Why Upper-Middle Earners Are Living Paycheck to Paycheck

[the cac mamba]

The point is 100k isn't what it was when it was set as some type of gold standard over two decades ago.

The fact that we have @the cac mamba telling people they need to live with their parents, have multiple roommates, don't buy a new car, or. Have children pretty much sums it up.

It's a shame he can't see that because his worldview won't allow him to see things objectively.

i'm not telling anyone shyt

why would you need to live with your parents if you make 120 thousand dollars a year

 

[Pressure]

i'm not telling anyone shyt

why would you need to live with your parents if you make 120 thousand dollars a year

at least i know how to handle my money

acting like a solid portion of those people making over 100k couldnt stop living paycheck to paycheck if they made different choices FOH. i know them personally

It's almost like Trump tweets.

 

[the cac mamba]

It's almost like Trump tweets.

what's your definition of telling?

no, as someone who makes 60k a year im not out here empathizing with people who make 120 thousand dollars a year fukk outta here breh. why the fukk should i be crying for those people?

 

[Based Lord Zedd]

a single parent making 110K in Oakland is 5700 take home - this includes pretax deductions of 300/month for health, 60 for dental, 500 into 401k, 20 for LTD and life insurance (that health number is being generous depending on lifestyle)

2500 for apartment
800 for student loans (most people out here making 6 figures went to college/grad school)
1200 for child care
250 car note (this is under the avg car note cost for both new and used)
150 gas
400 for groceries

that's $5300 right there...at what point are you going to stop defaulting to everyone making six figures who can't stack has budgeting issues?

Hell nah, that's exactly why I moved to Houston (it seems to be getting bad here though because everyone else moved here too )

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I agree with what others have said, 100k is no longer the "mark" and that's especially true depending on where you live.

 

[ogc163]

100k is getting you the aspirational lifestyle if you live in a city with a low COL AND your expenses are low. 100k in NYC, LA, DC and the Bay is not the same as 100k in ATL, CHA, or HOU or even Philly, you would need to be making 250k in the former to have the same standard of living as someone living in the latter cities. And then you add in the fact that Black professionals and our networks are concentrated in about 10 metros and that adds in another layer of inflexibility. But fulfillment often depends on expectations vs potential costs, what I'm noticing in these type of threads is that people are often unaware of how expensive life in certain cities are.

 

[Armchair Militant]

I’m not gonna shed a tear for them. They need to manage their money better.

 

[Serious]

100k is getting you the aspirational lifestyle if you live in a city with a low COL AND your expenses are low. 100k in NYC, LA, DC and the Bay is not the same as 100k in ATL, CHA, or HOU or even Philly, you would need to be making 250k in the former to have the same standard of living as someone living in the latter cities. And then you add in the fact that Black professionals and our networks are concentrated in about 10 metros and that adds in another layer of inflexibility. But fulfillment often depends on expectations vs potential costs, what I'm noticing in these type of threads is that people are often unaware of how expensive life in certain cities are.

I get the col in major cities, what I’m saying is, they should probably be frugal for a bit so they can save up and build a next egg / a decent saving then they can navigate a bit more freely. Seriously that would probably only take 2-3 months. No one is saying live with parents or have roommates permanently. But the notion that dishwashers and baristas live in the same city and are forced to budget and survive, means that it’s not impossible.


People in here a seriously crying when there’s a lot of people in these cities not making anywhere close to that.

Because what y’all are telling me is that I’m in a significantly better position than a lot of people making double what I make(67k).

 

[Panther]

I dont feel bad for people. We need to be honest that people dont know how to handle money

I didnt make you go cop that new whip, or run that cc up. Those are self inflicted wounds that compound with systemic issues like healthcare, housing and student loans

 

[choc_cardigan]

White people are fascinating in a horrifying way. As a group they can't show empathy to anyone else not like them. Its impossible for them to put themselves in someone else's shoes and see their viewpoint. But white people can be some of the most self righteous and condescending creatures on the planet. Whoever came up with "pull yourselves up by the bootstraps" was a marketing genius. Americans especially white people will forever side against their own self interest.

 

[ogc163]

I get the col in major cities, what I’m saying is, they should probably be frugal for a bit so they can save up and build a next egg / a decent saving then they can navigate a bit more freely. Seriously that would probably only take 2-3 months. No one is saying live with parents or have roommates permanently. But the notion that dishwashers and baristas live in the same city and are forced to budget and survive, means that it’s not impossible.


People in here a seriously crying when there’s a lot of people in these cities not making anywhere close to that.

A barista and dishwasher usually doesn't have anywhere near the level of debt as someone making 100k+, have the same expenses related to doing their job, and when you bring children into the equation that brings another large cost into the equation because people want their kids to outperform them. And for professionals that can often mean paying higher costs for housing to gain access to good public schools or paying for an above average private school (which in major cities can be 40-55k per year). Further, people of all classes make decisions based on those around them as social status is relative; and so baristas standard of living is not a relevant reference point for the people in question, just like people struggling in Mexico is not a relevant reference point for a kid struggling in Harlem. But threads like this and the rhetoric that's prevalent helps me understand why millennials can be so nihilistic and cop out of traditional institutions and archetypes, if its everyman for himself why invest in the concepts of community and nation? Thus, if folks tell them "it's on you" I can't be surprised when you end up with more cities looking like D.C.where it's rare to see children around and most of life is transactional.

 

[ill]

Exactly.

minimum wage no matter where you live is still no where near 100k.

There are families that get by everyday on way less than 100k, which may be classified as poverty depending on your city, but get this that should you be your mindset until your funds are straight.

No one wants to sacrifice, temporary satisfaction, for a long term pay off. The shyt people complain about are first world problems man.

I guarantee people making 100k a year, have great benefits. Healthcare, dental, HSA,FSA, life insurance, etc. That’s an incredibly different lifestyle than a lot of families that don’t have any type of health insurance or even education.


The real problem on top of a limited social safety net is that, Americans aren’t taught to save or be frugal.

You better watch out with that personal responsibility stuff. People gonna start calling you a young Republican

 

[the cac mamba]

heres some context

the average salary in NYC is 50k not 100k. 50k

The Average Salary in New York City - SmartAsset.

so im sorry that people who make 100k don't get to live the lifestyle they see on instagram, but what the fukk point are any of you actually making in this thread at the end of the day? if you're looking for empathy for people who make 6 figures, you're not gonna get it

 

[Serious]

A barista and dishwasher usually doesn't have anywhere near the level of debt as someone making 100k+, have the same expenses related to doing their job, and when you bring children into the equation that brings another large cost into the equation because people want their kids to outperform them. And for professionals that can often mean paying higher costs for housing to gain access to good public schools or paying for an above average private school (which in major cities can be 40-55k per year). Further, people of all classes make decisions based on those around them as social status is relative; and so baristas standard of living is not a relevant reference point for the people in question, just like people struggling in Mexico is not a relevant reference point for a kid struggling in Harlem. But threads like this and the rhetoric that's prevalent helps me understand why millennials can be so nihilistic and cop out of traditional institutions and archetypes, if its everyman for himself why invest in the concepts of community and nation? Thus, if folks tell them "it's on you" I can't be surprised when you end up with more cities looking like D.C.where it's rare to see children around and most of life is transactional.

Breh come on you better than this, especially since I know you read the NYT a lot.


Private schools? And good school districts are a luxury. Like I said, to build your safety net, all I'm saying is to scale back your lifestyle for a couple months, but people making 100k can't even do that.

And people making 100k, usually have debt, ok so you think dishwashers and barista's don't have debt?

They probably have a significantly higher interest rate on their debt. Who do you think goes to these for profit colleges(ITT Tech, Devry, Everest) then takes out high interest loans? Who do you think keeps payday loans and check cashing spots afloat? Someone making 100k?



This is why I say y'all are out of touch with reality. I've worked with these people, I've seen what they go through.

But look I think that society's taxes should go towards strengthening a social safety net, like free education, healthcare, etc... Not a gigantic military.

 

[Serious]

You better watch out with that personal responsibility stuff. People gonna start calling you a young Republican

Breh if you making a 100k find a way to make that shyt work. Don't take out loan then complain later about your choices, I didn't go to graduate school, because I didn't want to have 100k in debt looming over my head.

I still read books and continually educate myself.

How sorry do you want me to feel. I do personally believe higher education should be free, because it "theoretically" creates a better and more informed society. I also believe the real people making money in this country(billionaires should be taxed more). Cut out all their loopholes.

Just waiting on @No1 to make a guest appearance.

 

[Pressure]

Hell nah, that's exactly why I moved to Houston (it seems to be getting bad here though because everyone else moved here too )

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I agree with what others have said, 100k is no longer the "mark" and that's especially true depending on where you live.

I remember making 90k in SF. It was cool. Had a rent controlled spot in Inner Richmond.

shyt was pretty nice. I was definitely getting more out of it than my friends paying double elsewhere.

That said, at the end of the day when I got a promotion and had the option of moving back east and keeping my salary it was a no Brainer even though I miss the bay.

Housing cost are crippling. Throw in student loans and childcare and I see how people end up being paycheck paycheck. Especially if they aren't in a good dual income home.