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58% of Americans are living paycheck to paycheck after inflation spike

Dwayne said:
where you getting this from?
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The average salary to living wage in the 25 largest metros in the US is 57,013 after taxes. The average home is 250,000.

www.yahoo.com

Salary Needed to Live Comfortably in the 25 Largest Metro Areas – 2022 Study

In a 2021 modern wealth survey, Americans told Charles Scwab that they need an average net worth of $934,000 to be financially comfortable. Another survey by Personal Capital says that Americans believe that they need to save an average of … Continue reading → The post Salary Needed to Live...
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www.investopedia.com

The Cost of Raising a Child in the United States

Raising children is expensive, but parents who know the numbers can strategize to lower the costs.
www.investopedia.com www.investopedia.com
.

It costs 272,000 to a raise a child to 18 years old.

My thing is, if you wanna be able to travel, eat good food, drive a nice a car, have a family, live in a nice area, not have to panic when emergencies happen, not having to use credit cards when emergency happens, not having your mortgage eat up most of your income, being able to make home repairs.

That's a quarter million a year lifestyle.

I wouldn't feel comfortable without making at least 100,000 and I'm single.

Plus my rule always been, you need to make at least the value of your home when you purchased it to comfortable a year to be comfortable.

If your home cost 300K and you trying to maintain that 100K, that's a headache.
 
ZMaKEa said:
The average salary to living wage in the 25 largest metros in the US is 57,013 after taxes. The average home is 250,000.

www.yahoo.com

Salary Needed to Live Comfortably in the 25 Largest Metro Areas – 2022 Study

In a 2021 modern wealth survey, Americans told Charles Scwab that they need an average net worth of $934,000 to be financially comfortable. Another survey by Personal Capital says that Americans believe that they need to save an average of … Continue reading → The post Salary Needed to Live...
www.yahoo.com www.yahoo.com

www.investopedia.com

The Cost of Raising a Child in the United States

Raising children is expensive, but parents who know the numbers can strategize to lower the costs.
www.investopedia.com www.investopedia.com
.

It costs 272,000 to a raise a child to 18 years old.

My thing is, if you wanna be able to travel, eat good food, drive a nice a car, have a family, live in a nice area, not have to panic when emergencies happen, not having to use credit cards when emergency happens, not having your mortgage eat up most of your income, being able to make home repairs.

That's a quarter million a year lifestyle.

I wouldn't feel comfortable without making at least 100,000 and I'm single.

Plus my rule always been, you need to make at least the value of your home when you purchased it to comfortable a year to be comfortable.

If your home cost 300K and you trying to maintain that 100K, that's a headache.
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I have 3 kids and me and my wife don’t make that much combined. Not close

We pay a mortgage on 240K home. Own 2 cars paying a note on one.

we take trips as wife and husband and as a family.

we have food in our house.

You can throw that article in the trash fam. It’s not reality for folks that knows how to manage money and not buy every single thing and fall into the I gotta have what the Jones have.
 
Dwayne said:
I have 3 kids and me and my wife don’t make that much combined. Not close

We pay a mortgage on 240K home. Own 2 cars paying a note on one.

we take trips as wife and husband and as a family.

we have food in our house.

You can throw that article in the trash fam. It’s not reality for folks that knows how to manage money and not buy every single thing and fall into the I gotta have what the Jones have.
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I'm not saying 250k is accurate but you can't say throw the article in the trash simply because it doesn't apply to you. You have to take into account cost of living in different cities. And given that we know costs of living has gone up while wages for many have remained stagnant it's not a stretch to say alot of people are living paycheck to paycheck and it has little do with trying to buy everything new.

Some of yall sound so conservative and pull yourself up by the bootstraps whenever finances get discussed and forget all sorts of external factors than affect people
 
BlackRain said:
I'm not saying 250k is accurate but you can't say throw the article in the trash simply because it doesn't apply to you. You have to take into account cost of living in different cities. And given that we know costs of living has gone up while wages for many have remained stagnant it's not a stretch to say alot of people are living paycheck to paycheck and it has little do with trying to buy everything new.

Some of yall sound so conservative and pull yourself up by the bootstraps whenever finances get discussed and forget all sorts of external factors than affect people
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This has nothing to do with what @Dwayne posted....you love to make up arguments then argue points only YOU made lmao.
 
BlackRain said:
I'm not saying 250k is accurate but you can't say throw the article in the trash simply because it doesn't apply to you. You have to take into account cost of living in different cities. And given that we know costs of living has gone up while wages for many have remained stagnant it's not a stretch to say alot of people are living paycheck to paycheck and it has little do with trying to buy everything new.

Some of yall sound so conservative and pull yourself up by the bootstraps whenever finances get discussed and forget all sorts of external factors than affect people
Click to expand...
I think the issue is there isn't a census on what it means to be rich. we all know what poor is... This issue comes up so often on this site and i posted a study by Loughborough University. (https://www.lboro.ac.uk/news-events/news/2020/february/public-concensus-on-being-rich-new-report/)

No one in the focus group could agree on what rich was so they had to break it down into 3 categories


Level C - The (securely) comfortable

  • Homeownership
  • Savings and investments
  • Financial advisor
  • Some luxury goods – e.g. designer handbags or handcrafted artisanal items
  • Formal childcare
  • Full-time private nursery
  • Eating out once a week
  • Wider range of activities and school trips for children
  • At least two holidays a year – possibly skiing
  • Comprehensive home entertainment package
  • Premium gadgets – iPad, MacBook
  • Weekly cleaner and gardener
  • Shopping at Waitrose and Marks and Spencer
  • Private health insurance
  • A pet
Level D - The wealthy

  • Access to additional income streams – property rental, shares and dividends, offshore investments
  • Private banking and a wealth manager
  • Larger home with ‘more bedrooms than you need’ owned outright OR owning more than one home
  • Housekeeper
  • Shopping delivered by organic or ‘high end’ retailers
  • Additional car – e.g. three cars for a two-adult household
  • Five holidays a year
  • Privately educated children
  • Hobbies include sailing, collecting art/antiques and riding
  • Own horse and pay for stabling
  • Member of private leisure clubs
  • Personal Pilates instructor
  • Pedigree pets
The super-rich (Level E) were also discussed but in less detail.

This group was assumed to have access to or own:

  • Many houses owned outright in several countries
  • Private jets
  • Supercars and yachts
  • A range of staff – chauffeur, gardener, dog walker, housekeeper, chef, butler
  • Multiple personal assistants
  • Professional services (doctors, lawyers) on a retainer so they could be summoned when necessary
  • A publicist and someone to deal with public relations
 
BlackRain said:
I'm not saying 250k is accurate but you can't say throw the article in the trash simply because it doesn't apply to you. You have to take into account cost of living in different cities. And given that we know costs of living has gone up while wages for many have remained stagnant it's not a stretch to say alot of people are living paycheck to paycheck and it has little do with trying to buy everything new.

Some of yall sound so conservative and pull yourself up by the bootstraps whenever finances get discussed and forget all sorts of external factors than affect people
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Lmao. What?

Man I’m out
 
WilberDMillz said:
This has nothing to do with what @Dwayne posted....you love to make up arguments then argue points only YOU made lmao.
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It does. He said throw the article in the trash then proceeded to use his own personal situation as to why and talk about people buying shit they don't need.

My response was that there's a bunch of things to consider as to why one person may be able to afford their lifestyle vs another that he didn't consider in that post. Very simple to follow
 
Dwayne said:
I have 3 kids and me and my wife don’t make that much combined. Not close

We pay a mortgage on 240K home. Own 2 cars paying a note on one.

we take trips as wife and husband and as a family.

we have food in our house.

You can throw that article in the trash fam. It’s not reality for folks that knows how to manage money and not buy every single thing and fall into the I gotta have what the Jones have.
Click to expand...

The reality is, there's people that get to experience what America has to offer, live a relatively financially stress free life, can buy whatever they want, do whatever they want.

And there's people that don't even know what they are missing out on because they make 40 to 60K a year and get by.

It's like someone who has been deaf all their life, living in the deaf community, perfectly fine and there's people who get to experience sound. They know what music sounds like. They know what the voices of their loved ones.

Being able to go into a store and put whatever you want into the cart without thinking about it is empowering.

Being to eat out at good restaurants is empowering.

Being able to give money to causes or family and friends without thinking about it is empowering.

Having an excess amount of money so you are comfortable gives you the ability to make choices and determine the course of your life in a way that having a limited amount cannot replicate.

People can pretend counting every penny and having budgets can make up for not having an excess amount money, but it can't.
 
ZMaKEa said:
The reality is, there's people that get to experience what America has to offer, live a relatively financially stress free life, can buy whatever they want, do whatever they want.

And there's people that don't even know what they are missing out on because they make 40 to 60K a year and get by.

It's like someone who has been deaf all their life, living in the deaf community, perfectly fine and there's people who get to experience sound. They know what music sounds like. They know what the voices of their loved ones.

Being able to go into a store and put whatever you want into the cart without thinking about it is empowering.

Being to eat out at good restaurants is empowering.

Being able to give money to causes or family and friends without thinking about it is empowering.

Having an excess amount of money so you are comfortable gives you the ability to make choices and determine the course of your life in a way that having a limited amount cannot replicate.

People can pretend counting every penny and having budgets can make up for not having an excess amount money, but it can't.
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Living good/comfortable and living a luxurious life are two completely different things.
 
Dwayne said:
Living good/comfortable and living a luxurious life are two completely different things.
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Another issue with articles like that is they assume everybody wants the same thing.

My pops can afford to go to the best steak house around and refuses too cause he "can cook his steak better than they can"..

Peoples definition of comfortable life varies GREATLY. I'm trying to get my mom to travel out the county. She doesn't want or desire to. It's not cause she can't afford it.
 
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