70% of millennials live paycheck to paycheck

[Anonymous]

Anonymous wrote:I'm not unsympathetic to Larla but that's a story as old as time. Nothing new there. And for every Larla and her bad mistakes, there's multiples who went to the state flagship or local state school and figured things out quickly and ended up in much better places, financially. And for every Larla there's also the UMC kid with the supportive parents who languished and descended into mediocrity.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:This thread is bizarre. So many wealthy people not really getting it. Usually if you are making $100k as a single then you are likely living in a high cost of living area and indeed probably living paycheck to paycheck.

It takes two decent salaries to afford housing and daycare costs now.

However, we are going to see one of the greatest wealth transfers in history soon as boomers pass on their wealth to fend and millenials. Boomers control about 70% of the wealth in the country.

You're saying the boomers will die soon?

I dunno, boomers have a lot of money now, at the end of their careers/beginning of retirement, but they are going to live longer than any generation in history and will probably spend a lot of it, including on healthcare and end-of-life care. My late-60s parents have a lot of money right now, but 20 years from now? Who knows. They have stopped working and have nothing but expenses now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m gen x and same. Passion job and still renting.

Were you a white person who grew up in a LCOL area in the Midwest or South? Everyone else (except for people in this demographic I think) knows that “passion jobs” are only for trust funders or those with a rich spouse.

Immigrants, Latinos, blacks, Asians and those from other third world countries who live in Virginia DC or Maryland tell their children to go with their passion.

Sure. As long as that passion is medicine, engineering, or law. What immigrants do you hang out with? My immigrant family will have none of that!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

We live “paycheck to paycheck” after 529, savings, med school student loans, HSA, taxes and more savings.

After savings doesn't count. Aaaaah!

It does when you survey people asking if they’re living paycheck to paycheck.

?? The definition of "paycheck-to-paycheck" is that you DON'T HAVE SAVINGS

There's literally no other definition

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This thread is bizarre. So many wealthy people not really getting it. Usually if you are making $100k as a single then you are likely living in a high cost of living area and indeed probably living paycheck to paycheck.

It takes two decent salaries to afford housing and daycare costs now.

However, we are going to see one of the greatest wealth transfers in history soon as boomers pass on their wealth to fend and millenials. Boomers control about 70% of the wealth in the country.

You're saying the boomers will die soon?

Obviously

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Rent costs $2500-3000 per mo. A modest Honda is gonna set you back $400-500 per mo. We aren’t even covering childcare, health expenses, and utilities that keep going up. Food prices keep going up and up and up. You will feel poor on a $120k salary these days.

Not everyone can afford to live in a trendy, desirable major city. Some people will have to move. They’ll survive.

If you have a portable career like teacher or nurse you can get a job anywhere, and if you have a corporate desk job you have WFH so you might only need to come in once a week. You commute from Baltimore County once a week. No big deal.

I never quite understood some of these arguments. First, teachers and nurses make crap in LCOL areas. And second, HCOL needs nurses and teachers. Are you saying they should just suck it up and commute 2 hours to HCOL areas so people like you won't go without essential workers?

I work as a nurse in federal government. I make $118K as a staff nurse. I would never make that much LCOL. I live in Northern Virginia in a $1.2 mln house which is paid off by the way. My husband is also government employee, so our combined income is over $250K. We are doing fine. We are not rich, but there are plenty families like us who don't need to move to LCOL areas.

So you and your husband bought a $1.2 Million house? This doesn’t make sense. If you have a HHI of over $250k you’re not struggling or paycheck to paycheck. What was the point of this post lol

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Rent costs $2500-3000 per mo. A modest Honda is gonna set you back $400-500 per mo. We aren’t even covering childcare, health expenses, and utilities that keep going up. Food prices keep going up and up and up. You will feel poor on a $120k salary these days.

Not everyone can afford to live in a trendy, desirable major city. Some people will have to move. They’ll survive.

If you have a portable career like teacher or nurse you can get a job anywhere, and if you have a corporate desk job you have WFH so you might only need to come in once a week. You commute from Baltimore County once a week. No big deal.

I never quite understood some of these arguments. First, teachers and nurses make crap in LCOL areas. And second, HCOL needs nurses and teachers. Are you saying they should just suck it up and commute 2 hours to HCOL areas so people like you won't go without essential workers?

I work as a nurse in federal government. I make $118K as a staff nurse. I would never make that much LCOL. I live in Northern Virginia in a $1.2 mln house which is paid off by the way. My husband is also government employee, so our combined income is over $250K. We are doing fine. We are not rich, but there are plenty families like us who don't need to move to LCOL areas.

So you and your husband bought a $1.2 Million house? This doesn’t make sense. If you have a HHI of over $250k you’re not struggling or paycheck to paycheck. What was the point of this post lol

Probably bought a long time ago.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Rent costs $2500-3000 per mo. A modest Honda is gonna set you back $400-500 per mo. We aren’t even covering childcare, health expenses, and utilities that keep going up. Food prices keep going up and up and up. You will feel poor on a $120k salary these days.

Not everyone can afford to live in a trendy, desirable major city. Some people will have to move. They’ll survive.

If you have a portable career like teacher or nurse you can get a job anywhere, and if you have a corporate desk job you have WFH so you might only need to come in once a week. You commute from Baltimore County once a week. No big deal.

I never quite understood some of these arguments. First, teachers and nurses make crap in LCOL areas. And second, HCOL needs nurses and teachers. Are you saying they should just suck it up and commute 2 hours to HCOL areas so people like you won't go without essential workers?

I work as a nurse in federal government. I make $118K as a staff nurse. I would never make that much LCOL. I live in Northern Virginia in a $1.2 mln house which is paid off by the way. My husband is also government employee, so our combined income is over $250K. We are doing fine. We are not rich, but there are plenty families like us who don't need to move to LCOL areas.

So you and your husband bought a $1.2 Million house? This doesn’t make sense. If you have a HHI of over $250k you’re not struggling or paycheck to paycheck. What was the point of this post lol

Probably bought a long time ago.

I was about to say this. Even a 600-700k house bought back in 2010-15 could be worth 1.2-1.5 million today depending on location.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm 48 and don't make that much. I am a teacher. I must have done something very wrong then.

Teaching is generally a job for trust funders and those with rich spouses.

Wow I didn't know only the rich were allowed to teach.

Only the rich would think teaching is a good idea from a lifestyle standpoint

This is such an American viewpoint and it’s disgusting. Why don’t you guys value teaching as a profession?

[Anonymous]

Anonymous wrote:

Anonymous wrote:This thread is bizarre. So many wealthy people not really getting it. Usually if you are making $100k as a single then you are likely living in a high cost of living area and indeed probably living paycheck to paycheck.

It takes two decent salaries to afford housing and daycare costs now.

However, we are going to see one of the greatest wealth transfers in history soon as boomers pass on their wealth to fend and millenials. Boomers control about 70% of the wealth in the country.

You're saying the boomers will die soon?

The boomers that actually have decent retirement savings will probably spend most of it on LTC. Plenty don’t have more than a couple hundred thousand in saving though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Rent costs $2500-3000 per mo. A modest Honda is gonna set you back $400-500 per mo. We aren’t even covering childcare, health expenses, and utilities that keep going up. Food prices keep going up and up and up. You will feel poor on a $120k salary these days.

Not everyone can afford to live in a trendy, desirable major city. Some people will have to move. They’ll survive.

If you have a portable career like teacher or nurse you can get a job anywhere, and if you have a corporate desk job you have WFH so you might only need to come in once a week. You commute from Baltimore County once a week. No big deal.

I never quite understood some of these arguments. First, teachers and nurses make crap in LCOL areas. And second, HCOL needs nurses and teachers. Are you saying they should just suck it up and commute 2 hours to HCOL areas so people like you won't go without essential workers?

I work as a nurse in federal government. I make $118K as a staff nurse. I would never make that much LCOL. I live in Northern Virginia in a $1.2 mln house which is paid off by the way. My husband is also government employee, so our combined income is over $250K. We are doing fine. We are not rich, but there are plenty families like us who don't need to move to LCOL areas.

So you and your husband bought a $1.2 Million house? This doesn’t make sense. If you have a HHI of over $250k you’re not struggling or paycheck to paycheck. What was the point of this post lol

Probably bought a long time ago.

I was about to say this. Even a 600-700k house bought back in 2010-15 could be worth 1.2-1.5 million today depending on location.

Yeah but if you didn't buy it at that price why mislead everyone with a post saying you live in a 1.2 million house right now? You probably couldn't buy it today so it's better to say I bought my house at $675k and today it's worth 1.2 million. It's such a joke to say I'm just a nurse and I live in a 1.2 million house like come on. The only reason that person worded it that way was to make it look like they did something big when it was obviously bought at a lower price point.

[Anonymous]

Except a lot of paycheck to paycheck people are lying.

I get sick of people whining they live paycheck to paycheck, yet max out 401k, do max contribution to 529 to get tax write off, paying down principal on expensive house, do FSA and paying down a car loan.

Paycheck to paycheck is bills like rent, gas and electric eat up whole paycheck

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This thread is bizarre. So many wealthy people not really getting it. Usually if you are making $100k as a single then you are likely living in a high cost of living area and indeed probably living paycheck to paycheck.

It takes two decent salaries to afford housing and daycare costs now.

However, we are going to see one of the greatest wealth transfers in history soon as boomers pass on their wealth to fend and millenials. Boomers control about 70% of the wealth in the country.

You're saying the boomers will die soon?

I dunno, boomers have a lot of money now, at the end of their careers/beginning of retirement, but they are going to live longer than any generation in history and will probably spend a lot of it, including on healthcare and end-of-life care. My late-60s parents have a lot of money right now, but 20 years from now? Who knows. They have stopped working and have nothing but expenses now.

Depends on how investments do--they have social security, maybe a pension and income and appreciation from investments. My MC parents who are now in their 70s have found that they get richer every year even though they also have nothing but expenses and some significant health expenses. End of life care is the kicker though--it can eat through everything.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm 48 and don't make that much. I am a teacher. I must have done something very wrong then.

Teaching is generally a job for trust funders and those with rich spouses.

Wow I didn't know only the rich were allowed to teach.

Only the rich would think teaching is a good idea from a lifestyle standpoint

This is such an American viewpoint and it’s disgusting. Why don’t you guys value teaching as a profession?

+1
I honestly think at least a part of it is this country has a lot of immature guys who never grew up emotionally and still feel latent pissy about being constrained and evaluated by mainly women teachers in their adolescence, so they attack the profession. There are other reasons too, but this is the grossest one.