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Old 03-06-2018, 09:54 AM
 
29,779 posts, read 34,863,854 times
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Quote:
Originally Posted by Serious Conversation View Post
Manufacturing has been on the decline for many years in my local area, but the last recession really hit the 50+ crowd on the nose. Many liquidated retirement savings trying to keep a lifestyle going they could no longer really afford. Ten years on, those retirement savings were never replenished and those workers mostly either dropped out of the labor force or took junk jobs to stay afloat. In hindsight, it was a very stupid move, but a lot of people did it.
https://www.investopedia.com/terms/l...-inflation.asp

Quote:
DEFINITION of 'Lifestyle Inflation'

Increasing your spending when your income goes up. Lifestyle inflation tends to continue each time someone gets a raise, making it perpetually difficult to get out of debt, save for retirement or meet other big-picture financial goals. Lifestyle inflation is what causes people to get stuck in the rat race of working just to pay the bills.

Just read article about how folks making 500k a year in the DC area are living paycheck to paycheck because of lifestyle inflation.
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Old 03-06-2018, 10:01 AM
 
Location: Tennessee
23,579 posts, read 17,561,360 times
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Quote:
Originally Posted by TuborgP View Post
https://www.investopedia.com/terms/l...-inflation.asp

Just read article about how folks making 500k a year in the DC area are living paycheck to paycheck because of lifestyle inflation.
There comes a point where you have "enough," but a lot of that, like you implied, is based on location.

For me to really feel that I don't know need to worry about money would probably be somewhere between $90k-$100k in this area. I'd probably upgrade the condo to something on the lake or a somewhat larger home in Jonesborough. Beyond that, my lifestyle probably wouldn't change all that much. I have enough to do what I like as it is, and I don't have a lot of PTO so long stretches of travel probably won't happen

When I lived in Carmel, IN, there was a much higher pressure for lifestyle inflation than living in podunk Tennessee where $15/hr is good.
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Old 03-06-2018, 10:04 AM
 
10,209 posts, read 12,249,921 times
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I have a buddy that made 5mm+ over his professional career (30 yrs or so) and has very little saved for retirement. Doesn't live an over the top life, just had a few kids, paid for colleges, had a 3 yr unemployment period. He still has time left to get something going but the time clock is ticking for sure. Wife really never worked but recently started to so that could help.
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Old 03-06-2018, 10:22 AM
 
29,779 posts, read 34,863,854 times
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Quote:
Originally Posted by Serious Conversation View Post
There comes a point where you have "enough," but a lot of that, like you implied, is based on location.

For me to really feel that I don't know need to worry about money would probably be somewhere between $90k-$100k in this area. I'd probably upgrade the condo to something on the lake or a somewhat larger home in Jonesborough. Beyond that, my lifestyle probably wouldn't change all that much. I have enough to do what I like as it is, and I don't have a lot of PTO so long stretches of travel probably won't happen

When I lived in Carmel, IN, there was a much higher pressure for lifestyle inflation than living in podunk Tennessee where $15/hr is good.
Enough depends on what is considered enough housing and a lot of that is location driven and neighborhood driven with that location. The article I referenced cited housing as being a major reason why they were paycheck to paycheck and that they were buying more expensive housing than needed. Saving for college for you kids depends on where you want the to go. If you are gung ho Ivy League gung ho that means a lot more if have three kids.
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Old 03-06-2018, 10:30 AM
 
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Lots of people are fools when spending money, living beyond their means. I have a hard time feeling sorry for those folks.
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Old 03-06-2018, 10:34 AM
 
71,543 posts, read 71,712,424 times
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Quote:
Originally Posted by MichiganGreg View Post
Hey, it's OK. Maybe a CNBC writer will come up with something truly innovative for their next assignment; I'm looking forward to something on the order of

'A list of the ten best/worst states to retire in'...

or Americans are so poor they can't even pay attention .
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Old 03-06-2018, 11:06 AM
 
Location: Lakewood OH
21,699 posts, read 23,661,739 times
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Quote:
Originally Posted by Willistonite View Post
Lots of people are fools when spending money, living beyond their means. I have a hard time feeling sorry for those folks.
I keep hearing about “those folks” but I can honestly say I have never met a single one. I guess I just never hung with the “right crowd.”

The people I know who have struggled to make ends meet never had that opportunity.
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Old 03-06-2018, 11:15 AM
gg
 
Location: Pittsburgh
17,929 posts, read 18,252,130 times
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Quote:
Originally Posted by eliza61nyc View Post
I would not call a poll of 1000 adults "America".
Click bait.
Well that is about normal these days. It is all about the least amount of work possible for the greatest return, so 1000 people polled is probably about minimum effort.

I think there probably is some truth to it all however as millennials on average will be starting out life with MASSIVE debt if they went to college and didn't have rich parents.
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Old 03-06-2018, 11:29 AM
 
Location: Tennessee
23,579 posts, read 17,561,360 times
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Quote:
Originally Posted by TuborgP View Post
Enough depends on what is considered enough housing and a lot of that is location driven and neighborhood driven with that location. The article I referenced cited housing as being a major reason why they were paycheck to paycheck and that they were buying more expensive housing than needed. Saving for college for you kids depends on where you want the to go. If you are gung ho Ivy League gung ho that means a lot more if have three kids.
You can always want more though. I don't think it's going to take $500k to be middle class in DC and still save for retirement. It's all about how many kids you have and personal standards.
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Old 03-06-2018, 12:15 PM
 
11,127 posts, read 8,537,739 times
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Quote:
Originally Posted by gg View Post
Well that is about normal these days. It is all about the least amount of work possible for the greatest return, so 1000 people polled is probably about minimum effort.

I think there probably is some truth to it all however as millennials on average will be starting out life with MASSIVE debt if they went to college and didn't have rich parents.
No. It's called statistical sampling. Has nothing to do with effort.
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