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Forum » One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey Finds
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Thread: One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey Finds

post 1662254423 06-02-2022, 02:33 PM
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Originally Posted By Mercworx⏩
This.


Idiots doing everything they can to live above their means.



Reminds me of when I get approved for my first home loan (never bought). I was making 80k and got approved for a 500k loan. Agent told me if we needed to push it “a bit” to like $550k because I found my dream house we probably could.

I literally laughed. Guy has my salary and job info. He must have been in there smoking meth. Do people actually do that?


I was trying to find something for under 300k.

I just got a huge raise by leaving my company. Still looking for something around 300k
That's actually sad and funny at the same time.

Sad because when it comes to purchasing a home people can get emotionally invested and stop thinking clearly. A sober-minded, unemotional broker/loan officer is supposed to keep things realistic for you.

I think people are responsible for their choices but there is a reason the industry is regulated through the banks and not members of the public.

$550k on $80k a year? That's nuts. You're house poor.
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post 1662254823 06-02-2022, 02:42 PM
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Originally Posted By Mercworx⏩
This.


Idiots doing everything they can to live above their means.



Reminds me of when I get approved for my first home loan (never bought). I was making 80k and got approved for a 500k loan. Agent told me if we needed to push it “a bit” to like $550k because I found my dream house we probably could.

I literally laughed. Guy has my salary and job info. He must have been in there smoking meth. Do people actually do that?


I was trying to find something for under 300k.

I just got a huge raise by leaving my company. Still looking for something around 300k
Lol same thing for me. Some years ago I was buying and got approved up to 350k on a 60k salary. I was like wtf are they thinking. I was looking at homes up to 200k max and ended up buying at 120k. That would have been way too tight for me.
post 1662290073 06-03-2022, 10:06 AM
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Originally Posted By donblaximus⏩
But what about your wife? thats $16k + $5500 for an IRA for her. You can also contribute to an IRA. Thats $25k that you arent saving in tax deferred accounts right now. Why?
She has an IRA that she puts into also. I don’t believe it is intelligent to not have some funds sitting in the bank in case something happens. We are both fine with our retirement the way it is. Again we live like we are making a lot less than we are. We plan on living in the new house for the rest of our lives, so the house will be paid off by time we retire, the only debt we will have is whatever new vehicles we buy. I plan to work after I retire in the coaching field, which at this point right now would be part time and over $25k depending on my role, so that’d more than supplement my retirement and it’s something I love doing.

If we lived some expensive life it’d be more important, but even on a fixed income with inflation we would be fine
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post 1662294033 06-03-2022, 11:25 AM
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Originally Posted By eternalnoob⏩
100k a year is rich if you are smart with your money. $250k a year is poor if you're dumb.
Yeah, you can be rich on 100k you just don’t have kids and don’t live in a single family home. Minimize going out and drive a beater.

Do you not realize that is an oxymoron? Someone who must live that lifestyle in order to save money is not rich. If you cant afford kids and a home, you are NOT rich. Nuff said
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post 1662294783 06-03-2022, 11:40 AM
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According to Dave Ramsey, teachers are among the top professions of people that end up millionaires. Its not because they make tons of money, it’s because they are excellent planners and have great benefits. They can use their summers to work extra jobs, spend time doing money management etc.

In other words, if you can’t break a million making 100k, you likely never will.
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post 1662294963 06-03-2022, 11:43 AM
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Making 100k is the worst place to be in America. You worked hard to get where you are, but everyone things you are rich, so you are taxed to death, have to pay full price for everything, and get no government subsidies

You make 100k in a medium cost of living area with a kid. You take home 65k. 2K on housing, 2K on childcare, 1k on groceries. That’s all your money already

Poor people making 40k can have the same quality of life, if not better than the person making 100k, cause the gov is picking up the tab for food, childcare, less taxes, etc

“Rich” lol
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post 1662295073 06-03-2022, 11:46 AM
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In a lot of cases it's because they're retards. I make a lot less than that and even after putting close to 25% of my gross straight into a retirement account, I still have a lot left over after all of my bills and everything is paid. Inflation and all of this stuff going on is shyt, but if you're making 250k and living "paycheck to paycheck" it's because you're a big consoomer blowing a lot of money on stupid shyt and not being fiscally responsible.

This inflation and shyt is out of control, but that's a separate discussion.
post 1662295153 06-03-2022, 11:47 AM
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Originally Posted By sword_⏩
Education != Self Discipline
Not only that but education also breeds entitlement which leads to higher spending



You work hard or have a good job or are smart = you deserve to spend $ on things you can’t afford
post 1662295483 06-03-2022, 11:55 AM
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Originally Posted By Kraken⏩
According to Dave Ramsey, teachers are among the top professions of people that end up millionaires. Its not because they make tons of money, it’s because they are excellent planners and have great benefits. They can use their summers to work extra jobs, spend time doing money management etc.

In other words, if you can’t break a million making 100k, you likely never will.
Dave Ramsey doesn’t know how stats work, or is intentionally misleading


The reason there are more teachers and nurses that are millionaires than investment bankers or doctors isn’t because the former are better with their money - it’s simply because there are a lot more teachers and nurses than those other professions.



That being said you / he is spot on that anyone in america can get to multi million net worth , and even relatively young (45-55).

Two working professionals married to each other with solid occupations (teacher, cop, accountant, nurse, plumber, etc) can easily become millionaires by their late 30s to early 40s.


If you can’t make it at 100k you never will. When I was making 75k a year I was maxing out 401k with a savings rate in the upper 60s. Had a higher net worth because of this than people double my income. Now I make more but don’t give me the “you’d be surprised how quick 250k goes away” BS. No it doesn’t, you just are bad with money
post 1662295723 06-03-2022, 11:59 AM
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Originally Posted By SaviorSelfJT⏩
Making 100k is the worst place to be in America. You worked hard to get where you are, but everyone things you are rich, so you are taxed to death, have to pay full price for everything, and get no government subsidies

You make 100k in a medium cost of living area with a kid. You take home 65k. 2K on housing, 2K on childcare, 1k on groceries. That’s all your money already

Poor people making 40k can have the same quality of life, if not better than the person making 100k, cause the gov is picking up the tab for food, childcare, less taxes, etc

“Rich” lol
Problem with your scenario. 100k independent income is good. 100k in household income doesn’t get you as far. That means both couples make around 50k , so pretty solidly middle class these days


But if you are an individual making 100k and that’s your HHI then that means your wife doesn’t have a job and should be taking care of kids. So your daycare expense should be removed.



Regardless. 2 people making 50k each in no way should be spending that much on daycare
post 1662295923 06-03-2022, 12:04 PM
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Originally Posted By meanstringbean⏩
Problem with your scenario. 100k independent income is good. 100k in household income doesn’t get you as far. That means both couples make around 50k , so pretty solidly middle class these days


But if you are an individual making 100k and that’s your HHI then that means your wife doesn’t have a job and should be taking care of kids. So your daycare expense should be removed.



Regardless. 2 people making 50k each in no way should be spending that much on daycare
We’ll this article about people making 250k is presumably household income, not personal income. And when Biden talks about taxing the chit out of people making 400k cause they are apparently so rich, he’s also talking about household income. So it’s fair comparison

And that’s just how much daycare costs in a metro now. Dat dere inflation.
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post 1662296103 06-03-2022, 12:07 PM
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Originally Posted By Kraken⏩
According to Dave Ramsey, teachers are among the top professions of people that end up millionaires. Its not because they make tons of money, it’s because they are excellent planners and have great benefits. They can use their summers to work extra jobs, spend time doing money management etc.

In other words, if you can’t break a million making 100k, you likely never will.
Dave Ramsey is completely wrong on this. Teachers end up millionaires because they can retire after 20 years (25-30 years these days) with 75% of their salary, which is pretty damn high after 20 years of raises, and get another job so from ages 45 - 65 they end up with 2 salaries. Also they don't get near as bad "lifestyle creep" because their big raise happens all at once when they retire and get a new job. My wife works in a school and let me tell you brother, those women's lives are a complete mess. Way worse than the general college educated population
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post 1662296153 06-03-2022, 12:08 PM
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Originally Posted By HotCheetos⏩
She has an IRA that she puts into also. I don’t believe it is intelligent to not have some funds sitting in the bank in case something happens. We are both fine with our retirement the way it is. Again we live like we are making a lot less than we are. We plan on living in the new house for the rest of our lives, so the house will be paid off by time we retire, the only debt we will have is whatever new vehicles we buy. I plan to work after I retire in the coaching field, which at this point right now would be part time and over $25k depending on my role, so that’d more than supplement my retirement and it’s something I love doing.

If we lived some expensive life it’d be more important, but even on a fixed income with inflation we would be fine
I dont think you are grasping where I am coming from. You are literally throwing away money if you are not contributing to tax deferred accounts TO THE MAX. I am not saying you shouldnt have some cash on hand. My initial analysis is that you are not as efficient as you think you are ........ especially if you are paying off cars but not maxing out qualified accounts. Thats all.
post 1662296253 06-03-2022, 12:09 PM
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Originally Posted By SaviorSelfJT⏩
Making 100k is the worst place to be in America. You worked hard to get where you are, but everyone things you are rich, so you are taxed to death, have to pay full price for everything, and get no government subsidies

You make 100k in a medium cost of living area with a kid. You take home 65k. 2K on housing, 2K on childcare, 1k on groceries. That’s all your money already

Poor people making 40k can have the same quality of life, if not better than the person making 100k, cause the gov is picking up the tab for food, childcare, less taxes, etc

“Rich” lol
I mean I do get your point but thats a stretch to actually claim someone living on $40k has the same quality of life as someone making $100k. Its just not true.
post 1662296263 06-03-2022, 12:10 PM
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Originally Posted By TBO1313⏩
Dave Ramsey is completely wrong on this. Teachers end up millionaires because they can retire after 20 years (25-30 years these days) with 75% of their salary, which is pretty damn high after 20 years of raises, and get another job so from ages 45 - 65 they end up with 2 salaries. Also they don't get near as bad "lifestyle creep" because their big raise happens all at once when they retire and get a new job. My wife works in a school and let me tell you brother, those women's lives are a complete mess. Way worse than the general college educated population
What a shocker that Ramsey is wrong about something, how could this be

Is he still telling people to pay off largest balance debt first, vs largest interest rate first?

Is he still telling people to “buy a reliable 500 dollar beater” in 2022 when a new Corolla costs 40k and a used one over half that?
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post 1662296503 06-03-2022, 12:13 PM
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Originally Posted By SaviorSelfJT⏩
What a shocker that Ramsey is wrong about something, how could this be

Is he still telling people to pay off largest balance debt first, vs largest interest rate first?

Is he still telling people to “buy a reliable 500 dollar beater” in 2022 when a new Corolla costs 40k and a used one over half that?
Bro you can get a Corolla with 150k miles or so for like 3-7k and that should last you another 10 years
post 1662296593 06-03-2022, 12:14 PM
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Originally Posted By SaviorSelfJT⏩
What a shocker that Ramsey is wrong about something, how could this be

Is he still telling people to pay off largest balance debt first, vs largest interest rate first?

Is he still telling people to “buy a reliable 500 dollar beater” in 2022 when a new Corolla costs 40k and a used one over half that?
I'd actually like to know the answer to that. No such thing as a beater anymore. If it runs reliably its $5k minimum
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post 1662296863 06-03-2022, 12:18 PM
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Originally Posted By meanstringbean⏩
Bro you can get a Corolla with 150k miles or so for like 3-7k and that should last you another 10 years
Where you do live? I live in a low cost of living, poor as hell state and the cheapest running Corolla I found on ******** marketplace was a 2002 with 276k miles for 3500.
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post 1662296963 06-03-2022, 12:20 PM
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Originally Posted By TBO1313⏩
Where you do live? I live in a low cost of living, poor as hell state and the cheapest running Corolla I found on ******** marketplace was a 2002 with 276k miles for 3500.
Even if what he said was true (it’s not), 3000 does not equal 500

This thread is just showing how out of touch people are with inflation over the past couple of years. Things literally cost double or triple what they did a year or two ago, sometimes more. So yeah, a 250k income today isn’t worth anywhere near what it was a couple years ago, which is what people are basing their responses on
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post 1662297163 06-03-2022, 12:23 PM
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Originally Posted By TBO1313⏩
I'd actually like to know the answer to that. No such thing as a beater anymore. If it runs reliably its $5k minimum
well that's not correct you just need to get out further from cities and you'll find the beater lots that have nothing but $1,000 cars. When he says reliable beater - it means buy the most reliable one you can find for under $1000 (aka buy the 20 year old corolla over a 30 year old BMW) when it breaks, if you can't fix it under $200, you get the next $1000 beater. But you can do it well - my buddy hasn't paid over $1000 for a car in his life and he doesn't go through them that often
post 1662297203 06-03-2022, 12:23 PM
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Doesn't surprise me.

I'm a salesman for my family's swimming pool company so I visit people at their homes regularly. I've noticed a lot of the following the last few years:

People who are in their late twenties/thirty's are in a brand new 600k home in a new development. Newer range rover in the driveway, still unboxing chit from their old home, and they want a 100k swimming pool, plus they have more people coming out for other backyard chit.

The problem I see is that some millenials are trying to life max ASAP. They want the new home, new car, new pool, new landscaping, new cabana, new bbq island, NOW. You've gotta earn the money first. Sure 200k a year sounds great but you don't have the fking money yet. Just because loan companies will give you an approval because of your income it doesn't mean you should take it. How about spacing out purchases? When you do everything all at once, then what? You're bored. You probably end up leaving your spouse because that got old, or you want to move in a few years because your living quarters got old.

People do it to themselves. Making 250k/year is a DREAM if you have the slightest of common sense.
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Originally Posted By SaviorSelfJT⏩
Even if what he said was true (it’s not), 3000 does not equal 500

This thread is just showing how out of touch people are with inflation over the past couple of years. Things literally cost double or triple what they did a year or two ago, sometimes more. So yeah, a 250k income today isn’t worth anywhere near what it was a couple years ago, which is what people are basing their responses on
You are talking out of both sides of your mouth in this thread. Claiming families making $40k have the same quality of life as a familly making $100k then making the point about inflation. I do agree, inflation is hitting people where it hurts. And it sure as heck has to be hurting the family on $40k WAY more than the family on $100k. The closer to the poverty line you are, the more inflation impacts you.
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Originally Posted By donblaximus⏩
You are talking out of both sides of your mouth in this thread. Claiming families making $40k have the same quality of life as a familly making $100k then making the point about inflation. I do agree, inflation is hitting people where it hurts. And it sure as heck has to be hurting the family on $40k WAY more than the family on $100k. The closer to the poverty line you are, the more inflation impacts you.
I claimed 40k has the same lifestyle, because of government subsidies. Nothing to do with inflation

And your wrong about inflation hurting lower income more. For two reasons. One, real wages for low income have actually kept up with inflation, but not for higher income earners. And secondly lower income earners typically don’t have savings that are being eroded away to inflation
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post 1662297993 06-03-2022, 12:37 PM
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Originally Posted By SaviorSelfJT⏩
I claimed 40k has the same lifestyle, because of government subsidies. Nothing to do with inflation

And your wrong about inflation hurting lower income more. For two reasons. One, real wages for low income have actually kept up with inflation, but not for higher income earners. And secondly lower income earners typically don’t have savings that are being eroded away to inflation
What government subsidies are you speaking of? Gas subsidy? Is the amount of food stamp money they are handing out going up due to inflation?
Wages for higher income earners do not keep up directly with inflation because they dont have to. Its called disposable income.
you telling me $6 a gallon for gas or $80 for a basic bag of groceries to feed a family of 4 for 2 days is impacting the $100k earner more than the $40k earner?
You think these families even live in the same neighborhood?
GTFO
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Originally Posted By donblaximus⏩
What government subsidies are you speaking of? Gas subsidy? Is the amount of food stamp money they are handing out going up due to inflation?
Wages for higher income earners do not keep up directly with inflation because they dont have to. Its called disposable income.
you telling me $6 a gallon for gas or $80 for a basic bag of groceries to feed a family of 4 for 2 days is impacting the $100k earner more than the $40k earner?
You think these families even live in the same neighborhood?
GTFO
Google it, real wages for low income Americans have kept up with inflation. So yes, it’s a true statement that They haven’t been impacted by inflation since their higher wages offset it. It’s why fast food pays 15 per hour now when it paid half that a year ago. You GTFO
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Bench press: 315x5
Squat: 465x1
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Deadlift: 405x13 (conv tap'n'go with straps)
post 1662299113 06-03-2022, 12:56 PM
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Originally Posted By SaviorSelfJT⏩
Google it, real wages for low income Americans have kept up with inflation. So yes, it’s a true statement that They haven’t been impacted by inflation since their higher wages offset it. It’s why fast food pays 15 per hour now when it paid half that a year ago. You GTFO
Yes and no. Inflation cause employment displacement. For instance, min wage is 7.50, the value, adjusted for inflation, is now 5. Employers will start hiring individuals worth 5, NOT 7.50. So at 15 an hour, they are hiring people worth 10 or less, and those actually worth $15 aren’t not finding employment anymore. This is the reason why employment numbers look “ok” at first glance.

This is why the Mexican border is important. Under heavy inflation, unskilled, inexperienced workers end up becoming more desirable and if given the option, employers will hire the lower values workers.

This is what the Dems are trying to do purposely. So what’s the problem? Standard of living goes down dramatically for everyone. Profits, success, and standard of living are made through efficiency, and low skilled workers are anything but.
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post 1662299523 06-03-2022, 01:05 PM
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#117
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Originally Posted By Kraken⏩
Yes and no. Inflation cause employment displacement. For instance, min wage is 7.50, the value, adjusted for inflation, is now 5. Employers will start hiring individuals worth 5, NOT 7.50. So at 15 an hour, they are hiring people worth 10 or less, and those actually worth $15 aren’t not finding employment anymore. This is the reason why employment numbers look “ok” at first glance.

This is why the Mexican border is important. Under heavy inflation, unskilled, inexperienced workers end up becoming more desirable and if given the option, employers will hire the lower values workers.

This is what the Dems are trying to do purposely. So what’s the problem? Standard of living goes down dramatically for everyone. Profits, success, and standard of living are made through efficiency, and low skilled workers are anything but.
Interesting, I can buy that

They say that the unemployment is so low that it’s causing harm to the economy
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post 1662299723 06-03-2022, 01:10 PM
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#118
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I worked at Nordstorm before I got my current job and made decent money around 60k selling shoes and when I was going to buy my first home my manager told me to go way above my means (he did the same) and buy a high priced house so I'd have to sell more.

There's people who want to be house poor and live in a bigger house just because it's a bigger house. I've been in 500k+ homes and there was very little furniture and not because they just moved either. I never understood why you'd wanna be house poor. I'm perfectly happy with my current house. One day I'll upgrade.
post 1662299973 06-03-2022, 01:14 PM
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#119
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Originally Posted By Cleveland33⏩
well that's not correct you just need to get out further from cities and you'll find the beater lots that have nothing but $1,000 cars. When he says reliable beater - it means buy the most reliable one you can find for under $1000 (aka buy the 20 year old corolla over a 30 year old BMW) when it breaks, if you can't fix it under $200, you get the next $1000 beater. But you can do it well - my buddy hasn't paid over $1000 for a car in his life and he doesn't go through them that often
I live in Mississippi dude. I couldn't get further away from cities if I tried lmfao
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post 1662300593 06-03-2022, 01:26 PM
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#120
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Originally Posted By SaviorSelfJT⏩
Google it, real wages for low income Americans have kept up with inflation. So yes, it’s a true statement that They haven’t been impacted by inflation since their higher wages offset it. It’s why fast food pays 15 per hour now when it paid half that a year ago. You GTFO
Are you this dense? Nobody is arguing if lower earner's wages are adjusted for inflation better than higher earners. I acknowledged as such but that still doesnt make up the gap. They had to adjust beacuse you simply cant live on the minimum wage from 2 years ago. But that still doesnt mean their quality of life if the same as a $100k earner. That is absolute BS. If you really believe that, lay out the math to help me understand how the $100k earner and the $40k earner have the same quality of life. Use the math and line it out.

Here ill do it for you (same family of 4 per month) and i will use extreme cases towards the $40k earner

$40k earner
- $k4k (10% tax rate)
$36k = $3k per month take home

$3k
- $1000 (rent)
-1200 (food)
-400 (gas)
-200 (utilities, phone, etc)


That leaves them with $200 a month left and thats being super conservative


$100k a year earner
-30k (taxes - super high since they probably have write offs in real life)
$70k a year
$5800 a month
- 1200 (retirement)
-2500 (mortgage and taxes)
-1200 (food)
-400 (gas)
-200 (utilities)

$300 a month left over and THATs with a retirement savings and a mortgage on a house in a nicer neighborhood.

So tell me, how does the $40k earner have the same quality of life?
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