Reply to Study shows that 350k/year is barely scrapping by as middle class

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Reply to "Study shows that 350k/year is barely scrapping by as middle class"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I am a real example of how 350K can be Middle Class.

I was living in a paid off house with a stay at home wife and no kids in college making that much money. I would got to Turks and Caicos on vacation, buy wife a new car, had a BMW.

Well job ended, had to get new one. Same salary, much more expensive location and had to move. Now I have mortgage and my house costs me $3,700 a year. My kid started college and I have a second one starting in Fall. My college I am doing out of non-college savings as I only have enough for youngest and may be forced in early retirement. I will pay in Fall $8,000 a month for college on ten payment plan. Now I do $2,000 a month in 401k,

So I am up to $13,700 a month. Rest of bills car insurance, kids, food, you name it around $4,000 a month. So I am at $17,7000 month budget.

I cant afford nothing, have not been on a real vacation in three years. My car is a nine year old american car overdue for an oil change. My wife a 8 year old american car. [/quote]
[b]I can afford nothing.... but 8K per month for college... Sure, dude, you are so stricken, it is insane! Ever heard of in state college? If you didn't have that stupid BMW maybe you would have had more money today? Being poor with that much money is being stupid.[/quote][/b]

Agreed. Your kids need to take out student loans. My parents didn't pay a dime for my undergrad or masters degree. I paid off nearly $150k in student loan debt in six years by good old hard work, avoiding the non-profit sector, and refusing to settle for less than I'm worth in the market. Your kids can do the same.

Your kids can finance an education; you cannot finance retirement.[/quote]

Kids are only eligible for the tiny loan amount. Rest is Plus loans I am on hook for.  My kids are in State School. With merit aid. Around 40k each. I already saved for retirement as entire career put into 401k. But that is not real money. I can’t spend it. But between wife and I (she put in for 14 years before kids) we have around combined two million in 401k. Not going to stick kids with loans. Some are doing noble professions that won’t equal my earning power.

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