Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did you look at the chart?

It says only 16% making $200-$300 live that way and only 25% making $100-$200.

How about this…the people making $500k can live like those making $300k…and then they will saving like 50%.

The most difficult spot to live is that 300k-500k spot, as those are not really rich, and you've lost all the subsidies and tax breaks from the government.

Yes, as someone who makes $250k, I’m rolling in government subsidies

I feel rich (or at least borderline rich) at $250k. If you make $400k and feel like you’re in “the most difficult spot to live” it’s a skill issue. Or at least a perspective issue.

It’s honestly outrageous. You’d expect that if your income doubles from $200K to $400K, your take-home would double too, but it doesn’t even come close. You’re lucky if you see a 70–80% increase.

That extra $200K gets hit with the highest marginal tax rates, plus additional taxes that don’t even apply at lower incomes. By the time it’s all said and done, a huge chunk of that “extra” money is gone.

Hard not to look at that and think something is seriously off.

So don't strive. I don't.

Anonymous wrote:Totally agree, i think 500k is the new middle class

This is nonsense. These people are fully maxing out all savings vehicles, college funds, emergency funds and paying for expensive mortgages,vacations and cars. They just might not have a ton left in checking every month and need their incomes to sustain their lifestyle. But there’s plenty of fat to cut.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've seen enough of those "we make $500k but money feels tight" articles to know that most people don't actually know what paycheck to paycheck means

In this case they mean after maxing out all their retirement accounts and setting aside automated brokerage investments, paying private school tuition, paying the mortgage on heir huge house, and setting aside cash for their next big vacation and reno, they feel like they don't have enough left over to spring for guac.

Not with their kids ordering queso.

You beat me to it! 😫

3-2-1 everyone will say they drive old cars and ship at Aldis.

Anonymous wrote:This is just dumb

its dumb to think that you are rich at 400k

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did you look at the chart?

It says only 16% making $200-$300 live that way and only 25% making $100-$200.

How about this…the people making $500k can live like those making $300k…and then they will saving like 50%.

The most difficult spot to live is that 300k-500k spot, as those are not really rich, and you've lost all the subsidies and tax breaks from the government.

Yes, as someone who makes $250k, I’m rolling in government subsidies

I feel rich (or at least borderline rich) at $250k. If you make $400k and feel like you’re in “the most difficult spot to live” it’s a skill issue. Or at least a perspective issue.

It’s honestly outrageous. You’d expect that if your income doubles from $200K to $400K, your take-home would double too, but it doesn’t even come close. You’re lucky if you see a 70–80% increase.

That extra $200K gets hit with the highest marginal tax rates, plus additional taxes that don’t even apply at lower incomes. By the time it’s all said and done, a huge chunk of that “extra” money is gone.

Hard not to look at that and think something is seriously off.

Unless they have a massive spending problem, they are not living paycheck to paycheck. Their "feelings" are irrelevant; they are almost always putting away money for retirement, etc.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did you look at the chart?

It says only 16% making $200-$300 live that way and only 25% making $100-$200.

How about this…the people making $500k can live like those making $300k…and then they will saving like 50%.

The most difficult spot to live is that 300k-500k spot, as those are not really rich, and you've lost all the subsidies and tax breaks from the government.

Complete BS - you don't need tax breaks at this income level. You need to learn how to control your spending (we are in this level)!

Well, I'm kind of pissed we are missing out on the new SALT deduction limit.

This also doesn't make sense - people right up to 500k get the most out of it (we did). We hit the 40k limit with local wage tax/property tax/state tax with 7k to spare (yes 47k of SALT applicable taxes) on under 500k income. So you're saying you're mad your just above 500k? sorry - it saved 5-8k at most. That's not a difference of living paycheck to paycheck.

Also it was 10k just last year, so again whining about not getting the absolute benefit out of a tax code change is pretty much the most tone deaf statement you could make since it just changed.

Yes, this always makes me laugh when people complain about increasing tax burden as their incomes go up, and say stuff like "it's not even worth making this much." I'm sorry, does your high paying job not require basic math skills? There are a few pinch points where an increase in income can feel like a loss (going just above the level where you would qualify for financial aid is a big one, though less significant than many people think because most schools phase out FA slowly so the amount of FA you lose as it's totally phased out is actually pretty small), but because tax rates are marginal, your added burden on your additional income is pretty much always "worth" the additional income unless you are having to work way harder for the extra money (rare).

People just like to complain. Same on capital gains tax, when people complain about being "hit" with a big tax bill for cashing in gains. You did nothing for that money! You just had money, invested it, and sat there. Who cares that you have to pay some of it the government (who facilitates the entire financial infrastructure that makes the stock market even possible)? People are exhausting about this.

Then they're idiots. But agree never change DCUM.

This is just dumb

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did you look at the chart?

It says only 16% making $200-$300 live that way and only 25% making $100-$200.

How about this…the people making $500k can live like those making $300k…and then they will saving like 50%.

The most difficult spot to live is that 300k-500k spot, as those are not really rich, and you've lost all the subsidies and tax breaks from the government.

Complete BS - you don't need tax breaks at this income level. You need to learn how to control your spending (we are in this level)!

Well, I'm kind of pissed we are missing out on the new SALT deduction limit.

This also doesn't make sense - people right up to 500k get the most out of it (we did). We hit the 40k limit with local wage tax/property tax/state tax with 7k to spare (yes 47k of SALT applicable taxes) on under 500k income. So you're saying you're mad your just above 500k? sorry - it saved 5-8k at most. That's not a difference of living paycheck to paycheck.

Also it was 10k just last year, so again whining about not getting the absolute benefit out of a tax code change is pretty much the most tone deaf statement you could make since it just changed.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did you look at the chart?

It says only 16% making $200-$300 live that way and only 25% making $100-$200.

How about this…the people making $500k can live like those making $300k…and then they will saving like 50%.

The most difficult spot to live is that 300k-500k spot, as those are not really rich, and you've lost all the subsidies and tax breaks from the government.

Complete BS - you don't need tax breaks at this income level. You need to learn how to control your spending (we are in this level)!

Well, I'm kind of pissed we are missing out on the new SALT deduction limit.

This also doesn't make sense - people right up to 500k get the most out of it (we did). We hit the 40k limit with local wage tax/property tax/state tax with 7k to spare (yes 47k of SALT applicable taxes) on under 500k income. So you're saying you're mad your just above 500k? sorry - it saved 5-8k at most. That's not a difference of living paycheck to paycheck.

Anonymous wrote:

Anonymous wrote:Everyone I know that makes that much “feels” like it’s paycheck to paycheck but it’s not. They’re putting the max into their 401ks, each kid gets 10 or 20k a year into their 529s, they automatically put 10k a month into a brokerage fund. It just feels tight but they have tons of savings. They also have nice cars, nice homes and take nice international vacations.

They likely feel that way in part because they always know people with more. If you travel a lot but always fly coach, you always know people getting first class. If you travel first class, you know people who charter private jets. If you charter private jets, you start looking at people who own. And on and on and on.

The new season of Beef touches on this really well. People's perspectives become heavily skewed by proximity to greater wealth. The show dramatizes it, but I've seen it plenty of times IRL.

+1

I know so many people who are "tax the rich" who make decent money and are children/grandchildren of people who made high six figures or seven figures. I doubt they see themselves as rich because they regularly see wealthier people whether in real life or on social media.

Anonymous wrote:Everyone I know that makes that much “feels” like it’s paycheck to paycheck but it’s not. They’re putting the max into their 401ks, each kid gets 10 or 20k a year into their 529s, they automatically put 10k a month into a brokerage fund. It just feels tight but they have tons of savings. They also have nice cars, nice homes and take nice international vacations.

This is it. Plus a lot of the comp may be RSUs or large bonuses which acts / feels a lot less liquid on a monthly basis.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did you look at the chart?

It says only 16% making $200-$300 live that way and only 25% making $100-$200.

How about this…the people making $500k can live like those making $300k…and then they will saving like 50%.

The most difficult spot to live is that 300k-500k spot, as those are not really rich, and you've lost all the subsidies and tax breaks from the government.

Yes, as someone who makes $250k, I’m rolling in government subsidies

I feel rich (or at least borderline rich) at $250k. If you make $400k and feel like you’re in “the most difficult spot to live” it’s a skill issue. Or at least a perspective issue.

You too? So many subsidies in this bracket. Absolutely rolling in them.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did you look at the chart?

It says only 16% making $200-$300 live that way and only 25% making $100-$200.

How about this…the people making $500k can live like those making $300k…and then they will saving like 50%.

The most difficult spot to live is that 300k-500k spot, as those are not really rich, and you've lost all the subsidies and tax breaks from the government.

Complete BS - you don't need tax breaks at this income level. You need to learn how to control your spending (we are in this level)!

Well, I'm kind of pissed we are missing out on the new SALT deduction limit.