The game is rigged. 100k is still not enough, and that is crazy.

[dark_magic]

Op, you want to gain control over the stocks and flow of your personal economy.

You also want to gain control over interest expense and debt service of your credit.
My personal economy focuses heavily on maximization of free cash flow.

Once you do the above, you can then progress to control of tax expense. At this level, you are off to the races.

 

[Mr Hate Coffee]

Literally everyone I fukk w earns 100k and up.

Most are slow to invest and mainly invest after saving and saving and saving... and then are late to invest out of fear of losing. They believe they are middle class , when in reality you need about 250k yr gross to be middle.

Imo they should buy property, rental homes and also rural land. Or learn about other long term investments and go harder at those than bs like 401ks.

Myself and a bunch of my friends are in this boat and the reason is that most of us are 1st generation college grads and the only people in our family earning like this. Not having generational wealth will make you very conservative. Last thing you want to do is come this far and lose it.

A bunch of us are wisening up and embracing more investment risk. Because the reality is that this money doesn’t have the power that we originally thought came with it. And that’s the spirit of the thread imo.

 

[Mr Hate Coffee]

Double

 

[Losttribe]

Myself and a bunch of my friends are in this boat and the reason is that most of us are 1st generation college grads and the only people in our family earning like this. Not having generational wealth will make you very conservative. Last thing you want to do is come this far and lose it.

A bunch of us are wisening up and embracing more investment risk. Because the reality is that this money doesn’t have the power that we originally thought came with it. And that’s the spirit of the thread imo.

I can feel that.... and I understand the thread now.
And my bestfriends are 1st gen.

Spoiler

My pops is a millionaire and all my uncles are, so I guess that probably is a difference makers because even if I do lose everything or go broke when someone other than me dies, that's still wealth for my children.

At the 100 to 200k mark you're intelligent enough to see what to do with money, but know you're a bad investment away from being lower middle class.

 

[TheNig]

Great point you brought up at the end. At 100k+ When majority or all of your money comes from your W2, taxes really have you losing in the end.

That's why Warren Buffet has a lower tax rate than his secretary.

Focusing only on getting the highest salary or hourly rate you can possibly get and nothing else is hustling backwards. Focus should be on how can I get most of my money coming from my investments which are taxed way less than money coming from your W2 as a high wage earner. Otherwise you just a high priced ho



What should they do instead

My investments are extremely small and I make over a 100k a year for the last 6 years and I'm absolutely fine.

I have more than enough money saved and I'm comfortable.

 

[greatone]

If you want to take a few vacations a year or upgrade day to day life with perhaps a maid or landscapers,etc. You need money on top of bills, savings and investments.

And it’s ok to want and have “luxuries”.

I would think 24K/year in savings can pay for a couple of vacations a year and some luxuries with money left over. If that is not enough what is the amount, 25k, 50K,...200K after saving, bills, etc? If you are talking about buying 60K+ cars, expensive clothes and shoes like gucci, balenciaga, yeezy's, etc, and expensive jewelry then yeah 24K is not enough.

 

[Prodyson]

when in reality you need about 250k yr gross to be middle.

What is this comment based off of? What is the standard you’re using to define middle class?

 

[Losttribe]

What is this comment based off of? What is the standard you’re using to define middle class?

Observation.


But other than that.... Schwab survey says 2.4 mil to be considered wealthy.... but other models say 40k is middle class. There are thousands of wealth models. So I figured to average it at 250k because around there you aren't in the same exact rat race as a 80k employee

 

[Bboystyle]

This. I real sorry for @The Realist Perspective because clearly nikkas in this thread can’t read. Even if you make $100k, you’re one major hospital bill away from being BROKE. Knowing that will have you wondering how people with 1/3 the capital can even sleep at night. How is any of this sustainable???

Health insurance...

 

[Bboystyle]

What is this comment based off of? What is the standard you’re using to define middle class?

Off of bullshyt.

Just last year for a family of three, that ranges from $40,100 to $120,400 was considered middle class.

250k is upper class

 

[360dagod]

That lifestyle inflation be the biggest killer. I can already see it in my little cousin who just turn 25. She just got her first 100k job and now she on that

"I deserve" "I work too hard to not deserve" blah blah wave. as she finances the new whip, renting the luxury apt, taking mad trips with little attention paid to investments. Trying to get her to change her mindset but you know how our women b sometimes. Once they get a little bit of paper can't tell'em nothing

The economy is geared to women for that reason..
Everything off impulse

This girl told me she got a 1500 louie bag

They can't help themselves

 

[Left.A1]

Maybe I didn't explain my concern clearly enough in the OP but this thread is backfiring entirely.

Nah this is just your typical Coli obtusity at work

 

[TheNig]

Health insurance...

Bruh I am so confused by some of these nikkas comments.

Like seriously... They need to cut off YouTube, stop following these ig hoes that think you're supposed to take 'em to Ruth Chris every weekend.

You ain't a rapper or athlete so the Wraith is probably out of the question. You still want have a luxury vehicle with your 100k? Get a Caddy CT6. You want to eat exquisite foods? Shop at Whole Foods.

nikkas just don't know how to live.

 

[Losttribe]

Off of bullshyt.

Just last year for a family of three, that ranges from $40,100 to $120,400 was considered middle class.

250k is upper class

Where i live you can get away w 120k as upper middle class.
Where my younger bro lives people w 180k have roommates. And even if they dont they arent upper class.

Also "According to respondents of a 2019 Modern Wealth Survey from Charles Schwab, once you have $2.3 million in personal net worth, you can call yourself wealthy"



The vast majority of 100 to 200k earners dont have pass 100k in net worth and many have a negative net worth.

Low level thinkers (like you) think a yearly salary factors into class. In some class models it might but in most it doesnt

 

[Rawtid]

I would think 24K/year in savings can pay for a couple of vacations a year and some luxuries with money left over. If that is not enough what is the amount, 25k, 50K,...200K after saving, bills, etc? If you are talking about buying 60K+ cars, expensive clothes and shoes like gucci, balenciaga, yeezy's, etc, and expensive jewelry then yeah 24K is not enough.

That’s the point! It’s never enough. If you want to save/invest $24k a year, you can’t use it for vacations too. Again, when you have goals for your money, you will always need more.