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re: What is the income range for "middle class" per the board?
Posted on 9/27/17 at 1:27 pm to Bass Tiger
Posted on 9/27/17 at 1:27 pm to Bass Tiger
quote:You still have to pay payroll taxes (FICA, Medicare & Medicaid) on your 401(k) contributions.
I just maxed out my 401k contribution to lower my payroll taxes.
1
Posted on 9/27/17 at 1:31 pm to Taxing Authority
quote:
72 month loans... didn’t exist... because bought what they could afford.
Thats true, but its kind of a chicken and an egg scenario. If everyone paid cash for vehicles, there would be fewer people on the road, and population density would skyrocket. Are you suggesting cost of living would stay constant with a higher population density? NYC breaks thst trend I guess.
quote:
#2 is house size.
Most buyers dont control the houses on the market. They buy what they can afford based on availability. I agree some places have mcmansions for the $100 thousandaires out there, but that pretty much applies to middle america at best. Go into any populated center and you'll see a massive price premium for space.
quote:
For most families if you cut auto expense and house expense in half... they’d be quite comfortable.
Yeah thats true, but I bet I would be financially comfortable if I lived in a microhome too.
Posted on 9/27/17 at 1:31 pm to Taxing Authority
quote:
This. Manual labor has never been worth less. There is no reason the minimum wage should be equal (much less higher) than it was in the past.
Another thing - they told us to stay in school and stay off drugs (hell, I think Jesse Jackson was telling us that - maybe he didn't mean it for me, just his folks, but still good advice) and if you did that? I'd wager you aren't poor. Or, you made a really bad (or a string of them) bad decision that made you poor. I bet it wasn't "the man" keeping you down, that's for sure.
Posted on 9/27/17 at 1:33 pm to MSMHater
I would say 80k - 200k. I think within the income range you generally live an escalating version of the same lifestyle. I've found people who make less than 80 or more than 200 tend to have a vastly different way of life and relationship with spending than I do...
But who knows?
But who knows?
Posted on 9/27/17 at 1:41 pm to HeyHeyHogsAllTheWay
quote:
1. Force companies to pay wages that are high enough that these people can at least survive on said wages
What happens to the price of goods and services? What happens to the small business owner who can't initially absorb those expenses?
Posted on 9/27/17 at 1:43 pm to NYNolaguy1
quote:
Comfortable" money in NYC is north of $175k.
You make this in MS/AL/LA and you can live VERY, VERY good.
Posted on 9/27/17 at 1:46 pm to RogerTheShrubber
Minimum wage needs to be just high enough to provide an extremely basic lifestyle. Food, water, shelter.
People should stay in school. A teenager on a summer job does not need a "living wage"
People should stay in school. A teenager on a summer job does not need a "living wage"
Posted on 9/27/17 at 1:48 pm to Al Bundy Bulldog
Nola has changed due to low interest rates and high property investments. Cost of living has skyrocketed
Posted on 9/27/17 at 1:49 pm to Tigerdev
quote:
People should stay in school.
They don't even have to stay in school. They can earn a decent living by working hard and learning a trade on the job.
Posted on 9/27/17 at 1:49 pm to Tigerdev
quote:Thinking $79K/yr is poor says so very much about how spoiled Americans have become.
I would say 80k - 200k.
quote:I know $79K/yr is not lower class.
But who knows?
2/3rds of Americans make less than that.
Posted on 9/27/17 at 1:49 pm to Al Bundy Bulldog
quote:
You make this in MS/AL/LA and you can live VERY, VERY good.
Right, so the question I have always had is why are both groups paying identical taxes with disparate discretionary spending?
Posted on 9/27/17 at 1:50 pm to TigerFanatic99
Need to use Median and not Mean when determining the middle...the high end earners skew the mean to the right.
Posted on 9/27/17 at 1:52 pm to NYNolaguy1
quote:Huh? Extended car loan terms aren’t driving urban sprawl. Desire ability for new and larger houses is.
Thats true, but its kind of a chicken and an egg scenario. If everyone paid cash for vehicles, there would be fewer people on the road, and population density would skyrocket. Are you suggesting cost of living would stay constant with a higher population density? NYC breaks thst trend I guess.
One does not need satnav, infotainment systems, back seat headrest DVD players, and the like to commute to work.
quote:So in your mind builders are building larger houses get customers don’t want to buy? That’s an interesting take.
Most buyers dont control the houses on the market.
quote:LTV stats done show that. And I don’t see how larger is more affordable?
They buy what they can afford based on availability.
quote:Is there a minimum house size required in suburbia?
Go into any populated center and you'll see a massive price premium for space.
quote:My agent cautioned is against buying our 1,800 sqft (1968 vintage) home. “You’ll never sell it unless you add on to it”. Many consider that a home too small to live in.
I bet I would be financially comfortable if I lived in a microhome too.
I don’t. We have plenty of room. And even a dedicated workout room. We don’t have a “media room”. (Nor a 60” TV) Or a kids “game room”. Or a “mother-in-law suite” and I feel in no way cramped. We simply haven’t collected the usual future landfill goods most families fill their homes with.
It’s all about priorities.
Posted on 9/27/17 at 1:52 pm to Tigerdev
quote:
Minimum wage needs to be just high enough to provide an extremely basic lifestyle. Food, water, shelter. People should stay in school. A teenager on a summer job does not need a "living wage"
I completely agree with you. This is my position.
The vast majority of folks do not work for minimum wage - minimum wage is almost (not 100%, of course) exclusive to entry positions and zero skill jobs. If a person takes one of those jobs and does well, they will move out of the entry position or develop some skills (trade school, university, etc.) and grow themselves out of that minimum wage.
If they do neither, perhaps the market is correct in valuing their time at minimum wage and we shouldn't wring our hands about it. Agreed?
This post was edited on 9/27/17 at 1:56 pm
Posted on 9/27/17 at 1:52 pm to LSU Patrick
Food service is your friend. Waiters do ok
Posted on 9/27/17 at 1:53 pm to Ace Midnight
100 percent
Posted on 9/27/17 at 1:54 pm to NYNolaguy1
quote:One has a choice about where they live.
Right, so the question I have always had is why are both groups paying identical taxes with disparate discretionary spending?
Posted on 9/27/17 at 1:54 pm to MSMHater
It greatly depends on where you are as cost of living varies widely nationwide. In rural South Louisiana, $40k goes pretty far, but is barely scraping by in Southern California.
Posted on 9/27/17 at 1:56 pm to NC_Tigah
quote:Its hard to quantify. I am no expert. But a family of 3 or 4 making 70k total with housing prices as they are...Seems like a struggle. Thats basically two entry level teachers in Jefferson Parish. Do-able but not ideal, eh?
Thinking $79K/yr is poor says so very much about how spoiled Americans have become.
Posted on 9/27/17 at 1:56 pm to TigerFanatic99
I think Middle Class income starts at 100K or slightly above 
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