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re: Here's the budget breakdown of a couple that make $500K and still feel average
Posted on 1/25/24 at 9:14 pm to Street Hawk
Posted on 1/25/24 at 9:14 pm to Street Hawk
Some of those line items make zero sense.
9k on those two cars means they pretty much paid cash.
I’m paying $6500 a year on car insurance for a 2021 X5M and a 2022 F250, $3700 a year on home insurance on not a 1.5 mil home.
9k on those two cars means they pretty much paid cash.
I’m paying $6500 a year on car insurance for a 2021 X5M and a 2022 F250, $3700 a year on home insurance on not a 1.5 mil home.
This post was edited on 1/25/24 at 9:23 pm
Posted on 1/25/24 at 9:18 pm to Powerman
Ah, that makes much more sense. Then that should break down to $63 a day to feed a family of four in 2019.
Posted on 1/25/24 at 9:32 pm to Powerman
quote:
The social security portion of FICA was capped at 160,200 in 2023 So on a % of income basis their FICA taxes were lower than people that make less than 160K a year
Yeah I know.
If they’re both high earners, plus Medicare surcharge, and living in CA, I still can’t get income taxes higher than $156k.
I’ve already wasted more time calculating this than I planned.
Posted on 1/25/24 at 10:50 pm to slackster
quote:
Yeah I know. If they’re both high earners, plus Medicare surcharge, and living in CA, I still can’t get income taxes higher than $156k. I’ve already wasted more time calculating this than I planned.
That’s close to what you would pay in Louisiana with 500k in income with a 4.5% state income tax rate. I think Cali is close to 6% higher.
Posted on 1/25/24 at 11:08 pm to Street Hawk
Seems like they are living a pretty cush life, have money left over, aren't very frugal, living in a very nice house depending on where they are, and are still going deep in their 401ks......what's the issue again?
Americans are dumb. Social media has removed many Americans from having a basis in reality.
Americans are dumb. Social media has removed many Americans from having a basis in reality.
This post was edited on 1/25/24 at 11:16 pm
Posted on 1/26/24 at 12:41 am to Street Hawk
Maybe they have a 15 year mortgage.
My wife and I both do well, but we kill ourselves putting money into retirement and paying off our house (12 years left). Most expenses will be gone (kids out of college) when we pay the house off. I will be 56.
I wonder if they are paying their house off quickly
My wife and I both do well, but we kill ourselves putting money into retirement and paying off our house (12 years left). Most expenses will be gone (kids out of college) when we pay the house off. I will be 56.
I wonder if they are paying their house off quickly
Posted on 1/26/24 at 5:54 am to Street Hawk
They also are paying for a 1.5m home.
Could easily cut out half of the kids activities and charity and walk away with 15k at the end of the year.
Could easily cut out half of the kids activities and charity and walk away with 15k at the end of the year.
Posted on 1/26/24 at 6:25 am to Pendulum
quote:
Seems like they are living a pretty cush life, have money left over, aren't very frugal, living in a very nice house depending on where they are, and are still going deep in their 401ks......what's the issue again?
Entitlement
Posted on 1/26/24 at 6:28 am to Street Hawk
3 vacations a year, that is totally average. Also 42K for child care? That is beyond stupid. Also 23K for 2 adults and 2 kids? Learn to cook. 18K for charity? Build your savings up first ,before you donate to charity. $800 a month for Cars? Pay that shite off. Also with that high of a Salary why didn't they live cheap and gangbang out those student loans? This is poor money management and very bad habits.
Posted on 1/26/24 at 7:59 am to Street Hawk
A grand a month for "children lessons" is hilarious
Posted on 1/26/24 at 8:41 am to Street Hawk
not even maxing out the 401k....crazy.
Posted on 1/26/24 at 8:45 am to stelly1025
But part of the problem is that at $500k they can probably get there kids into activities where they associate with kids if people worth $30 million so it makes them feel poor (even though they are high earners).
Posted on 1/26/24 at 9:05 am to GeauxTigers123
I got on 5 vacations a year. I love to travel
Posted on 1/26/24 at 9:14 am to stelly1025
The child care component is not worth complaining about. $42k per year is absolutely legit in the northeast and is damn close to what I pay.
I don’t really see the point in the graphic. This couple is by all means living a good life, saving a lot and still has money leftover.
I don’t really see the point in the graphic. This couple is by all means living a good life, saving a lot and still has money leftover.
Posted on 1/26/24 at 9:26 am to Street Hawk
$10,000 worth of clothes and I’m
Sure they have closets overflowing of shite they never or have never worn
Sure they have closets overflowing of shite they never or have never worn
Posted on 1/26/24 at 9:42 am to Street Hawk
shite, they still doing way better than I am.
How are they even remotely average?
Even after all of their expenses, which includes emergencies and savings, they still have thousands left over every year.
How are they even remotely average?
Even after all of their expenses, which includes emergencies and savings, they still have thousands left over every year.
Posted on 1/26/24 at 10:36 am to dgnx6
Is no one bothered by the amount of taxes they are paying? Non business owner/higher wage earners get no fricking help from the IRS. Kills take home pay.
Posted on 1/26/24 at 10:57 am to Street Hawk
I am fricking pissed off that they're paying $2500 for insurance on a $1.5M house.
Posted on 1/26/24 at 11:00 am to Motorboat
quote:
Is no one bothered by the amount of taxes they are paying?
Well they need to quantify what makes up that number because it's clearly more than just federal which would be closer to ~22% (standard deduction) on that salary. Another 3.5% for FICA and assuming they live in CA it's roughly another ~4% bump. It's not good but it's still not 40%.
I think it's weird that they don't have any medical deductions.
Posted on 1/26/24 at 11:12 am to Street Hawk
I had questions so I found the CNBC article this came from LINK as well as the Financial Samurai article the CNBC report pulls its info from LINK
When you get more info, this becomes even more laughable.
The couple lives in NYC, they own a $1.5M condo in Brooklyn. Not wildly out of range for homeownership in NYC and that explains their taxes. No explanation given for $2,500 insurance on a $1.5M home though.
Their kids are 3 and 5, so the childcare number makes sense but these idiots are spending a grand per month on Mandarin, violin and tennis lessons for kids not too long out of diapers.
Both of their vehicles are leased. 2 large vehicles in a public transit oriented city is dumb.
This example is from 2018, so they actually were roughly maxing their 401ks as the limits were $18,500 in 2018.
When you get more info, this becomes even more laughable.
The couple lives in NYC, they own a $1.5M condo in Brooklyn. Not wildly out of range for homeownership in NYC and that explains their taxes. No explanation given for $2,500 insurance on a $1.5M home though.
Their kids are 3 and 5, so the childcare number makes sense but these idiots are spending a grand per month on Mandarin, violin and tennis lessons for kids not too long out of diapers.
Both of their vehicles are leased. 2 large vehicles in a public transit oriented city is dumb.
This example is from 2018, so they actually were roughly maxing their 401ks as the limits were $18,500 in 2018.
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