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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]With a 350K HHI, 50+ Single income family this is where we are at and we feel very wealthy-
1) Great retirement (200K after taxes yearly, not counting social security) 
2) Good enough college (4 years of state school each kid + 1/2 million each for other costs and higher learning)
3) Insurance (Life and disability insurance that will be enough for the SAHM to never go back to work, downsize  etc)
4) No debt (except the 2K in monthly mortgage). 
5) Great medical coverage - presently and after retirement
6) Services at home (cleaners, yard maintainence)
7) Vacations (twice a year, international)

We live in a low COL area in DCUM, new SFH over 3000sq ft, no student debt, no other costs.  [b]What kind of moron cannot be set for life with a 350K HHI or even 200K HHI?  [/b]The entitlement on DCUM is amazing. [/quote]

Well, while still not poor by any means, a dual-income $200k HHI household in the DMV with a couple kids in daycare and some student loans (pretty common these days) is a bit different than a single income $350k HHI.  But hey if it makes you feel better about yourself to call names, have at it![/quote]

+1.  PP is living in another world.  A $350k HHI on one salary in a low COL area and no student loans is a different story than the same income with $5-6k of daycare costs each month living in a HCOL area.  HUGE HUGE difference.

[/quote]

No, no. These guys are morons. 
No apologies.  At their age, we were making a lot less than this couple and we made some financial decisions - moving to low COL area, paying off student loans by living in a one bedroom apartment and living on 35K a year, buying second hand cars and having kids after our student loan was paid off. We did not go on vacations, we did not eat out. We staggered our work hours so that we did not have to pay so much for the shared nanny, we did not get a pet.  
In short, we made every financial decisions to get out of student debt, save like crazy,  and we economized until we were at a financial place where we wanted to be.  We are making in our 50s what this couple is making while they are still a whole lot younger. This is an enormous amount of money and if they cannot create wealth out of it then they are not very smart people.

BTW, we were saving as much as was allowed in our retirement vehicles and enough to get the full employer match.  But it was not a cushy life. These people are spending and living large, and they are saving quite a bit too.  There is no way this is a MC life style. This is all a bunch of BS. 
[/quote]

Again, you’re clueless.  Most dual income families in DC can’t stagger schedules so that they do NOT require childcare.  Our jobs don’t work like that.  Besides the fact most dual income couples making 350k or more can’t pick up and move to a LCOL area and make the same salaries.

You lived in a one bedroom apartment when you had kids?  Because that’s what you’re implying people should do in DC.

I agree people should wait until student loans are paid off but many people don’t.  Some people have so much owed in loans that it takes years (even paying a lot!) and eventually you can no longer have kids due to age.

Again, you’re totally clueless.  [/quote]

Nope. These are the type of people who need instant gratification. The idea that they have to subsist on Ramen  Noodles for 2 years to pay off their student debt is galling to them. They cannot imagine buying clothes and baby gear from GoodWill.  They cannot imagine not going out for drinks and dinner. These people did not live frugally as students and they will not live frugally even when making $350.  Driving an hour to live in a low-cost area is a decision that is not acceptable to them.  
Besides, they are not struggling. They are saving for retirement, living large, paying for everything that they need - homes to drycleaning, daycare to vacations.  So, this is not a MC life style.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics