This just in:
They can't be serious? How come most letsrunner get by on a five figure salary?
This just in:
They can't be serious? How come most letsrunner get by on a five figure salary?
Excuse me, brofessor? Yeah, uh, read the entire article..or even the entire title.
It's not saying that $350k is the definition of middle class.
It says that in more expensive, urban areas (like NYC and SF) you would need $350k to live a "comfortable, middle class lifestyle" as defined by the author.
It's click bait, bro.
Since you, like all of us have a hot wife and income over $250,000 you realize that it doesn't get you so far. We all have that lifestyle so supply < demand.
Don't live there if you think it's too expensive, it's pretty simple. Lots of places in this country with rent under $1k a month, or houses under $300k and very low unemployment with good pay.
Think it's too expensive to live in NYC or San Fran? wrote:
Don't live there if you think it's too expensive, it's pretty simple. Lots of places in this country with rent under $1k a month, or houses under $300k and very low unemployment with good pay.
No one lives in NYC or San Francisco anymore, those cities are way too crowded.
actuallly wrote:
Since you, like all of us have a hot wife and income over $250,000 you realize that it doesn't get you so far. We all have that lifestyle so supply < demand.
Real talk bro: my wife and I, collectively, make under $200k.
We are very comfortably middle class where we live.
We own our own home (our only debt being the mortgage), own two cars outright, have three kids, vacation in Florida two weeks a year (spring with her family, fall with my family), took a European vacation last summer, etc.
If we made $350k it would be obnoxious. I wouldn't even want to handle that type of stress.
If you ever make 350k per year I'll take some of your money to offload your stress.
Heck, I'll take your money free of charge!
skruB wrote:
If you ever make 350k per year I'll take some of your money to offload your stress.
Heck, I'll take your money free of charge!
I'd be happy to give it you you.
"In Canada and the United States, an income of $105,000 provides the most life satisfaction, while globally the ideal average income is $95,000.
The study found that exceeding these income thresholds actually seems to reduce levels of happiness and satisfaction.This could be because higher income earners are more driven by material gains and social comparisons that can ironically lower those levels."
https://www.inc.com/eric-mack/the-exact-amount-of-money-it-takes-to-make-a-person-happy-just-got-an-update.htmlYes, in some areas, $350K/year is middle class based on what you get for your money.
Click bait CNBC article. Not worth reading.
Taxes on the hypothetical budget in the article are too high. Federal income tax on $288k is not 24%. That is the tax on the amount earned over $171k. The actual tax rate is closer to 18%. But that extra cash would probably be eaten up by the mortgage. A mortgage on a 1.8 mil home is going to be a lot more than $3,900 a month. That amount reflects a pretty big down payment.
The reality behind these stories is that people who make $350k a year with two kids do not live in Manhattan or San Fran. It just isn't possible. They live way out in places like Concord CA or Morristown, NJ where housing cost are half as much as in the city. They spend all day commuting and never see their kids. But they have a lot more disposable income.
People living in the city are clearing $500k+ a year and have a substantial amount of passive income from non-retirement investments by the time they get around having kids.
Yup. Live in Boston. 350k is definitely middle to upper middle class. People will call me disconnected but that’s the reality in a place where:
1) daycare costs 3500 a month
2) livable single family homes in good school districts start at 1 million
That alone runs 100k a year month in fixed expenses. Want to save money for retirement, go on one vacation a year or save for your kids college let’s call it 150-175k. 250k pre tax basically gets you to that and then you need to actually do things like eat etc.
Bring on the hate!
DudeBroMan wrote:
actuallly wrote:
Since you, like all of us have a hot wife and income over $250,000 you realize that it doesn't get you so far. We all have that lifestyle so supply < demand.
Real talk bro: my wife and I, collectively, make under $200k.
We are very comfortably middle class where we live.
We own our own home (our only debt being the mortgage), own two cars outright, have three kids, vacation in Florida two weeks a year (spring with her family, fall with my family), took a European vacation last summer, etc.
If we made $350k it would be obnoxious. I wouldn't even want to handle that type of stress.
If you have a mortgage you do not own your own house. It might feel like it but you don't.
OK then, I'm poor. Can I get my welfare check now?
Are you saying that if you have a mortgage that you don’t have to pay property taxes, that you can’t remodel the property, that you need the bank’s permission to paint the walls a different color and that you can’t sell the property?
Because that’s what home ownership is.
Definitely clickbait, but some truth to it if in highly sought after urban area (like so. cal).
$100K in so cal. or bay area to try and get started with a house, family, etc. No way.
$250K will make you a homeowner . . . of a crack house ... in the hood.
$300K + that increases over time will get you up and running, but it's not a lot.
Vote Democrat if you want needles, poop, and homeless people on the streets.
https://www.latimes.com/local/lanow/la-me-homeless-how-we-got-here-20180201-story.htmlhttps://www.dailymail.co.uk/news/article-2875525/The-tiny-urban-island-downtown-Detroit-Aerial-pictures-city-s-skyscrapers-surrounded-abandoned-homes-housing-plots-mansions-sprawling-countryside.htmlDemocrats ruin cities with high taxes.
https://nypost.com/2019/11/03/nearly-900-city-inmates-may-be-freed-even-before-bail-reform-law-takes-effectDudeBroMan wrote:
Real talk bro: my wife and I, collectively, make under $200k.
We are very comfortably middle class where we live.
We own our own home (our only debt being the mortgage), own two cars outright, have three kids, vacation in Florida two weeks a year (spring with her family, fall with my family), took a European vacation last summer, etc.
If we made $350k it would be obnoxious. I wouldn't even want to handle that type of stress.
But you probably bought your home 10 - 20 - 30 years ago.
Try to buy your home today. Would you be able to buy it with your current salary?
I make 380K, my wife makes 30K.
My house was 542K and we put 5% down (2 Br, 2Ba, 1750 sqft).
We own 2 cars (Subarus).
I consider us middle class. Mostly because of debt (med school and mortgage ~700K). I pay 6500 just on my debt. I max out my employee match, have a 403b, 457, HSA, and will open two back door roths this year. We have a 100K emergency fund we saved last year. I am about to put all that money into repaying debt, now that the emergency fund is secured.
We eat out a lot at middle of the road places where we pay like 40$ for two people, don't take fancy vacations, and drive to most vacations where we stay with and visit family.
What we don't have in possessions and housing/cars, we have in lifestyle and free time and living in an uncrowded, amazing place with outdoor access at our fingertips. I work 10 days a month, she works 5. We have a lot of free time. So in that way, we aren't middle class. I would never live in SFC or NYC where I couldn't save/repay debt and daily expenses would knock out my bank account
Does she work full time? Why if it's contributing less than 10% to your total income? I'm around your income (single), but if my partner (or I) was making significantly less than the other I would hope one of us would either find a higher-paying job, stop working and enjoy life, or go found a potentially-lucrative startup or lifestyle business or something with all that time. If she's doing something she's passionate about like to give back then I get it, but I have an acquaintance who's a partner at a consulting firm (>$1m) and his wife works for well under $100k for something she doesn't really enjoy and we don't get why.