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Old 04-02-2020, 01:43 PM
 
Location: NorCal...The Bay Area
4,910 posts, read 1,208,317 times
Reputation: 3655

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Quote:
Originally Posted by Erratikmind View Post
True . . . Most people that earn a high salary fail to take advantage of the same. Most spend the said without any well planned consideration for the future.




I don't know how you can know what most people do that earn a high salary....or what you call a high salary.

IMO people who earn a high salary are WAY smarter than average because they wouldn't be in jobs making really high salaries if they weren't......so they invest & plan for the future more than most. Their jobs also can be more stressful & so I've seen many here that retire early......like in their 50's......& still have beautiful lifestyles.
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Old 04-02-2020, 02:02 PM
 
Location: Las Vegas/SF Peninsula/South Lake Tahoe
2,052 posts, read 1,439,448 times
Reputation: 1343
Quote:
Originally Posted by DeanoSF View Post
Not necessarily disputing your point, but how do you know this to be true of "most people?"
This is based on my own observations and personal experiences. Most of my friends, in my age group (60), that earn $300K+/household are still working with little hope of retiring anytime soon.

They usually have only themselves as a source of revenue. Most cannot do without the next paycheck.

Regardless of what one earns, there is a smaller group of individuals that are willing to be a bit more frugal in the front end and enjoy themselves on the back end.

Most people are not patient enough. This past year, 3 of my high school friends retired. Now, I have some company in retirement. Hopefully, the rest will sort it out, soon.
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Old 04-02-2020, 04:13 PM
 
Location: NorCal...The Bay Area
4,910 posts, read 1,208,317 times
Reputation: 3655
Quote:
Originally Posted by Erratikmind View Post
Most of my friends, in my age group (60), that earn $300K+/household are still working with little hope of retiring anytime soon.

They usually have only themselves as a source of revenue. Most cannot do without the next paycheck.







A household income of $300,000 isn't really "high income" tho IMO.......that would mean individual income is like....$100,000/$200,000 or....$150/$150. That's not high income in the Sf area. I made over $150,000 just as a nurse last yr....& ofc I am middle class on my own & do not qualify for a stimulus check.

The stimulus limits go up to $200,000 household income....they just get deducted $5 for every $100 they are over $150,000 combined together if a couple filed jointly. So ...IMO.....you're talking about middle class in Sf when you're talking about $300,000 household income & not people that have a high salary.........

People with a high salary are the types that are retiring in their 50's here..................
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Old 04-02-2020, 07:15 PM
 
Location: Pac Heights San Francisco
421 posts, read 182,588 times
Reputation: 526
Quote:
Originally Posted by Erratikmind View Post
This is based on my own observations and personal experiences. Most of my friends, in my age group (60), that earn $300K+/household are still working with little hope of retiring anytime soon.

They usually have only themselves as a source of revenue. Most cannot do without the next paycheck.

Regardless of what one earns, there is a smaller group of individuals that are willing to be a bit more frugal in the front end and enjoy themselves on the back end.

Most people are not patient enough. This past year, 3 of my high school friends retired. Now, I have some company in retirement. Hopefully, the rest will sort it out, soon.
In SF, a $300K hh income really is at the lower end of that upper level. It is technically upper income, however. $300,000/yr would put a household approximately in the upper 30% of hh incomes here.

If someone is unable to save and plan appropriately for retirement or even save a bit for a rainy day (or month, as the case may be) at that income level, there are some deeper rooted problems with money management that need to be addressed, in my opinion.

And no, a $1200-$2400 stimulus check will not help someone like that.
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Old 04-02-2020, 07:22 PM
 
Location: Sierra Vista, AZ
16,496 posts, read 21,802,540 times
Reputation: 8694
Quote:
Originally Posted by Hopeful for Life View Post
Nancy Pelosi recently proposed the House’s extensive Stimulus bill to the Pepublicans. Although Pelosi represents an extremely wealthy high income district, she did not raise the Republican Senate’s qualifying income limits from $75k/yr for single taxpayers and $150k/yr for joint. How do her constituents look at this?
I lived there for ten years, you do not understand the area. Most of them are Chinese who bought their homes in the 1950s or 1960s. Those homes are now worth millions. The owners are cash poor and have little or no income. It always struck me to see the GoodWill Store full of millionaires, but that is the way it is.
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Old 04-06-2020, 12:11 PM
 
2,421 posts, read 1,035,960 times
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Quote:
Originally Posted by llowllevellowll View Post
Even if they do qualify, what is $1,200 going to do? Pay for 10 days worth of rent?
That's what I'm saying. It's not even a lot. But the government is already spending $3 trillion because of Coronavirus, so I'm not complaining. I'll take it.
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Old 04-06-2020, 12:19 PM
 
2,421 posts, read 1,035,960 times
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Quote:
Originally Posted by sav858 View Post
Plenty of $100K+ households in the Bay Area I'm sure are living paycheck to paycheck.
I know plenty of people who make this, and that's per spouse, and I certainly don't know any of my relatives/friends/acquaintance personal finance, but how can they be living paycheck to paycheck? Especially if they bought a house 10+ years ago for $450-500K, even $600K.

Unless they have luxury cars, private schools for 4 children, use a ton of resources, eat out almost every day, go on lots of vacations yearly, 2 iPads at home, 2 of the same video gaming console so your children won't fight over one, a big-screen TV in every bedroom, housekeeper, landscaper, pet, buy new clothes all the time, buying toys for your children all the time.
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Old 04-06-2020, 12:28 PM
 
Location: NorCal...The Bay Area
4,910 posts, read 1,208,317 times
Reputation: 3655
Quote:
Originally Posted by sas318 View Post
but how can they be living paycheck to paycheck? Especially if they bought a house 10+ years ago for $450-500K, even $600K.





It would be super easy to be living paycheck to paycheck on just $100,000 in the BA IMO if they didn't own a home.............I honestly don't know how some people will survive......... The little stimulus they get isn't going to do much.................& it will do lots less here than other parts of the country if they lose their job or have to cut back..............
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Old 04-06-2020, 01:47 PM
 
Location: Bay Area
1,639 posts, read 2,414,809 times
Reputation: 980
Quote:
Originally Posted by likealady View Post
I think the government should just give us all back what we paid in taxes last year. Would sustain us for much longer and fairer to everyone, but of course that would never happen because ... government.
i owe $1500 for that year. not because i MAKE so much (this was taxed on 12k?) but because the tax system SUCKS. i will not see a dime of that $1200. didn't see a dime of the Bush stimulus either.
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Old 04-07-2020, 10:10 AM
 
Location: SF Bay Area
16,098 posts, read 26,913,466 times
Reputation: 9737
Quote:
Originally Posted by sas318 View Post
I know plenty of people who make this, and that's per spouse, and I certainly don't know any of my relatives/friends/acquaintance personal finance, but how can they be living paycheck to paycheck? Especially if they bought a house 10+ years ago for $450-500K, even $600K.

Unless they have luxury cars, private schools for 4 children, use a ton of resources, eat out almost every day, go on lots of vacations yearly, 2 iPads at home, 2 of the same video gaming console so your children won't fight over one, a big-screen TV in every bedroom, housekeeper, landscaper, pet, buy new clothes all the time, buying toys for your children all the time.
I'm talking about HOUSEHOLD income, if that's "per spouse" then you're talking about $200K+ households. I'm talking about households where if both spouses are working they are making $50-75K which is a pretty middle/working class income in the Bay Area.

Private school for 4 children? Do you have any idea how much daycare/preschool costs for two or just one child? There is a reason why $117K for a family of 4 is considered "low income" in three Bay Area counties by HUD.
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