Too Rich To Be Poor-Mouthing?

This week in my online chat there was a throw-down between the classes.

The fight -- er, discussion -- started when a participant with a household income of just over $200,000 had some budgeting concerns.

He wrote: "My wife and I both have 'good gub'ment' jobs. We both earn low six figures. We have just under half a million in TSP [Thrift Savings Plan, the retirement program for federal employees]. We have two kids in private school and one on the way."

The reader went on to say that the couple are putting money in two 529 plans and will set up a third account when the baby arrives. They have a reasonable mortgage because they bought their house before the hike in home prices in the area. They have no credit card debt and one auto loan, with two years left to pay on it.

"But we spend so much money on all of these things -- tithing (non-negotiable), 15 percent TSP, private school, etc., that we don't have a penny saved for a rainy day or life happens [fund]. Neither of us appears to be too worried about that, although we know we should start banking some. Something always seems to come up when we try. What do you recommend?"

By the way, the "life happens fund" is a term I coined to encourage people to save for when things happen in life -- the car breaks down, your kid busts the washing machine, etc. If you don't save for these expenses, you end up depleting your emergency fund, which should be reserved for dire straits situations such as a job loss.

Anyway, I saw the question as a simple budget problem. A couple earning great salaries and doing many things right financially needed advice on how to do better.

But soon comments began to flood in accusing this man of whining about his economic status.

No question, if you are earning six figures, you are in the elite. Median household income in the United States was $48,200 in 2006, according to the latest data from the Census Bureau.

One participant sarcastically referred to the couple as "the poor little rich family." Here are some comments I didn't post:

¿ "Those of you 'struggling' on $200,000 a year just need to think about how you would make ends meet if you only had $40,000 a year. As far as I'm concerned once you get into the six figures, you've lost your right to complain about money unless you've suffered a catastrophic emergency."