Make $120k and live paycheck to paycheck, brehs

[Antiquity]

I mention tax refunds because you will get some money back. I did some calculations with this website Free Income Tax Calculator - Estimate Your Taxes | SmartAsset on that 120k in MA. I am assuming a 0 deductions would give this person 6476k a month after taxes, or around 35% will be lost to taxes. Depending on deductions that person will get a some back. As I pointed out earlier. This is a money management issue. I pointed this out because that person will still have to live with in their means regardless of the taxes. That person could invest what they got back in taxes every year and would be on their way to a retirement better than most Americans.

If the same person lived in Houston where there is no state tax and made the same amount. That person will still pay the same amount in fed taxes. The lower cost of living will improve that persons life. The problem with this is the assumption that 120k is not a lot of money. Outside of maybe 3 - 4 metro area's in this country it is a lot of money. I have pointed out the average income of a black male in this country is 37k. Meaing there are alot of people living on a lot less.

The person making that amount in either place can change the deduction so that they are not paying that much in taxes so that they can pocket more of their money. I have done it for years

That's what I was saying when I mentioned that if you live in liberal cities you're paychecks will get taxed nearly out of its existence; people skimmed over the rest of my post and only read the first line. $120K in NYC or LA or even Seattle will run you dry.

After the $6000 he will get more taken out from his healthcare and 401k contributions. He will wind up with nowhere near the large figure people assume he will. That was my entire point. He can claim 2 on his taxes to get a receive more money in April, he's still getting a large chunk of money taken out of his paycheck. Then you factor in the cost of living in these liberal cities and the high cost of gas, groceries, etc. And you'll see what I meant in my first post when I said that depending on where you live $120K will not give you as much freedom as people seem to think.

 

[Field Marshall Bradley]

120K is more than enough to live comfortable and grow wealth

First off, don't let the your employer take taxes out of your check, pay your own taxes

have your job pay not you, but your LLC, just make an LLC, what your name is LLC, that' where your pay check goes

you work for your LLC and your job is paying your LLC for your time, so now you personal don't make any money, your LLC does

So know you can write off your mortgage, the money you spend on gas, lunch, etc

You shouldn't have a mortgage either, find a someone to seller finance you a house, or get a land contract, if you have a good job like that it won't be hard to find someone would do that for you

be a real nikka like me would just buy a trailer for 5 racks and save up enough to cash out a lot in an area I want to live, and just then just build a house for 20,000 that' worth 200,000 upon completion

now say thank you, you enslaved ass muthafukkaz

 

[Weaver31]

He invested in bad p*ssy. No one to really blame but himself.

Especially when u do it twice....well 3 times since he engaged and impregnated his fiancé.

Fuk me over once...shame on u
Fuk me over twice...shame on me
Fuk me over 3 times....damn I'm just a dumb azz niqqa

 

[International Playa]

Dude is a simp, he seems to get every woman he dates pregnant & marries them.

Wear a condom & dont get married.

 

[The Mad Titan]

..... wrong thread

 

[Tenchi Ryu]

@Tenchi Ryu
Ricki done made it on the BBC

*pause*


Ricki Ortiz: Transgender Street Fighter - BBC Three

I see BBC wanted Ricki

 

[TEH]

No offence OP but as much as you are right this is chatty patty status

Nevermind ... I came in the thread too late

 

[tahoj4]

That's what I was saying when I mentioned that if you live in liberal cities you're paychecks will get taxed nearly out of its existence; people skimmed over the rest of my post and only read the first line. $120K in NYC or LA or even Seattle will run you dry.

After the $6000 he will get more taken out from his healthcare and 401k contributions. He will wind up with nowhere near the large figure people assume he will. That was my entire point. He can claim 2 on his taxes to get a receive more money in April, he's still getting a large chunk of money taken out of his paycheck. Then you factor in the cost of living in these liberal cities and the high cost of gas, groceries, etc. And you'll see what I meant in my first post when I said that depending on where you live $120K will not give you as much freedom as people seem to think.

I can agree with some of what you are stating, but 401k is pre tax. If he claims 2 on his taxes he will get more through out the year and get less back in taxes. The whole liberal city argument is mute in that you will pay in some form or another. In texas it is property taxes. Other places you pay high property tax and high car registrations. Weather lib or repub you will pay regardless. I did not mean to come off as an a$$ if that is how I sound. I think we are of a similar mind on certain aspects.

 

[infamousred]

Work to be broke brehs

 

[Field Marshall Bradley]

and live in Massachusetts.

Stopped reading right there....

 

[Rarely-Wrong Liggins]

The average American lives paycheck to paycheck until they reach about 130k.

 

[TLR Is Mental Poison]

The coli dot com

He's right

$120K in the Bay Area for example is definitely peanuts. And a lot of people who work there can't work anywhere else

 

[Field Marshall Bradley]

He's right

$120K in the Bay Area for example is definitely peanuts. And a lot of people who work there can't work anywhere else

Nah... He's wrong... because 120k is great for 80% of the country outside of most of the west coast and upper east coast....






































Waits for 30 coli posts all saying that the got 100k equity in their homes within 5 years after purchasing it,,,,

 

[mcdivit85]

The Coli is the only place I've ever seen where people, presumably black people, consider $120K plus salary to be peanuts

This is especially funny when you consider that black people have the lowest household income in the US....way below $120K

And even removing race, the median household income in the US is $51,759 across the board. So most families would love $120K plus

Yes, $120K is peanuts if you live in a large city and want to live like the rich and famous. But if you want to live within your means, you can find a spot in or around the city that is clean, safe and fits your needs on $120K. You can pay your bills, save some money and take some trips on $120K.

But if you want to fraud like a baller on $120K, then yes, maybe $120K will be extra tight

Peace

 

[Field Marshall Bradley]

why is it just a given that we should OWN homes?

An econ professor from Nigeria put me on game a long time ago..... basically said that houses were never meant to be investment vehicles..... just shelter and property tax to pay for nicer schools...