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re: $100,000 per year is now Lower Middle Class?
Posted on 3/6/22 at 10:30 am to Zach
Posted on 3/6/22 at 10:30 am to Zach
quote:
There is a big difference between 100K in Manhattan and 100K in New Iberia.
From that perspective, the 1040 tax-brackets screw the DS out of the New England and west-coast states, where the county dog-catcher is pulling >100K a year.
0
Posted on 3/6/22 at 10:30 am to Ezzard
How about seniors living on fixed income and savings which have been at 0% interest for a 10-15 years. Inflation is a killer for seniors and also ensures no inheritance passed down.
This post was edited on 3/6/22 at 10:32 am
Posted on 3/6/22 at 10:33 am to Dawgfanman
Yeah, I don’t think the income is the issue. It’s people’s spending habits driving up the cost of goods and services and squeezing everyone else.
Posted on 3/6/22 at 10:33 am to Ricardo
quote:
Housing is killing the hopes and dreams of a lot of young people. It's preposterous that townhomes 30+ minutes from places like Nashville are starting in the low $500k range.
That’s because they’ve bought into the lie that housing is an “investment” when it is an expense to be minimized. Sure some people make money (especially lately) on housing but it can end up being a trap. The primary benefit of owning only kicks in after a long time..that’s a fixed (depending on maintenance) cost that’s considerably lower than those buying currently or those renting.
Posted on 3/6/22 at 10:33 am to LSUwag
quote:
I’m remodeling our master bathroom right now. Labor is $16,000 and materials are slightly over $20,000. Things are incredibly expensive
You are getting raped with a telephone pole.
Posted on 3/6/22 at 10:37 am to xxTIMMYxx
quote:
No it isn’t. As a single that puts you close or in upper middle class
Time has passed you by. As a single you carry all the burden of a household and have less left for above the line expenditures like better home, better car, trips, etc. In our major urban centers $100K gets you a one room studio and no vehicle... that aint upper middle to me.
Posted on 3/6/22 at 10:43 am to Pettifogger
quote:
question how much taxes pay into that. Many on here probably don't factor in that people making 60-70k as a family pay negligible amounts (or nothing) in taxes and get a lot of government breaks a family making 250k don't get.
I’m 38, and currently engaged. I make a pretty damn good living. Y’all wouldn’t believe what I pay in taxes though. Some of y’all do. It’s sickening. It’s gotten better since I’ve bought a couple larger pieces of property and created an LLC for “Tree Farm”. That eased my tax burden some and get $ back each year but I’m paying nearly 40% taxes
Posted on 3/6/22 at 10:45 am to Dawgfanman
quote:
See this is the problem. People seem to have a different idea of comfort now than in days gone by.
Furniture is a little worn, kitchen could use a remodel, bathroom looks same as it did 15 years ago, car is over 4 years old…oh my god you are living in a shack, driving a beater, in poverty.
Idea of a decent vacation is a week at a gulf coast beach and not a week in the Bahamas? You are poor.
I grew up poor. Eating mostly deer and veggies from the freezer we put there. Heating the house with the fireplace and wood stove with wood we cut/split ourselves. Cars got repaired not replaced and that happened in the garage not at someone’s shop. Vacation was a once every 5 years kinda thing.
As a teen I was responsible for buying any family groceries to substitute for the freezer food we had put away one week a month with my money from part time job.
Thing is, I didn’t know I grew up poor til I got older and people told me.
This is correct. The OP who is saying 100k is Lower Middle Class I am willing to bet if he is making over 100k a year (which I doubt) than he is in debt up to his eyeballs. Some people think just cause you make a great salary you have to spend everything and have everything new. I have a friend who him and his wife make over 170k combined yet they filed for bankruptcy twice. When you have 4 cars, 2 of them brand new, do a renovation in your 15 year old 350k house, charges everything on credit without thinking twice about it and spend like there is no tomorrow. Being completely honest many people are just straight up spoiled.
This post was edited on 3/6/22 at 10:49 am
Posted on 3/6/22 at 10:51 am to LSUwag
quote:You're home goes up $250K/year?
They go up 15-20 thousand dollars a month right now.
Posted on 3/6/22 at 10:52 am to Ezzard
I make 50 after being at the same job 17 years and same career 21 years.
If I made 100 I’d feel like a baller
If I made 100 I’d feel like a baller
Posted on 3/6/22 at 10:54 am to FelicianaTigerfan
quote:
I make 50 after being at the same job 17 years and same career 21 years. If I made 100 I’d feel like a baller
I hope you love and enjoy your work.
Posted on 3/6/22 at 10:57 am to DeltaHog
quote:
Nah try moving to Nashville, Charlotte, Denver, Dallas, Austin or Tampa on 100k. 100k is nothing. You’re lower middle class. Try sending kids to daycare, paying a mortgage or buying a car in any of these cities on 100k and get back to me.
This is the truth. I made right at $100k last year and I live in an older 1 bed apartment in Dallas paying $1350/month. I save about 10-15% of my income between 401k and savings and live frugally. With my current savings plan, I basically have nothing left at the end of the month. I am very conservative with my money and feel like I am living a lower class lifestyle despite making $100k and being single. I would love to be a home owner but a starter home here is $450k a year with a 45 minute commute… it’s depressing
This post was edited on 3/6/22 at 11:00 am
Posted on 3/6/22 at 11:00 am to Ezzard
150 is the new 80
Posted on 3/6/22 at 11:01 am to SlowFlowPro
Part of the problem is what we think of as middle class. When I think "middle class" I think of a family able to afford all the necessities, save for retirement, save for a rainy day, and still have money left over to vacation and have fun. A family of 4 can't do all that on $100,000 a year today. No way.
Posted on 3/6/22 at 11:02 am to Ezzard
quote:
$100,000 per year is now Lower Middle Class?
Depends on several factors. Is that 100k for a single person? Or 100k for a family of 4? Is this in NYC or some podunk town in AL?
Posted on 3/6/22 at 11:04 am to MC5601
quote:
making $100k and being single
quote:
I would love to be a home owner
Why? Unless new, maintenance costs can quickly get crazy. 10-15k for a roof, 6-10 for AC/Heat. Even when new you’ve got all the furniture, lawn stuff, moving expenses, making it look more than “basic”, etc
Don’t do it. Buying houses is something you do to have room for the kids to play and a place to call “home” while they grow up. Just an old mans opinion
Posted on 3/6/22 at 11:05 am to Ezzard
Depends are where you are.
Money represents buying power and in someplace like a deep blue major city that’s not going to buy much.
Money represents buying power and in someplace like a deep blue major city that’s not going to buy much.
Posted on 3/6/22 at 11:06 am to StAugFLTiger
quote:
and the national family average is around $70K I believe, which puts $100K well above average.
The problem is, $100K doesn't get you much more than $70K now. While it's still around a 40% increase, $30K ends up bring $12-$15K after the government steals what they want, and $15K doesn't go near as far as it did even 10 years ago.
It saddens me that the vast majority of the labor pool is too stupid to realize this. If the desire was there to naturally raise average salaries, it could easily be done. Profits are at an all time high, but the government (big corporations/China) keeps pumping out false info and people eat it up, without asking a single question. Then they rely on that dsame government to force higher salaries through legislation that ends up only benefitting big corps and China.
Start questioning everything you're told.
This post was edited on 3/6/22 at 11:15 am
Posted on 3/6/22 at 11:08 am to Tigertittie
quote:
Part of the problem is what we think of as middle class. When I think "middle class" I think of a family able to afford all the necessities, save for retirement, save for a rainy day, and still have money left over to vacation and have fun. A family of 4 can't do all that on $100,000 a year today. No way.
Well the actual “middle income” in this country can barely afford the necessities, have little or no retirement savings, has less than 1000 in savings for a “rainy” day, and makes monthly payments for last years vacation where they overspent their tax “refund” (which was likely more or equal to what they paid in).
Posted on 3/6/22 at 11:09 am to DeltaHog
quote:
Nah try moving to Nashville, Charlotte, Denver, Dallas, Austin or Tampa on 100k.
yesterday I click on an article that lists a dozen cities that the average American would not be able to purchase a house in by the end of this decade.
Auburn, Fayetteville, Knoxville, & Athens, made the list along with Dallas, Ft. Worth, Jacksonville
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