Off-Topic

[Majingir]

Re: Off-Topic

I wonder how many people in the 6 figure range are setting money aside (outside of retirement) in case things go sideways. Know too many people with that money living almost paycheck to paycheck. Could see that happening especially when you start a family and you start spending money and living life the way you think you're supposed to, based on societal expectations/norms we see.

I saw an article just yesterday saying that 40% of people could not handle a sudden $1,000 health expense.

That's the thing when it comes to DISPOSABLE income.

If you make 100k and live in a million dollar house, eat out all the time, drive a fancy car, and buy expensive things, you're probably gonna be struggling more than someone making 50k who lives in a cheaper house, drives an average car and manages how they spend their money.

If someone who makes 6 figures spends similar to how someone who makes 50k spends, they'll be well off with lots of money in the bank.

[pietasterp]

Re: Off-Topic

Yes, but how can I live with myself knowing that the Smiths across the street have a brand new BMW X3 in the driveway and I'm still driving my 6-year-old Accord?

[Speedy]

Re: Off-Topic

I wonder how many people in the 6 figure range are setting money aside (outside of retirement) in case things go sideways. Know too many people with that money living almost paycheck to paycheck. Could see that happening especially when you start a family and you start spending money and living life the way you think you're supposed to, based on societal expectations/norms we see.

I saw an article just yesterday saying that 40% of people could not handle a sudden $1,000 health expense.

Very good question...I know way too many people who use any extra money on capital purchases like RVs, campers, cars, work around the house. It's like a race to accumulate as much debt as possible to then suddenly not be able to afford a Dorito...very few seem to save.

[Caulfield]

Re: Off-Topic

Yes, but how can I live with myself knowing that the Smiths across the street have a brand new BMW X3 in the driveway and I'm still driving my 6-year-old Accord?

forget about the Smith's BMW;
it's them damn Joneses and their BMX you have to keep up with.

[kehlis]

Re: Off-Topic

My boss just got fired today, due to a lack of performance. Dude made 6 figures and we work in a corporate financial analysis (FP&A) department...I feel bad for him, he was nice and worked very hard, even if his technical/reporting abilities were lacking (which was a big part of his departure). It's going to be rough finding a comparable job in this climate.

I've never had a boss be let go.

How do you know how much your former boss made? That's strange to me.

That's the thing when it comes to DISPOSABLE income.

If you make 100k and live in a million dollar house, eat out all the time, drive a fancy car, and buy expensive things, you're probably gonna be struggling more than someone making 50k who lives in a cheaper house, drives an average car and manages how they spend their money.

If someone who makes 6 figures spends similar to how someone who makes 50k spends, they'll be well off with lots of money in the bank.

Someone is going to have to make a LOT more than 100k to afford a million dollar home let alone all those other things you're mentioning. BEFORE taxes, a 100k salary wouldn't even cover the base monthly mortgage for 1MM home unless there was a substantial down payment made.

[LambertandHam]

Re: Off-Topic

Yes, but how can I live with myself knowing that the Smiths across the street have a brand new BMW X3 in the driveway and I'm still driving my 6-year-old Accord?

And here I'm thinking that grabbing take out once in a blue moon is spending too much money

[Master Live 013]

Re: Off-Topic

So I just discovered the "Are ya winning son?" meme on YouTube. Long live the internet.

[Master Live 013]

Re: Off-Topic

Also this:

<iframe src="https://www.youtube.com/embed/yBLdQ1a4-JI" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" width="560" height="315" frameborder="0"></iframe>

the best

[slickdtc]

Re: Off-Topic

Yeah depending on where you live, 6 figures won’t be going that far.

For example, I live 20 minutes from Philly. We’re looking at buying a home in the coming year. In my current area, we’re either priced out or if they’re affordable they require major improvements.

If I travel 20 mins down I95, I can buy a home with more rooms, more space, better schools, pretty much the exact same style of living for CHEAPER. Homes are legitimately 25% less expensive 16 miles down the road.

People suck at living below or within their means too. I feel guilty when I buy myself a thing that isn’t food to live. Also, we could probably bump our home budget up and still be approved but no thanks. Not interested in living life on the financial edge more than one already does. Heh.

[Fresh Tendrils]

Re: Off-Topic

Consumers SAVING their money instead of SPENDING it needlessly? Where do you think we are? We need the economy to GROW endlessly - always INCREASING in the name of PROGRESS.

[countryboy]

Re: Off-Topic

I'm happy to say that I am 42 years old and completely debt free.

That could be because I live out in the sticks and my nearest neighbor is about 4 miles down the road either direction, so I'm not trying to keep up nor compete with my neighbor.

[pietasterp]

Re: Off-Topic

How do you know how much your former boss made? That's strange to me.



Someone is going to have to make a LOT more than 100k to afford a million dollar home let alone all those other things you're mentioning. BEFORE taxes, a 100k salary wouldn't even cover the base monthly mortgage for 1MM home unless there was a substantial down payment made.

Definitely depends, but assuming you can squirrel away 20% for a down-payment, that's a few years of saving but not totally out of reach (depending on how much debt you're comfortable with, etc).

Also, I don't think it's that unusual to know how much your boss is making. A lot of the jobs are publicly posted and you can do some quick internet research on what comparable jobs at comparably-sized companies are paid (at least in a general range), good enough to know if a job is "six figures" or not. If you're even a little bit curious, you can pretty much figure out - within a ballpark range - how much anyone makes.

Yeah depending on where you live, 6 figures won’t be going that far.

For example, I live 20 minutes from Philly. We’re looking at buying a home in the coming year. In my current area, we’re either priced out or if they’re affordable they require major improvements.

If I travel 20 mins down I95, I can buy a home with more rooms, more space, better schools, pretty much the exact same style of living for CHEAPER. Homes are legitimately 25% less expensive 16 miles down the road.

People suck at living below or within their means too. I feel guilty when I buy myself a thing that isn’t food to live. Also, we could probably bump our home budget up and still be approved but no thanks. Not interested in living life on the financial edge more than one already does. Heh.

Yes, the old "location, location, location" chestnut. But it's true. The housing market is very odd. It's also been corrupted quite badly by a number of influences which I won't get into here because it might verge into verboten territory for discussion, but it operates in a manner that is very far away from efficient.

Consumers SAVING their money instead of SPENDING it needlessly? Where do you think we are? We need the economy to GROW endlessly - always INCREASING in the name of PROGRESS.

I'm happy to say that I am 42 years old and completely debt free.

That could be because I live out in the sticks and my nearest neighbor is about 4 miles down the road either direction, so I'm not trying to keep up nor compete with my neighbor.

Being debt-free is never a bad thing. That having been said, there is such a thing as productive debt, you just have to have a plan for it and manage your finances and opportunities provided by the debt carefully. It's clearly not productive to have debt so you can have a slightly nicer car (although I wouldn't use a pejorative and say it's "bad"...it's just not productive in terms of expecting positive return), but if money is basically free to borrow (as it almost is now), taking on some debt in order to access investments you otherwise wouldn't be able to that you expect would be positive could be productive, if you expect the rate of return to be greater than the interest on the loan.

Anyway, there's obviously no one right thing for everyone. Some of the wealthiest people have massive amounts of leverage. Of course, when things go south, some of those people can quickly become very un-wealthy, so....[/shrug]

[kehlis]

Re: Off-Topic

Also, I don't think it's that unusual to know how much your boss is making. A lot of the jobs are publicly posted and you can do some quick internet research on what comparable jobs at comparably-sized companies are paid (at least in a general range), good enough to know if a job is "six figures" or not. If you're even a little bit curious, you can pretty much figure out - within a ballpark range - how much anyone makes.

Yea I was generally curious as I'm naive to that being general knowledge, it's behind a lock and key for me. Assuming isn't even always safe. The only way for me to know how much my boss makes would be to apply for that job, be offered the job and see the salary. Behind that it's all an assumption.

[DieHardYankee26]

Re: Off-Topic

He could just make six figures himself and knows the guy above him makes more.

[countryboy]

Re: Off-Topic

I make six figures if you count the two figures to the right of the decimal point.