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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 11:50 am to AubieinNC2009
Posted on 7/10/23 at 11:50 am to AubieinNC2009
quote:
You dont need new fancy cars especially large trucks and suvs that are not needed.
This is the expense I don’t get. Cars today will reliably make 200k miles. I never trade in until after 200k on a truck. I always buy slightly used, current year model with under 30k miles so I’m not upside down on it with equity. 4-5 year loan, I’ll keep it around 8 years. I try to keep a vehicle twice as long as the length of the loan so I have several years without a car note. What happens is by the time I need a new truck, my trade in and down payment will cover over half the cost of the new one so I never borrow over 25k for 4-5 years and it keeps my notes around 400
0
Posted on 7/10/23 at 11:53 am to jclem11
quote:
Noone pays 50% effective tax rates outside of high earners in CA or NYC.
By the time you pay
Federal income
FICA
SS
State income
Property tax
Sales tax on everything you buy
For someone making over 150K per year it’s pretty close to half.
Posted on 7/10/23 at 11:56 am to StringedInstruments
quote:
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.
no, you aren’t wrong. that’s a difficult combined income when you factor in kids and daycare. The best you can do is try to pay off as much debt as you can, don’t put anything else on credit, and sit and wait for the kids to go to public school. Kids aren’t cheap, but eventually you’ll be getting a $1.5-2k/month raise once they get out of daycare.
This post was edited on 7/10/23 at 11:58 am
Posted on 7/10/23 at 11:56 am to StringedInstruments
Wife and I both pull in six figure salaries.
Monthly bills:
Student loans: Her 1200, me 800
Car notes $650 each
Daycare $750
House note $1200
Utilities $400
Phone bill $250
Car ins $160
Already up to about $5500 in bills before factoring in food costs, gas, healthcare, stuff like gym memberships, buying a growing kid new clothes that fit, etc.
Not much left to play with. Both have reliable cars so after that and the student loans come off the books, we’ll be aight.
Monthly bills:
Student loans: Her 1200, me 800
Car notes $650 each
Daycare $750
House note $1200
Utilities $400
Phone bill $250
Car ins $160
Already up to about $5500 in bills before factoring in food costs, gas, healthcare, stuff like gym memberships, buying a growing kid new clothes that fit, etc.
Not much left to play with. Both have reliable cars so after that and the student loans come off the books, we’ll be aight.
Posted on 7/10/23 at 11:57 am to Dragula
I agree that even without kids, you need 200+ annually to be comfortable.
Posted on 7/10/23 at 12:00 pm to Rize
quote:
You can live pretty damn comfortable with $483,000
Yes. But... When you meet actual rich people you realize that number isn't really different than the $233k.
That's why you hear "middle class" without definition.
Everyone thinks they're in it.
Posted on 7/10/23 at 12:04 pm to nola tiger lsu
in Louisiana? wtf are you people spending your money on?
Posted on 7/10/23 at 12:09 pm to Klark Kent
people confuse "I like a certain lifestyle and don't want to live below it" with "I could not enjoy life below this lifestyle"
Posted on 7/10/23 at 12:11 pm to WaydownSouth
quote:
Already up to about $5500 in bills before factoring in food costs, gas, healthcare, stuff like gym memberships, buying a growing kid new clothes that fit, etc.
Being conservative, you have like 7k left over after taxes and the bills listed above to buy food, fund hobbies, cover misc living expenses and savings?
On what planet is that “not much left to play with”
Your discretionary spending ability is more than most households gross.
This post was edited on 7/10/23 at 12:13 pm
Posted on 7/10/23 at 12:15 pm to lsufan1971
quote:
By the time you pay
Federal income
FICA
SS
State income
Property tax
Sales tax on everything you buy
For someone making over 150K per year, it’s pretty close to half.
Yep, I pay about 35.5% sitting at $130k. I know it isn't taxes, but when you consider my 401k and other deductions, I'm sitting at 48-50% net.
Posted on 7/10/23 at 12:16 pm to Salmon
quote:
"Me and my wife make $300k and it feels like we are barely getting by" will always be my favorite OT post
Same
Posted on 7/10/23 at 12:16 pm to WaydownSouth
Holy shite your daycare is CHEAP Our kid is costing up $1,100 for three days a week.
Our kid is costing up $1,100 for three days a week.Posted on 7/10/23 at 12:17 pm to nola tiger lsu
quote:
I agree that even without kids, you need 200+ annually to be comfortable.
define “comfortable”Posted on 7/10/23 at 12:19 pm to Nelson Biederman IV
quote:
Again, this is all subjective. My definition of comfortability and my savings/investing/wealth building goals are different from yours.
I mean, it's subjective to an extent but not the extent you are subjecting it to.
I have a strong feeling the (first world) lifestyle you would describe is actually "luxury" and not "comfort". Objectively.
It is not reasonable for me to say that I cannot live comfortably on only $5M per year because I require a 3 month summer in Europe every year, chartered flights everywhere I travel, a personal chef, a live-in nanny for each of my children, a different vehicle to drive for each day of the week, a summer home in Maine and a winter home in the Keys, and a daily cocaine fix.
If anyone thinks they need $250k to live comfortably, especially in the south, they are objectively wrong about their definition of 'comfort'. There is a big difference between 'comfort' and 'the life I want to have'.
Posted on 7/10/23 at 12:19 pm to Salmon
bingo. also, some of these people have some real expensive toys/hobbies. That or they eat out 10 times a week as a family. equally ridiculous.
my hobbies, when i have time for them, are cheap AF. Fishing, video games, gardening, softball leagues, and landscaping. I doubt i spend over $1k/year on personal toys and hobbies.
my hobbies, when i have time for them, are cheap AF. Fishing, video games, gardening, softball leagues, and landscaping. I doubt i spend over $1k/year on personal toys and hobbies.
Posted on 7/10/23 at 12:22 pm to WaydownSouth
quote:
Wife and I both pull in six figure salaries. Monthly bills: Student loans: Her 1200, me 800 Car notes $650 each Daycare $750 House note $1200 Utilities $400 Phone bill $250 Car ins $160 Already up to about $5500 in bills before factoring in food costs, gas, healthcare, stuff like gym memberships, buying a growing kid new clothes that fit, etc. Not much left to play with. Both have reliable cars so after that and the student loans come off the books, we’ll be aight.
How much (percentage wise) are y’all saving before bills?
Posted on 7/10/23 at 12:23 pm to Klark Kent
350k for a house?
Laugh out fricking loud.
Where besides bum frick nowhere is that even a thing?
And even where it is a thing, no one is making 200k unless they own a successful business or are the town doctor/dentist.
Average house where any decent number of folks are making a 200k salary is easily 500k.
Dallas burbs, NWA, Little Rock, it’s all the same absurd scenario these days.
Laugh out fricking loud.
Where besides bum frick nowhere is that even a thing?
And even where it is a thing, no one is making 200k unless they own a successful business or are the town doctor/dentist.
Average house where any decent number of folks are making a 200k salary is easily 500k.
Dallas burbs, NWA, Little Rock, it’s all the same absurd scenario these days.
This post was edited on 7/10/23 at 12:24 pm
Posted on 7/10/23 at 12:24 pm to JohnnyKilroy
quote:
Being conservative, you have like 7k left over after taxes and the bills listed above to buy food, fund hobbies, cover misc living expenses and savings?
That’s $600/month. If he has kids, as in plural, and depending on ages that $600 could very easily be consumed in no time with just food.
Posted on 7/10/23 at 12:26 pm to Klark Kent
quote:
my hobbies, when i have time for them, are cheap AF. Fishing, video games, gardening, softball leagues, and landscaping. I doubt i spend over $1k/year on personal toys and hobbies.
Bull shite, unless your fishing is fishing with a cane pole off a bank. If you’re fishing off a boat and it is truly a hobby, like once a month, I bet you spend over $1,000 in fuel alone each year.
Posted on 7/10/23 at 12:27 pm to Oilfieldbiology
quote:
That’s $600/month. If he has kids, as in plural, and depending on ages that $600 could very easily be consumed in no time with just food.
Nah bruh. He has roughly 7k left over per MONTH.
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