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re: Americans Say They Need to Earn $128,000 to Feel Financially OK.
Posted on 1/18/22 at 9:12 pm to bbarras85
Posted on 1/18/22 at 9:12 pm to bbarras85
quote:
But they live in a 300k house and drive 65-70k vehicles one lay off away from losing it all. I couldn’t live like that.
I understand where you're coming from, but the 300k house part is unfortunately the cost of entry in a lot of places (if that gets you anything at all).
I'm a snob, but my sister isn't. Her and her husband probably make this, are very shrewd with money, and they're trying to move closer to my parents (which is the outskirts of suburbia) to shorten commutes and get their son into more opportunities for socialization. They live in a semi-rural area now and he's a COVID kid, so like many he's probably behind on the playground.
Anyway, all reasonable stuff, they do a lot of work themselves, they don't eat out, etc. etc. No student debt, no CCs, all that stuff. But they can't find a house that isn't gone immediately for under 400k. Most of those they do find are absolute garbage. And this isn't some exceedingly nice area, it's a fringe suburb of Atlanta.
In other words, it's nuts out there. While I agree with you on mismanagement of money across the board in this country, things have absolutely changed in some regards. Once upon a time a guy could work a sales job at a hardware store and provide for his family, live in a SFH and send his kids to reasonable schools. That life just doesn't exist anymore, regardless of how striver one is.
1
Posted on 1/18/22 at 9:44 pm to Upperdecker
quote:
Chick fil-a: Cobb salad - $8.89 Side Mac and Cheese - $3.49 Large Sweet Tea - $2.25 Tax 10% Total = $16.09
This weird order is $14.39 (including tax) in Nashville
And if you just order a spicy chicken sandwich with fries you are nowhere near $15 per person.
Posted on 1/18/22 at 9:54 pm to CorkRockingham
quote:
They aren’t wrong. Let’s assume a family of four.
$1,500 mortgage
$2,000 in childcare
$1,000 in food
$500 in car notes, insurance, and maintenance
$300 in utilities
We are at $5300 before anything. Before retirement, before clothes, activities, taxes, etc.
I did this on much less than $5300 a month. shite I had a family of 4 on a 50k a year salary. It was tough but I did it. Now I have a family of 3 and more money.
Posted on 1/18/22 at 10:01 pm to SidewalkTiger
quote:
feel like a lot of those folks, including many on this board, don't manage their money very well.
Not too far in the past, I was single, paying a mortgage on a new 3 bed, 2 bath house, had two vehicles that I paid cash for (used but well maintained), and had enough extra to do whatever I wanted (within reason) on $45k a year. I was living about 30 miles outside of Springfield, MO at this time.
Try raising a family and get back to us
Posted on 1/18/22 at 10:08 pm to Upperdecker
quote:
Cobb salad - $8.89 Side Mac and Cheese - $3.49 Large Sweet Tea - $2.25
quote:
That’s not over eating
Okay pal
Posted on 1/18/22 at 10:15 pm to WDE24
I am single, in my 50's. I make north of 80,000 per year. love my job. no kids. have a net worth of 400k. no debt. car paid off. one credit card only. still can't find a woman though. lol.
Posted on 1/18/22 at 11:24 pm to BlueShield
My wife and I have household income of about $86k right now. I know, OT poor.
But with no kids, we do well enough. Not struggling at all, anymore at least. I was the most likely the dumbest college kid of all time when it came to credit. So we got married about 15k in debt. Thank goodness it's paid off now.
But then again, I could definitely see some adding even one child to our income would push us into struggling range. We stay below our means I would say. She works remotely, so we only have 1 car that we share. We live in a 1 bedroom apartment. It's spacious enough for us, but we would definitely need to upgrade with a child.
Whenever we do decide to have a child. I'm not necessarily looking forward to it, until we make more money than currently. Either we pay daycare costs, or we just completely lose my wife's income. Either way the financial security we have now gets a lot more shakey. This is why I may not have kids for another 3-4 years at least.
But with no kids, we do well enough. Not struggling at all, anymore at least. I was the most likely the dumbest college kid of all time when it came to credit. So we got married about 15k in debt. Thank goodness it's paid off now.
But then again, I could definitely see some adding even one child to our income would push us into struggling range. We stay below our means I would say. She works remotely, so we only have 1 car that we share. We live in a 1 bedroom apartment. It's spacious enough for us, but we would definitely need to upgrade with a child.
Whenever we do decide to have a child. I'm not necessarily looking forward to it, until we make more money than currently. Either we pay daycare costs, or we just completely lose my wife's income. Either way the financial security we have now gets a lot more shakey. This is why I may not have kids for another 3-4 years at least.
This post was edited on 1/18/22 at 11:26 pm
Posted on 1/18/22 at 11:39 pm to CorkRockingham
quote:
$1,500 mortgage
So living nowhere near a city I see.
Posted on 1/18/22 at 11:45 pm to BlueShield
quote:
Americans Say They Need to Earn $128,000 to Feel Financially OK.
Seems very low to me
Posted on 1/19/22 at 12:11 am to QJenk
Money isn't everything and I always find it funny what people consider "blessed" or "well off".
You know what I grew up thinking "rich" was?
Having all your bills paid on time and having enough money to eat. I still think like that.
The concept of wealth really isn't understood by your average American. Less so internationally.
My son will be able to teach his kids though. We're on track to hopefully leave him millions at our death because we won't spend all the money we saved.
We both will likely work until the day we die because you can be rich, but thinking poor is a virus most can't shake.
No matter how "well off" we get, we still feel like we're one step from being broke/poor again. The other trap historically poor people fall into is once they get breathing room, they get lazy. Those are the people who stay poor.
You know what I grew up thinking "rich" was?
Having all your bills paid on time and having enough money to eat. I still think like that.
The concept of wealth really isn't understood by your average American. Less so internationally.
My son will be able to teach his kids though. We're on track to hopefully leave him millions at our death because we won't spend all the money we saved.
We both will likely work until the day we die because you can be rich, but thinking poor is a virus most can't shake.
No matter how "well off" we get, we still feel like we're one step from being broke/poor again. The other trap historically poor people fall into is once they get breathing room, they get lazy. Those are the people who stay poor.
This post was edited on 1/19/22 at 12:12 am
Posted on 1/19/22 at 12:12 am to BlueShield
Car notes are the biggest waste/cash flow killer. If you can help it, rid those from your life.
Posted on 1/19/22 at 12:23 am to BlueShield
$127K just doesn’t cut it anymore.
Posted on 1/19/22 at 12:46 am to BlueShield
Americans need to move away from the expensive arse coasts…
Actually, they should stay there
Actually, they should stay there
Posted on 1/19/22 at 5:18 am to Bestbank Tiger
quote:That’s my butler’s 12 year old son’s weekly allowance.
My butler makes more than that.
Posted on 1/19/22 at 5:49 am to BeerMoney
I’ve been saying this since my first job 20 years ago. If I just made 10k more I’ll be set, then you make it and still feel like you need another 10k
This post was edited on 1/19/22 at 5:52 am
Posted on 1/19/22 at 5:54 am to Jcorye1
shite 1500 mortgage is easy to obtain nowadays, seems every new subdivision being built has houses starting at 200k+ but they really mean 250k and a larger non-starter family home is going for closer to 300-350k.
Hell even buying a piece of land and a nice trailer is going to run you close to 150k if your looking for a half an Acre or more now.
Hell even buying a piece of land and a nice trailer is going to run you close to 150k if your looking for a half an Acre or more now.
Posted on 1/19/22 at 5:56 am to lsuoilengr
quote:
I’m a single guy in my mid 30s
You’re not the target of the conversation. You are a carefree, lone wolf loving life. We, on the other hand, have multiple kids, mortgages, college tuitions, private school tuitions (not me), etc.
Enjoy your mobility, young man!!!
Posted on 1/19/22 at 6:03 am to CorkRockingham
Our combined is magnitudes higher and we don’t live some regal life. Now, we also take for granted our expendable income, lack of financial stress, etc. We also didn’t invest in a U-clubesk McMansion to impress the Joneses. It boggles my mind how small town LA is still aligned with a Caste System of sorts. BR is perfect example. The house, the school, the camp, etc.
I’ll gladly be the indentured servant to the money giants here in The Woodlands. No stress at all as we can’t compare even remotely…..freedom I tell ya!
I’ll gladly be the indentured servant to the money giants here in The Woodlands. No stress at all as we can’t compare even remotely…..freedom I tell ya!
Posted on 1/19/22 at 6:10 am to QJenk
quote:
Whenever we do decide to have a child. I'm not necessarily looking forward to it, until we make more money than currently. Either we pay daycare costs, or we just completely lose my wife's income. Either way the financial security we have now gets a lot more shakey. This is why I may not have kids for another 3-4 years at least.
Just have your kids. I had my first child making 2k a month with bills, diapers and formula. I was broke but somehow made it work. If you have to set money aside for kids you'll never have them. It's life, make it work.
Posted on 1/19/22 at 6:16 am to LSUSports247
quote:i make about 75% more than when i graduated 4-5 years ago... but it sure doesn't feel like it
I’ve been saying this since my first job 20 years ago. If I just made 10k more I’ll be set, then you make it and still feel like you need another 10k
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