Current Events > A third of americans making 150k or more a year live check 2 check

(+) Yeah! (+)

And you know I forgot to add in kids. But my list was really lifestyle creep and new Bills. So where would a kid fit in? Certainly not new Bills because... duh!

Cleo_II posted...

Most people making that much money also live in very high cost of living areas so its not entirely shocking. Lets say for simplicitys sake that you net 100k after taxes. Which is close to $8300 take home.

If you have a kid, daycare alone can be $2-3k a month. Some have multiple kids in daycare. Rent can be another $2-3k or more. There goes most of your money already. Now add in the fact that most have degrees in order to be making the kind of money they are and likely also have student loans. Add in car, insurance, electricity, gas, phone, food and its very easy to live paycheck to paycheck. Yeah making more money means youll probably opt for more comforts. You will want to live in a safer neighborhood which will cost more rent or mortgage. But not always some huge house that is over their means. A one bedroom apartment in an ok neighborhood is like $2500 a month around where I live. Many people making that much money have families to support and need more than a one bedroom apartment though. And they also need neighborhoods with better schools. Theyre not all being financially irresponsible like people here are making it out to be. Shit is just really expensive in some areas, especially if you have a family.

Everything this post said is exactly what I was gonna post. People who make money like that live in high cost of living areas.

That's their own fucking fault tbh. Nobody told you to buy overpriced shit.

the thing is the richer you are the more people charge you; compare a oil change cost of BMW and Honda Civic and you will know what I am saying

Inohira posted...

That's their own fucking fault tbh. Nobody told you to buy overpriced shit.

But can you? When remote work was dominating the work force, people were moving far away from the city. Now they are trying to force them back to the city.

Dammit!

pick4six posted...

the thing is the richer you are the more people charge you; compare a oil change cost of BMW and Honda Civic and you will know what I am saying

No one is forcing you to buy a BMW...

omniryu posted...

What if paycheck to paycheck means that if they lose their job right now, it means they can't pay their next month mortgage or rent

If they're contributing significantly to retirement funds, 529's, and still saving money, then it's difficult to say they're living paycheck to paycheck. And that's what my main question consists of. People in those income ranges have those kind of savings expectations. While someone who is actually living paycheck to paycheck, sees those savings expectations as luxury items.

Could they pay rent if they minimized those savings for a month? If so, is it really paycheck to paycheck?

omniryu posted...

Ar0ge posted...

No one is forcing you to buy a BMW...

But nobody should be punished for living a life they are trying to make. Some stuff are out of their control.

Like I said before yes, you can control your finance, but we do have to tackle issue like fucking inflation. Dick tenants who make you pay 3000 buck for an apartment that Bender Rodriguez says is too small for him.

emblem-man posted...

If they're contributing significantly to retirement funds, 529's, and still saving money, then it's difficult to say they're living paycheck to paycheck. And that's what my main question consists of. People in those income ranges have those kind of savings expectations. While someone who is actually living paycheck to paycheck, sees those savings expectations as luxury items.

Could they pay rent if they minimized those savings for a month? If so, is it really paycheck to paycheck?

I see what you're saying. I can only go by my interpretation. If you're job all of sudden dissappear, maybe.

However, I don't disagree with yours because cutting back is the best and sometimes the only action you can take.

I have a household income of around $200k and can't afford a reasonably sized home where I live.

Ar0ge posted...

No one is forcing you to buy a BMW...

Weird how high earners used to be able to afford nicer luxury goods without sacrificing quality of life but somehow no longer can...

omniryu posted...

But nobody should be punished for living a life they are trying to make. Some stuff are out of their control.

Like I said before yes, you can control your finance, but we do have to tackle issue like fucking inflation. Dick tenants who make you pay 3000 buck for an apartment that Bender Rodriguez says is too small for him.

That is still on you.

It's up to you how you want to live, but again, no one is forcing you to buy the most expensive car on the block then complain you can't afford it. You don't need that expensive car, you want that expensive car. With 150k/year, you can most definitely afford a reasonably priced car that isn't eating your finances so much that you are paycheck to paycheck.

Inflation is an entirely different story. Especially when the average American doesn't make half of 150k, yet can still afford to pay all of their bills.

If you are paycheck to paycheck to shit actually beyond your control (like medical or natural disaster) that's one thing.

But paycheck to paycheck because you want to live like you have more money than you actually have (like buying expensive cars, and expensive homes when you can scale down and still live better than most Americans making half....) ya, thats entirely on you.

theAteam posted...

Weird how high earners used to be able to afford nicer luxury goods without sacrificing quality of life but somehow no longer can...

Imagine people making under 50k.

Face it, 150k doesn't make you a high earner anymore. I agree there are a lot of problems going on. But if you constantly live above your means, that's also on you.

theAteam posted...

Weird how high earners used to be able to afford nicer luxury goods without sacrificing quality of life but somehow no longer can...

When was this?

omniryu posted...

So I am guessing you have cheap car insurance.

It's like $18/mo now. I do live cheaply.

asdf8562 posted...

That is still on you.

It's up to you how you want to live, but again, no one is forcing you to buy the most expensive car on the block then complain you can't afford it. You don't need that expensive car, you want that expensive car. With 150k/year, you can most definitely afford a reasonably priced car that isn't eating your finances so much that you are paycheck to paycheck.

Some cars are mid tiers or low tier and they are still expensive. I was told I can get a Honda for 700 to 800 bucks a month. And I told them I wanted a use car.

omniryu posted...

Some cars are mid tiers or low tier and they are still expensive. I was told I can get a Honda for 700 to 800 bucks a month. And I told them I wanted to a use car.

You can most definitely get a used great car for less than 700 or 800/month. The problem is where you're shopping for cars and what cars you are exactly looking for.

If all you can "find" is cars for 700+ a month, it's definitely you and what/where you're looking.

TBH, even some of the perceived "expensive" cars you can get a good deal on, although not always easy.

TheGoldenEel posted...

Is it lifestyle creep, or is it inflation catching up to our lifestyle

It's people trying to keep up with the Jones and buying more house/car than they should.
Quit leasing cars, quit buying cars that are over 40k or over your budget.
Quit refinancing and adding on or doing other work to your house.
Be happy with what you own and don't upgrade stuff every time you can.

asdf8562 posted...

You can most definitely get a used great car for less than 700 or 800/month. The problem is where you're shopping for cars and what cars you are exactly looking for.

If all you can "find" is cars for 700+ a month, it's definitely you and what/where you're looking.

A 2013 to 2015 car? I was not looking for a BMW now.

I went out for lunch maybe 2 times in all, I usually bring leftovers or food from the grocery store.

omniryu posted...

A 2013 to 2015 car? I was not looking for a BMW now.

Are you asking can you get a great well conditioned safe car thats 2013 or 2015? Without dropping an arm or leg, or paying 700+/month? The answer is yes. I'm not talking about BMWs either.

If you are having trouble finding those cars, it's the type of car you are looking for (including unnecessary extra features, specs, etc) or where you are shopping for them.

There's literally people making half of 150k getting nice cars and not paying insane monthly payments.

Cheater87 posted...

I went out for lunch maybe 2 times in all, I usually bring leftovers or food from the grocery store.

Ok... discount dan!

asdf8562 posted...

Are you asking can you get a great well conditioned safe car thats 2013 or 2015? Without dropping an arm or leg, or paying 700+/month? The answer is yes. I'm not talking about BMWs either.

If you are having trouble finding those cars, it's the type of car you are looking for (including unnecessary extra features, specs, etc) or where you are shopping for them.

They want 3,000 down. I wanted a car that had less than 100k miles on it. And they told that 700 to 800 is what I expect.

omniryu posted...

They want 3,000 down. I wanted a car that had less than 100k miles on it. And they told that 700 to 800 is what I expect.

Again, this is on you if you are making 150k/year.

If you are having trouble finding those cars, it's the type of car you are looking for (including unnecessary extra features, specs, etc) or where you are shopping for the car.

There's literally people making half of 150k getting nice cars and not paying insane monthly payments. The only people with legitimate excuses are the ones with legitimate circumstances beyond their control that made them hit rock bottom like medicine expenses and natural disaster that's fucked a person over.

You wanting to buy a Mercedes Benz with heated seats and any other features you don't actually need and can't afford.I.. and you have no unforseen circumstances,.... is on you.

Like the grocery store is that great.

"Need OTC heart burn medication and melatonin to sleep? $60 please".

asdf8562 posted...

Again, this is on you if you are making 150k/year.

If you are having trouble finding those cars, it's the type of car you are looking for (including unnecessary extra features, specs, etc) or where you are shopping for the car.

A Honda accord? Really? Idk

--Zero- posted...

Realistically if youre making over $100k a year you should be able to splurge and still live comfortably. The issue is probably their $800k house.

I mean, just your example shows how much inflation has affected everything, because an $800,000 house is not notably big house in a lot of markets

i live in a medium COL city and my 3-bedroom 1800 sq ft house is estimated at nearly $500kten years ago it was worth less than half of that

in big markets $800k will barely buy you what was once considered a starter home

TheGoldenEel posted...

I mean, just your example shows how much inflation has affected everything, because an $800,000 house is not notably big house in a lot of markets

i live in a medium COL city and my 3-bedroom 1800 sq ft house is estimated at nearly $500kten years ago it was worth less than half of that

in big markets $800k will barely buy you what was once considered a starter home

Sure, in places like San Francisco or New York. But that's not accurate for everywhere in the country including all of the populated areas of the country. Not even most of the country.

Most of the country doesn't even make 100k let alone 150k.

omniryu posted...

A Honda accord? Really? Idk

Dude. Idk where you are looking for cars but I have never seen a used Honda anything go for 800 a month. Look somewhere else.

TheGoldenEel posted...

in big markets $800k will barely buy you what was once considered a starter home

Ehh, I'd push back on that. I don't think that's really true outside of California cities, Seattle, and New York.

Even in places like Austin, Dallas, Houston, Denver, you can find starter homes (like 1500sf, 2-3 bedroom) for much less than that. It won't be in the city center of course, but it also won't be like an hour out