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Posted on 6/4/22 at 4:32 pm to NC_Tigah
This is so meaningless without geographic perspective, 250K is poverty level in Manhattan or parts of the Bay Area. Its a small fortune in most of rural America. My house in parts of California would be 10 million.
Posted on 6/4/22 at 4:42 pm to Strannix
quote:Sorry!
250K is poverty level in Manhattan
But I am sick and tired of the term ""poverty"" being misapplied to privileged humans.
There is no known world in which $250K is ""poverty level"". NONE!
Posted on 6/4/22 at 5:34 pm to tigersfan1989
quote:
We need a new thread of how to get to 250k/ year.
Get a wife who makes around $200k and then make $50k
Posted on 6/4/22 at 5:35 pm to Strannix
quote:
Meaningless without geographic perspective
Meaningful everywhere! Having living in highest cost of living markets in US and work with others in highest parts of world, to imply that excluding very very exceptional geographies skews the story is ridiculous. If living paycheck to paycheck on $250k in 98% of all US geographies, strongly suspect there is a health crisis (cost), lack of budget discipline, a gambling problem, or shiny divorce attorney not too far away from story.
Have lived in highest cost of living geos in US and London and even in those places you have a range of choices that remove the inevitability implied in your post.
Posted on 6/4/22 at 6:53 pm to NC_Tigah
Crazy.
Posted on 6/4/22 at 10:11 pm to NC_Tigah
NONE.
I made a promise a long time ago after getting into cc problems in my early 20's with kids. I don't care what my balance is now, from 2k-rediculous / mth. It gets paid off. I shake my head at the number, but it still gets paid off.
I made a promise a long time ago after getting into cc problems in my early 20's with kids. I don't care what my balance is now, from 2k-rediculous / mth. It gets paid off. I shake my head at the number, but it still gets paid off.
Posted on 6/5/22 at 6:32 pm to oneg8rh8r
quote:Yep. That was my point.quote:NONE.
That’s 20% of people who maintain a credit card with a balance. If you don’t have a credit card or you don’t have any balance on the card, you’re not included in the denominator.
----------------
Interesting parse. What % of high earners do you imagine fall into that category?
We've run the whole financial gambit from stark to successful beyond what we ever imagined.
We carried credit cards the entire time, but never once with an unpaid balance. If we couldn't pay for it, we didn't charge it. Led to an austere existence the first few years, but the basis was set, and it got better quickly.
Posted on 6/5/22 at 7:23 pm to NC_Tigah
Yep. Same here. Many years ago,I can remember having to carry vaction expenses for two months. Otherwise, the cc bill always got paid...always does.
But we still spend too damn much...
But we still spend too damn much...
Posted on 6/5/22 at 7:58 pm to NC_Tigah
quote:
More than a third of Americans earning at least $250,000 annually say they are living paycheck to paycheck
If thats the case then they just making bad financial decisions
Posted on 6/5/22 at 8:17 pm to NC_Tigah
quote:
What's your golf bill??
It’s not a cheap sportPosted on 6/5/22 at 9:50 pm to Dawgfanman
quote:
If you are saving 40k a year, not living paycheck to paycheck (except by choice).
brings up an interesting question-
do you consider retirement contributions a monthly expense?
Posted on 6/5/22 at 11:12 pm to TigerintheNO
quote:
brings up an interesting question-
do you consider retirement contributions a monthly expense?
Well it's my 2nd biggest expense after taxes and it comes out before I get my distribution (even before taxes since i pay quarterly) snd I cant change it except for once a year, i say yes.
Posted on 6/6/22 at 12:42 am to TigerintheNO
quote:
do you consider retirement contributions a monthly expense?
No. It's like I was never paid the monies is how out of sight out of mind I treat retirement contributions.
Posted on 6/6/22 at 3:16 am to NC_Tigah
I wish I was in that situtation.
Its easy for me to say. Dump everything and downsize.
Its easy for me to say. Dump everything and downsize.
Posted on 6/6/22 at 5:26 am to achenator
quote:But in the spirit of the OP article, the answer is "no".
Well it's my 2nd biggest expense after taxes and it comes out before I get my distribution (even before taxes since i pay quarterly) snd I cant change it except for once a year, i say yes.
An assignment of funds, even the elective preassignment of funds in your case, is different than the funding of debts owed or expenses.
Addressing others' comments here, it is actually easy to imagine various legit expenses which could eat up a $250K/yr income. Flashy rides, a little too much house ... and voila! Moreso with inflation and an undisciplined budget.
At the extreme, we all know about Hunter Bidens of the world who've burned through millions with little to show for it. No sympathy there, but it's all part of the same mindset. People in the $250K group say, "If I only made $400K, I'd be great." People in the $400K group say, "If I only made $800K, I'd be great."
... Calls to mind a movie scene. Harrison Ford is stretching on the edge of an abyss, desperately straining to retrieve the Holy Grail. But it is just out of reach. Sean Connery recognizes the situation for what it is, and instructs, “Let it go, Indiana. Let it go.”
This post was edited on 6/6/22 at 5:29 am
Posted on 6/6/22 at 6:27 am to NC_Tigah
The only way I see this as being somewhat reasonable is if they are maxing out retirement accounts and then spending everything after that. Still probably not the best idea.
Posted on 6/6/22 at 7:48 am to NC_Tigah
This doesn’t surprise me at all. Plenty of them are leasing $70k+ cars, have golf club memberships, and have tapped home equity to pay for home improvements or 2nd homes. We know a few people like this - their retirement plan is the inheritance they expect to get from their parents.
Posted on 6/6/22 at 8:12 am to Upperdecker
Yep this is the answer, try and move out of there and they cut your pay.
Posted on 6/6/22 at 8:15 am to Triple Bogey
quote:
2 car notes
Why do you have this?
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