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7 Things the Middle Class Can’t Afford Anymore
Personal Finance Cheat Sheet ^ | 04/01/2015 | Erika Rawes

Posted on 04/01/2015 1:37:45 PM PDT by SeekAndFind

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To: SeekAndFind

Median household income is around 54K. A family of 4 with income in the 25K range will get around 6K in Earned Income Tax Credit, so is their income 25K or 31K?

At 55K this year, we were very average. However, we’ve saved hard our whole lives, own our house and are therefor considered by many to be wealthy.

Not all new cars run $30K. Many are much less. But no, when I was young, I didn’t own a lot of brand new cars either.

And growing up in the 60s, I don’t remember a huge number of vacations. What we took were mostly weekend vacations within driving distance.

Guess I don’t think this article is very honest about the present or about the past.


21 posted on 04/01/2015 2:04:56 PM PDT by Mr Rogers (Can you remember what America was like in 2004?)
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To: SeekAndFind
Medical care

In contrast to my post on vacation spots, both my wife and I find our various doctor visits much less crowded, and appointments easier to get. I believe the large deductibles of Obamacare is the reason.

22 posted on 04/01/2015 2:06:01 PM PDT by nascarnation (Impeach, convict, deport)
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To: Billthedrill

They are renting their lifestyle. I couldn’t sleep at night.


23 posted on 04/01/2015 2:06:17 PM PDT by NoExpectations
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To: johniegrad
How does anyone do anything but pay the interest on that kind of debt?

That's exactly what they do, and why they have no savings. It's a whole different world. From them I learned just how very popular the political demand for debt forgiveness is going to be - we already are hearing the first hints. There will be demagogues elected on its basis, and it won't be good for the country.

24 posted on 04/01/2015 2:08:07 PM PDT by Billthedrill
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To: NoExpectations

That was certainly the case in 2007/8.

McMansions with negative equity on zero down floating rate ARMs and two leased luxury SUVs.

The federal govt operates exactly the same way, LOL.


25 posted on 04/01/2015 2:09:29 PM PDT by nascarnation (Impeach, convict, deport)
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To: SeekAndFind

*
They left out “morality”.


26 posted on 04/01/2015 2:10:36 PM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat/RINO Party!)
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To: Steve_Seattle

I agree. In eastern Massachusetts (yeah, I know, but I grew up here and am holding my nose and refusing to move) about $100K would be the lower end of the middle class. Believe me, I know.....


27 posted on 04/01/2015 2:10:46 PM PDT by DickBrannigan (When did logic become reversed, and right became wrong, and wrong became right?)
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To: SeekAndFind
1. Vacations
2. New vehicles
3. To pay off debt
4. Emergency savings
5. Retirement savings
6. Medical care
7. Dental work

Ain't that the truth.

28 posted on 04/01/2015 2:11:06 PM PDT by Alex Murphy ("the defacto Leader of the FR Calvinist Protestant Brigades")
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To: SeekAndFind
You can't generalize about "the middle class". What's happened I think is a lot of older people who used to be middle class have lost high paying jobs and can't find anything comparable. But for those who still have them, nothing much has changed. The malls are full, restaurants are busy, new car sales are up, home prices are up, etc. It's the formerly middle class folks with no young children who don't qualify for government programs that are being hit hardest.
29 posted on 04/01/2015 2:13:02 PM PDT by Hugin ("Do yourself a favor--first thing, get a firearm!")
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To: SeekAndFind

My dad was an airline pilot for 30 years and I make more than he did and cannot afford vacations and only a new car every 8-10 years.


30 posted on 04/01/2015 2:34:52 PM PDT by Resolute Conservative
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To: johniegrad

Honestly, it seems a little low to me but I would guess it depends on region. Still though, 15K plus the high rates has to be a killer.


31 posted on 04/01/2015 2:37:10 PM PDT by Ghost of SVR4 (So many are so hopelessly dependent on the government that they will fight to protect it.)
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To: SeekAndFind

Just claim you’re a make-believe black pig farmer. There’s $50,000 right there.

“So, you’re claiming to be a pig farmer and you were discriminated against by the government. I have a bunch of pictures of farm animals on the wall behind me. Which one is the pig?”

“Ummmm.....the one on the far right?”

“That’s the light switch. Here’s your check.”


32 posted on 04/01/2015 3:04:43 PM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: SeekAndFind

Not buying it. Standard of living has never been better. Have you tried getting a table at Texas Roadhouse on a Friday or Saturday night?

I rest my case.

The peanuts! All those peanuts.


33 posted on 04/01/2015 3:25:43 PM PDT by SamAdams76
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To: Ghost of SVR4
Still though, 15K plus the high rates has to be a killer.

I think that figure obscures as much as it illuminates. I have seen figures that 30-50% of credit card holders do not carry a balance, and that those very high credit card debt figures are skewed to a very small percentage that have very high balances.

34 posted on 04/01/2015 3:30:27 PM PDT by Fraxinus (My opinion, worth what you paid.)
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To: Fraxinus

Helpful. Thanks.


35 posted on 04/01/2015 3:51:16 PM PDT by johniegrad
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To: SeekAndFind

I’m there with folks on the vacation piece. You give up other things on this list to do/pay for any of the others.

It’s whack-a-mole living.


36 posted on 04/01/2015 3:53:00 PM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto!)
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To: Fraxinus
and that those very high credit card debt figures are skewed to a very small percentage that have very high balances.

I had a summer job back in the 70's working in the collection department of a bank in flyover country. Had to make a few late payment reminder calls to influential people with cc balances of $25K and above.

37 posted on 04/01/2015 3:57:15 PM PDT by EVO X
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To: SeekAndFind

Some of the sources and facts in this article are questionable. Feeding America is used as a source about the availability of food? I’d like a second opinion please.


38 posted on 04/01/2015 5:04:18 PM PDT by driftless2 (For long term happiness, learn how to play the accordion.)
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To: Fraxinus
"obscures as much as illuminates"

There are numerous statements in this article that need fact checking.

39 posted on 04/01/2015 5:05:31 PM PDT by driftless2 (For long term happiness, learn how to play the accordion.)
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