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re: Americans think they need to earn $233,000 to live comfortably, and $483,000 to be rich
Posted on 7/10/23 at 10:51 am to JohnnyKilroy
Posted on 7/10/23 at 10:51 am to JohnnyKilroy
quote:
Do whatever you want? Probably not. But it’s certainly still a very comfortable life. 175k is probably about 8k per month AFTER taxes, substantial retirement saving and putting 2 kids through catholic school.
Yeah, it could definitely be comfortable. But you aren't at "do whatever you want" levels with 150k and sending 2 kids to private school. Unless, "whatever you want" is minimal.
I think the disconnect in the thread has to do with the subjectivity of "comfortable". Some people wouldn't feel "comfortable" living a standard middle-class lifestyle, and that's' okay. I don't why people are offended that different people have different levels of "comfortability".
1
Posted on 7/10/23 at 10:53 am to Nelson Biederman IV
quote:
To say “patently absurd” is a bit harsh.
Not at all.
Mif you can’t provide a VERY nice life for your one kid while saving a substantial amount on 230k in Louisiana you have something fricked up going on lol.
It is absurd on its face to say you can “barely save” on that amount with one kid.
Posted on 7/10/23 at 10:56 am to JohnnyKilroy
as much as it pains me to agree with JK twice in a 7 day period. I agree. $230k combined income + kid is about as comfortable as you can get. And if you’re having trouble saving with that income you should seriously consider living within your means instead of putting shite you can’t afford on credit.
Posted on 7/10/23 at 10:57 am to Epic Cajun
quote:
Some people wouldn't feel "comfortable" living a standard middle-class lifestyle, and that's' okay.
Some in this thread (as well as many others in similar threads to this one) think the 233k requirement in the OP is for a standard middle class lifestyle
We are making fun of the people who claim to be in the top ~5% of income earners yet feel like they are just getting by.
Posted on 7/10/23 at 11:04 am to Gaston
quote:
Bay St Louis is a different beast. We live comfortably here on that though.
You're doing something wrong. How much are you paying for Braxxxton's private t-ball lessons?
Posted on 7/10/23 at 11:07 am to JohnnyKilroy
it honestly doesn’t surprise me tho. not in Louisiana, but wifey and I are friends with couples our age in Houston who are “house broke” AF because they feel like they cannot live without a McMansion, both of them driving $75k vehicles, having expensive wardrobes, going out a couple times a week, and shopping for groceries at Whole Foods and Central Market. They have no clue what living within their means actually means and put nothing away into retirement.
We know one specific couple from California with 2 kids. Live in a $700k home, drive newish vehicles (2019+), put their kids in private school yet don’t have a dime in their retirement funds and are $100k in credit card debt. He’s been between jobs for over a year now. Are these people fricking retarded?
We know one specific couple from California with 2 kids. Live in a $700k home, drive newish vehicles (2019+), put their kids in private school yet don’t have a dime in their retirement funds and are $100k in credit card debt. He’s been between jobs for over a year now. Are these people fricking retarded?
Posted on 7/10/23 at 11:26 am to Klark Kent
quote:
consider living within your means instead of putting shite you can’t afford on credit.
This is important. I don’t accumulate debt, either. I pay off everything in full every month. Again, this is all subjective. My definition of comfortability and my savings/investing/wealth building goals are different from yours. That’s okay.
Posted on 7/10/23 at 11:26 am to FearTheFish
My son hated baseball. We drove 8,000 miles last month chasing a football dream though.
Posted on 7/10/23 at 11:30 am to Klark Kent
quote:
We know one specific couple from California with 2 kids. Live in a $700k home, drive newish vehicles (2019+), put their kids in private school yet don’t have a dime in their retirement funds and are $100k in credit card debt.
Holy frick. I’m afraid to roll over ANY amount on our credit cards, how do you get up to $100,000? Seriously how?
Posted on 7/10/23 at 11:35 am to Oilfieldbiology
my wife is closer with them than i am. I have a hard time stomaching them for a lot of reasons. But the wife is a teacher, he’s been in and out of a job for 1.5 years. They have 2 teenagers and her Mom living with them, a $2k/month mortgage, $2k/month in school payments, and nearly $1k/month in car notes. I would imagine when the bread winner is a teacher making $60k and you have those monthly expenses everything else has to go on a credit card. I know the kids start public school this year for the first time. They were “too good for Texas public schools”coming from Cali. The wife is really nice but naive, the husband is a POS borderline alcoholic who can’t hold down a job. It’s a bad situation.
This post was edited on 7/10/23 at 11:38 am
Posted on 7/10/23 at 11:37 am to jclem11
quote:
stare at this stuff all day everyday, your average OTer is not paying anything close to a 50% effective tax rate. LMAO. Are we overtaxed for what services are provided? Absolutely.
Since we borrow and deficit spend at a such high level why even have an income tax since it’s supposedly no big deal. Get rid of income tax and institute a flat 10% sales/consumption tax and flat 15% corporate tax rate.
The economic boom would likely cover the loss of income tax revenue after a few years
Posted on 7/10/23 at 11:37 am to Oilfieldbiology
quote:
’m afraid to roll over ANY amount on our credit cards, how do you get up to $100,000? Seriously how?
Easier than you think, depending on your mindset
Posted on 7/10/23 at 11:39 am to Dragula
Constitution no taxes.
Global cabal gets Federal Reserve created.
1% income tax.
Away we go.
Anyone remember how the government was supposed to be funded?
Global cabal gets Federal Reserve created.
1% income tax.
Away we go.
Anyone remember how the government was supposed to be funded?
Posted on 7/10/23 at 11:39 am to Nelson Biederman IV
That's a terrible take. We make more than that with multiple kids and I feel like we live like a king in Louisiana. And I don't take anything for granted.
Posted on 7/10/23 at 11:40 am to GetCocky11
quote:
Easier than you think, depending on your mindset
Trustfundian heliskiiers come through all the time, whip out a dozen denied cards and it doesn't phase them.
Posted on 7/10/23 at 11:41 am to AubieinNC2009
quote:
You got a spending/expense problem, not an income problem.
I used to think that way, but the economy changed everything. My wife and I make close to $150k/year in Birmingham, AL and with daycare, property taxes, insurance rates, groceries, necessities, and general fees (sports, clothes, school fees, etc) all increasing, it’s not as much a “me” problem as it is a “the economy is fricking me” problem.
Posted on 7/10/23 at 11:44 am to WG_Dawg
quote:
You could live extremely comfortably in a rural low COL area like southern MS on like $60K.
It depends on what the definition of living comfortably is.
Having a decent car and 3 bedroom home and mostly eat at home with an occasional vacation? Sure
Having a newer home and send kids to private school, be able to eat out once a week, two good cars, savings for retirement and emergencies, good health insurance, a couple nice vacations a year? Nah not on 60k
Posted on 7/10/23 at 11:44 am to jclem11
quote:
Noone pays 50% effective tax rates outside of high earners in CA or NYC.
Fix your withholding.
Withholding rate doesn't affect the tax rate.
That said, if you include all taxes at every level of the production of goods and provision of services, all licensing fees, permitting fees, gas tax, sales tax, property tax, increased prices due to taxes passed on to consumers, insane "health insurance" premiums as a result of ObamaCare "TAX," etc etc, I think 50% is pretty modest.
Posted on 7/10/23 at 11:48 am to StringedInstruments
quote:
and general fees (sports, clothes, school fees, etc)
When I was in college I got into a car wreck. Someone rear-ended me but the car still had damage and needed repairs.
My dad was talking to me about it and he had the best perspective on life and finances I had ever heard and still live with. Living and participating in today’s economy is much more expensive than it was 2 and 3 decades ago. You didn’t need a computer, didn’t need internet, didn’t need a cell phone, hell you didn’t even need car insurance.
But today, to be a productive member of society, the financial barrier to entry is so much higher than it was as short as 20 years ago.
So basically, control what you can, prioritize saving, and minimize unplanned expenses by routine maintenance and cautious living.
Posted on 7/10/23 at 11:48 am to McLemore
That was the point of my post.
Your average normie is financially retarded and thinks the withholding from their paycheck is what they “pay in taxes”.
That was the point of my post.
The average earner is not paying close to 50% in taxes unless you stretch the definition of “tax” to make it meaningless. In that case, there is no discussion to be had.
Your average normie is financially retarded and thinks the withholding from their paycheck is what they “pay in taxes”.
That was the point of my post.
The average earner is not paying close to 50% in taxes unless you stretch the definition of “tax” to make it meaningless. In that case, there is no discussion to be had.
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