Posted on 09/11/2019 4:02:49 PM PDT by 2ndDivisionVet
Here’s a sad reality: In order to raise a family in an expensive coastal city like San Francisco or New York, you’ve now got to make $350,000 or more a year.
You can certainly live on less, but it won’t be easy if your goal is to raise a family, save for your children’s education, save for your own home and save for retirement (so you can actually retire by a reasonable age).
A middle-class lifestyle is a reasonable ask. But thanks to inflation, it has gotten a lot more expensive if you want to have children. The median wealth of middle-income Americans has stayed flat for years, at about $87,140, according to the Federal Reserve’s latest Survey of Consumer Finances. Yet, prices for things such as housing and college tuition have risen tremendously.
In some major cities like San Francisco, the public school system starting in kindergarten is based on a lottery system, so even if you pay tens of thousands of dollars per year in property tax, your child is not guaranteed a spot in your neighborhood schools.
Coastal counties in the U.S. are home to almost half of the nation’s total population; therefore, this article is directly targeted at folks who need to live in these areas because of their jobs, schools or families.
(Excerpt) Read more at cnbc.com ...
If Steve Bannon/The Epoch Times is to believed, China is very close to collapse and this is giving them breathing room.
https://www.youtube.com/watch?v=qH5QzuzD01A
I hate to admit it but I agree with George Soros, Trump should stick to his guns.
If you say you need $350k to live a ‘middle class lifestyle’ and median income is $60k it is not a middle class society. It is third world with rich and poor.
Half of the workers in America make less than $30,000 a year.
Actually the $350k number is likely on the low side as you also have to find a way to privately educate your kids if you live in one of those hell-holes. So maybe $500k before taxes makes more sense.
There are only so many jobs at Goldman Sachs.
“There are only so many jobs at Goldman Sachs.”
True. The ‘other people’ typically get either high-paying government jobs, or a free ride on expenses (particularly housing) in those cities.
My daughter and her family live in a double wide. When you get inside she has painted and decorated it to where you totally forget what it is. The fireplace is extraordinary. The master bedroom has a canopy over the bed and it’s bathroom has been transformed into a work of art. complete with skylight. I have been in very few houses that outshine her “trailer trash” digs.
So the situation is even worse.
I don’t doubt it.
Looking at that budget, the author makes a LOT of high-dollar value assumptions about how ‘everyone’ lives, and what ‘everyone’ spends their money on.
Maybe he’s mistaking middle class for upper-middle class.
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