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Started By
Message
re: American middle class families must really not be saving any money.
Posted on 3/20/23 at 3:22 am to DiamondDog
Posted on 3/20/23 at 3:22 am to DiamondDog
Retirement home is paid off.
0
Posted on 3/20/23 at 3:38 am to DiamondDog
Living on credit and a prayer.
Posted on 3/20/23 at 3:54 am to GreatLakesTiger24
quote:
I think there’s a lot more family help than there ever was.
I know it's true of my friends. My wife and I make 6 figures combined but feel like we're treading water compared to our friends. But I know out of my friends 1 of them was gifted a house, 3 of them lived rent free in a parent's "other" house while working good jobs then went out and bought their own house etc. Several more received down payments as gifts or wedding presents.
I love my parents and they were great to me, but they don't have that kind of cash. Neither do my in laws. We make good money, save a lot every month, and are very fortunate in other ways but there's no dad or grandma who is gonna show up and buy us a house.
Posted on 3/20/23 at 4:17 am to AUin02
AUin02
Now that is a much more normal situation.
Now that is a much more normal situation.
Posted on 3/20/23 at 5:11 am to DiamondDog
I would assume that middle class has to be pulling 120k a year at least, with one or two incomes.
Six Figs ain't what it used to be
Six Figs ain't what it used to be
Posted on 3/20/23 at 5:25 am to fallguy_1978
quote:
Ambulance chasers. It's probably a top 5 industry in LA
Just look at all the ads on TV and the billboards.
Posted on 3/20/23 at 5:27 am to DiamondDog
Lot of assumptions.
Posted on 3/20/23 at 6:09 am to AUin02
quote:
I love my parents and they were great to me, but they don't have that kind of cash. Neither do my in laws. We make good money, save a lot every month, and are very fortunate in other ways but there's no dad or grandma who is gonna show up and buy us a house.
I'd bet that your situation is more common than your friends.
Posted on 3/20/23 at 6:12 am to DiamondDog
As mentioned in many other posts, their retired parents now have a different mindset. Most likely they were given a nice inheritance from their parents, but wished they could have had that money when they truly needed it while raising a family. They now want to see their children enjoy part of their inheritance while they are still alive to see their kids reap the benefits.
I had a 180-200 grand job living in a $280 grand house with a wife and a couple kids. I maxed in my 401K but it was hard to make investments outside of that. I had many life events that challenged us and put us into debt, but fortunately we overcame that and are now running a highly successful business.
When I had the previous job we looked to upgrade to a larger house but that was shut down when we considered the higher note and utilities. I was in the top 5 percent of American earners but knew we would struggle with a $600 grand house. So how in the hell are so many families doing it?
It must be either debt or passed down wealth.
I had a 180-200 grand job living in a $280 grand house with a wife and a couple kids. I maxed in my 401K but it was hard to make investments outside of that. I had many life events that challenged us and put us into debt, but fortunately we overcame that and are now running a highly successful business.
When I had the previous job we looked to upgrade to a larger house but that was shut down when we considered the higher note and utilities. I was in the top 5 percent of American earners but knew we would struggle with a $600 grand house. So how in the hell are so many families doing it?
It must be either debt or passed down wealth.
Posted on 3/20/23 at 6:32 am to DiamondDog
quote:
My two vehicles plus umbrella are $440 a month in good ole loosyana
We pay that much for 3 vehicles and a 16 year old male driver!
This post was edited on 3/20/23 at 6:57 am
Posted on 3/20/23 at 6:33 am to Mariner
wife and I have been very fortunate last few years. Stayed in our first house that was $155k 14 years before we upgraded .
My folks don’t have much to give her parents are ok.
That being said I couldn’t imagine either of our parents supporting us on a monthly basis in some capacity.
We all know it’s not easy at times you just have to be disciplined and skip the night out at “supper club” etc
additionally
I don’t need my parents telling me how to run my life in my early 40’s b/c they are helping financially.
Taking care of our business allows us to get their opinion/ advice when needed , and appreciate when the offer to by dinner or stick a $20 in our kids piggy bank.
To me being accountable for your own business will get your family to where it needs to be and set your kids up for success in life in all phases.
My folks don’t have much to give her parents are ok.
That being said I couldn’t imagine either of our parents supporting us on a monthly basis in some capacity.
We all know it’s not easy at times you just have to be disciplined and skip the night out at “supper club” etc
additionally
I don’t need my parents telling me how to run my life in my early 40’s b/c they are helping financially.
Taking care of our business allows us to get their opinion/ advice when needed , and appreciate when the offer to by dinner or stick a $20 in our kids piggy bank.
To me being accountable for your own business will get your family to where it needs to be and set your kids up for success in life in all phases.
Posted on 3/20/23 at 6:37 am to Mariner
quote:it's a lot smarter
As mentioned in many other posts, their retired parents now have a different mindset. Most likely they were given a nice inheritance from their parents, but wished they could have had that money when they truly needed it while raising a family. They now want to see their children enjoy part of their inheritance while they are still alive to see their kids reap the benefits.
50k in your 20s will do a lot more for you than 100k in your 50s
Posted on 3/20/23 at 6:49 am to GreatLakesTiger24
Y’all don’t need to worry about retirement
The government is gonna put us in the fema camp for voting for trump
The government is gonna put us in the fema camp for voting for trump
Posted on 3/20/23 at 6:52 am to cheobode
quote:Subtle “My wife can afford makeup” brag noted.
Only credit card we have is an Ulta card for her makeup.
And pics of her (with & without) for reference.
Posted on 3/20/23 at 6:55 am to Mariner
Honestly, you should look at your every day spending. It's got to have some problems with the numbers you're using here.
Posted on 3/20/23 at 6:56 am to DiamondDog
I’m in the burbs of Atlanta right now and see lots of $500-$700k houses with MODEST vehicles. Also, those house were likely purchased for half that amount 3+ years ago.
Posted on 3/20/23 at 7:10 am to DiamondDog
quote:
Lots of people my age receive family help (I'm 37). It can be day care, household payments, etc.
Its mind boggling. An adult still depending on support should be embarrassed.
Posted on 3/20/23 at 7:16 am to MyRockstarComplex
quote:
. Also, those house were likely purchased for half that amount 3+ years ago.
Bingo.
Posted on 3/20/23 at 7:27 am to Mariner
quote:
As mentioned in many other posts, their retired parents now have a different mindset. Most likely they were given a nice inheritance from their parents, but wished they could have had that money when they truly needed it while raising a family. They now want to see their children enjoy part of their inheritance while they are still alive to see their kids reap the benefits. I had a 180-200 grand job living in a $280 grand house with a wife and a couple kids. I maxed in my 401K but it was hard to make investments outside of that. I had many life events that challenged us and put us into debt, but fortunately we overcame that and are now running a highly successful business. When I had the previous job we looked to upgrade to a larger house but that was shut down when we considered the higher note and utilities. I was in the top 5 percent of American earners but knew we would struggle with a $600 grand house. So how in the hell are so many families doing it? It must be either debt or passed down wealth.
Some people just make a lot of money and may have done really well on another house.
Posted on 3/20/23 at 7:30 am to RogerTheShrubber
quote:
mind boggling. An adult still depending on support should be embarrassed.
I know several couples that are both teachers. They have private day care, drive new cars, take lavish vacations...
They may make what...100k combined?
They live better than my wife and I who make in the top 3-4%.
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