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The Nice Cartoon characters on Netflix Friends shirt professor’s grad school colleagues who went into better-paying jobs are already well ahead in salary and retirement savings. Also, remember that most tenure track faculty are paid salary for only 9 months a year. If one is a good researcher and can get grants with a salary attached, that can go up to 12 months, but this is a struggle. If your spouse also works. Maybe the upper-middle class. However, the professor’s former classmates and graduate students will probably students do better if they get jobs outside of academe.
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Don’t be fooled into thinking that professors have Nice Cartoon characters on Netflix Friends shirt their summers off. They still have to work because they must write proposals and papers, do research, and deal with graduate students during the summer. One must also remember that to get a tenure track job as a professor, which has a decent salary and good benefits, the professor probably worked subsistence wages as graduate research or teaching assistant for 5–6 years and then worked as a low-paid post-doctoral researcher for several years.