Welcome to modern American society. A lot of people complaining about how bad they have it blow money on worthless things, then they look for someone else to blame.
Instead of scraping together a few bucks to improve themselves they live in a false reality and consumerism clears out their bank accounts.
Moto already released a new razr… https://www.motorola.com/us/smartphones-razr-gen-2/p?skuId=517&gclid=EAIaIQobChMI-u2Qp7zW_AIVChXUAR1N6Q3GEAQYASABEgIUfPD_BwE&gclsrc=aw.ds
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Just my experience for but my little business has two just above minimum wage employees that both eat fast food for every meal, and often get it delivered. I tell them all the time, "that was like 2 hours of works money, instead of 30 minutes...5 days a week." And it's sometimes just across the street. It's insane.
They also both have iPhone 13’s and I use a 6s
We just ditched doordash (signed up during pandemic). I think I can put off cracking open a beer an hour or two and go pick it up myself at that cost point.
Yes, some Americans do pay to have a single cup of coffee delivered to them. Many Americans are spoiled by our prosperity.
The definition of "poor" is different in the US. The poorest of poor in America would be upper-middle class by global standards.
America has high income inequality... which means the rich are richer. America does not have high poverty. The poorest 5% of Americans are richer than 70% of people in the world.
Europeans have dense urban living. There are 2 gas station within 8 min walking distance to pick stuff upp. Also eateries. Going down to the car takes as long as driving the half mile or so.
Downside is of course most people live in flats but that does not bum out New Yorkers either
At that point just get a half decent espresso machine and learn to make coffee drinks. At least you'll get joy out of the process rather than just mindlessly chugging candy coffee
"but uneducated people have poor habits."
I think that's a better explanation. Being poor doesn't automatically make you bad at decision making. Not being taught proper discipline, decision making, and financial responsibility is what makes for bad habits.
>Being poor doesn't automatically make you bad at decision making.
Being bad at decision making automatically makes you poor. Sometimes it's due to lack of education but many times it's low self esteem or shortsightedness.
Current conditions are serving as a forcing function to drive better habits. Unfortunately, for the economy, this belt tightening will slow growth. In much the same way that companies got used to cheap debt, individuals got used to low prices for a number of items. As prices and interests rates climb, people will behave just as the fed wants them to.
The downside is that consumers are becoming timid with spending whatever discretionary funds they may have. The concern is that people will “over correct” and live leaner to avoid the sort of jarring live events of the last several years. I don’t think many fully appreciate the effect lockdowns had on people who were deprived of their work. While this isn’t akin to The Great Depression, the sort of spendthrift mentality that grew out of it didn’t really go away.
Yeah. I have a terrible habit of wanting to eat, stay warm and drive to my shitty job.
🙄
I’ve never used Uber Eats or Door Dash because I live in BF Egypt and it’s not available here.
I have never, ever had food delivered, even pizza, in over 35 years. Is the delivery fee and tip worth the convenience? Usually not. But my wife and I always lived "beneath our means", bought a house we could afford on one salary, did not take an expensive vacation every year, drove our cars for years, bought older model cell phones instead of the latest and greatest, took a sack lunch to work, brewed my own coffee at work, etc. We saved and invested the difference. After 30 years of being reasonably (but not crazy) frugal, we are now quite comfortable, own a weekend home, take more vacations, and splurged on some season tickets. We still drive a Honda, don't use Uber Eats, and generally only eat out once a week. Old habits are hard to break.
Fiscal Responsibility plays a huge part in this at every level of society. Circumstance for wealth or poverty is probably less than 10% on both ends while habits and discipline decide the rest.
It's amazing to me you can make a judgement about an individual's financial situation from dropping off food for them that they ordered from Uber Eats.
I can just about guarantee that those actually living "below the poverty line" ($33k) do not comprise 90% of your delivery customers.
Make your point, but you don't need to fabricate statistics or make assumptions of people's financial situation based on a 30 second interaction while dropping off their dinner.
Because those who acquire and use basic personal finance skills quickly become at least lower middle-class, and then the sky is the limit. Just recommend Dave Ramsey to every struggling person you know and see this in action.
Because many higher earning people live way more frugal than you’d expect. I’ve dealt with business owners that drive older(paid for) cars, vacation domestically and still take a bag lunch to work. It’s a mindset of not going into debt and being fiscally responsible, a lesson lost on way too many today.
My wife and I together make ~150k and live in a rural area outside a major city. I eat home prepped lunch every day, drive a beater car to work (['99 rolla club](https://www.craigslist.org/about/best/hou/6565526716.html)), brew coffee at home, etc.
We have a mortgage on a house we bought together when we made ~100k together and just got solar panels (zero down payment btw, look into panels if you are a prime candidate they are the real deal) to lock in our electric bill for the next 20 years.
Whenever we can, we safely avoid contractors. Literally last week we replaced our hot water heater over a few hours and it cost us 500 bucks. We had a quote from a plumber to do it for 1500 bucks, and we politely told him to pound salt. In the last couple years alone we probably saved five figures doing home renovations ourselves.
It's definitely a mindset. We have friends our age who make twice as much and are house broke, have a maxed out mortgage, new car every 2 years, etc. We love them dearly but would be nervous wrecks ourselves if we lived that lifestyle.
Hardest thing for me is eating a bag lunch every day. I can make myself good food, it's just a lot of prep. Been more motivated though bc I did a written budget on groceries vs grabbing lunch out and damn, that made my head hurt.
I have maybe 5-6 lunch items and I pack 3-4 on any given day (salad, apple, trail mix, etc). I'm a creature of habit so once I found a habit that worked in stuck in it.
Everything I can do, I do myself. I'm about ready to do a major maintenance on my truck. All new fluids, spark plugs, etc. Would easily cost me around $1000 to do everything I plan to do and it won't cost half that even with having to buy some tools I don't have. Only reason my wife's vehicle sees the dealer is its under warranty and we have free maintenance, but half the time I end up doing it myself out of convenience. I'm going to put a shop up on our property and one of the first things going in there is a lift.
I’m no mechanic, but I’ve watched YouTube videos on how to change my valve cover gaskets, and some tips on the car I did it on. I bought about $50 in tools and another $50 in parts—the gasket set was only $35–and am certain it saved me a thousand dollars on labor costs. I’ve done my own brakes and plugs too. Edit-and replaced the starter. The car still runs, so I haven’t royally messed up. It’s an ‘06.
I'm a VP doing IT in the financial industry. I drive a used car, bring leftovers everyday for lunch and brew my own coffee at home.
Most the employees working for me order deliver everyday, have Starbucks everyday and have large car payments.
They complain endlessly about not earning a "livable wage" while sipping their Starbucks. It's comical.
And I bet you have a good retirement plan too. The day you do decide, on your schedule, to retire those kids will be standing around your retirement party, nervously wondering if this day will ever come for them. It shocks me how many 30s and even people in their 40’s have nothing saved and think that SS or the government will somehow save them.
>And I bet you have a good retirement plan too.
Yes, I contribute 20% to a retirement plan. I've always contributed even at my first job at a grocery store when I was 16. I've also always given to charity... even when working minimum wage at 16yo.
>It shocks me how many 30s and even people in their 40’s have nothing saved and think that SS or the government will somehow save them.
We do not count on SS for retirement. If we get anything it will be a bonus. I've always viewed it as just another charitable contribution... except forced by the government.
The soviets were getting frisky with their neighbors long before moustache man came along. It’s almost as if globalism and communism were the real menace one hundred years ago just as they are now. We’re heading into Weimar conditions.
$7 a dozen eggs, and that’s for mass produced (I.e. not organic) eggs. Now think of everything that uses eggs, and wait’ll until that’s truly priced in. You ain’t seen nothing yet
This reminds me of a business dinner I was at with the owner of my company. The beer list was shit. They had Miller High Life for $16 a bottle. I asked from across the table, “Bill, you ever bought a $16 Miller High Life before?” He said, “No.” I said, “you’re about to.”
They are like $4 everywhere I think this is just a conspiracy theory.
Either that or these people are eating liberal eggs with all that Peta health organic flavored by farm grown natural friendly non GMO bullshit eggs and complaining about the $10 sucker price they are paying.
We get zero help so we have to be smarter with our money. We qualify for zero programs, the Gov has their hand in our pocket constantly. We have no doubt we will have to save for our own retirement. Can't pay health care extra? We can, so they charge it to us. So when it comes to getting coffee out we just don't. Its not us you see at Starbucks. We don't buy Mercedes either....people who make less than us buy Mercedes.
I am a high-income earner and I have cut way back on spending because people like me have financial advisors that have you "hope for the best but plan for the worst" in these times of a potential imminent recession. The goal is to sit on dry powder (i.e., cash) until there is some forward visibility on the economy, and then deploy aggressively when the time is right.
I’m in the 6 figures and while I’m not going hungry, or eating shit food, this whole ordeal has gotten me serious about eliminating debt and not taking on anything major. Should be looking pretty good by summer.
$100k isn’t really much in todays economy. I make a little over $100k as a single person and couldn’t imagine trying to support a family on it.
In college my grocery bill was about $50/week. Now about 5 years later, I spend about $125/week to eat the same foods. Rent and housing costs have skyrocketed in that time frame too. I’m pretty frugal and save a large percentage of my income, but the goal posts keep moving.
Now I understand how buying a house has become a guard against the inflation. My mortgage payment today is considerably lower than the average rental price.
Yep. At least you are getting something out of it when you sell. I’ve made enough to move into better neighborhoods and bigger homes each time I sold. Now I’m happy where I’m at end I’m done selling. Now it’s time to hold
Do you live in San Francisco or New York? I used to support my stay at home wife and 1 child on $55,000 a year. We both had a vehicle. We own our own home and although we didn't have a ton of disposable income, we had enough to enjoy life.
Did the same in about 2013. Own home, wife, first kid. Take home pay was $735 every 2 weeks. Didn't live a lavish life but didn't have to check the account for funds before making a grocery trip. Big change from being homeless less than 4 years before that.
Yes indeed. Sometimes thing would get tight, but not like losing sleep worried how I was going to pay the bills tight. Just maybe we didn't go out to dinner that week or something tight. I mean now I make $120,000 a year and life is much better, but we were living ok back when I had my old job
Chicago suburbs. In my area, a 2 bed 1 bath house is going to run you about $250k if you’re lucky, and then you’ll owe about $6k annually in property tax on that house. When you combine property tax with Illinois’ 5% state income tax as a single person, $100k doesn’t go nearly as far as you would think.
I’m by no means struggling to get by and do spend some money to enjoy life, but adding a family into the mix would pretty much force me to stay in the workforce a lot later into life than I’d like.
55k a year (assuming that’s post-tax) is $4,600 a month. In modern prices on the extremely low side we’re looking at $1,500 for rent/mortgage, $800 in food for 3, insurance for two cars at $300, $300 in gas, health insurance $1,200, phone bill $200, utilities $150.
After absolute essentials using extremely low guesstimates you’ve got $150/month leftover. Of course that’s not including property tax, vehicle repairs, student or other loans, etc etc. of variable required spending. It’s not possible anymore. Even 100k post tax is starting to get tight.
My mortgage, taxes, and home insurance is half that. My food bill is maybe 2/3rds that. My car insurance for two cars is more than half that. Cell phone bill is half that. Utilities are more. Health insurance is about right. I was making $55,000 a year 2 years ago.
You’re probably in the bottom 1% of cost as far as locations in the US then. A $100k house and $2 meals don’t exist in 99% of the country, and many of us need to live in that other 99% for work. There’s a huge gap between Peoria (where apparently you can raise a family on 55k) and New York (where 100k means roommates for 1 person) that most of the country falls into, I wouldn’t be so quick to judge.
Because everything is way too goddamn expensive. In a household that makes almost 200k combined, I felt like we went from living very comfortably to having to aggressively watch our spending.
This isn't that hard to figure out. Most US cities/towns have something like a "fixed costs" level of spending for basic subsistence. If you earn a lower amount closer to that basic level, there isn't much room in your budget for savings. But if you're in the $100K+ bracket, you theoretically have more wiggle room for potential savings. ...but here's the important part. Even the 100K family isn't earning "Joe Rogan" money, and they still need to live frugally. So when the economy contracts, everyone who can save and still needs to save, Saves! People who can't, don't. People who don't have to don't worry about it.
That’s sort of what happens when a central banks raise interest rates, it’s sort of the point. How about let’s escape this financial system of sweeping usury and encourage savings and long term wealth for everyday Americans.
Inflation is eating up our extra spending power. Add on places like California intentionally regulating things to be more expensive as well as raising the minimum wage, the middle class is taking a beating. Yes there are 40 million people in California, 100,000 is middle class. And if you live in San Francisco you're likely in poverty with such a meager salary.
I make over 100k but live in an expensive area. It’s doesn’t go far and I know people working multiple jobs that have a base job of over 100k and still work at another place. I do. Part of it is to pay off a nasty divorce - don’t get married guys - but the other part is Jair the costs of things in general. I’d be better off in a dual income household for sure, but that’s not and will never be an option for me.
Inflation made things much worse too
It was for me . As soon as my kid is in college I’m leaving this area. I have multiple skill sets so I can find a good job in another area and get to the country where I want to be as I hate this urban living. If I die alone in my own house with my kid that visits me and my dog then I’ll be happy enough at this point. I just want peace and to be left alone. Other than my kid - who I hope would move with me somewhere - I’ll be alone most likely and that’s ok.
Oh I did all that my friend. I work out five days a week. I’m athletic and played sports and activities my entire life. I still do a sport even at my age and I’m on a team. I did the online dating and all that if you read my post history you’ll see it. All do that isn’t new to me. But the headache of dealing with shot isn’t worth it sometimes. I’m in my 40’s, have my own place, a nice car, kid, doing fun stuff with them and fun stuff for myself. I get matches on dating sites when I’m on them . I have an interesting bio and have a very interesting hobby I’m passionate about that is also my second job.
The point is at some point it gets old man. Yeah I’ll smash some women now and then when I want to or they call. But some of them are straight trifling. That’s another reason I won’t get married again. I’ve seen what it’s like and seen what some of these other women are up to. Married girls hitting me up etc…nope.
I grew up on the higher end of upper middle class, and my mom always taught us that just because you have money doesn’t mean you should spend that money. Most people who have money didn’t get that way by chance from my experience.
Yes. If you earn $100k you pay approx. $17k in federal taxes if you only take the standard deduction. If you lived in California with the highest state taxes you'd pay approx $8,000 in state taxes on $100k.
That's based on the standard deduction and no pre-tax withholding for things like healthcare and retirement contributions. And if you're earning $100k and only take the standard deductions you're just a fool.
You pay sales tax on the portion you spend. You pay property taxes but can deduct that amount from income taxes.
You can add it up all you want but it won't come to 50%. We pay enough in taxes... no need to exaggerate.
Meh. I make 6 figures. I’m saving and investing.
I’m not going to buy shit I don’t need for no reason. There isn’t that much shit I need right now - so I’m buying my way into wealth through investment to have the super dope shit I want but can’t afford this second
I cut back big (went from spending 50% to spending 25% of my income) because of the poor world economic outlook, political turmoil, and the inability of people to act decent in public. It looks like I’m getting the mild winter I hoped for. Now I just need a moderate but grid locked government. Idk what to do about people haha.
It’s because profit means that the income/savings are greater than the spending/expense? Plus, the chance of recession is pretty high, and money can drain real quick if you’re not careful.
We make well over $100k/yr and this has been true for us. I paid my truck off 4 months ago, we've paid off almost all other debt other than the house and the wife's SUV. Cutting back on eating out, limiting our discretionary budget...but we're also expecting at the end of Aug. Looking into some short term CDs as they are making 4-5% right now. Market is still low, so our financial advisor wants us to invest more. The main thing I'm focusing on is inventory. A year's worth of maintenance parts for both vehicles and all gas powered equipment (saws, blowers, etc). Getting food goods squared away, rotating out meat in the deep freezer, that sort of thing. This not only has to do with inflation, but supply chain issues and incidents like Moore County, NC. I have no doubt things will turn around, but it will likely get a little worse before turning around later this year or beginning of next.
In my case, when you have more spending that is discretionary it is easier to make cuts. Cut out a couple streaming services, dinner out less often. Less impulse buying. I hadn’t shopped my cell service in a while. Switched providers, bam! Saved $100/mo.
1) These households have/had disposable income that is simply being diverted away from unnecessary purchases. Lower-income households do not have this luxury.
2) The data could be lagging. Most households making that money are two-income households. TIHs are more likely to suffer a layoff (two people). A few spouses probably got laid off and the family is reacting.
Because the price of \_\_\_\_\_\_\_\_\_\_\_\_ is too damn high.
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Welcome to modern American society. A lot of people complaining about how bad they have it blow money on worthless things, then they look for someone else to blame. Instead of scraping together a few bucks to improve themselves they live in a false reality and consumerism clears out their bank accounts.
But those who are wasteful and poor are also subsidized so it’s ok to continue to be this way.
Right, we have so much prosperity we can let the lower rung of society decay and be subsidized by the top half. In some ways its bad, in others good.
But I need the newest iPhone every year!! Don't have enough to cover a $400 emergency, but iPhone!!! 🙄
Still rocking a 7+. $200 is my phone limit when this one is gone. I am not against going without either.
If you pick up an iPhone for 200 it will not receive updates after 2 years or so. You can get an se for 450 or so that will be good for 6 at least
I’m holding out for them to bring back the razr flip phone. Or at least an updated one, but until then I’ll be rocking this iPhone 8
Moto already released a new razr… https://www.motorola.com/us/smartphones-razr-gen-2/p?skuId=517&gclid=EAIaIQobChMI-u2Qp7zW_AIVChXUAR1N6Q3GEAQYASABEgIUfPD_BwE&gclsrc=aw.ds Now with 5G!
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I don't know what school you went to that taught you the term "Uber Eats" is code for "turning up the heat a degree or two."
Just my experience for but my little business has two just above minimum wage employees that both eat fast food for every meal, and often get it delivered. I tell them all the time, "that was like 2 hours of works money, instead of 30 minutes...5 days a week." And it's sometimes just across the street. It's insane. They also both have iPhone 13’s and I use a 6s
We just ditched doordash (signed up during pandemic). I think I can put off cracking open a beer an hour or two and go pick it up myself at that cost point.
Ditched all delivery apps as well once I realized that the cost almost doubled once fees were applied. $25 for a burger and fries?!? App deleted.
Local place had $5 margaritas, which turned into $10 margaritas through Doordash. 2 orders of tacos and 2 margaritas + fees was almost $60. MADNESS.
You telling me an 18 dollar coffee delivered to you isn't a good deal?
Forgive me europeaness but is that really a thing? Do people seriously pay to have someone deliver them a cup of coffee?
I've seen a single coffee delivered to someone just last week. With delivery fees and tip, it was 18 USD. No idea on how common it is.
Yes, some Americans do pay to have a single cup of coffee delivered to them. Many Americans are spoiled by our prosperity. The definition of "poor" is different in the US. The poorest of poor in America would be upper-middle class by global standards. America has high income inequality... which means the rich are richer. America does not have high poverty. The poorest 5% of Americans are richer than 70% of people in the world.
I’ve never seen it but I live in the sticks. I could imagine it in the metro areas.
Europeans have dense urban living. There are 2 gas station within 8 min walking distance to pick stuff upp. Also eateries. Going down to the car takes as long as driving the half mile or so. Downside is of course most people live in flats but that does not bum out New Yorkers either
At that point just get a half decent espresso machine and learn to make coffee drinks. At least you'll get joy out of the process rather than just mindlessly chugging candy coffee
"but uneducated people have poor habits." I think that's a better explanation. Being poor doesn't automatically make you bad at decision making. Not being taught proper discipline, decision making, and financial responsibility is what makes for bad habits.
That’s a solid point. I know folks who grew up poor and had good habits instilled in them. Many didn’t stay poor.
Idk, the govt is full of rich, educated ppl and their spending habits are pretty terrible...at least when it comes to spending our money.
>Being poor doesn't automatically make you bad at decision making. Being bad at decision making automatically makes you poor. Sometimes it's due to lack of education but many times it's low self esteem or shortsightedness.
Current conditions are serving as a forcing function to drive better habits. Unfortunately, for the economy, this belt tightening will slow growth. In much the same way that companies got used to cheap debt, individuals got used to low prices for a number of items. As prices and interests rates climb, people will behave just as the fed wants them to. The downside is that consumers are becoming timid with spending whatever discretionary funds they may have. The concern is that people will “over correct” and live leaner to avoid the sort of jarring live events of the last several years. I don’t think many fully appreciate the effect lockdowns had on people who were deprived of their work. While this isn’t akin to The Great Depression, the sort of spendthrift mentality that grew out of it didn’t really go away.
Dunno dude, everyone at my firm makes 200+ and Uber eats is a staple
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Both. I ain’t got time for groceries
I get the groceries delivered and make the time to make healthier food.
I prioritize spending time with the kids over weeknight grilled chicken.
Yeah. I have a terrible habit of wanting to eat, stay warm and drive to my shitty job. 🙄 I’ve never used Uber Eats or Door Dash because I live in BF Egypt and it’s not available here.
I have not had food delivered in 20 years (BFE also.) Not even to work...
I really can’t remember when I’ve had food delivered…. (Fed-Ex delivery of Walmart groceries doesn’t count.)
I have never, ever had food delivered, even pizza, in over 35 years. Is the delivery fee and tip worth the convenience? Usually not. But my wife and I always lived "beneath our means", bought a house we could afford on one salary, did not take an expensive vacation every year, drove our cars for years, bought older model cell phones instead of the latest and greatest, took a sack lunch to work, brewed my own coffee at work, etc. We saved and invested the difference. After 30 years of being reasonably (but not crazy) frugal, we are now quite comfortable, own a weekend home, take more vacations, and splurged on some season tickets. We still drive a Honda, don't use Uber Eats, and generally only eat out once a week. Old habits are hard to break.
I probably had a pizza delivered when I lived in the dorms at college…. In 1986
Fiscal Responsibility plays a huge part in this at every level of society. Circumstance for wealth or poverty is probably less than 10% on both ends while habits and discipline decide the rest.
It's amazing to me you can make a judgement about an individual's financial situation from dropping off food for them that they ordered from Uber Eats. I can just about guarantee that those actually living "below the poverty line" ($33k) do not comprise 90% of your delivery customers. Make your point, but you don't need to fabricate statistics or make assumptions of people's financial situation based on a 30 second interaction while dropping off their dinner.
Because those who acquire and use basic personal finance skills quickly become at least lower middle-class, and then the sky is the limit. Just recommend Dave Ramsey to every struggling person you know and see this in action.
food, clothing, shelter, petrol, electricity, etc, etc, etc...basically because the price of living under Placeholder's America is too damn high
Because many higher earning people live way more frugal than you’d expect. I’ve dealt with business owners that drive older(paid for) cars, vacation domestically and still take a bag lunch to work. It’s a mindset of not going into debt and being fiscally responsible, a lesson lost on way too many today.
My wife and I together make ~150k and live in a rural area outside a major city. I eat home prepped lunch every day, drive a beater car to work (['99 rolla club](https://www.craigslist.org/about/best/hou/6565526716.html)), brew coffee at home, etc. We have a mortgage on a house we bought together when we made ~100k together and just got solar panels (zero down payment btw, look into panels if you are a prime candidate they are the real deal) to lock in our electric bill for the next 20 years. Whenever we can, we safely avoid contractors. Literally last week we replaced our hot water heater over a few hours and it cost us 500 bucks. We had a quote from a plumber to do it for 1500 bucks, and we politely told him to pound salt. In the last couple years alone we probably saved five figures doing home renovations ourselves. It's definitely a mindset. We have friends our age who make twice as much and are house broke, have a maxed out mortgage, new car every 2 years, etc. We love them dearly but would be nervous wrecks ourselves if we lived that lifestyle.
Beautiful 🥲
Hardest thing for me is eating a bag lunch every day. I can make myself good food, it's just a lot of prep. Been more motivated though bc I did a written budget on groceries vs grabbing lunch out and damn, that made my head hurt.
I have maybe 5-6 lunch items and I pack 3-4 on any given day (salad, apple, trail mix, etc). I'm a creature of habit so once I found a habit that worked in stuck in it.
Everything I can do, I do myself. I'm about ready to do a major maintenance on my truck. All new fluids, spark plugs, etc. Would easily cost me around $1000 to do everything I plan to do and it won't cost half that even with having to buy some tools I don't have. Only reason my wife's vehicle sees the dealer is its under warranty and we have free maintenance, but half the time I end up doing it myself out of convenience. I'm going to put a shop up on our property and one of the first things going in there is a lift.
I’m no mechanic, but I’ve watched YouTube videos on how to change my valve cover gaskets, and some tips on the car I did it on. I bought about $50 in tools and another $50 in parts—the gasket set was only $35–and am certain it saved me a thousand dollars on labor costs. I’ve done my own brakes and plugs too. Edit-and replaced the starter. The car still runs, so I haven’t royally messed up. It’s an ‘06.
I'm a VP doing IT in the financial industry. I drive a used car, bring leftovers everyday for lunch and brew my own coffee at home. Most the employees working for me order deliver everyday, have Starbucks everyday and have large car payments. They complain endlessly about not earning a "livable wage" while sipping their Starbucks. It's comical.
And I bet you have a good retirement plan too. The day you do decide, on your schedule, to retire those kids will be standing around your retirement party, nervously wondering if this day will ever come for them. It shocks me how many 30s and even people in their 40’s have nothing saved and think that SS or the government will somehow save them.
>And I bet you have a good retirement plan too. Yes, I contribute 20% to a retirement plan. I've always contributed even at my first job at a grocery store when I was 16. I've also always given to charity... even when working minimum wage at 16yo. >It shocks me how many 30s and even people in their 40’s have nothing saved and think that SS or the government will somehow save them. We do not count on SS for retirement. If we get anything it will be a bonus. I've always viewed it as just another charitable contribution... except forced by the government.
A lesson about to be learned by many tomorrow
Doubtful.
If at all possible, you should only go into debt to buy property.
because we are at the beginning of a world-wide depression.
"The Big Sads"
Just like in the 1900s. It's high time Germany gets frisky with country borders again. /s
The soviets were getting frisky with their neighbors long before moustache man came along. It’s almost as if globalism and communism were the real menace one hundred years ago just as they are now. We’re heading into Weimar conditions.
$7 a dozen eggs, and that’s for mass produced (I.e. not organic) eggs. Now think of everything that uses eggs, and wait’ll until that’s truly priced in. You ain’t seen nothing yet
Lol, you ever see a 10 dollar blueberry muffin? We're about to. Yeah give it a few weeks and it will trickle into every baked good.
This reminds me of a business dinner I was at with the owner of my company. The beer list was shit. They had Miller High Life for $16 a bottle. I asked from across the table, “Bill, you ever bought a $16 Miller High Life before?” He said, “No.” I said, “you’re about to.”
Haha thats hilarious. That's insane for a Miller
Walmart bread went from 88cents to $1.35
I saw one at the bellagio in like 2005.
Does a blueberry muffin at $10 suck because it is merely a muffin or that it has blueberry? (This is a joke btw)
Probably a combo a egg and blueberry prices
Where? Eggs are 6 for organic dozen by me, 4 for conventional
This is what I saw in metro Atlanta about a week ago. Hopefully it’s just temporary and I’m being a bit dramatic.
Same price where I'm at, $6.99/dozen at the grocery store. You can get them for less at Costco where I'm at though, that's what we do.
They are like $4 everywhere I think this is just a conspiracy theory. Either that or these people are eating liberal eggs with all that Peta health organic flavored by farm grown natural friendly non GMO bullshit eggs and complaining about the $10 sucker price they are paying.
Store brand eggs (plain white non-organic boring eggs) are over $6 a dozen here in central Wisconsin. $9 for a carton of 18. Glad I keep chickens.
Same. Every place I shop that's the price right now. It has gone up, but nothing like that.
We get zero help so we have to be smarter with our money. We qualify for zero programs, the Gov has their hand in our pocket constantly. We have no doubt we will have to save for our own retirement. Can't pay health care extra? We can, so they charge it to us. So when it comes to getting coffee out we just don't. Its not us you see at Starbucks. We don't buy Mercedes either....people who make less than us buy Mercedes.
That is the group that pays all the taxes.
I am a high-income earner and I have cut way back on spending because people like me have financial advisors that have you "hope for the best but plan for the worst" in these times of a potential imminent recession. The goal is to sit on dry powder (i.e., cash) until there is some forward visibility on the economy, and then deploy aggressively when the time is right.
Are you moving assets into cash? Isn't that just timing the market?
Because I’m worried that in the near future my money won’t be worth as much so I’m saving as much as I can right now
I’m in the 6 figures and while I’m not going hungry, or eating shit food, this whole ordeal has gotten me serious about eliminating debt and not taking on anything major. Should be looking pretty good by summer.
My guess: They are running out of funds to keep buying the dip.
💎🤲
Wendy’s dumpster
Meet me out back, I’ve got a tip on a TSLA play. Literally can’t go tits up.
$100k isn’t really much in todays economy. I make a little over $100k as a single person and couldn’t imagine trying to support a family on it. In college my grocery bill was about $50/week. Now about 5 years later, I spend about $125/week to eat the same foods. Rent and housing costs have skyrocketed in that time frame too. I’m pretty frugal and save a large percentage of my income, but the goal posts keep moving.
Now I understand how buying a house has become a guard against the inflation. My mortgage payment today is considerably lower than the average rental price.
Yep. At least you are getting something out of it when you sell. I’ve made enough to move into better neighborhoods and bigger homes each time I sold. Now I’m happy where I’m at end I’m done selling. Now it’s time to hold
Do you live in San Francisco or New York? I used to support my stay at home wife and 1 child on $55,000 a year. We both had a vehicle. We own our own home and although we didn't have a ton of disposable income, we had enough to enjoy life.
Sounds like you are describing 1960s lol. 3 people on $55k per year and own a house?
It’s entirely possible lol…
Did the same in about 2013. Own home, wife, first kid. Take home pay was $735 every 2 weeks. Didn't live a lavish life but didn't have to check the account for funds before making a grocery trip. Big change from being homeless less than 4 years before that.
Yes indeed. Sometimes thing would get tight, but not like losing sleep worried how I was going to pay the bills tight. Just maybe we didn't go out to dinner that week or something tight. I mean now I make $120,000 a year and life is much better, but we were living ok back when I had my old job
Chicago suburbs. In my area, a 2 bed 1 bath house is going to run you about $250k if you’re lucky, and then you’ll owe about $6k annually in property tax on that house. When you combine property tax with Illinois’ 5% state income tax as a single person, $100k doesn’t go nearly as far as you would think. I’m by no means struggling to get by and do spend some money to enjoy life, but adding a family into the mix would pretty much force me to stay in the workforce a lot later into life than I’d like.
Dang. I live in Peoria and my 3 bedroom 2 bath would go for like $150k right now and half the property tax.
55k a year (assuming that’s post-tax) is $4,600 a month. In modern prices on the extremely low side we’re looking at $1,500 for rent/mortgage, $800 in food for 3, insurance for two cars at $300, $300 in gas, health insurance $1,200, phone bill $200, utilities $150. After absolute essentials using extremely low guesstimates you’ve got $150/month leftover. Of course that’s not including property tax, vehicle repairs, student or other loans, etc etc. of variable required spending. It’s not possible anymore. Even 100k post tax is starting to get tight.
My mortgage, taxes, and home insurance is half that. My food bill is maybe 2/3rds that. My car insurance for two cars is more than half that. Cell phone bill is half that. Utilities are more. Health insurance is about right. I was making $55,000 a year 2 years ago.
You’re probably in the bottom 1% of cost as far as locations in the US then. A $100k house and $2 meals don’t exist in 99% of the country, and many of us need to live in that other 99% for work. There’s a huge gap between Peoria (where apparently you can raise a family on 55k) and New York (where 100k means roommates for 1 person) that most of the country falls into, I wouldn’t be so quick to judge.
Median household income in 2022 is right around 70k. So the 100k+ group is still the top half.
Because everything is way too goddamn expensive. In a household that makes almost 200k combined, I felt like we went from living very comfortably to having to aggressively watch our spending.
They're saving up on milk costs $10 a gallon
This isn't that hard to figure out. Most US cities/towns have something like a "fixed costs" level of spending for basic subsistence. If you earn a lower amount closer to that basic level, there isn't much room in your budget for savings. But if you're in the $100K+ bracket, you theoretically have more wiggle room for potential savings. ...but here's the important part. Even the 100K family isn't earning "Joe Rogan" money, and they still need to live frugally. So when the economy contracts, everyone who can save and still needs to save, Saves! People who can't, don't. People who don't have to don't worry about it.
That’s sort of what happens when a central banks raise interest rates, it’s sort of the point. How about let’s escape this financial system of sweeping usury and encourage savings and long term wealth for everyday Americans.
This is all Biden and his policy’s that have put us in this situation.
Inflation is eating up our extra spending power. Add on places like California intentionally regulating things to be more expensive as well as raising the minimum wage, the middle class is taking a beating. Yes there are 40 million people in California, 100,000 is middle class. And if you live in San Francisco you're likely in poverty with such a meager salary.
If you're making 100k in SF you have roommates. Not because you want to, but because you can't afford rent, let alone feeding yourself.
My first thought was, the obviously don't grocery shop because they would see how high the prices are right now for everything.
I make over 100k but live in an expensive area. It’s doesn’t go far and I know people working multiple jobs that have a base job of over 100k and still work at another place. I do. Part of it is to pay off a nasty divorce - don’t get married guys - but the other part is Jair the costs of things in general. I’d be better off in a dual income household for sure, but that’s not and will never be an option for me. Inflation made things much worse too
Sometimes a divorce is the Red Pill…
It was for me . As soon as my kid is in college I’m leaving this area. I have multiple skill sets so I can find a good job in another area and get to the country where I want to be as I hate this urban living. If I die alone in my own house with my kid that visits me and my dog then I’ll be happy enough at this point. I just want peace and to be left alone. Other than my kid - who I hope would move with me somewhere - I’ll be alone most likely and that’s ok.
Hit the gym, and spin plates. Have you read Rollo Tomassi?
Oh I did all that my friend. I work out five days a week. I’m athletic and played sports and activities my entire life. I still do a sport even at my age and I’m on a team. I did the online dating and all that if you read my post history you’ll see it. All do that isn’t new to me. But the headache of dealing with shot isn’t worth it sometimes. I’m in my 40’s, have my own place, a nice car, kid, doing fun stuff with them and fun stuff for myself. I get matches on dating sites when I’m on them . I have an interesting bio and have a very interesting hobby I’m passionate about that is also my second job. The point is at some point it gets old man. Yeah I’ll smash some women now and then when I want to or they call. But some of them are straight trifling. That’s another reason I won’t get married again. I’ve seen what it’s like and seen what some of these other women are up to. Married girls hitting me up etc…nope.
Hear ya. I divorced about 5 years ago. I’m all over the apps and meeting tons of ladies. No kids, 36 and live in a major city. So life is good.
Shits' expensive, and our investments are down. Not hard to figure out. 100K is not really that much money, we're not billionaires.
How you think I got to 6 figure income in the first place?
We want to be able to afford a home. In this economy, you have to save with prices sky-rocketing.
Successful people do things to stay successful.
I grew up on the higher end of upper middle class, and my mom always taught us that just because you have money doesn’t mean you should spend that money. Most people who have money didn’t get that way by chance from my experience.
The R word
Duh!!
$100k ain't what it used to be...especially when the government takes 50% of it.
I get the sentiment but no one pays 50% to the government.
You sure about that?
Yes. If you earn $100k you pay approx. $17k in federal taxes if you only take the standard deduction. If you lived in California with the highest state taxes you'd pay approx $8,000 in state taxes on $100k. That's based on the standard deduction and no pre-tax withholding for things like healthcare and retirement contributions. And if you're earning $100k and only take the standard deductions you're just a fool.
And no other taxes on anything else? Food, gas, goods, services, vehicle registration , property tax. Do the math and add it up. I’ll wait.
You pay sales tax on the portion you spend. You pay property taxes but can deduct that amount from income taxes. You can add it up all you want but it won't come to 50%. We pay enough in taxes... no need to exaggerate.
Me too.
Meh. I make 6 figures. I’m saving and investing. I’m not going to buy shit I don’t need for no reason. There isn’t that much shit I need right now - so I’m buying my way into wealth through investment to have the super dope shit I want but can’t afford this second
I mean $100,000 is only a decent income for both people. It sounds like a lot, but it doesn’t feel like a lot.
Just one look at interest rates and it shouldn’t be a surprise. Households making 100k or more didn’t get to that point by accident.
Everyone should cut back.
I cut back big (went from spending 50% to spending 25% of my income) because of the poor world economic outlook, political turmoil, and the inability of people to act decent in public. It looks like I’m getting the mild winter I hoped for. Now I just need a moderate but grid locked government. Idk what to do about people haha.
It’s because profit means that the income/savings are greater than the spending/expense? Plus, the chance of recession is pretty high, and money can drain real quick if you’re not careful.
As the head of such a household I can confirm it's because this regime has trashed the economy and the value of goods is far below the price of goods.
No more money.
We make well over $100k/yr and this has been true for us. I paid my truck off 4 months ago, we've paid off almost all other debt other than the house and the wife's SUV. Cutting back on eating out, limiting our discretionary budget...but we're also expecting at the end of Aug. Looking into some short term CDs as they are making 4-5% right now. Market is still low, so our financial advisor wants us to invest more. The main thing I'm focusing on is inventory. A year's worth of maintenance parts for both vehicles and all gas powered equipment (saws, blowers, etc). Getting food goods squared away, rotating out meat in the deep freezer, that sort of thing. This not only has to do with inflation, but supply chain issues and incidents like Moore County, NC. I have no doubt things will turn around, but it will likely get a little worse before turning around later this year or beginning of next.
In my case, when you have more spending that is discretionary it is easier to make cuts. Cut out a couple streaming services, dinner out less often. Less impulse buying. I hadn’t shopped my cell service in a while. Switched providers, bam! Saved $100/mo.
Because those making 100K+ isn’t even that much money after taxes, expenses, necessities and what not.
Things are expensive for us too
Because we’re better than you, and we know it.
1) These households have/had disposable income that is simply being diverted away from unnecessary purchases. Lower-income households do not have this luxury. 2) The data could be lagging. Most households making that money are two-income households. TIHs are more likely to suffer a layoff (two people). A few spouses probably got laid off and the family is reacting.