U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old Today, 04:07 PM
 
3,233 posts, read 892,250 times
Reputation: 5642

Advertisements

Quote:
Jenny Castillo makes over six figures, owns multiple homes in DC and vacationed in three countries already this year. But at the end of each month, she’s still counting pennies.

“Adulting is very expensive,” Castillo, 32, tells The Post. “Yeah, on paper I make good money, but when you factor in debt, cost of living and lifestyle, it’s not.”
https://nypost.com/2019/10/23/millen...feel-strapped/

Jenny Castillo chronicles her life as a HENRY: High Earning, Not Rich Yet millenial here on her blog Jenny the Henry: https://jennythehenry.com/index.php/...es-henry-lows/

Yes, so-called Adulting can be expensive, Jenny, if you make stupid choices. Welcome to being a grown-up.

Quote:
“I feel like I’m living paycheck to paycheck, and have been for forever,” says a 30-year-old graphic designer, who wished to stay anonymous to protect her job. Granted, the Bushwick resident, who makes just over six figures, has more than a few creature comforts: an $80 ClassPass monthly membership, a weakness for acrylic nails, an Uber and Seamless habit and a groomer for her orange Siberian cat. Still, she notes, “I don’t live in a fancy high-rise, I don’t take vacations, I don’t shop at Bloomingdales — I shop at freaking Forever21. But somehow, here I am.”
Reply With Quote Quick reply to this message

 
Old Today, 04:36 PM
 
2,917 posts, read 1,898,707 times
Reputation: 6500
I mean it’s true. I never heard the term Henry, but my wife and I would qualify as that. We make 150k, but we’re not rich. We don’t go on big vacations. Once you hit 401k matches, pay student loans, and pay bills (cough taxes, insurance), there’s not money to be frivolous with.

I know every statistic would say we're top 10 percent in income for our age, but it doesn’t feel rich at all. We will be, but not today.

But it’s nice to be able to click on this person’s story to give them revenue to fund their woes.
Reply With Quote Quick reply to this message
 
Old Today, 05:00 PM
 
12,508 posts, read 22,146,026 times
Reputation: 12498
Quote:
Originally Posted by Thatsright19 View Post
I mean it’s true. I never heard the term Henry, but my wife and I would qualify as that. We make 150k, but we’re not rich. We don’t go on big vacations. Once you hit 401k matches, pay student loans, and pay bills (cough taxes, insurance), there’s not money to be frivolous with.

I know every statistic would say we're top 10 percent in income for our age, but it doesn’t feel rich at all. We will be, but not today.

But it’s nice to be able to click on this person’s story to give them revenue to fund their woes.
How old are you? If just recently out of college it makes sense. I didn't personally start seeing any real accumulation until maybe 33-34 but our first couple jobs out of school paid really horribly (like $7/hr, stupid recessions).

Millennials are no different than everyone else. They have bad long term planning skills and want to live in the moment. I would bet most came out of college making decent money and haven't known any different, and see a world of Gen X and boomers who have accumulated millions over decades.
Reply With Quote Quick reply to this message
 
Old Today, 05:00 PM
 
826 posts, read 962,040 times
Reputation: 1011
I guess it just depends on your lifestyle. I've been blessed to truely be a minimalist with spending. I wouldn't call myself a minimalist in terms of possessions. I don't go to the extreme of getting rid of everything I don't actively use for simplicity. I make 60k a year and easily max out my retirement accounts. I can live on $600 a month including all expenses aside from rent. 100k income for me would just be gravy but nothing else in my life would change. I chuckle to myself every time I hear those "what gift would you give yourself if money was no object" or "what's the first thing you'd buy if you won the lotto". I literally have everything I can ever want and if I didn't have it, I'd buy it. But cars, clothes, and new electronics aren't anything I'm interested in. I make a point once a year to buy some new clothes because I wouldn't otherwise. If anything the one thing difficult area in my life are relationships because I'm yet to find someone as simple as I am. But it's a lot better than making 6 figures and still being stressed out over bills.

I think my age group (millenials) are just obsessed with consumption.
Reply With Quote Quick reply to this message
 
Old Today, 05:08 PM
 
27,034 posts, read 33,941,343 times
Reputation: 34379
Quote:
Originally Posted by RationalExpectations View Post
https://nypost.com/2019/10/23/millen...feel-strapped/

Jenny Castillo chronicles her life as a HENRY: High Earning, Not Rich Yet millenial here on her blog Jenny the Henry: https://jennythehenry.com/index.php/...es-henry-lows/

Yes, so-called Adulting can be expensive, Jenny, if you make stupid choices. Welcome to being a grown-up.
Oh good grief.
Reply With Quote Quick reply to this message
 
Old Today, 05:14 PM
 
Location: SoCal
14,821 posts, read 7,114,726 times
Reputation: 11673
This is one of my kids. She makes by herself a shocking amount at age 24 thanks to RSUs. But so far she only saved 401k and Roth IRA. She has no student loan, no car loan. Housing cost is not high either since she shares with a friend. I’ve been mentioning, save her bonus, I’m hoping to set the seed for the future. But I’m not surprised at this article.
Reply With Quote Quick reply to this message
 
Old Today, 05:16 PM
 
12,508 posts, read 22,146,026 times
Reputation: 12498
Quote:
Originally Posted by NewbieHere View Post
This is one of my kids. She makes by herself a shocking amount at age 24 thanks to RSUs. But so far she only saved 401k and Roth IRA. She has no student loan, no car loan. Housing cost is not high either since she shares with a friend. I’ve been mentioning, save her bonus, I’m hoping to set the seed for the future. But I’m not surprised at this article.
It's good when people spend their money. It keeps the economy's wheels greased.
Reply With Quote Quick reply to this message
 
Old Today, 05:17 PM
 
2,917 posts, read 1,898,707 times
Reputation: 6500
Quote:
Originally Posted by wheelsup View Post
How old are you? If just recently out of college it makes sense. I didn't personally start seeing any real accumulation until maybe 33-34 but our first couple jobs out of school paid really horribly (like $7/hr, stupid recessions).

Millennials are no different than everyone else. They have bad long term planning skills and want to live in the moment. I would bet most came out of college making decent money and haven't known any different, and see a world of Gen X and boomers who have accumulated millions over decades.
30. I started making 40 to 50k at 23. My wife made like 30k. I make more than double that now, with base, excluding bonuses. She has had big raises too. We’ve been accumulating 401k this whole time, paying off loans, and building house equity. We have “real” accumulation, but it’s all gone without continuing to work, so it’s paycheck to paycheck as far as I see it. Making 100k isn’t that much money in major metros. After all the various tax types, insurances, 401k savings, it’s not like you have a ton of “fun” money.

Early on, we also needed to basically acquire everything a house hold needs From couches to rakes to mowers to appliances.

Having a long term plan is part of what makes it this way, if we shy’d away from
Wealth building, we could blow money and live it up with vacations.
Reply With Quote Quick reply to this message
 
Old Today, 05:21 PM
 
Location: Omaha, Nebraska
7,701 posts, read 4,465,539 times
Reputation: 19690
Quote:
Originally Posted by Thatsright19 View Post
After all the variance tax types, insurances, 401k savings, it’s not like you have a ton of “fun” money.
Part of the problem is that the media has inflated people's expectations of just how much an "average" family should be able to buy. It makes people feel poor even when they are not.
Reply With Quote Quick reply to this message
 
Old Today, 05:25 PM
 
2,917 posts, read 1,898,707 times
Reputation: 6500
Quote:
Originally Posted by Aredhel View Post
Part of the problem is that the media has inflated people's expectations of just how much an "average" family should be able to buy. It makes people feel poor even when they are not.
All I’m saying is the biggest expenditures are things we don’t even see any value for generally. My biggest expenses would be federal income tax, state income tax, property tax, the mortgage (mostly interest), and the health and car insurances. That’s tens and tens of thousands of dollars that you never even actually see. Throw on a student loan to get good paying jobs, the expenditures you need to make to keep a good paying job, commuting costs, ect and it’s pretty easy not to feel “rich” with the “6 figure” income.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top