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More and more people are feeling the Bidenflation pinch, but how in the hell can nearly half of those earning $100,000+ barely keep their heads above water?
It is a poorly conducted study that comes to all the wrong conclusions for all the wrong reasons.
An income of $100,000 can only be viewed in the context of the Cost-of-Living for that particular economy, and there are 597 economies in the US.
Yes, 44,000 is less than 100,000 but the minute you put that "$" in front it changes everything.
Now, $44,000 can be greater than, equal to or less than $100,000 depending on the exact circumstances.
$100,000 is only equal to $100,000 if you're in the same economy.
Otherwise, $100,000 could equal $40,000 or it could equal $375,000. It all depends on which one of the 597 economies you're living in.
If only we were Iceland with a population of 379,000 people and one economy and a uniform Cost-of-Living.
So, for this study to have any validity, it would have to be conducted in just one of the 597 economies and pull the sample from all persons in that particular economy earning $100,000.
Go to Dallas-Fort Worth, find 2,100 people earning $100,000 and do your interview.
The study also ignores the fact that during the unnecessary and futile STUPID-19 lock-downs, people went on spending sprees ordering everything and using their credit cards.
They no longer have that $25 monthly minimum on their 5 credit cards, now it's $100/month, so they just lost $375/month.
While it is claimed they are living paycheck-to-paycheck, are they really?
If they cut out the 60 trips to Starsux they make every month, they wouldn't be living paycheck-to-paycheck.
With all the wonderful technology we have today, Chapter 11 Bankruptcy for People is an idea whose time has come.
A court-appointed trustee will take over their bank accounts, credit cards, 401(k)s and such, set up a budget, cut out all the unnecessary frivolous spending to satisfy their infantile urges, and dole them out a monthly allowance just like their mommies and daddies used to do, and within a few years, they'll be debt free and butched up for retirement.
In high school we had biz classes as electives, accounting 1 & 2, and a beginning stats class, which prepped me for continuing with a biz major in college, where I went on to take additional accounting, finance, stats and many other biz classes. I knew how to balance a checkbook long before I finished high school. Had my first savings account at age 7.
Zero debt from college and grad school. I took advantage of my company's tuition reimbursement benefit and got my master's mostly on their dime.
It seems more people are illiterate and uneducated today, than ever. This is ironic since there are 100x more sources to obtain knowledge and education than 4 decades ago when there was no Internet. People can literally take basic to advanced high school level classes online for free, not to mention oodles of college-level classes. English, grammar, all the math subjects, stats, finance, science...all of it is available.
We live in a society where at least half don't have critical thinking skills, where anti-intellectualism and anti-education is seen as more than OK, where reading and writing skills are sub-par. We've become a society that desires going decades backwards in time, anti-science, anti-knowledge. Comes down to the family structure and whether education is emphasized or not, at a foundational level. Dumb, uneducated adults tend to raise dumb, uneducated kids, and the cycle repeats and is systemic.
It is a poorly conducted study that comes to all the wrong conclusions for all the wrong reasons.
An income of $100,000 can only be viewed in the context of the Cost-of-Living for that particular economy, and there are 597 economies in the US.
Yes, 44,000 is less than 100,000 but the minute you put that "$" in front it changes everything.
Now, $44,000 can be greater than, equal to or less than $100,000 depending on the exact circumstances.
$100,000 is only equal to $100,000 if you're in the same economy.
Otherwise, $100,000 could equal $40,000 or it could equal $375,000. It all depends on which one of the 597 economies you're living in.
If only we were Iceland with a population of 379,000 people and one economy and a uniform Cost-of-Living.
So, for this study to have any validity, it would have to be conducted in just one of the 597 economies and pull the sample from all persons in that particular economy earning $100,000.
Go to Dallas-Fort Worth, find 2,100 people earning $100,000 and do your interview.
The study also ignores the fact that during the unnecessary and futile STUPID-19 lock-downs, people went on spending sprees ordering everything and using their credit cards.
They no longer have that $25 monthly minimum on their 5 credit cards, now it's $100/month, so they just lost $375/month.
While it is claimed they are living paycheck-to-paycheck, are they really?
If they cut out the 60 trips to Starsux they make every month, they wouldn't be living paycheck-to-paycheck.
With all the wonderful technology we have today, Chapter 11 Bankruptcy for People is an idea whose time has come.
A court-appointed trustee will take over their bank accounts, credit cards, 401(k)s and such, set up a budget, cut out all the unnecessary frivolous spending to satisfy their infantile urges, and dole them out a monthly allowance just like their mommies and daddies used to do, and within a few years, they'll be debt free and butched up for retirement.
The only way COL matters is that people should be adjusting their spending to below their income in order to not live paycheck to paycheck. That can be done anywhere, though it will result in various levels of standard of living, depending on where one lives and works.
The only way COL matters is that people should be adjusting their spending to below their income in order to not live paycheck to paycheck. That can be done anywhere, though it will result in various levels of standard of living, depending on where one lives and works.
Location, location, location.
Renting my 4 br house in the San Francisco Bay Area is going to run a family roughly $4k a year. Renting that same home in Nebraska would be a little less than half of that. Why do you persist? You don't just adjust in a conversation that is specifically based on a family earning $100k. As the poster you quoted said, the study you are clinging to is a joke and deeply flawed. The Nebraska family will be living "comfortably" and have savings. Not so much for the family in the SF Bay Area. In one area you live like a king, in another you barely get by.
In high school we had biz classes as electives, accounting 1 & 2, and a beginning stats class, which prepped me for continuing with a biz major in college, where I went on to take additional accounting, finance, stats and many other biz classes. I knew how to balance a checkbook long before I finished high school. Had my first savings account at age 7.
Zero debt from college and grad school. I took advantage of my company's tuition reimbursement benefit and got my master's mostly on their dime.
It seems more people are illiterate and uneducated today, than ever. This is ironic since there are 100x more sources to obtain knowledge and education than 4 decades ago when there was no Internet. People can literally take basic to advanced high school level classes online for free, not to mention oodles of college-level classes. English, grammar, all the math subjects, stats, finance, science...all of it is available.
We live in a society where at least half don't have critical thinking skills, where anti-intellectualism and anti-education is seen as more than OK, where reading and writing skills are sub-par. We've become a society that desires going decades backwards in time, anti-science, anti-knowledge. Comes down to the family structure and whether education is emphasized or not, at a foundational level. Dumb, uneducated adults tend to raise dumb, uneducated kids, and the cycle repeats and is systemic.
54% of American adults read below the 6th grade level (US Dept of Ed). That's simply astonishing.
There are numerous ways to cut costs regardless of where one lives. Anyone who claims otherwise is just making excuses for overspending.
That's interesting. How do you do that when you're spending $48k after tax on rent and your $100k income after tax income is roughly $70k? It's fair to assume that any family is going to have other expenses after rent. This is such a ridiculous argument. Of course locale matters. In fact, it is paramount. Clearly there are many areas of the country where a family earning that are going to live quite well and in others that won't be the case. To continue to deny that is an exercise in futility.
That's interesting. How do you do that when you're spending $48k after tax on rent and your $100k income after tax income is roughly $70k? It's fair to assume that any family is going to have other expenses after rent. This is such a ridiculous argument. Of course locale matters. In fact, it is paramount. Clearly there are many areas of the country where a family earning that are going to live quite well and in others that won't be the case. To continue to deny that is an exercise in futility.
Don't spend that much on rent. Live somewhere where rent is lower, or with roommates, etc. A lot of people commute to work from lower cost areas. Haven't you ever lived in/near a big city? That's how it's done.
Most earning 6 figures live in large metropolitan areas.
Housing prices are rapidly rising again.
Many who make 6 figures Have student loans to pay.
There is no decent public transit in most cities so owning a car is a necessity.
This is not Biden’s doing. At least not entirely, he was in congress.
This is bad policy created by Reaganism and Clintonism. Cutting taxes for the wealthy, gutting spending on public transit and higher education spending by states free trade killing small towns.
Don't spend that much on rent. Live somewhere where rent is lower, or with roommates, etc. A lot of people commute to work from lower cost areas. Haven't you ever lived in/near a big city? That's how it's done.
Oh you mean like an area 60 miles away from work with a 2 hour commute each way or maybe Nebraska
Yeah so locale matters. Thanks for proving that point.
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