One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey Finds

[ogc163]

For parents with kids I can see private school costs(around 40k in elite cities) eating up a 250k income. But outside of that it's not reasonable to be living check to check.

 

[ORDER_66]

I mean, if you're going broke because you just had to buy an M4 then that's your own fault.

Man just seen the new M4 earlier that shyt is hard... not crazy about that stupid grille but the body is hard body... But the price tag is bonkers...

 

[Professor Emeritus]

I feel you another thing to add is what they driving could be super expensive to fuel and maintain I'm thinking a fresh M4 something along those lines full coverage insurance also what they eating buying probably those stupid expensive whole food stores

Yup. Expensive car, possibly multiple cars, buying from Whole Foods half the time and eating out the other half. Not to mention vacations and shyt which I bet are a huge part of their extra spending.

Breh, I've walked into Whole Foods maybe 8 times in my life and walked out without buying literally anything the majority of those times.

150k after tax would be 100k. After rent it's 64k, optimistically. Then utilities, gas, food. Then any loans you have (school, car). Maybe insurance (car, apt, home). At this point, how much do you expect someone to have left to spend for the year or the month?

EDIT: I didn't even take into account benefits like: health insurance, 401k, dental, eye. Which would make that 100k less. To 80k, maybe?

EDIT2: I misread. You're saying 250k after taxes is 150k. So yeah, I agree with you.

Yeah, you understood me on the 2nd edit.

But even if they're making $150k like you said. Let's say $100k after taxes. A single person should EASILY be able to survive off of half that.

Just checked MIT's living wage calculator. It says that a living wage for San Francisco County is $64k before taxes, $49k take-home. Housing is $30,500 of that, so expenses beyond housing for a single person are $18,500 even in San Francisco (and over $2k of that are medical expenses). Maybe if you make money you'll spend a little more than that but there's no reason to spend a huge amount more than that.

Even if you're a two-parent family with two kids and only one income, their living wage calculator says $124k before taxes, $95k after taxes. And that's for San Francisco County which is expensive as fukk. $38k on housing, $6k on medical....where are you spending the rest of the money?

$150k should be far more than enough for ANYONE unless they have crazy debt, crazy medical expenses, or shyt going on with extended family. If they're not putting away or giving away money then they're doing something wrong. To make $250k and not be able to clear shyt is a royal fukk-up even if you have crazy student debt.

 

[Hip-Hop-Bulls]

Money management and truthful history class need to be taught as young as possible

I dont feel bad at all for anyone making 250k living paycheck to paycheck.

 

[alybaba]

My wife and I make 2x that in base and we live paycheck to paycheck, actually worse, we run a deficit - we save most of my bonus and hers goes to pay the nanny. Kids are expensive.

 

[acri1]

My wife and I make 2x that in base and we live paycheck to paycheck, actually worse, we run a deficit - we save most of my bonus and hers goes to pay the nanny. Kids are expensive.

I mean, unless you're paying like 80k a year for daycare, you all are clearly living beyond your means in some way.

Only way you're making 2x that and living paycheck to paycheck is if you have a house or cars you can't afford.

 

[alybaba]

If anyone is wondering

Monthly take home after tax / 401k / deductions: $20k (excludes bonus)
Mortgage + property tax: $7k (we put 35% down)
Insurance (life x 2, house, car): $600
Housekeeper: $500
Utilities: $1000 (electric, water, gas)
Phones: $250
Gardener: $200
Groceries + Amazon/CVS
+ medication + Healthcare copays + gas + subway/train + subscriptions + kids clothes + random kid furniture / toys
+ swim lessons = $7000
Out of pocket PT / OT for kids: $1000
Random house maintenance: $500-1000
Eating out + travel (average given 2 vacations a year with the family) = $2000 - 3000

The above excludes the nanny, who costs $65k per year (seems to be market where we live)

To be clear, we still save 6 figures per year between 401k, 529s and brokerage/investments, but we’re not living lavishly I’d say, but of course that’s all relative. We own one car that is paid for in cash.

 

[acri1]

If anyone is wondering

Mortgage + property tax: $7k

how many square feet is your mansion?

 

[hashmander]

If anyone is wondering

Monthly take home after tax / 401k / deductions: $20k (excludes bonus)
Mortgage + property tax: $7k (we put 35% down)
Insurance (life x 2, house, car): $600
Housekeeper: $500
Utilities: $1000 (electric, water, gas)
Phones: $250
Gardener: $200
Groceries + Amazon/CVS
+ medication + Healthcare copays + gas + subway/train + subscriptions + kids clothes + random kid furniture / toys
+ swim lessons = $7000
Out of pocket PT / OT for kids: $1000
Random house maintenance: $500-1000
Eating out + travel (average given 2 vacations a year with the family) = $2000 - 3000

The above excludes the nanny, who costs $65k per year (seems to be market where we live)

To be clear, we still save 6 figures per year between 401k, 529s and brokerage/investments, but we’re not living lavishly I’d say, but of course that’s all relative. We own one car that is paid for in cash.

you're clearly biting off more than you can chew trying to keep up with the joneses.

 

[klientel]

Kids man…

They cost a lot.

 

[alybaba]

how many square feet is your mansion?

It is 4k square feet, we needed the space so grandparents can stay for extended periods. It’s not a mansion by any means, looks pretty ordinary, just a VHCOL area with good schools, so high prices and property taxes

 

[MasterOfAllHeSurveyz]

you're clearly biting off more than you can chew trying to keep up with the joneses.

Exactly. I used to run free budgeting classes. Nothing in life has given me more grey hairs than hearing people's excuses that should know better. If you tripled or quadrupled these people's incomes, with a snap of the finger, they'd find some way to spend it and wind up in the same predicament.

 

[Secure Da Bag]

My wife and I make 2x that in base and we live paycheck to paycheck, actually worse, we run a deficit - we save most of my bonus and hers goes to pay the nanny. Kids are expensive.

You and your wife make 250k a piece? Where do you live? What exactly do you spend it on? Please give us that breakdown. I know kids are expensive. But half a million and still broke is crazy.

 

[DEAD7]

Not one mention of child support...
That shyt can change all your calculations.

 

[Secure Da Bag]

Not one mention of child support...
That shyt can change all your calculations.

That falls under "Kids are expensive".