Why is $275k hhi now so poor?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you and how long have you been making that? You should be doing fine. When we were dinks making that, we had a subscription to the theater, went out for dinner a lot, bought a lot of clothes, visited friends in NYC, flew to visit parents a few times a year, did home renovations, etc. - plenty of money that didn’t need to be spent - unless you have backbreaking student loans. Then that’s the issue.

Look Jennifer from Gen X, it isn’t 1998 anymore. It is 2024. Maybe you haven’t noticed, but car and home insurance has risen by 30% in the last 3 years. Shopping around barely saves money. Gas is never going back down below $3.50 again. Groceries are insane. Garbage chipotle food now costs $42 for two people. Imagine how bad dining out is now when friggin fast food costs $40. A new stupid minivan for soccer moms is $50k.

Everything about American life sucks AZZ. You aren’t comfortable unless you’re now making. $500k. Maybe you should retire your waffle thermals and nirvana Ts and join the year 2024, Jen from latchkey.

Man I’m a Gen Xer and all I can say is that these new trolls are so lame! They don’t even try anymore. It’s so obvious. Like you are trying to sound clever with the Gen-X insults (I guess we are the baddies now vs the boomers) but they just fall flat. Try harder. You need to be more subtle if you are trying to get peeps riled up. Step up your game, Aidan/Olivia.

Aidan/Brayden/Jaeden 🤧🤭

r/Tradgedeigh

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I can’t imagine how rich I would feel at $275k and no kids.

You’re doing something wrong if you feel poor.

same! we have one kid and HHI of 125k and feel comfortable. I mean no luxuries, etc. but if we had 275 I think we'd be doing a happy dance.

They are "living above their means". Obviously plenty of people live with 125K/150K and are comfortable.

They could be too. They likely were at that level at some point, and as income changed, they choose to put all increases into their new lifestyle, rather than saving 50-60%

Why do you think that everyone in the world would feel more "comfortable" seeing a higher number in their bank/vanguard account than actually using the money to improve their quality of life (i.e., living in a more expensive apartment that's closer to the metro and with amenities in the building so you don't have to run around all day to do your errands)? If I take your premise to the logical extreme, we would all be happier living in the street so that we can invest the money saved from no longer paying rent. I severely doubt anyone would take that offer.

I also severely doubt that people who are spending nearly all of their 275K income on living expenses somehow completely mismanage the money such that they had 0 experiences that were worthwhile and they would have had the exact same level of happiness if they only lived on half of that income. Sure, you might personally prefer to have the money in the bank than to spend it, because you get a high every time you see the numbers go up in your bank account, but not everyone's goal is to have a mountain full of money that they don't spend.

The issue is OP seems to be unable to live on 275K -- not that they prefer not to save.

I guess I'm not reading OP's post this way. I didn't see any indication that OP was going into debt to finance their 275K lifestyle. I do, however, see OP's complaining that 275K doesn't go very far and that they're disappointed that a 275K HHI is only giving them a middle-class lifestyle. Everyone who's telling them that they're not saving enough only adds credence to OP's complaint -- apparently the way they live (which they already find inadequate) is actually too extravagant for the rest of DCUM.

It's true $275K today is not the same as $275K 10 years ago. However, more than likely OP would not have been earning $275K 10 years ago.

Op wants 2010 prices with a 2023/24 wages. It doesn't work that way.

Also, I bet OP is living an UMC not a MC lifestyle. I think some people have a warped sense of what a MC lifestyle is.

[Anonymous]

When I made $275k in 2009 was a lot of money. Today it is peanuts

[Anonymous]

I agree with OP I’m clipping freaking coupons to afford groceries.

[Anonymous]

Anonymous wrote:I agree with OP I’m clipping freaking coupons to afford groceries.

[Anonymous]

Anonymous wrote:When I made $275k in 2009 was a lot of money. Today it is peanuts

another

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I can’t imagine how rich I would feel at $275k and no kids.

You’re doing something wrong if you feel poor.

same! we have one kid and HHI of 125k and feel comfortable. I mean no luxuries, etc. but if we had 275 I think we'd be doing a happy dance.

They are "living above their means". Obviously plenty of people live with 125K/150K and are comfortable.

They could be too. They likely were at that level at some point, and as income changed, they choose to put all increases into their new lifestyle, rather than saving 50-60%

Why do you think that everyone in the world would feel more "comfortable" seeing a higher number in their bank/vanguard account than actually using the money to improve their quality of life (i.e., living in a more expensive apartment that's closer to the metro and with amenities in the building so you don't have to run around all day to do your errands)? If I take your premise to the logical extreme, we would all be happier living in the street so that we can invest the money saved from no longer paying rent. I severely doubt anyone would take that offer.

I also severely doubt that people who are spending nearly all of their 275K income on living expenses somehow completely mismanage the money such that they had 0 experiences that were worthwhile and they would have had the exact same level of happiness if they only lived on half of that income. Sure, you might personally prefer to have the money in the bank than to spend it, because you get a high every time you see the numbers go up in your bank account, but not everyone's goal is to have a mountain full of money that they don't spend.

The issue is OP seems to be unable to live on 275K -- not that they prefer not to save.

I guess I'm not reading OP's post this way. I didn't see any indication that OP was going into debt to finance their 275K lifestyle. I do, however, see OP's complaining that 275K doesn't go very far and that they're disappointed that a 275K HHI is only giving them a middle-class lifestyle. Everyone who's telling them that they're not saving enough only adds credence to OP's complaint -- apparently the way they live (which they already find inadequate) is actually too extravagant for the rest of DCUM.

I define extravagant as "spending on extras/luxuries when you are not fully saving for college and retirement and having a fully funded 9 month emergency fund". Once you do all of those things, go for it and spend to your hearts content. Just don't complain that you cannot afford college or to retire. And if you loose your job (or spouse does) don't complain that you don't have savings to live. That's the tradeoff you made when you went to Europe every summer and Caribbean every spring break and chose not to adequately save for other life events

Exactly. And to be more precise in terms that DCUM can understand:

This means putting kids through private school + college + law or med school = $2.5M indexed for inflation = $5M. This means a lazy retirement at the age of 55 with a conservative withdrawal rate of 3% generating an 80% replacement income of $480K = $16M. This means a 9-month emergency fund and cash cushion for household expenses of $500K. This also means saving for a second home or lake cabin in retirement (PP forgot about that) = $3.5M.

So, we’re only talking a measly $25M in savings. Once you have that, then you can start spending on the niceties. Until then…you’re DCUM poor.

Thanks for making me laugh, PP. And this is just the basic of what people should be saving for. It doesn't even matter if you're a DINK household like OP, you better calculate how much money your potential kids might need in the future or you won't be able to post on DCUM later how you can't afford public college for them, even though every other family who makes 275K HHI can bank roll it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I can’t imagine how rich I would feel at $275k and no kids.

You’re doing something wrong if you feel poor.

same! we have one kid and HHI of 125k and feel comfortable. I mean no luxuries, etc. but if we had 275 I think we'd be doing a happy dance.

They are "living above their means". Obviously plenty of people live with 125K/150K and are comfortable.

They could be too. They likely were at that level at some point, and as income changed, they choose to put all increases into their new lifestyle, rather than saving 50-60%

Why do you think that everyone in the world would feel more "comfortable" seeing a higher number in their bank/vanguard account than actually using the money to improve their quality of life (i.e., living in a more expensive apartment that's closer to the metro and with amenities in the building so you don't have to run around all day to do your errands)? If I take your premise to the logical extreme, we would all be happier living in the street so that we can invest the money saved from no longer paying rent. I severely doubt anyone would take that offer.

I also severely doubt that people who are spending nearly all of their 275K income on living expenses somehow completely mismanage the money such that they had 0 experiences that were worthwhile and they would have had the exact same level of happiness if they only lived on half of that income. Sure, you might personally prefer to have the money in the bank than to spend it, because you get a high every time you see the numbers go up in your bank account, but not everyone's goal is to have a mountain full of money that they don't spend.

The issue is OP seems to be unable to live on 275K -- not that they prefer not to save.

I guess I'm not reading OP's post this way. I didn't see any indication that OP was going into debt to finance their 275K lifestyle. I do, however, see OP's complaining that 275K doesn't go very far and that they're disappointed that a 275K HHI is only giving them a middle-class lifestyle. Everyone who's telling them that they're not saving enough only adds credence to OP's complaint -- apparently the way they live (which they already find inadequate) is actually too extravagant for the rest of DCUM.

It's true $275K today is not the same as $275K 10 years ago. However, more than likely OP would not have been earning $275K 10 years ago.

Op wants 2010 prices with a 2023/24 wages. It doesn't work that way.

Also, I bet OP is living an UMC not a MC lifestyle. I think some people have a warped sense of what a MC lifestyle is.

What do you think is the 2010 equivalent to a 2024 275K HHI?

If I think in terms of housing costs, maybe 100K to 125K? (Guessing that entry-level beginner SFH in DC were 300k-400k in 2010, and about 1MM now).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I can’t imagine how rich I would feel at $275k and no kids.

You’re doing something wrong if you feel poor.

same! we have one kid and HHI of 125k and feel comfortable. I mean no luxuries, etc. but if we had 275 I think we'd be doing a happy dance.

They are "living above their means". Obviously plenty of people live with 125K/150K and are comfortable.

They could be too. They likely were at that level at some point, and as income changed, they choose to put all increases into their new lifestyle, rather than saving 50-60%

Why do you think that everyone in the world would feel more "comfortable" seeing a higher number in their bank/vanguard account than actually using the money to improve their quality of life (i.e., living in a more expensive apartment that's closer to the metro and with amenities in the building so you don't have to run around all day to do your errands)? If I take your premise to the logical extreme, we would all be happier living in the street so that we can invest the money saved from no longer paying rent. I severely doubt anyone would take that offer.

I also severely doubt that people who are spending nearly all of their 275K income on living expenses somehow completely mismanage the money such that they had 0 experiences that were worthwhile and they would have had the exact same level of happiness if they only lived on half of that income. Sure, you might personally prefer to have the money in the bank than to spend it, because you get a high every time you see the numbers go up in your bank account, but not everyone's goal is to have a mountain full of money that they don't spend.

The issue is OP seems to be unable to live on 275K -- not that they prefer not to save.

I guess I'm not reading OP's post this way. I didn't see any indication that OP was going into debt to finance their 275K lifestyle. I do, however, see OP's complaining that 275K doesn't go very far and that they're disappointed that a 275K HHI is only giving them a middle-class lifestyle. Everyone who's telling them that they're not saving enough only adds credence to OP's complaint -- apparently the way they live (which they already find inadequate) is actually too extravagant for the rest of DCUM.

I define extravagant as "spending on extras/luxuries when you are not fully saving for college and retirement and having a fully funded 9 month emergency fund". Once you do all of those things, go for it and spend to your hearts content. Just don't complain that you cannot afford college or to retire. And if you loose your job (or spouse does) don't complain that you don't have savings to live. That's the tradeoff you made when you went to Europe every summer and Caribbean every spring break and chose not to adequately save for other life events

Exactly. And to be more precise in terms that DCUM can understand:

This means putting kids through private school + college + law or med school = $2.5M indexed for inflation = $5M. This means a lazy retirement at the age of 55 with a conservative withdrawal rate of 3% generating an 80% replacement income of $480K = $16M. This means a 9-month emergency fund and cash cushion for household expenses of $500K. This also means saving for a second home or lake cabin in retirement (PP forgot about that) = $3.5M.

So, we’re only talking a measly $25M in savings. Once you have that, then you can start spending on the niceties. Until then…you’re DCUM poor.

Don't be ridiculous

I firmly believe you should have a 6-9month emergency fund. So do most financial experts.

I wouldn't be taking luxury vacations until I have one in place. In reality, I also wouldn't be purchasing a home until I have a 2-3 Month emergency fund in place.
Instead of spending $10K on a vacation, I'd take a $3K one and save the $7K. Repeat with any "luxury item" for 1-2 years and you should have one in place, sooner if you want. If you make $275K, you should be able to have a fully funded emergency fund. If you choose not to, don't complain when life happens.

[Anonymous]

what the heck? 275k without kids is a great life. even with kids it is pretty good. (talking international vacations every year good)

[Anonymous]

Anonymous wrote:I agree with OP I’m clipping freaking coupons to afford groceries.

Really? We have two kids in travel sports, take nice vacations, and easily save for college/retirement on that income.

[Anonymous]

500k is now poor. you need over 4 milllions to be just okay

[Anonymous]

Anonymous wrote:

Anonymous wrote:I agree with OP I’m clipping freaking coupons to afford groceries.

Really? We have two kids in travel sports, take nice vacations, and easily save for college/retirement on that income.

Because you live within your means. More people should try it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I agree with OP I’m clipping freaking coupons to afford groceries.

Really? We have two kids in travel sports, take nice vacations, and easily save for college/retirement on that income.

Because you live within your means. More people should try it.

$30 for raw milk.
$20 dollars for ox eggs

[Anonymous]

Anonymous wrote:Stop blowing smoke up my arse trying to claim $275k hhi is just fine and dandy these days. It is not. We are friggin dinks with virtually no debt except our mortgage on a very modest $625k home. We rake in $275k and are super middle class, it’s insane. Right now driving an 8 year old cheap Mazda 3 bought for $20k snd is paid off. I dread the day we need a new car, because a new car payment will place huge strain on our finances. I think we can only afford a Toyota sedan next. You’d think dinks making almost $300k could afford an Audi these days, but nope. Car insurance, home insurance, taxes, groceries……all of it demolishes you. We only take 1 vacation too per year.

Ok, we might tread water, I’ll give you that. But we aren’t THRIVING. I feel like you’ll only thrive on a $500k income these days. And that’s only from a DINK perspective! I dunno how everyone else who is poorer AND has kids survives. You all survive on malk and beans? Who knew the American dream for family people meant a life of brittle bones and cutting coupons, lol. Prices are so outta control. It is bonkers.

Because apparently $275k is middle class. or whatever. Here you guys go again. Why do you think you deserve to have more spending power?? why would we think $275k is rich? what does this mean even? Maybe start a company or make a risky investment or work a second job. Seems you have everything you need and are stable and can pay your bills. Maybe just enjoy life as hard as possible.
and have fun