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I'm too lazy to do it, but I bet if we averaged the family incomes reported in this thread so far, we would come up with three or four times the U.S. median family income which is just over $50,000. There is quite a self-selection bias at work.
I'm too lazy to do it, but I bet if we averaged the family incomes reported in this thread so far, we would come up with three or four times the U.S. median family income which is just over $50,000. There is quite a self-selection bias at work.
Like someone else already said, most lower income people aren't interested in economics threads.
I'm too lazy to do it, but I bet if we averaged the family incomes reported in this thread so far, we would come up with three or four times the U.S. median family income which is just over $50,000. There is quite a self-selection bias at work.
It's been brought up many times they this isn't an average group of people based on our likes and interest.
As an example, not many people own a Lamborghini. But if you visited a Lamborghini forum, a much higher percentage of people on the forum would own one.
The average person my age frequent Facebook, Twitter, Instagram, and various other social media sites. I enjoy economics, investing, becoming financially independent as soon as possible, and living life simple. I'm not average and neither are most who are here.
If I went out to clubs every weekend and blew all my money on car payments and other depreciating assets like kids my age; I'd have a negative net worth just like them.
And one sharp stick in the eye really not that bad compared to three.
There are lots of places to live where you don't get a poke in the eye period. In other words, it's easy to find people that are in a worse situation to justify not getting out of your own bad situation. It's just like the people that say "at least I have a job" and put up with ridiculous amounts of abuse instead of finding a better job.
I think my main objection to your post was regarding this statement:
"You live in Chicago, the deck is already stacked against you for saving."
I get tired of "It's impossible to save if you live in XXXX (name expensive place)" type statements, especially from places that aren't in the top tier expensive parts of the U.S. I live in one of those top tier metros on an average/below average income and I still manage to save a decent amount (i.e. more than the 15% recommended by financial planners).
It's possible to save if you make saving a priority.
You can earn a good living at a good job, but most don't get ahead/get rich just working for someone else.
It really depends on how you define "rich". That's a very vague term there that means different things to different people.
It's true, it's the successful business owners who can get the richest (assuming they know how to save). But people with professional level incomes can do quite well if they live a notch or two below where they're "supposed to" compared to their peer group.
I think my main objection to your post was regarding this statement:
"You live in Chicago, the deck is already stacked against you for saving."
I get tired of "It's impossible to save if you live in XXXX (name expensive place)" type statements, especially from places that aren't in the top tier expensive parts of the U.S. I live in one of those top tier metros on an average/below average income and I still manage to save a decent amount (i.e. more than the 15% recommended by financial planners).
It's possible to save if you make saving a priority.
Oh, agreed 100%. It's possible to save with just about any income in any location, you just have to adjust your standard of living accordingly.
Right now we save about 30% of our income here in Chicago. Yet if we were to move to a lower cost of living area, it'd be more like 50%+ for a better standard (including a 50% bigger house, 20 years newer, lower daycare/food/transportationp/taxes costs, etc).
That's why I view most 'high cost of living' areas as a stick in the eye. Just because you adapted to the poke doesn't mean it's alright.
many times cheaper areas have salary's not proportional to the cost of living
when we had the 2nd home in PA . we thought of relocating from ny . but when i looked in to working there salary's were 1/2 and at best we could make do with about 1/3 less . so it was a deal breaker relocating to a cheaper area . salary to costs was better here in queens .
They've had PLENTY of help...believe me....you're doing just fine.
I did, indeed. I had good parents. They were nice people who lived useful and moral lives. They paid for about 2/3 of my college expenses, and about 1/4 of graduate school. I was lucky to be born in the United States in the 20th century with a high IQ, an inquisitive mind, and no physical disabilities. For these things I am very grateful.
Other than that, however, I think I mostly did it myself.
when we get into the situation of the Black Community (where I come from), WE don't have any damn families. It's just "Momma" raising us and the Government throwing her some welfare, food stamps and WIC checks. And when "Momma" has to go to work, we are dropped off here, there, strange baby sitters watch us, etc., because the guy that "Momma" had us by is no where to be found or LOCKED up in a prison cell somewhere.
Future "mommas" can do something about this; please help to spread the word.
I get tired of "It's impossible to save if you live in XXXX (name expensive place)" type statements, especially from places that aren't in the top tier expensive parts of the U.S. I live in one of those top tier metros on an average/below average income and I still manage to save a decent amount (i.e. more than the 15% recommended by financial planners).
It's possible to save if you make saving a priority.
I agree somewhat. It really depends if that person wants a 'decent' social life. Most people want to actually have friends and date, especially when they are younger. Not everyone is happy to stay home most of their nights going on CD or anything computer related.
Besides most of the posters in this thread not having kids, probably most here do not spend a lot of money on clothes, eating out, travelling, buying gifts, dating, etc etc etc. Note I said most, not ALL.
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