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re: Who is middle class? Their income is lower than you might think
Posted on 10/10/17 at 4:55 am to tlsu15
Posted on 10/10/17 at 4:55 am to tlsu15
quote:
South LA has a large uneducated working force making high wages because of the big business oil companies, but not everywhere is so fortunate. Having said that, a single person with a college degree should be able to make about that income by themselves by the time they are in their late 20s or early 30s.
This is true. But how many of those people are directly working with the oil companies.
All I am trying to say is that not everyone is fortunate enough to someone who can get them into the oil industry. Is is really as easy as getting a process tech degree. I figured most of it was family connections ?
1
Posted on 10/10/17 at 5:04 am to BhamDore
quote:
60k between 2 people is not middle class. That's poor if there are kids involved.
No wonder there is so much unrest in this country people just are not making enough.
This really is untrue. In most of the country its easy to make a living and raise a family on 60k if you live within your means.
People make enough money. The median wage in the USA is roughly 60k, worldwide it's around 10k. Anyone with a decent work ethic and average intelligence can live relatively comfortable here.
Theres plenty of people who come here and work, send enough money home for their relatives abroad to live for a year.
Posted on 10/10/17 at 5:16 am to Rize
quote:
Keep at it! The wife and I have seen 100k and 200k jumps in one year house hold income.
congrats on the white privilege.
Posted on 10/10/17 at 5:17 am to GreatLakesTiger24
I don't know if comparisons over decades work because there is so much available now that a broad range of people can afford that did not exist in 1950.
Posted on 10/10/17 at 5:47 am to Brosef Stalin
quote:
This is impossible. The OT tells me you need to be in upper 6 figures to be middle class even in south Louisiana. Anything less is just barely scraping by.
That's because most here are retarded
Posted on 10/10/17 at 5:55 am to RogerTheShrubber
quote:
if you live within your means.
BIG key.
Posted on 10/10/17 at 6:05 am to RogerTheShrubber
quote:that is a gloomy picture
In most of the country its easy to make a living and raise a family on 60k if you live within your
Shitty rental, because saving for a down payment will be tough
Old, possibly unreliable cars (if you can even afford two)
Public schools
Bad, if any vacations
Weak retirement savings
Posted on 10/10/17 at 6:15 am to GreatLakesTiger24
Sorry but median income =\= middle class. You aren’t paying a $900/month mortgage plus car note on a moderately priced vehicle plus putting a little money away for retirement w/kids on a $55k/yr salary.
If anything it goes to show you how slow wage growth has been for the younger generation, largely driven by how long the boomers have stayed in the workforce due to the economy of the last ten years.
If anything it goes to show you how slow wage growth has been for the younger generation, largely driven by how long the boomers have stayed in the workforce due to the economy of the last ten years.
Posted on 10/10/17 at 6:26 am to SilverStallion
quote:
That’s rough. In LA though I could see it. Basically a Walmart cashier and a landscape boy.
I was thinking a plant baw and a stay at home mom
Posted on 10/10/17 at 6:38 am to elprez00
quote:
If anything it goes to show you how slow wage growth has been for the younger generation
It is a huge issue.
I don't mind paying a lot to go to college if wage growth and college tuition growth would be in the same neighborhood, but that of course hasn't happened. Add in housing costs, health insurance, child care costs, etc., the middle class is someone who isn't up at night in a sweat because of finances but does consistently keep an eye on the bank account and doesn't have much flexibility if some unforeseen event happens like a hospital stay or major home repair.
This post was edited on 10/10/17 at 6:40 am
Posted on 10/10/17 at 6:39 am to elprez00
quote:
You aren’t paying a $900/month mortgage plus car note on a moderately priced vehicle plus putting a little money away for retirement w/kids on a $55k/yr salary.
Retirement is key here.
Look at how many retirement aged individuals are forced to work past "retirement" age because they didn't properly save.
At a middle class salary, you can't.
Say live within your means all you want but the math doesn't add up.
How is a couple making $70k (combined) a year before taxes, raising three kids, with a $150k house note, and small car payments supposed to save &1-2 million over a 35-40 year work life. That's saving a minimum $15-20k a year when you are taking home what...55-60k best case scenario.
So if that $60k take home, you save 15-20k, leaving 35-40k?
Private school in south LA is $5-15 a year in South LA.
It will still cost roughly 2.5-5k a year for public when it's all said and done.
Now you are down to roughly $25k with kids in school.
$1000 a month house note.
+$200 in utilities
$200-$500 on car note.
What about car and health insurance?
Groceries, etc.
It just doesn't add up.
Posted on 10/10/17 at 6:40 am to BhamDore
quote:
fricking daycare is ridiculous though. You can't avoid it if you don't live near any family. 1100 dollars a month for 1 child is robbery. It's not even that great of a daycare. I don't see how people pay for multiple kids in daycare or private school.
This post makes me thankful that I have have no desire to have kids.
This post was edited on 10/10/17 at 6:42 am
Posted on 10/10/17 at 6:41 am to stewie
quote:
Now you are down to roughly $25k with kids in school.
$1000 a month house note.
+$200 in utilities
$200-$500 on car note.
What about car and health insurance?
Groceries, etc.
It just doesn't add up.
Massive credit card debt.
Posted on 10/10/17 at 6:46 am to GetCocky11
quote:
Massive credit card debt.
Exactly, instead of saving, to make ends meet, the go heavily into debt.
Posted on 10/10/17 at 6:49 am to stewie
Two biggest flaws in your post is middle class doesn't go to private schools and they don't need anywhere close to 2 million to retire.....probably not even one
Posted on 10/10/17 at 6:49 am to BhamDore
quote:
No wonder there is so much unrest in this country people just are not making enough.
No, they are. They just spend it. Gotta have that smart phone and $160 monthly bill amirite?
Posted on 10/10/17 at 6:51 am to bawbarn
quote:
No, they are. They just spend it. Gotta have that smart phone and $160 monthly bill amirite?
People like you who just dismiss topics like this really suck.
Posted on 10/10/17 at 6:52 am to bawbarn
quote:
No, they are. They just spend it. Gotta have that smart phone and $160 monthly bill amirite?
This is stupid logic when discussing what should be the "middle class". Middle class folks should be able to live comfortably enough to afford some luxuries.
Middle class isn't middle class anymore if we're talking about bare minimum to get by for a family of three to four.
Posted on 10/10/17 at 7:02 am to BluegrassBelle
quote:
Middle class folks should be able to live comfortably enough to afford some luxuries.
They can though.
Posted on 10/10/17 at 7:03 am to GetCocky11
quote:
People like you who just dismiss topics like this really suck.
Go frick yourself
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