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i skimmed through it but didn't see anything about family size. i could see that being the case for a family of 4 or 5 who isn't great with budgeting, but for a single person or a couple with no kids the number is outrageous in most areas.
Depends where, too. Seems about right for middle-class in NYC or San Francisco. The problem is largely what the "basics" means. A basic house is 2,500 square feet, a basic car (of which a family owns 2.3 of) is $30,000... As you move up the income, the basics becomes more. Basic becomes a $4-5,000 apartment in Park Slopes, preschool is $15,000 a year, private middle/high is $30k. Just the basics you're looking at $60,000 in rent and another $30-60k in tuition. $100-150k. On $250k gross that doesn't leave a lot.
One sallient fact about the article is that is is based on a survey. In the survey, people were asked about their incomes and their lifestyles and other related things. This is simply not an objective, dispassionate analysis about financial security - it is a collection of people's feelings and perceptions of their financial security.
Already the small numbers of posts here have alluded to the same things I am talking about. It is so terribly subjective when we talk about what consitutes a "middle class" lifestyle, or any other lifestyle. Do you need granite counter tops to be middle class? Designer clothes? A BMW automobile or equivalent? Private school for the kids? Eating out in chi-chi restaurants? I don't think any of the above are necessary, or even worthwhile. Lots of people have located very, very good public schools, although I admit a lot of them are not so good. (Just to comment on the issue of schools - I could talk about the other issues in turn, but that would be unnecessary to make my point).
Come on folks, the article is talking about status, not about "financial security". The article is about spoiled people.
Depends where, too. Seems about right for middle-class in NYC or San Francisco. The problem is largely what the "basics" means. A basic house is 2,500 square feet, a basic car (of which a family owns 2.3 of) is $30,000... As you move up the income, the basics becomes more. Basic becomes a $4-5,000 apartment in Park Slopes, preschool is $15,000 a year, private middle/high is $30k. Just the basics you're looking at $60,000 in rent and another $30-60k in tuition. $100-150k. On $250k gross that doesn't leave a lot.
yea they covered that at the end and did the 150k equivalent in a few major metro areas. i'm assuming therefore that the 150k was for average cost of living locales
I think the story said "to live comfortably", including saving money. And I think it was for a family. $17K wouldn't work for me, I pay $21K/year on daycare alone.
One sallient fact about the article is that is is based on a survey. In the survey, people were asked about their incomes and their lifestyles and other related things. This is simply not an objective, dispassionate analysis about financial security - it is a collection of people's feelings and perceptions of their financial security.
Already the small numbers of posts here have alluded to the same things I am talking about. It is so terribly subjective when we talk about what consitutes a "middle class" lifestyle, or any other lifestyle. Do you need granite counter tops to be middle class? Designer clothes? A BMW automobile or equivalent? Private school for the kids? Eating out in chi-chi restaurants? I don't think any of the above are necessary, or even worthwhile. Lots of people have located very, very good public schools, although I admit a lot of them are not so good. (Just to comment on the issue of schools - I could talk about the other issues in turn, but that would be unnecessary to make my point).
Come on folks, the article is talking about status, not about "financial security". The article is about spoiled people.
^^^This^^^
Excellent analysis. Concurring...
Mircea
Quote:
Originally Posted by easilyjaded
LOL I live on 17K a year!
Super. There a many who live on less than that, and do just fine because they are intelligent like you are, and use their money wisely to their own advantage, instead of becoming a slave to money.
Thrilled...
Mircea
Quote:
Originally Posted by asufan
I think the story said "to live comfortably", including saving money. And I think it was for a family. $17K wouldn't work for me, I pay $21K/year on daycare alone.
So? That's personal choice you made. Just because you made bad decisions, it does not logically follow that everyone else should be forced to make bad decisions, too. You could pay 0$/year for day-care, but that would way too much like work for you.
You also highlighted a valid criticism, which that such things like "to live comfortably" is highly subjective. Personally, I'd rather not live my life in the manner some Liberal thinks I should, just because they have a bizarre view of what living comfortably is.
This survey was conducted by a retail marketing research group. The amount stated for comfortable living is 3 times the median household income. Who did they ask? Did they ask those who make 1/3 the comfortable figure? If so, how would they know that is what is needed to live comfortably if they have never made that amount? If they asked those who make $150,000 or better would you expect that they would say they could live comfortably on 1/3 of what they currently make?
It appears to me that this is a worthless survey. Any survey conducted by a research group for retailers is of questionable validity in my opinion.
So? That's personal choice you made. Just because you made bad decisions, it does not logically follow that everyone else should be forced to make bad decisions, too. You could pay 0$/year for day-care, but that would way too much like work for you.
Mircea
What?!
Last I checked the police department might have issues with leaving a baby at home alone during the day.... Wgat if they are a single parent?
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We need some perspective here, please!
