Posted on 06/28/2024 9:59:50 PM PDT by SeekAndFind
Too many have probably overextended themselves.
The Mrs. End Times Sentinel and I both do VERY well.
Time was, we’d place a $400 order at the grocery store about once a month, just to keep well stocked. We can’t do that anymore. If it’s not on sale, we don’t buy it and I hit the grocery store at least five times a week.
The Mrs. pays the mortgage, which has crept up thanks to the insurance. I pay everything else. Groceries, utilities, health insurance, gas, tuition, etc. has all gone up, what, maybe 30%? I’m a federal worker and have received, maybe, 12% in pay raises during the Biden regime.
Things are tough all over.
That’s the only explanation. Families with an income $150K or higher should have no worries, unless they spend too much. Some people earn a lot of money, but they don’t manage it well.
“Only individuals who earned less than $40,000, the lowest income group, were more worried than the $150,000-plus group.”
Yeah, I’m worried. I used
to make $150,000 a year but
now retired, making less
than $40,000 a year. Planned
for the future too.
I’ve often wondered why I’ve
seen old ladies buying
catfood for .10 cents a can,
and by the case when their
income is well below mine.
If you can’t make it on that, I don’t know what to tell you.
I don't want to say it's not that simple, but it sort of isn't that simple. For a portion of my life I worked around a lot of civil servants in the DC area. Insane number of people living paycheck to paycheck but still pulling in six figures. It's all basic economics.
While it's absurdly concentrated around DC, I'd bet this is the story for a lot of people in this story.
If you're making low six figures and working in an area where most of the average working schmucks around you are making roughly what you are, all the things you want are much more expensive because competition for scarce goods in the geographical area is so much higher.
Day care or tuition to the good school district? Through the roof. Housing? If you got a lot of people making six figures, a lot of people can put in about the same offer for a house, and the housing prices go through the roof. Basic home services like lawn care, plumbers, and renovation contractors are also similarly jacked up because more people want them for the price that a low six-figure earner can pay.
A lot of those people also decide that they are making $150k/year and "deserve" that European luxury SUV.
I saw this all when mortgage rates were under 5%. I can't imagine the madness going on now.
I live in the DC area and I look forward to the day I can sell my house (for probably over a million $) to a GS-15 and get the hell out of here.
Incidentally, I don’t have any problem making ends meet.
I hate this place for other reasons.
Incidentally, I don’t have any problem making ends meet.
I hate this place for other reasons.
I've met a fair amount of folks in situations like yours. Lived within their means, did sensible things with money, resisted the enticements, looking forward to the big cashout at the end. I think folks like you are small in number though (and getting smaller)
$150k a month is probably around $100k after taxes in some states. (In most of the states where $150k is more common)
$8,300/month -$3k for housing - $2k for food - $1k for transportation. Leaves $2k per month for everything else.
That’s doable, but tight.
You’ve touched on part the problem. The lower income group pays no income taxes. The lower income group probably lives in an area with lower cost of living. A big chunk of the lower income group is probably retired and doesn’t have rent or mortgage payments.
Ironically, the upper income group is likely having their student loan being paid off by everyone else.
EC
Maybe. But after taxes, they probably have 80K left which doesn’t go far in many locations. But you are right some probably extended themselves. But many just simply see everything rising in price.
That old lady cat food is now 1.29 a can. Seriously.
I like your style.
I’m not over extended and live a debt free life with just a mortgage (15 more payments) it’s even hard for me and I’m frugal
What I learned from my shopping experience over the last four years consisted of buying store brand products which saved us a good chunk of money. The difference in prices are significant.
If you’re making $150k in today’s America, and aren’t staying above water, you’ve got a spending problem, not an income problem.
If you can’t make both ends meet?
Make one end a vegetable.
That is because, like most people, they are living above they’re means.
I thought i was doing really well until Biden’s inflation kicked in and i’ve been running a deficit ever since. The grocery bill jumped astronomically and it’s been extremely difficult to get under control. We buy basics and generic items.
People are hurting!!! FJB!!!
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