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re: $100,000 income: No big deal anymore
Posted on 7/25/17 at 11:42 am to Bmath
Posted on 7/25/17 at 11:42 am to Bmath
quote:
What a great investment.
you're not factoring in the tax advantages of deducting closing costs on both ends, moving costs in some instances, property taxes, and mortgage interest
This post was edited on 7/25/17 at 11:44 am
1
Posted on 7/25/17 at 11:42 am to Bmath
quote:
That's the truth and it's hard to figure out what to cut out
I don't disagree. Everyone has their priorities.
Posted on 7/25/17 at 11:42 am to GetCocky11
quote:is one of the strangest things about this board.
On this board, people always bloat trade salaries. It is odd.
you'd think everyone who works with their hands is brining home six figures and everyone with an office job makes 40k.
Posted on 7/25/17 at 11:43 am to 50_Tiger
quote:
And right now DFW is in a housing market nightmare for buyers.
Sao has a good idea of where I live. The subdivision south of me in 2013 had homes priced at 300k. A few are up for sale for 450k.
Yup. My in-laws live up in McKinney. My SIL turned a sweet profit on her cookie cutter starter home when she upgraded.
Posted on 7/25/17 at 11:44 am to GetCocky11
quote:
people always bloat trade salaries
a lot of tradies on the board
Posted on 7/25/17 at 11:45 am to Bmath
quote:
My family eats at home for almost every meal
quote:That's really one of the biggest things that have helped us cut down on spending. Just cooking your own meals instead of picking up chick fil a, McDonald's, etc. saves you a ton of money and is much healthier.
We did realize that even though we weren't going out to eat at family restaurants every week, we were both bad about things like smoothie king or a snack at the gas station. All little purchases that add up over the course of the month.
Posted on 7/25/17 at 11:46 am to Salmon
quote:
100k for a household, no matter how you look at it, is lower middle class
i have no perspective on this but it does seem like it would near difficult at 100k and a wife/kids
isnt day care $20-40k alone?
Posted on 7/25/17 at 11:47 am to OneMoreTime
quote:
That's really one of the biggest things that have helped us cut down on spending. Just cooking your own meals instead of picking up chick fil a, McDonald's, etc. saves you a ton of money and is much healthier.
That's typically what we do, but we just had a baby in the Spring. All those damn food aversions and cravings. The fridge would be chock full of food, and there wasn't a damn thing in the house to eat.
Posted on 7/25/17 at 11:47 am to GoT1de
quote:
100k for a household, no matter how you look at it, is lower middle class. In many places 200k is lower middle class.
"Middle class" has lost all meaning. 45% of households in the US earned less than $50k in 2015. 17% earned between $50-75k, and 12% earned between $75k-$99,999. Earning $100k as a household puts you in the 74th percentile, and when 73% of households earn less than you, you aren't "lower middle class."
Posted on 7/25/17 at 11:47 am to 50_Tiger
quote:
So teaching is over populated right now?
I see posts on the OT daily in job threads looking for folks for 25/hr.
IT is still in high demand.
X-Ray Tech can work and bring home ~45k.
The jobs are out there.
You're overestimating both the number of jobs and the qualifications of the citizenry.
Average wage per hour worked is around $24/hr. About 1 in 3 have a college degree, what pct of them are together in a two income family? Jobs that pay in the range that would put a dual income family over 100k are on the downward slope of the curve
Posted on 7/25/17 at 11:48 am to Salmon
You're not living anything close to an upper middle class lifestyle on 100k in any decent metro area.
Posted on 7/25/17 at 11:48 am to rocket31
quote:
isnt day care $20-40k alone?
that depends on how many kids, the age of the kids, and the area
we didn't pay near that much
Posted on 7/25/17 at 11:50 am to rocket31
quote:
isnt day care $20-40k alone?
I haven't paid for full time daycare in several years but ours was about 8k per kid
Posted on 7/25/17 at 11:50 am to GreatLakesTiger24
quote:
You're not living anything close to an upper middle class lifestyle on 100k in any decent metro area.
well that isn't exactly "no matter how you look at it", is it?
and people often conflate "middle class" and "middle class lifestyle"
Posted on 7/25/17 at 11:50 am to 777Tiger
quote:
you're not factoring in the tax advantages of deducting closing costs on both ends, moving costs in some instances, property taxes, and mortgage interest
Perhaps, but also when renting you generally aren't paying higher utilities and spend money on repairs and maybe even put in upgrades for things like windows and doors that may not actually pay off in the long run. That's why I think in a lot of situations it's probably a wash if you don't plan to be there long term.
Posted on 7/25/17 at 11:52 am to rocket31
quote:
i have no perspective on this but it does seem like it would near difficult at 100k and a wife/kids
isnt day care $20-40k alone?
No.
Posted on 7/25/17 at 11:53 am to 50_Tiger
$100,000. Pfft. That ain't shite. I can make that in like a year sometimes. It's not a lot
Posted on 7/25/17 at 11:54 am to slackster
quote:
"Middle class" has lost all meaning. 45% of households in the US earned less than $50k in 2015. 17% earned between $50-75k, and 12% earned between $75k-$99,999. Earning $100k as a household puts you in the 74th percentile, and when 73% of households earn less than you, you aren't "lower middle class."
Yep.
Also, labor participation rates are less than 65%. I doubt a large pctg is independently wealthy.
Posted on 7/25/17 at 11:54 am to rocket31
quote:We dont have any kids, but that seems extremely high.
isnt day care $20-40k alone?
Posted on 7/25/17 at 11:55 am to OneMoreTime
quote:
but that seems extremely high.
it is
that only applies to the best daycares in places like NYC, DC, San Fran, etc
and families making $100k are not sending their kids to those daycares
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