Reply to Poverty level is $140,000 for a family. Really.

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Reply to "Poverty level is $140,000 for a family. Really."

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[quote=Anonymous][quote=Anonymous]Interesting concept. I'm a single who makes 140k. On that income, I max 401k/IRA/HSA, have a cheap mortgage at 1500 a month (bought in mid-size city market before real estate exploded post 2020, also refinanced to 2.7). After that I get to take home 4500 a month. Just to live (food, car expenses, utilities, internet, phone, gym pet needs, etc) seems to add up to 3,000 a month. That leaves me with 1,500, which I put aside into long term savings to cover emergency home repairs, eventual car replacement, one international trip a year, etc).

You can see I live comfortably but not extravagantly. I still budget and worry a bit about money, mainly to keep me from splurging too much. Other than my retirement accounts, I do also have 250k in a mutual funds account that is the result of 20 years of careful saving. I am on track for a comfortable retirement.

But it’s still not a fancy life. It's not what I'd call a UMC lifestyle with a bigger house and nicer cars than my Honda. I'm thankful for what I have. But I must also wonder how families survive on less than what I make. They must not save a penny or contribute much to retirement. [/quote]

Right-- $140k for a single person is very different than $140k for a 4-person family, which it what the OP's article is about.[/quote]

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