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re: American middle class families must really not be saving any money.
Posted on 3/20/23 at 7:31 am to MyRockstarComplex
Posted on 3/20/23 at 7:31 am to MyRockstarComplex
quote:
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.
Yeah. Around Dallas area I would say that if you drive by 500k houses, it looks like people drive cars for 10 years (and I don’t think buying a reliable car and driving for 10 years is a bad thing) (let’s not describe cars as being an investment).
If you go by homes over one million then you start to see later model luxury cars.
Now obviously this is all somewhat evolving as those million dollar homes were 500k in 2005.
0
Posted on 3/20/23 at 7:48 am to DiamondDog
quote:
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?
Yep, got a coworker like this. Makes good money (his wife is a deputy commissioner) but spends an incredible amount, as his mom allows him to keep the rents from her properties without him doing any actual work.
Yet he's always complaining about having to spend money on shite. Guess that happens when you have a 700k house, 200k remote cabin property, 200k worth of vehicles, and don't actually save.
He has no ambition, why would he?
Posted on 3/20/23 at 7:49 am to DiamondDog
quote:
Lots of people my age receive family help (I'm 37). It can be day care, household payments, etc.
This.
We live 3 hours from my family and an hour from my wife’s. Started asking people I work with where they send kids and almost all of them said they have a family member. One said she has a friend that only charges $10 a day to watch her baby
Meanwhile we spend $750 a month to send ours to daycare 2 days a week.Plus i know a few that had parents pay for college. Between costs from college and daycare we are near $3k a month
Posted on 3/20/23 at 7:52 am to DiamondDog
I'm looking for a house, and I'm not going to lie it's a draining experience. Do everything right, and because one idiot is willing to pay 30k over asking with 25 grand of due diligence, we keep coming in second.
Posted on 3/20/23 at 7:53 am to Jcorye1
quote:
I'm looking for a house, and I'm not going to lie it's a draining experience. Do everything right, and because one idiot is willing to pay 30k over asking with 25 grand of due diligence, we keep coming in second.
We are most likely heading into a recession which should cool that down some.
Posted on 3/20/23 at 7:53 am to DiamondDog
quote:
Not really understanding how the jimmy and joes are making it out here.
Smart people buy used cars from these people after they lightly use them for a couple of years.
Posted on 3/20/23 at 7:54 am to thegreatboudini
quote:
Honestly, you should look at your every day spending. It's got to have some problems with the numbers you're using here.
That is in the past. Now I am investing heavily in bonds, real estate, and stocks, as well as keeping plenty of cash.
This post was edited on 3/20/23 at 7:56 am
Posted on 3/20/23 at 8:05 am to PappaSwolio
quote:
We live 3 hours from my family and an hour from my wife’s. Started asking people I work with where they send kids and almost all of them said they have a family member. One said she has a friend that only charges $10 a day to watch her baby
I get envious of these people. We have no family help and will be soon paying $1500 a month in daycare cost.
Meanwhile these marginally employed local yokels get free daycare, family help, etc.
I made the right decisions to be able to afford this. I took career risks, worked hard, etc.
Meanwhile, some get it handed to them. Just no wherewithal or drive.
It's definitely a character flaw of mine I struggle with.
Posted on 3/20/23 at 8:06 am to LSUGrrrl
quote:mine is half that outside LA
My two vehicles plus umbrella are $440 a month in good ole loosyana
Posted on 3/20/23 at 8:11 am to fallguy_1978
quote:
We are most likely heading into a recession which should cool that down some.
Municipalities are going to have to prioritize home ownership, instead of protecting property values. Has to happen.
Posted on 3/20/23 at 8:13 am to Rize
quote:
A lot of those people have two incomes so it’s probably closer to 200k if they have those things.
Any source for this?
Two people in the same home making that much is rare. Quick Google search says it’s ~7% of American households making $200k or more.
The median US home price is now $400k as of 2022. That’s all homes. I imagine the areas that have families with two decent paying incomes cost more on average.
You can’t get a new vehicle (used or not) without spending at least $20k. Most are spending more.
I have no idea how this is sustainable. There are $50k+ trucks and SUVs all over the distant suburbs of Birmingham (Pelham, Helena, Alabaster). No way people are pulling in $200k to support having a nice home, vacations, vehicles, kids, etc AND being financially smart enough to save money.
Posted on 3/20/23 at 8:13 am to DiamondDog
quote:ngl you sound like a whiny bitch in this thread
Meanwhile these marginally employed local yokels get free daycare, family help, etc.
I made the right decisions to be able to afford this. I took career risks, worked hard, etc.
Meanwhile, some get it handed to them. Just no wherewithal or drive.
Posted on 3/20/23 at 8:14 am to deeprig9
quote:
Re-read your own posts. You were very specific about it.
Explain where the pretax money turns into post tax money.
Doing a reverse rollover (ira into 401k) does not change the money from pretax into post tax money and if you do it correctly there are no penalties.
You also thought you would get hit with penalties and extra taxes on the balance in your ROTH ira. Maybe you don’t know wtf you are talking about.
This post was edited on 3/20/23 at 8:20 am
Posted on 3/20/23 at 8:17 am to GreatLakesTiger24
Love how so many are whining about peers receiving family help in the form of free daycare these days.
Yall realize that paying for daycare instead of grandma is a brand new phenomenon right?
Family raising the kids was the default up until just recently.
Yall realize that paying for daycare instead of grandma is a brand new phenomenon right?
Family raising the kids was the default up until just recently.
Posted on 3/20/23 at 8:18 am to fallguy_1978
quote:
I'd bet that your situation is more common than your friends.
In the wider world of America? Definitely. But having to explain that to my wife because she's fretting about us affording a home while everyone we know has a house or has sold their first house for a new one has been a pain in the arse lol.
Posted on 3/20/23 at 8:19 am to JohnnyKilroy
quote:
Yall realize that paying for daycare instead of grandma is a brand new phenomenon right?
Don't have kids you can't afford and then rely on other people to take care of or cut you a deal.
How about them apples?
Posted on 3/20/23 at 8:19 am to DiamondDog
quote:
I get envious of these people
Don't.
There's something to being self sufficient.
Posted on 3/20/23 at 8:20 am to DiamondDog
quote:
Don't have kids you can't afford and then rely on other people to take care of or cut you a deal. How about them apples?
Sounds like they are affording them just fine.
Posted on 3/20/23 at 8:20 am to Rize
quote:
Some people just make a lot of money and may have done really well on another house.
You mean, flipping a house? My brother bought a home in Hammond for $78K back in 1995. Put about $10K into it and sold it for $225K about 10 years later. Was able to buy some property, build a metal frame home and pay off all his debt.
Posted on 3/20/23 at 8:21 am to JohnnyKilroy
By depending on mommy and daddy or a friend to watch your kids? I don't think so. That's one medical event from those people in crisis.
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