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re: American middle class families must really not be saving any money.
Posted on 3/19/23 at 9:50 pm to DiamondDog
Posted on 3/19/23 at 9:50 pm to DiamondDog
quote:
The typical plant operator makes $200K a year?
BS, guaranteed
3
Posted on 3/19/23 at 9:55 pm to Aubie Spr96
quote:
I’m trying to justify a new bass boat.
Head to the Money board where people are trying to avoid reporting income to the IRS, but they got a boat, a lease, an ATV, two notes, etc., over a $30k tax debt.
You have to pay insurance on the boat, yes? And fuel? And maintenance? And storage?
#recalculating#
Posted on 3/19/23 at 9:57 pm to Sun God
quote:
Even if this were true, which it isn’t, a family with a couple kids where both parents work and pulling down ~180K/yr can easily afford all the shite in your OP and have extra to put into savings
Yea really lol
There was a money talk thread last week where a ton of posters could not even fathom buying a 600k house on a 200k income.
One poster wondered how his friends who make a combined 230k with government jobs (pensions and healthcare taken care of) slept at night in their 615k house.
Posted on 3/19/23 at 9:57 pm to DiamondDog
If you look at the stats, it isn’t pretty.
- Median household income is like $80k.
- 64% already living paycheck to paycheck; 45% of households earning >$100k are paycheck to paycheck.
- Personal savings rates are at their lowest levels since the Great Depression.
- Personal credit card debt is at an all time high; Q4 saw the largest quarterly increase since we started tracking credit card debt.
- Core consumer categories like housing, energy, insurance, autos healthcare, food, etc are all escalating at a rapid pace.
America is reorganizing into a third world country with two economies—one for the haves, and one for the have-nots.
- Median household income is like $80k.
- 64% already living paycheck to paycheck; 45% of households earning >$100k are paycheck to paycheck.
- Personal savings rates are at their lowest levels since the Great Depression.
- Personal credit card debt is at an all time high; Q4 saw the largest quarterly increase since we started tracking credit card debt.
- Core consumer categories like housing, energy, insurance, autos healthcare, food, etc are all escalating at a rapid pace.
America is reorganizing into a third world country with two economies—one for the haves, and one for the have-nots.
Posted on 3/19/23 at 9:58 pm to EF Hutton
quote:
The typical plant operator makes $200K a year?
Most make more than 130 but less than 200. I’d say avg is 150ish. That said, the boards obsession with operators is weird.
Posted on 3/19/23 at 9:59 pm to The Third Leg
profs were predicting this when I was at LSU over forty years ago, we all scoffed
Posted on 3/19/23 at 10:02 pm to EF Hutton
I worked 400 hours of overtime last year, about 33 shifts. I pulled close to 170k with bonus
There’s plenty of guys working 1000+ hours per year. Not my cup of tea but I know for a fact some are making over 200k
There’s plenty of guys working 1000+ hours per year. Not my cup of tea but I know for a fact some are making over 200k
Posted on 3/19/23 at 10:02 pm to The Third Leg
quote:
- Personal credit card debt is at an all time high; Q4 saw the largest quarterly increase since we started tracking credit card debt.
Personal credit card debt is actually lower than just before the pandemic, in real terms.
Posted on 3/19/23 at 10:03 pm to JohnnyKilroy
quote:
600k house on a 200k income.
That’s very doable.
I mean, even with a little debt that’s doable.
With no debt and no car note, that 200k could afford even more than a 600k house.
Posted on 3/19/23 at 10:10 pm to BamaCoaster
quote:
Erroneous. 2 ppl making minimum wage ($15/hr) make $75k/yr. Maybe the silver lining in all this bullshite is parents will start co-habitating again?
frick you dude. Work my arse off with retirement and health taken out each month. I’m by myself. If I married someone in the office in the same position, actual take home pay would be maybe 8k more than that.
This country is fricked. Plain and simple
Posted on 3/19/23 at 10:13 pm to DiamondDog
Living on credit cards and HELOCs.
When the minimum monthlies can't be paid and nobody will give them another credit card, SHTF.
When the minimum monthlies can't be paid and nobody will give them another credit card, SHTF.
Posted on 3/19/23 at 10:14 pm to DiamondDog
I can say from my experience few individuals my age are planning on retiring. And with one financial meltdown after another can't say i blame them. time was you'd get a pension but pretty much only the feds give those now.
I do see this all the time and there are even a couple in this thread: 'i make 150k+ and so does my wife and we are broke' its pretty nuts. they must be blowing money somewhere. probably car payments.
I do see this all the time and there are even a couple in this thread: 'i make 150k+ and so does my wife and we are broke' its pretty nuts. they must be blowing money somewhere. probably car payments.
Posted on 3/19/23 at 10:15 pm to Aubie Spr96
quote:
Figuring it’s minimum $50K for what I want. That’s a 5yr note with a monthly of around $1000. Not sure how people do that.
They take out 120-240 month loans.
Posted on 3/19/23 at 10:16 pm to Paul Allen
Easily doable but a major issue that hinders people in the bubble income ranges is that there are so few tax deductions anymore
Posted on 3/19/23 at 10:19 pm to BoogaBear
quote:
I work 60-70 hours a week
frick that unless you are working for yourself.
No way am I killing myself early with 10-12 hour days to make somebody else rich.
Posted on 3/19/23 at 10:20 pm to DiamondDog
Got some welding friends out of work atm.
Posted on 3/19/23 at 10:20 pm to BamaCoaster
quote:
2 ppl making minimum wage ($15/hr) make $75k/yr.
Louisiana (otherwise known as federal) minimum wage is $7.25/hr.
Posted on 3/19/23 at 10:22 pm to EF Hutton
quote:
American middle class families must really not be saving any money.
What about the people saving (and investing) who seem to just keep throwing good money after bad?
I'm contributing to a 401k and it feels like I'm treading water....with about 10 years to go until retirement.
Posted on 3/19/23 at 10:25 pm to 777Tiger
Having an income limit on Roth and Traditional IRA contributions is a deliberate wreck on the financial security of middle class individuals.
Posted on 3/19/23 at 10:28 pm to Grievous Angel
quote:
What about the people saving (and investing) who seem to just keep throwing good money after bad?
I'm contributing to a 401k and it feels like I'm treading water....with about 10 years to go until retirement.
wtf are you investing in?
We just experienced a 12 year long bull market. If you've been contributing to a 401k for the past 20ish years and it only feels like you're treading water you suck dick at investing.
This post was edited on 3/19/23 at 10:30 pm
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