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re: Feeling broke on a $665K salary

Posted on 1/21/24 at 10:57 am to
Posted by Oilfieldbiology
Member since Nov 2016
38295 posts
Posted on 1/21/24 at 10:57 am to
$426k take home pay after taxes and you’re “struggling” to pay bills? This is a you problem.
Posted by Will Cover
St. Louis, MO
Member since Mar 2007
38970 posts
Posted on 1/21/24 at 10:58 am to
quote:

$426k take home pay after taxes and you’re “struggling” to pay bills? This is a you problem.


Wait till his wife of 19 years figures out what she can make on alimony and child support ...
Posted by udtiger
Over your left shoulder
Member since Nov 2006
102289 posts
Posted on 1/21/24 at 11:13 am to
quote:

$426k take home pay after taxes and you’re “struggling” to pay bills? This is a you problem


Zero sympathy
Posted by Penrod
Member since Jan 2011
41854 posts
Posted on 1/21/24 at 11:29 am to
quote:

$426k take home pay after taxes and you’re “struggling” to pay bills? This is a you problem.

Tom Wolfe described this beautifully in Bonfire of the Vanities about four decades ago. His protagonist was a NYC bond trader making over $900k. He was married with one kid and struggling ($900k was about $2.5 million today). Wolfe went through all of his expenses to show how they had trouble staying ahead - extraordinarily expensive school for the kid, rent for their Park Ave flat, etc.
Posted by MasterKnight
Louisiana
Member since Jan 2016
1173 posts
Posted on 1/21/24 at 10:27 pm to
It is def a personal issue. Some people who did not come from money and then make a living where they have a very high income do not know how to manage the money. I knew someone who had a salary north of $250K a year after taxes and was stressed over money each month. It is because she would shop and have multiple packages from various online stores delivered each month.

That money would flow out as easily as it brought in. High end purses. Shoes. Clothes. Decorations. Just never stopped.
Posted by LSUAngelHere1
Watson
Member since Jan 2018
8651 posts
Posted on 1/22/24 at 1:27 pm to
quote:

$426k take home pay after taxes and you’re “struggling” to pay bills? This is a you problem.

Families who make under $35k think the same about those making $100k.

Most people have the same debt to income ratio regardless of what they earn.
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