saved enough and if you do you can't pass it on, except to the government in taxes or to a charity and not to your family who can't afford to pay the taxes. I'm ready for the criticism now, bring it on. I know doctors hate insurance.

You need to remember with an EUIL product, you DON'T get the dividend from the stock market. So for example, last year the stock madea 0% return and returned a 2% dividend. You would not have increased your cash value last year. Sure, there is a floor on these which is 0% the last time I checked on these policies. Third, because there is a floor, there is also a ceiling. So if the stock market s and p returns 50%, you will only get the cap which is about 13% the last time I checked. The other issue is the cost of the insurance gets prohibitively more expensive as one ages. If you look at the return of the s and p since 2000, it has returned about 2% including dividend. So basically your cash value buying the policy hasn't increased since 2000 and you are stuck with an insurance product where you are going to have to put more money into it to keep it from lapsing. Lastly, you need a degree in astrophysics to actually figure out how much to put into it with actually MECing the policy.

If you told me the stock market is gonna give 12%/year, this is an awesome way for tax free growth. I actually agree with you on this. But looking since the year 2000, I don't think the stock market is going to average 12% for the foreseeable future.

Now, if you need permanent insurance, that is another story.

 

[cincincyreds]

It’s your favorite topic, again! Money!



1) How common is it for physicians to have assets (not income) >1 million? (Fairly common, right)

2) Where can I find a tax table or other table which will break down households by assets (again I am neither talking about sources of revenue nor income), into the 1% and so on?

Where would those with assets of >1 million fall?


Apart from this, I understand that Obama claims that those earning more than 250K are in the upper middle class. Sorry, I don’t have a source.



3) According to this article in the Washington Times, (http://communities.washingtontimes.com/neighborhood/making-change/2009/nov/17/can-you-name-us-socio-economic-levels/) there are 12 socioeconomic classes in the U.S. Those with assets >1 million are not rich, but they constitute a “millionaire middle class” who by spending habits may not have accepted their wealth. Sure, I agree.



It would be nice to know where this data is widely available. Thanks.

Discuss.

The goal of the obamacare is to make me #2 on the list below, because that is how Obama views doctors, as a #2.

The Twelve Socio-Economic Levels - United States, 2009
1. Generational Poverty - The harsh conditions of this type of poverty may keep these families from breaking the barriers for generations.
2. Working Poor - These families live paycheck to paycheck, often in fear of being laid off.
3. Working Class - Generally these workers have more stable employment than the working poor. They may use their hands and bodies as a primary tool to do their work.
4. Situational Poverty - A crisis (e.g., health, divorce, etc.) results in an income drop causing these situations. They generally are able to make it back to middle class due to their assets such as education, family support, etc.
5. Risen from Poverty Middle Class - They have gained some resources. They often become the “safety net” for others (their immediate family, friends, etc.). (Source: Sharif Abdullah)
6. Illusory Middle Class - These Americans have houses, cars, TVs, etc., but they also have staggering debt associated with each possession. (Source: Sharif Abdullah)
7. Lower Aspiring Middle Class - Adults imitate neighbors with consumer purchases. Going to college is emphasized with children although they may not have gone to college themselves.
8. Solidly Middle Class - They own their home and have investments or business. Assume children will be college graduate/professionals.
9. Upper Middle Class - They have a higher income due to professional jobs and/or investment incomes.
10. Millionaire Middle Class - They have a net worth of over a million dollars, but have not mentally accepted their wealth. (Source: Sharif Abdullah)
11. Owning Rich - They own income-producing assets sufficient to make paid employment unnecessary.
12. Ruling Rich - They hold positions of power in major institutions of society and may live secluded lives or are protected from the general public.

 

[Dr. USMLE]

The goal of the obamacare is to make me #2 on the list below, because that is how Obama views doctors, as a #2.

The Twelve Socio-Economic Levels - United States, 2009
1. Generational Poverty - The harsh conditions of this type of poverty may keep these families from breaking the barriers for generations.
2. Working Poor - These families live paycheck to paycheck, often in fear of being laid off.
3. Working Class - Generally these workers have more stable employment than the working poor. They may use their hands and bodies as a primary tool to do their work.
4. Situational Poverty - A crisis (e.g., health, divorce, etc.) results in an income drop causing these situations. They generally are able to make it back to middle class due to their assets such as education, family support, etc.
5. Risen from Poverty Middle Class - They have gained some resources. They often become the "safety net" for others (their immediate family, friends, etc.). (Source: Sharif Abdullah)
6. Illusory Middle Class - These Americans have houses, cars, TVs, etc., but they also have staggering debt associated with each possession. (Source: Sharif Abdullah)
7. Lower Aspiring Middle Class - Adults imitate neighbors with consumer purchases. Going to college is emphasized with children although they may not have gone to college themselves.
8. Solidly Middle Class - They own their home and have investments or business. Assume children will be college graduate/professionals.
9. Upper Middle Class - They have a higher income due to professional jobs and/or investment incomes.
10. Millionaire Middle Class - They have a net worth of over a million dollars, but have not mentally accepted their wealth. (Source: Sharif Abdullah)
11. Owning Rich - They own income-producing assets sufficient to make paid employment unnecessary.
12. Ruling Rich - They hold positions of power in major institutions of society and may live secluded lives or are protected from the general public.

Great post, but these levels would be more meaningful if quantified. Also, it's not clear that one class is "above" the other. For example, the owning rich who has 250k in passive real estate income versus the millionaire middle class neurosurgeon who works 70 hours/wk but makes >$1m yearly. The former has a cushier life, but does not have the prestige, respect, power or income of the latter.

 

[michaelrack]

It's your favorite topic, again! Money!



1) How common is it for physicians to have assets (not income) >1 million? .

Very common to have assets greater than 1 million, but net worth (assesst-liabilities) is often much less, especially for docs under 45.

For example, I own 2 houses worth approximately $800,000 combined. Liabilities (mortgages) on these houses is a little over $700,000. My houses add less than $100,000 to my net worth and they are not liquid.

 

[michaelrack]

Many docs with a high net worth have their $ tied up in their practices/medical businesses. They are not liquid and their net worth can change rapidly.

 

[The White Coat Investor]

I'm going to skip all the snarky comments running through my head and suggest you spend some time on my blog. It addresses many of the issues you're bringing up and need to learn about.

 

[OMSohyes]

An underlying message to take away from this thread: don't go into medicine/any health profession/any career primarily for the money. The money can be a nice bonus and allow you to justify the feasibility of your massive student loans, but go into your career because you can see yourself doing it for a long time and still enjoying it and getting something out of it. Otherwise, it's going to be a looooong and depressing road to retirement when you realize you hate your work, crave more and more money, and cannot understand why no amount of fancy toys or lavish vacations makes you truly happy.

I'll also recommend ActiveDutyMD's blog. It taught me a lot about finance as a future health professional and is quite easy to understand (once you get over the initial learning curve of finance terminology and some basic math, but this is still written with few assumptions about prior knowledge).

Edit: Speak of the devil. As soon as I posted this I got an email of the latest WCI post (I subscribe to the blog), and it seems like one of the posts that best summarizes some of the most basic financial stuff on there. Perfect time for you to start reading.

 

[Momus]

Very common to have assets greater than 1 million, but net worth (assesst-liabilities) is often much less, especially for docs under 45.

For example, I own 2 houses worth approximately $800,000 combined. Liabilities (mortgages) on these houses is a little over $700,000. My houses add less than $100,000 to my net worth and they are not liquid.

You forget to include your liquid assets = your taxable account and tax deferred (401k/403b/tsp) accounts.

 

[hrandani]

I hope that some of you attendings that rant on the wards and on forums about how Obama is going to make you poor...

I hope that you know you sound absolutely bat**** insane to the rest of the world, some of which are currently, or have been working poor.

 

[xf3rn4nd3sx]

I hope that some of you attendings that rant on the wards and on forums about how Obama is going to make you poor...

I hope that you know you sound absolutely bat**** insane to the rest of the world, some of which are currently, or have been working poor.

First, not only are you incredibly misinformed, but your post is completely irrelevant to the thread...

Second, I don't think any attending has insinuated that Obama is going to make us poor.

Third, please learn the basics of supply and demand, understand what people are actually critiquing, and for god's sake read at least some of the healthcare bill before so fervently supporting it and criticizing those who don't.

 

[OMSohyes]

Second, I don't think any attending has insinuated that Obama is going to make us poor.

I believe he was referring to this, although it's hardly multiple attendings:

The goal of the obamacare is to make me #2 on the list below, because that is how Obama views doctors, as a #2.

The Twelve Socio-Economic Levels - United States, 2009
1. Generational Poverty - The harsh conditions of this type of poverty may keep these families from breaking the barriers for generations.
2. Working Poor - These families live paycheck to paycheck, often in fear of being laid off.