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Old 12-22-2014, 09:33 AM
 
1,710 posts, read 1,462,166 times
Reputation: 2205

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Quote:
Originally Posted by SandyJet View Post
139K is not much.

Lets say a 50 old man makes 140K a year with a stay at home wife and some kids.
24K to 401K
10K to 529 Plan
Left with 106K

After taxes, medical, car insurance, food, clothes for kids, gas, property taxes, homeowners insurance even without a mortgage they would be scrapping by.

Household Income: $139,173
Median Net Worth: $500,001
Median Disposable Income: $104,356
Median Home Value: $497,713
Some ppl will argue that is considered privileged and you need to share your "wealth" with those less fortunate. But I agree. I live in one of the top 5 with a similar economic background. I by no means feel wealthy.
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Old 12-22-2014, 09:41 AM
 
4,538 posts, read 6,445,137 times
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Quote:
Originally Posted by Timmyy View Post
How does someone contribute $24K to a 401K in a year? Is that pre and post tax numbers? Is it because the man is 50 and can play catch up? I am just curious.

$139K is plenty to live off of if you live within your means.

I currently live in #8.
24K is the max now for person over 50 to contribute to 401K. If a man has a stay at home wife he is trying to pay for two pensions himself, him and his wife.

I drive a used car, own my house outright, show at Kohls with coupons and with a couple of kids and a stay at home wife 139K is very little.

Consider this a plain old 24 kid who graduates with an accounting degree and lands a job at KPMG, PwC, DT or EY meets a GF at work. Both live at home and our in their third year of work between then the income would be 139K.

Now you are saying 139K is a high income for a middle aged man in a rich town supporting an entire family, saving for retirement and saving for 2-4 college degrees, a few weddings etc.? It is not much
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Old 12-22-2014, 09:45 AM
 
Location: 42°22'55.2"N 71°24'46.8"W
4,848 posts, read 11,805,876 times
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How did they arrive at the median net worth? My wife doesn't even know our net worth.
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Old 12-22-2014, 09:51 AM
 
Location: In The Thin Air
12,566 posts, read 10,611,363 times
Reputation: 9247
Quote:
Originally Posted by SandyJet View Post
24K is the max now for person over 50 to contribute to 401K. If a man has a stay at home wife he is trying to pay for two pensions himself, him and his wife.

I drive a used car, own my house outright, show at Kohls with coupons and with a couple of kids and a stay at home wife 139K is very little.

Consider this a plain old 24 kid who graduates with an accounting degree and lands a job at KPMG, PwC, DT or EY meets a GF at work. Both live at home and our in their third year of work between then the income would be 139K.

Now you are saying 139K is a high income for a middle aged man in a rich town supporting an entire family, saving for retirement and saving for 2-4 college degrees, a few weddings etc.? It is not much
I didn't say $139K is a high income but it should be enough for most people. I have a stay at home wife, a daughter, a mortgage, a car payment, I contribute to my 401K, I contribute to my daughter's college fund and we still live good. We are definitely not rich but we are doing just fine. I guess it is how you budget it.

By the way, weddings are a scam. Such a silly thing to spend your life's savings on.
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Old 12-22-2014, 10:45 AM
 
Location: Denver, Colorado U.S.A.
14,164 posts, read 27,215,585 times
Reputation: 10428
Quote:
Originally Posted by Timmyy View Post
I didn't say $139K is a high income but it should be enough for most people. I have a stay at home wife, a daughter, a mortgage, a car payment, I contribute to my 401K, I contribute to my daughter's college fund and we still live good. We are definitely not rich but we are doing just fine. I guess it is how you budget it.

By the way, weddings are a scam. Such a silly thing to spend your life's savings on.
Weddings ARE a waste of $$$! Do like we did... go to the JOP and slap down your $80! But hey, it's all about girls living out their childhood dream of playing princess for a day.

Our combined household income is somewhere around $170K and I don't feel rich, with 2 kids.
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Old 12-22-2014, 10:57 AM
 
Location: In The Thin Air
12,566 posts, read 10,611,363 times
Reputation: 9247
Quote:
Originally Posted by denverian View Post
Weddings ARE a waste of $$$! Do like we did... go to the JOP and slap down your $80! But hey, it's all about girls living out their childhood dream of playing princess for a day.

Our combined household income is somewhere around $170K and I don't feel rich, with 2 kids.
We got married in Vegas and it saved us a ton.

My wife quit her job in June to take care of her health and be with my daughter. It cut our income in half.
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Old 12-22-2014, 11:02 AM
 
Location: Denver and Boston
2,071 posts, read 2,208,790 times
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As one of the posters below the linked article commented... any such list that does not include 80113 near the top has serious methodology problems. The time it would take me to deconstruct the methodology would probably exceed the time that the writer took to construct the methodology. My guess would be this is based upon the American community survey that the census does every few years of roughly 2% of the population, a self reported and unreliable survey and a percentage too small to be useful at the zip code level. And that this is based upon mean income not average average, which would negate the influence of those at the high extreme.
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Old 12-22-2014, 11:23 AM
 
Location: Foot of the Rockies
90,297 posts, read 120,694,120 times
Reputation: 35920
Quote:
Originally Posted by denverian View Post
Weddings ARE a waste of $$$! Do like we did... go to the JOP and slap down your $80! But hey, it's all about girls living out their childhood dream of playing princess for a day.

Our combined household income is somewhere around $170K and I don't feel rich, with 2 kids.
Agreed. You are still married, with all the rights and privileges, no matter how you do it. That said, our daughter's was about the price of a new, compact car.
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Old 12-22-2014, 11:32 AM
 
4,538 posts, read 6,445,137 times
Reputation: 3481
Quote:
Originally Posted by Timmyy View Post
I didn't say $139K is a high income but it should be enough for most people. I have a stay at home wife, a daughter, a mortgage, a car payment, I contribute to my 401K, I contribute to my daughter's college fund and we still live good. We are definitely not rich but we are doing just fine. I guess it is how you budget it.

By the way, weddings are a scam. Such a silly thing to spend your life's savings on.
Weddings are a scam depending how generous or cheap your relatives are. If your relatives are pretty generous it is not much of an expense at all.

I have been to fancy weddings where bride and groom were blue collar and most of family were low income and they lost a ton of money. I have been to fancy weddings where relatives were well off and generous and couple made money.

I max out my 401k and save every other paycheck. Spend one and save one and you need at least 200K to make that work without being broke.
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Old 12-22-2014, 11:58 AM
 
Location: Texas
5,847 posts, read 6,179,338 times
Reputation: 12327
Households who earn $150K are not wealthy. Nor are households that earn double that. Or triple that, IMO. They are middle and upper middle class. Despite what many who want to further divide the country say, the "1%-ers" are not wealthy. They are all people who work for a living (and usually very hard). They also (along with people even higher in income) pay the majority of federal income taxes in this country. People who are really "wealthy" make up more like the .01% of the population, if not less.

Wealthy people don't work. Wealthy people don't know what they have in the bank, because they don't care because they don't have to worry about running out- unless they are completely stupid and irresponsible.
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