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If you are making $150,000 per year - you are rich by any definition of the word rich. You should be thankful for everything you have compared to most of the people on this planet. If you borrowed too much money for student loans and/or for your house and/or for your car -- I have no sympathy.
Wow. That comes off a bit out of touch. $150k goes far in some places and very little in others. Yes, in 1985, making $150k meant that you were likely rich, but times have changed.
The girl in the article isn't asking for sympathy. She's doing the right thing. Investing for the future. All she is saying is that it isn't easy and takes commitment.
Poor Jenny. Perhaps we could set up a GoFundMe page for her and her orange Siberian cat?
Interesting outlook. Jenny has multiple homes in an expensive area (which is a great way to invest for the future), and travels the world (which is great way to invest in education and health), and you want to turn this into a social welfare case? What has America come to?
If you are making $150,000 per year - you are rich by any definition of the word rich. You should be thankful for everything you have compared to most of the people on this planet. If you borrowed too much money for student loans and/or for your house and/or for your car -- I have no sympathy.
150k isn’t rich in a top 25 metro in this country. And a higher income doesn’t mean you’re rich anyways if you’re too young to have years of asset accumulation.
You don’t know how “thankful” I am.
I haven’t over borrowed on my home, student loans, or cars.
Interesting outlook. Jenny has multiple homes in an expensive area (which is a great way to invest for the future), and travels the world (which is great way to invest in education and health), and you want to turn this into a social welfare case? What has America come to?
The DC attorney is being ridiculous and trying to monetize her ridiculousness with a blog.
The graphic designer making $100K on the other hand I can sort of get her complaints. Let's walk down what $100K in NYC, your own place in Bushwick, and responsible savings mean:
Gross: $100K
Post tax: $100K - about $35K = $65K
Post payroll deductions (maxed 401K & insurance): $65K - about $20K = $45K
Post rent: $45K - about $24K = $21K
More than enough to live well on for a single person without large debt or out of pocket health expenditures, but like she said it's a Forever21 budget, not a Bloomingdale's budget which is perfectly fine but maybe mismatches her expectations of a six figure income. Rent/taxes eating up most of a low six figure income is specifically a NYC/SF, and to a lesser extent LA/Boston/DC, problem.
Last edited by ALackOfCreativity; 11-29-2019 at 07:49 PM..
Or maybe it’s me who couldn’t detect your sarcasm and now I’m in an awkward spot.
Believe me, if there was any way to inject any more sarcasm into that post, I would have been all over it - thanks for pointing that out, though, I can often use the help.
Everything is relative. If Jeff Bezos had to live my lifestyle for a year (even though I consider myself "comfortable", I live a simple life and want for little in the way of material things), he would probably hang himself. Personally, I couldn't find enough hours in the day to give away Jeff's fortune, it would probably be a chore to have to do so.
Jenny is building her future on a salary which is probably more than twice what my career average, inflation-adjusted earnings were, she is likely in the top ten percent of earners, and with a little discipline and self-sacrifice, could be within the top ten percent with respect to accumulated wealth well before she chooses to retire early. That makes her "wealthy" in my book. Obviously not Warren Buffet money, but Buffet's "club" is in the top one percent of the one percent club, it's fantasyland thinking to compare the average person to Warren, Jeff, or Billy G.
Bottom line: Sorry, Jenny will have to cry me a river before I feel the least bit bad for her financial situation. But I am pretty sympathetic to the hardships of others, please tell me where to send my two bucks to make sure her lattes are nothing less than venti going forward.
Wow. That comes off a bit out of touch. $150k goes far in some places and very little in others. Yes, in 1985, making $150k meant that you were likely rich, but times have changed.
The girl in the article isn't asking for sympathy. She's doing the right thing. Investing for the future. All she is saying is that it isn't easy and takes commitment.
$150k goes far everywhere in America people just live a higher lifestyle than required...think about all the people making $10/hr and how they still have a roof over their heads etc.
I rented a bed in an apartment in Crystal City DC but lived in Raleigh where we owned a house and commuted back and forth weekly for example.
I don't think someone is rich making $150k household income but they definitely have options as far as living goes and have the ability to get ahead really quickly, something those earning much less do not have the ability to do.
Wow. That comes off a bit out of touch. $150k goes far in some places and very little in others. Yes, in 1985, making $150k meant that you were likely rich, but times have changed.
The girl in the article isn't asking for sympathy. She's doing the right thing. Investing for the future. All she is saying is that it isn't easy and takes commitment.
+1. Mr. Ginge and I are pulling about $150k combined, and are teetering somewhere between lower and solid middle class for where we live (very modest home, no student loans, no car payments). Granted, we do have school age children, but our friends who are 10 years older are living a lot more luxuriously than we are on less income; a lot of that is due to the reality of home prices more than doubling between when they bought a home and when we did. When we were pulling $100k, we were making rent on a 2br apartment, with no hope of ever buying a home.
$150k goes far everywhere in America people just live a higher lifestyle than required...think about all the people making $10/hr and how they still have a roof over their heads etc.
I rented a bed in an apartment in Crystal City DC but lived in Raleigh where we owned a house and commuted back and forth weekly for example.
I don't think someone is rich making $150k household income but they definitely have options as far as living goes and have the ability to get ahead really quickly, something those earning much less do not have the ability to do.
For a single person agreed. The extra $30-35K post tax over someone making $100K gets discretionary spending and/or post tax savings to a level way above what the average person has access to even in the most expensive cities and means you can live a high end lifestyle (if that's your thing) and still watch your bank/brokerage account tick upward at a good clip.
For a family in the most expensive markets it can still be a bit tight and require compromises like the one you made. Housing costs have gotten out of control in some parts of the country to the point where you need a $200K+ household income to support a family in a way that would be middle class in places where home prices are sane. Your solve neatly solves the problem but it's a pretty big sacrifice to make.
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