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re: American middle class families must really not be saving any money.
Posted on 3/19/23 at 8:22 pm to PappaSwolio
Posted on 3/19/23 at 8:22 pm to PappaSwolio
Keep doing you homie. More people need to. Good job looking at the long term and not getting distracted by the short term glam.
Posted on 3/19/23 at 8:23 pm to danilo
quote:
You do you. Don’t worry about anyone else’s business.
Comparison is the thief of joy.
Posted on 3/19/23 at 8:25 pm to SingleMalt1973
quote:
Who runs the insurance racket down there?
Ambulance chasers. It's probably a top 5 industry in LA
Posted on 3/19/23 at 8:27 pm to BeerMoney
Middle class is actually not even 100k. For Louisiana middle class is 75k as a household. But I agree how do they survive. I have a friend who’s household income is 100k. They bought a 350k house a year ago but mortgage is 2500 a month. That’s almost half their monthly income and they have 2 car payments.
Posted on 3/19/23 at 8:29 pm to DiamondDog
Why save? Government is gonna pay us to stay home right?
Posted on 3/19/23 at 8:29 pm to PappaSwolio
It's a royal pain in the arse no matter how you slice it. I'm a high earner, 180k or so with bonus. With that comes sacrifices. My wife quit her job making 70k a year because I work 60-70 hours a week and it was necessary to manage the kids schedules.
We are fairly frugal, we only dine out once a week for a family treat but with a family of 5 that's 100+ at any restaurant. Groceries are 300 a week easily.
Bills are paid on time, and we throw some back into savings but it's not what it should be. Both our vehicles are paid off as well.
We are fairly frugal, we only dine out once a week for a family treat but with a family of 5 that's 100+ at any restaurant. Groceries are 300 a week easily.
Bills are paid on time, and we throw some back into savings but it's not what it should be. Both our vehicles are paid off as well.
Posted on 3/19/23 at 8:31 pm to tigerbacon
quote:
I have a friend who’s household income is 100k. They bought a 350k house a year ago but mortgage is 2500 a month
3.5x your annual gross seems to be stretching it a good bit. To each their own. I couldn't sleep at night.
Posted on 3/19/23 at 8:33 pm to DiamondDog
I think I make OK money and so does my fiancé and we save a good bit and I legit don’t know how people are doing this. Even if I saved nothing I don’t feel like it would be enough to cover all this stuff. I see it too. I assume these people all make double solid six figure incomes but that can’t possibly be possible right?
So how are people buying this stuff? Financing and credit?
So how are people buying this stuff? Financing and credit?
Posted on 3/19/23 at 8:37 pm to DiamondDog
quote:
A plant operator if he lives at the plant might make $130K.
I think you grossly underestimate how much money everyone besides you makes.
Posted on 3/19/23 at 8:38 pm to jlovel7
quote:
So how are people buying this stuff?
Sometimes I look at our household income and it shows we are top 15-20% (not ballers) and I look around and think that there must be a lot of people that are stretched super thin if that's accurate.
Posted on 3/19/23 at 8:40 pm to fallguy_1978
I hear you, according to “them” I’m supposed to be rich
Posted on 3/19/23 at 8:41 pm to BoogaBear
quote:
it was necessary to manage the kids schedules
Pet peeve. Who manages the kid's schedules? Them, or the parents? fricking nuts. Wives choose to get girls, especially in dance, enrolled in 6 days a week of dance, etc., so that $1400 a month in classes, fees, uniforms, etc. just evaporates, but you have have to play Uber, so you quit? F off.
Posted on 3/19/23 at 8:42 pm to DiamondDog
quote:
A plant operator if he lives at the plant might make $130K
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
This post was edited on 3/19/23 at 8:43 pm
Posted on 3/19/23 at 8:43 pm to DiamondDog
A comfortable retirement for most of the middle class is really only a couple of generations old, and for the most part it will be gone with Gen X.
Posted on 3/19/23 at 8:45 pm to DiamondDog
quote:
American middle class families must really not be saving any money.
100% man. money goes in, money goes out. Everyone trying to live like they make $200k/yr. And scrapping up just enough each month to spend a week on 30A in July
Posted on 3/19/23 at 8:46 pm to greenbean
my parents did the tortoise v. the hare approach, they lived well but not extravagant, my dad’s been gone for almost twenty years, mom for two, I was shocked at the value of her estate when the will was executed
Posted on 3/19/23 at 8:49 pm to PappaSwolio
quote:
ETA: I’m guessing a lot of folks haven’t been paying student loans with the pause and will be fricked when they kick back in. I’ve been paying every month so I didn’t get a false sense of security
My wife and I are on pace for our best year yet after some rough years to begin our marriage paying off debt.
We're unsecured debt free.
I haven't paid one dollar on student loans. It will probably hurt my but hell with the government. I'll have them paid off by retirement.
I budget the student loan into our budget reserves. It's accounted for and just sits there.
We will be paying $1500/mo in daycare, two car notes, etc. We max retirement for both of us.
We're blessed and probably upper middle class I suppose. We do really well in south LA but at times it doesn't feel like it. Most of my friends make way way more.
This post was edited on 3/19/23 at 9:01 pm
Posted on 3/19/23 at 8:49 pm to tigerbacon
quote:
For Louisiana middle class is 75k as a household
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?
Posted on 3/19/23 at 8:51 pm to greenbean
quote:
A comfortable retirement for most of the middle class is really only a couple of generations old, and for the most part it will be gone with Gen X.
You're not wrong. That being said, "The Middle Class" is a relatively new concept as well. It wasn't until, Henry Ford, came along that the average worker could even afford, "Nice Things."
Posted on 3/19/23 at 8:52 pm to Dicky
quote:
think you grossly underestimate how much money everyone besides you makes.
The typical plant operator makes $200K a year?
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