Why is $275k hhi now so poor?

[Anonymous]

Guys OP doesn't mean DINK as in Double Income No Kids. She means Delusional Ignorant Nonsensical Karen. I get it.

[Anonymous]

Anonymous wrote:SMBC—I make $300, 2 kids in public. I put 30k in my 401k including the catch up. My mortgage is $2800, car is paid off. Kids each have $150k in their 529s. They’re not going to BC on that but it will pay for state school.

I have enough for vacations, food, shopping. I have no idea how 2 adults can’t make it on $275..

+1 Last year our HHI was $275, some of which was self employment income, which means we pay an extra 12.5% in taxes. We are a family of 4 -- two teens, one in college.

PITI is about $2400
2 cars paid off

$80K 401k (some from self employment, both over 50.)
$13K 529
$43k taxes

Net Total $136k.

Our total expenses last year was around $125K, including two vacations.

Total $261K

If you are a DINK and are barely scraping by at $275K, you are definitely living beyond your means.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am at the point where I can't tell if it's a legit dumb Gen Z/young millennial whining or a troll. I CANNOT TELL THE DIFFERENCE ANYMORE.

the sad thing is i think it's sincere

but i promise anyone who thinks this will also feel poor at $400k, or $600k, or whatever amount. it's just never enough!

that said we're dinks with an hhi of $275 and we do drive a 12 year old Kia Soul, and are really not thrilled at car prices for when we're going to have to replace this reliable car one day.

Well, how many of us grew up thinking making $275K would be amazing and instead it's... Just very average?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Have some perspective OP. Yes our first house (tiny, not renovated townhouse) was $500k, but interest rates were over 6% (in 2007) and our household income was $140k. The only difference was that we didn’t feel poor - on the contrary we were excited and hopeful. We didn’t expect to be rich or have luxury cars at 30. Have patience and get out of your own head.

Yet another irrelevant Gen X post. Wow, you could survive on $80 per week for groceries back then too. Car insurance rates and home insurance back then were also half the price. Student loan bills were probably half as much as they are now too. A stupidly simple car back then also wasn't $40-50k like they are now too. I bet Chipotle and McDonald's didn't cost $15 per meal back then too. 2007 was 17 years ago. You are living in a delusion world from almost 2 decades ago. $275k is such a mediocre and near poor income now.

Poor you! Enjoy your unhappy life of your own making!

[Anonymous]

You're financial illiterate.

Make good money but is still dumb. Sigh.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op, thank you for working hard and pissing away all your hard earned money. Economy is doing well because of people like you.
Rich people see possibilities with any left over money; poor people see what they can't have - an Audi in this case. You lost me at the Audi. I just bought a new Mazda at 0% putting half down from my older car.
I don't put my money in 401k to rot, but I did double my money inside Roth accounts in under 6 months. I'm trying to do it again the next 6 months, so twice a year.
I do budget down to a dollar as I like it so much.
I work two days a week usually. I also took the whole summer off. Seems like my earned income will be $20k a year as it has been the last 25+ years.
Work smarter, not harder.

Oooohhhhh ooooo. I'm so impressed. Congrats, you'll either be the wealthiest corpse in the graveyard or a millionaire crapping in a diaper while you let life blow by with zero enjoyment and repaing the rewards of your labor while younger.

Lame.

I'm sorry that you are so miserable, unable to enjoy yourself, family, friends, and the world, that you work yourself to death for money to throw at corporations in failed attempts to make you forget your pain.

[Anonymous]

Anonymous wrote:

Anonymous wrote:SMBC—I make $300, 2 kids in public. I put 30k in my 401k including the catch up. My mortgage is $2800, car is paid off. Kids each have $150k in their 529s. They’re not going to BC on that but it will pay for state school.

I have enough for vacations, food, shopping. I have no idea how 2 adults can’t make it on $275..

+1 Last year our HHI was $275, some of which was self employment income, which means we pay an extra 12.5% in taxes. We are a family of 4 -- two teens, one in college.

PITI is about $2400
2 cars paid off

$80K 401k (some from self employment, both over 50.)
$13K 529
$43k taxes

Net Total $136k.

Our total expenses last year was around $125K, including two vacations.

Total $261K

If you are a DINK and are barely scraping by at $275K, you are definitely living beyond your means.

First, if you're barely scraping by at any salary, you're not living beyond your means. It means you're right on the line. Think about the definition of the word "beyond" and whether it applies here. Given OP's criticisms about how a family making 90K a year can't save for retirement, OP probably maxes out his 401K, but finds that he's not rolling in dough afterwards.

Second, your PITI is 2.5K, which is pretty much the PITI for a 350k mortgage at today's interest rates. OP was probably 5 years old when you bought your house. So your mortgage just isn't relevant to his life situation.

You're acting like just because you have kids that somehow it means you would have higher expenses than OP, when in reality, you were able to buy your house 20 years ago, and a house is most people's biggest expense. I could live like a billionaire if I made $10 dollars an hour and buy a house using prices from the 1850s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:SMBC—I make $300, 2 kids in public. I put 30k in my 401k including the catch up. My mortgage is $2800, car is paid off. Kids each have $150k in their 529s. They’re not going to BC on that but it will pay for state school.

I have enough for vacations, food, shopping. I have no idea how 2 adults can’t make it on $275..

+1 Last year our HHI was $275, some of which was self employment income, which means we pay an extra 12.5% in taxes. We are a family of 4 -- two teens, one in college.

PITI is about $2400
2 cars paid off

$80K 401k (some from self employment, both over 50.)
$13K 529
$43k taxes

Net Total $136k.

Our total expenses last year was around $125K, including two vacations.

Total $261K

If you are a DINK and are barely scraping by at $275K, you are definitely living beyond your means.

What would your PITI be if you had to buy your house today using today's interest rates and a 20% down payment?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Have some perspective OP. Yes our first house (tiny, not renovated townhouse) was $500k, but interest rates were over 6% (in 2007) and our household income was $140k. The only difference was that we didn’t feel poor - on the contrary we were excited and hopeful. We didn’t expect to be rich or have luxury cars at 30. Have patience and get out of your own head.

Yet another irrelevant Gen X post. Wow, you could survive on $80 per week for groceries back then too. Car insurance rates and home insurance back then were also half the price. Student loan bills were probably half as much as they are now too. A stupidly simple car back then also wasn't $40-50k like they are now too. I bet Chipotle and McDonald's didn't cost $15 per meal back then too. 2007 was 17 years ago. You are living in a delusion world from almost 2 decades ago. $275k is such a mediocre and near poor income now.

Oh no I'm too poor for McDonald's. I can only afford to each real food.

[Anonymous]

Poor DINK OP, scrounging for salvage to survive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Have some perspective OP. Yes our first house (tiny, not renovated townhouse) was $500k, but interest rates were over 6% (in 2007) and our household income was $140k. The only difference was that we didn’t feel poor - on the contrary we were excited and hopeful. We didn’t expect to be rich or have luxury cars at 30. Have patience and get out of your own head.

Yet another irrelevant Gen X post. Wow, you could survive on $80 per week for groceries back then too. Car insurance rates and home insurance back then were also half the price. Student loan bills were probably half as much as they are now too. A stupidly simple car back then also wasn't $40-50k like they are now too. I bet Chipotle and McDonald's didn't cost $15 per meal back then too. 2007 was 17 years ago. You are living in a delusion world from almost 2 decades ago. $275k is such a mediocre and near poor income now.

I spend about $400 a month. No McDonald’s. Wendy’s has a $4 meal deal. Chipotle every other month. We also hot a house that costs half what yours is and diy. I drive a $50k car we paid cash for. Our income is half yours and no family help. Grow up.

[Anonymous]

major troll fail

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:SMBC—I make $300, 2 kids in public. I put 30k in my 401k including the catch up. My mortgage is $2800, car is paid off. Kids each have $150k in their 529s. They’re not going to BC on that but it will pay for state school.

I have enough for vacations, food, shopping. I have no idea how 2 adults can’t make it on $275..

+1 Last year our HHI was $275, some of which was self employment income, which means we pay an extra 12.5% in taxes. We are a family of 4 -- two teens, one in college.

PITI is about $2400
2 cars paid off

$80K 401k (some from self employment, both over 50.)
$13K 529
$43k taxes

Net Total $136k.

Our total expenses last year was around $125K, including two vacations.

Total $261K

If you are a DINK and are barely scraping by at $275K, you are definitely living beyond your means.

What would your PITI be if you had to buy your house today using today's interest rates and a 20% down payment?

OP has no kids. So, they aren't spending on childcare, activities (expensive when they are teens) and college savings. For us, that's about $1600 per month.

Add that to the PITI, it would be $4000, which is more like a $500K mortgage at 6%, or something like that. Our previous mortgage was 5.75%, mortgage was $600k.

OP isn't buying a house right now. They didn't indicate what their rate is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:SMBC—I make $300, 2 kids in public. I put 30k in my 401k including the catch up. My mortgage is $2800, car is paid off. Kids each have $150k in their 529s. They’re not going to BC on that but it will pay for state school.

I have enough for vacations, food, shopping. I have no idea how 2 adults can’t make it on $275..

+1 Last year our HHI was $275, some of which was self employment income, which means we pay an extra 12.5% in taxes. We are a family of 4 -- two teens, one in college.

PITI is about $2400
2 cars paid off

$80K 401k (some from self employment, both over 50.)
$13K 529
$43k taxes

Net Total $136k.

Our total expenses last year was around $125K, including two vacations.

Total $261K

If you are a DINK and are barely scraping by at $275K, you are definitely living beyond your means.

First, if you're barely scraping by at any salary, you're not living beyond your means. It means you're right on the line. Think about the definition of the word "beyond" and whether it applies here. Given OP's criticisms about how a family making 90K a year can't save for retirement, OP probably maxes out his 401K, but finds that he's not rolling in dough afterwards.

Second, your PITI is 2.5K, which is pretty much the PITI for a 350k mortgage at today's interest rates. OP was probably 5 years old when you bought your house. So your mortgage just isn't relevant to his life situation.

You're acting like just because you have kids that somehow it means you would have higher expenses than OP, when in reality, you were able to buy your house 20 years ago, and a house is most people's biggest expense. I could live like a billionaire if I made $10 dollars an hour and buy a house using prices from the 1850s.

uh, yea, having kids is expensive, especially if you are trying to save for college.

We could've retired already if we didn't have kids with that income. You act like our interest rate was always low. It wasn't. Our first house was $750K 20 years ago with a rate of 6%, and we had two kids back then, paying for childcare.

Sorry, but $275K today for DINKs is quite a bit, and you can live pretty well. OP stated that they are "poor", as in "barely scraping by". That's ridiculous. They are clearly living beyond their means if they are "poor".

[Anonymous]

If you can’t save and get ahead on $275k in 2024, you will always be out of money.