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Obviously, income matters, but I think too much emphasis is placed on it. Net worth (excluding value of primary residence) is more important to me.
Very true. Doesn't matter what you make, it matters what you keep. If I am making $200,000 a year and spending $205,000 a year then that income does not make me any more better off.
Very true. Doesn't matter what you make, it matters what you keep. If I am making $200,000 a year and spending $205,000 a year then that income does not make me any more better off.
It would depend on what you spent the $205,000 on.
It would depend on what you spent the $205,000 on.
It could become assets.
That is true as well. I guess it would all depend on what you spent your money on. You could be investing and spending more than you make. I prefer to spend less than I make though. LOL
In theory that might be the case, but I for one would not want to live in OKC. Cost of living and Lifestyle are way different.
It's not just "in theory" - it's a reality for many people. Believe it or not, there are tons and tons of people who have absolutely zero desire to live in a big metro area with a high cost of living.
It's not just "in theory" - it's a reality for many people. Believe it or not, there are tons and tons of people who have absolutely zero desire to live in a big metro area with a high cost of living.
I am one of them.......we live 35 miles from town.
I'm not doubting the BLS but I just see so many poor people out there trying to raise a family on a combined household income of about $50k/yr. How do they ever manage?
Many don't independently. Many get help from family or private charities. Others get some form of government aid, but on $50k, I'd doubt they'd get much. Most just get by the best they can with what they have.
Very true. Doesn't matter what you make, it matters what you keep. If I am making $200,000 a year and spending $205,000 a year then that income does not make me any more better off.
Then it also doesn't matter how much you spend. If you are making $200,000 and spending $100,000 then you have $100,000 left. If I am making $15,000 and spending $15,000 then my frugality is meaningless because I have nothing to show for it.
Just my husband and I. Make 50-60k a year. We live comfortably, own our home and have a good savings. When we first married we were making 24k a year and living well then to.
its not about how much you make, its about how much you save.
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