Nearly half of Americans making $100K are living paycheck to paycheck, survey finds

[Jenesis]

Self employment is the biggest liberator. But it takes a certain aptitude so not many involved. 18 hour days/7 days a week for two years to build my business twenty years ago. Business runs itself. Company vehicle, etc. Good disposable income.

Yeah. That is me too. Put in the time, into my own business and now things are smooth. It was a little rocky in adjusting to COVID but even that worked out better then expected.

I am also somewhat frugal. My phone is a few years old, my car is bought outright and never off the lot and always a few years old. Like the other poster, drive it to ground.

 

[oil&gas]

Somehow people whose income falls in the $30--50k range
have survived.

 

[Mr.Know-It-All]

100G is not as big as it was...

That's why the Sunshine List should be now start at $200k

 

[Ponderling]

Sunshine Lists not keyed to rise at inflation rate from its original benchmark of enactment is doomed to become irrelevant.

 

[Jasmina]

Surviving is an interesting word.

Somehow people whose income falls in the $30--50k range
have survived.

 

[Leimonis]

That is a very nice house. New Brunswick is pretty poor, so very few people can afford to live in a house that modern and nice. I think in Toronto that would be over $1 million

what's the hobbying like there?

 

[oil&gas]

Surviving is an interesting word.

I think it is the right word from the perspective of those
who earn $100k.

 

[poker]

It does not matter how much money you make…. Bigger income just means more expensive cars and bigger houses… and much more debt. Massive debt… because people live beyond their means. Most poor people that make bank carry their poor money habits into the next income level.

 

[stinkynuts]

what's the hobbying like there?

Not nearly as robust as Toronto. There are a few providers, not much. Asians are almost nonexistent.

 

[WetSeeker]

That's why the Sunshine List should be now start at $200k

Disagree completely.
The public sector worker earning $100,000+ is in the top decile of all wage earners. Plus they can enjoy deferred compensation in the form of a fully inflation protected pension for life as early as age 50 or 55. Plus gold plated benefits.
The unions don't want the public to know how good they have it.
Leave it at $100,000. Soon 200,000 teachers in Ontario will be over $100,000 base salary and demanding more for "public education" the truth is that 92% of education budgets goes to salaries and benefits, not for students.
The public deserves to know the sheer number of taxpayer paid jobs that earn double the Ontario median income.

 

[Darts]

That's why the Sunshine List should be now start at $200k

If $50,000 is now consider "low income" (Ontario Budget) then $200,000 should be the new "sunshine" threshold.

Doubt anyone on this Board makes less than $200,000 and/or have a dick shorter than 12". LOL!

 

[trm]

This proves there is some truth in the old joke that upward social mobility means being broke in a higher income bracket. The problem is too many people living beyond their means. You can live well without buying new stuff all the time. Don't get a new car, save and invest that money. That is good advice most people will not follow. Post #6 by Pondering is the best response in this thread. I agree with him. I learned frugality from my parents, who grew up in the Depression and always lived below their means and saved money. Thanks Mom and Dad.

 

[ottawa_cuck]

I don’t see “Mandatory savings $1,000 per month” on your list. Netflix jewelry spa

$100,000 for a family of four is a comfortable but not wealthy lifestyle. After taxes, health insurance and other deductions it’s only 6000 a month.

Mortgage is 1500
Car payment is 600
Gas, insurance, maintenance is 500
Water, electric, Netflix, cell phones is 700
Childrens clothes, school supplies, parties, gifts, activities and lessons is 500
Groceries and take out is 1500
Wife’s clothes, cosmetics, jewelry, beauty, manicure, hair, massage, spa is 500
Personal allowance for entire family is 800
Total is 6400

What if the roof needs to be replaced at $8000? Or you need a new fridge or furnace? Monthly housing repair and maintenance is not factored in. Also many people have lines of credit, credit card, and student loan debts.And to top it all off, I have not included any prescription medication. This could be hundreds or even thousands of dollars a month

This means there is no way to save evdn with 100k.

 

[Mr.Know-It-All]

What's the difference between the half that struggle with $100k/year and the half that do just fine?

 

[Darts]

Who are Canada's top 1%? | CBC News

 

[koreanjames]

Why do people still think 100k makes someone wealthy?

100k is the new 50k. this is fact when looking at cars, homes, bills, food, minimum wage, and even what the govt deems the max allowable contributions for retirement such as rrsps.

15-20 years ago max rrsp contributions annually was 13.5k , now the govt allows you to contribute almost 30k a year. very easy to read in between to lines.

 

[barnacler]

$100,000 for a family of four is a comfortable but not wealthy lifestyle. After taxes, health insurance and other deductions it’s only 6000 a month.

Mortgage is 1500
Car payment is 600
Gas, insurance, maintenance is 500
Water, electric, Netflix, cell phones is 700
Childrens clothes, school supplies, parties, gifts, activities and lessons is 500
Groceries and take out is 1500
Wife’s clothes, cosmetics, jewelry, beauty, manicure, hair, massage, spa is 500
Personal allowance for entire family is 800
Total is 6400

What if the roof needs to be replaced at $8000? Or you need a new fridge or furnace? Monthly housing repair and maintenance is not factored in. Also many people have lines of credit, credit card, and student loan debts.And to top it all off, I have not included any prescription medication. This could be hundreds or even thousands of dollars a month

This means there is no way to save evdn with 100k. Inflation is too much. Today meat is so expensive that I cannot even afford to buy a steak or chicken breasts. I’m now using tofu, ground beef, and vegetables instead.

Lord, I can find $2,000 in savings immediately:

Car payment $250 - save 350
Water etc 400 - save 300

children etc $150 save 350

wife etc 200 save 300

personal allowance (WTF is THAT?) 0

I make 3 times that and I drive a crappy car, my water netflix and cellphones is 400, anyhow, i fail to see why people who earn less than a third what I earn MUST spend more

 

[koreanjames]

from what i've seen, broke people love to spend on things outside of their affordability range to feel rich. meanwhile a real person with money , freedom + security just shakes their head.

we see it all the time, grown adults with 20k->0k in savings (or even close to 0$ NW) sporting 700$ gucci belts, multiple canada goose jackets, louboutins, a brand new car (lease) or 7-8 year finance terms. im sure we (all) could go on + on + on.

I make 3 times that and I drive a crappy car, my water netflix and cellphones is 400, anyhow, i fail to see why people who earn less than a third what I earn MUST spend more

 

[Mr.Know-It-All]

Disagree completely.
The public sector worker earning $100,000+ is in the top decile of all wage earners. Plus they can enjoy deferred compensation in the form of a fully inflation protected pension for life as early as age 50 or 55. Plus gold plated benefits.
The unions don't want the public to know how good they have it.
Leave it at $100,000. Soon 200,000 teachers in Ontario will be over $100,000 base salary and demanding more for "public education" the truth is that 92% of education budgets goes to salaries and benefits, not for students.
The public deserves to know the sheer number of taxpayer paid jobs that earn double the Ontario median income.

That may be true but $100,000 in 1996 when the Sunshine List started is now equivalent to $172,000 today when adjusted for inflation.

 

[Geee]

What's the difference between the half that struggle with $100k/year and the half that do just fine?

Location I'd assume.