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re: WSJ: “They are in the top 10% of earners; but they don’t feel rich”
Posted on 7/3/25 at 1:29 pm to Texas Tea 123
Posted on 7/3/25 at 1:29 pm to Texas Tea 123
(no message)
This post was edited on 7/19/25 at 11:31 am
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Posted on 7/3/25 at 2:06 pm to GeauxTigers123
quote:
I have a hard time wrapping my head around how many really wealthy people there are in North Texas these days
The wealth concentration is pretty absurd and its still relatively affordable for such a large area with similar population growth and the amount of high paying jobs.
Get killed on property taxes and crappy public schools but otherwise, it's still pretty decent if you're not trying to live in Park Cities.
Frisco/Plano/Prosper areas are what blows my mind. They're basically South Oklahoma and people are willing to pay a fortune but I guess the schools are great up there so there's trade offs.
Posted on 7/3/25 at 2:10 pm to Texas Tea 123
quote:
Baton Rouge
Not trying to dog Baton Rouge but there's something to be said about comparing NYC to that type of area.
A more reasonable comparison is NYC/San Fran/LA/Seattle to Austin, ATL, Northwest Arkansas, Nashville, Houston, Dallas, Miami/other areas of Florida that were typically "affordable" 5 years ago.
I think the crux is those areas that had lots of jobs and relatively affordable housing are few in far between these days and becoming similar to the coastal areas.
If I could find a job in a decent smaller town somewhere in the Southeast, I'd move there in a heartbeat.
Even when I look at real estate traveling in places like Birmingham, Tuscaloosa, Huntsville, Greenville and those types, it still ain't cheap in the nicer areas for decent houses of size and quality.
World has changed a lot in the last 10 years.
This post was edited on 7/3/25 at 2:12 pm
Posted on 7/3/25 at 2:14 pm to member12
We need the budget breakdown of these people
Guarantee there is a bunch of fat to be trimmed
Guarantee there is a bunch of fat to be trimmed
Posted on 7/3/25 at 2:21 pm to Lawyered
quote:
We need the budget breakdown of these people Guarantee there is a bunch of fat to be trimmed
The point kind of is if you are making a half million you should be able to have some fat. Thats getting less and less true
Posted on 7/3/25 at 5:35 pm to Lawyered
I’m not going to spend much time on it but after Mortgage, Day Care, 1 car note, grad school loan payment, golf membership (I realize this isn’t needed, it’s $900 but includes gym and unlimited golf, I’d be paying $400/month playing once a week publicly), groceries, utilities, and miscellaneous food/need spending. I’ve got about $5000 to save/month. Sounds like a lot but that’s $60k/year in total which doesn’t include any travel, unexpected car repair, home repairs, appliances etc.
Add college, potential private schools because Dallas public schools suck and you’re not balling out. You’re very comfortable but you’re not flying first class, buying and living in 2 homes, driving luxury vehicles every 2 years or anything like that.
Add college, potential private schools because Dallas public schools suck and you’re not balling out. You’re very comfortable but you’re not flying first class, buying and living in 2 homes, driving luxury vehicles every 2 years or anything like that.
This post was edited on 7/3/25 at 5:37 pm
Posted on 7/3/25 at 6:50 pm to member12
Posted on 7/3/25 at 7:05 pm to Rabt
quote:
Quite the haircut after federal and state taxes.
And if you are W2….its a completely uncontrolled expense that never seems to be reduced.
Posted on 7/3/25 at 7:30 pm to TheOcean
Most high income folks aren’t making it all as base salary.
You may have a $200K base and then you get $70K in bonus and another $50K in RSUs or options.
You may have a $200K base and then you get $70K in bonus and another $50K in RSUs or options.
Posted on 7/3/25 at 7:34 pm to STLhog
Frisco/Plano/Prosper people don’t need to go into Dallas. That area is a mega home to jobs and easy access to everything a family needs.
Posted on 7/3/25 at 7:38 pm to STLhog
The real unlock is when you overfund retirement early and can “Coast FIRE”
If you could spend that $60K on whatever you want instead of saving, then that’s the “extra” lifestyle that feels rich.
If you could spend that $60K on whatever you want instead of saving, then that’s the “extra” lifestyle that feels rich.
Posted on 7/3/25 at 8:02 pm to lynxcat
No question. But I made choices to travel and “spend” when I was younger knowing this would be my 30s-50s. I’m good with that and my current lifestyle. I don’t like being away from home much longer than 7 days at this point and wouldn’t have wanted to pinch pennys in my 20s.
Again, not complaining, choices I’ve made, just trying to demonstrate how it’s not a making it rain type of income by any means where we live.
Again, not complaining, choices I’ve made, just trying to demonstrate how it’s not a making it rain type of income by any means where we live.
This post was edited on 7/3/25 at 8:03 pm
Posted on 7/3/25 at 8:25 pm to member12
quote:
They are in the top 10% of earners; but they don’t feel rich
I get the sentiment at $250k. But we got people in their 30s and 40s in this thread making $400k-$500k. Will prob have 8 figure net worths by age 60. And don’t think they’re rich.
Wild thread.
Posted on 7/4/25 at 6:13 am to PhiTiger1764
I hear there is nothing glamours about making $500k living in Dallas
Posted on 7/4/25 at 8:00 am to member12
Americans have the same spending problem our government has.
You can live comfortably off $100k it's just a matter of realizing the difference between needs and wants.
You can live comfortably off $100k it's just a matter of realizing the difference between needs and wants.
Posted on 7/4/25 at 8:02 am to lynxcat
quote:
Most high income folks aren’t making it all as base salary.
Many “rich” people did not get there via income. Capital (ownership / stock)!
Long term capital gains tax is MUCH lower than income tax.
Capital > Income
This thread and the WSJ article is about income. Rich people probably stopped reading the article at the word “earner”.
This post was edited on 7/4/25 at 8:11 am
Posted on 7/4/25 at 8:37 am to PhiTiger1764
25 years from now may be different. Again not complaining just always figured it would “feel” different if I was fortunate enough to get to that income level.
I broke out my living situation. We’ve lived in a 1955 3/2 1800 square foot house since I moved to Dallas. It’s by White Rock lake, has tiny arse closets, small bathrooms and a detached garage. Its not HP, UP etc
I’m moving to a 2800 square foot ranch house that’s even further east and has terrible schools where my mortgage is almost doubling because of rates and property tax. I drive an 11 year old car with 120k miles.
Look at real estate in Dallas, some of you guys have no idea. Both of my houses are/have been great but the landscape has changed entirely.
I guess many of us have a different definition of “rich”.
I broke out my living situation. We’ve lived in a 1955 3/2 1800 square foot house since I moved to Dallas. It’s by White Rock lake, has tiny arse closets, small bathrooms and a detached garage. Its not HP, UP etc
I’m moving to a 2800 square foot ranch house that’s even further east and has terrible schools where my mortgage is almost doubling because of rates and property tax. I drive an 11 year old car with 120k miles.
Look at real estate in Dallas, some of you guys have no idea. Both of my houses are/have been great but the landscape has changed entirely.
I guess many of us have a different definition of “rich”.
This post was edited on 7/4/25 at 9:22 am
Posted on 7/4/25 at 8:42 am to TheOcean
quote:
People just spend crazy amounts of money.
This is the issue more than anything and I’m not immune to it either. My wife and I are millennials and we spend money on things our parents would not have dared of dream of spending at our ages (and still don’t), and we are still more frugal/responsible than most of our peers.
Posted on 7/4/25 at 8:42 am to member12
If you have a very expensive house, expensive cars, and are trying to send your kids to expensive schools, even 250k can feel tight.
you gotta be judicious about your spending no matter how much you make.
you gotta be judicious about your spending no matter how much you make.
Posted on 7/4/25 at 8:47 am to member12
Probably an unpopular opinion, but my wife and I are both 45 year old physicians…and we dont feel rich because we dont have tons of extra spending money to burn. It goes with the vibe of that story
But I know via income we are rich. We are putting tons of money away into retirement accounts and a few rental properties. We have a great house and have 12 years left on the mortgage after refinancing to a 15 years
We have 2 girls and a boy in private schools. We take 1 nice trip per year. And we do not drive fancy cars (both Nissans) . Still, putting most of our money away for the future makes us not feel rich. And we would both be in trouble if we became disabled, even with good disability insurance.
But I know via income we are rich. We are putting tons of money away into retirement accounts and a few rental properties. We have a great house and have 12 years left on the mortgage after refinancing to a 15 years
We have 2 girls and a boy in private schools. We take 1 nice trip per year. And we do not drive fancy cars (both Nissans) . Still, putting most of our money away for the future makes us not feel rich. And we would both be in trouble if we became disabled, even with good disability insurance.
This post was edited on 7/4/25 at 8:50 am
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