If you want to live in the City or Houston and have kids it's gonna cost close to $250K.
au contraire mein AggieYouBet said:I hate to tell you this but you aren't retiring in 6 years if you only have $700K right now and expect to live to the normal statistical age or beyond it.LMCane said:GE said:LMCane said:
but at the same time I am on pace to retire a millionaire by age 57. (6 years)
so I have $700K in savings/401K/personal brokerage/crypto (not including half million dollar house) but only a few hundred dollars in cash
Only way you pull that off is if you are single and you plan on living in a box eating ramen every meal, or crypto skyrockets to lotto levels.
ding ding ding... call $250k = $16k month after health insurance and taxesbmks270 said:
In a high cost of living area it's very easy to blow 250k on rent, luxury cars, and eating out, especially with kids.
"Pay check to pay check" isn't well defined. I bet most of these people have decent savings and can afford unexpected expenses pretty easily.
Well, I said you could if you are single, but you aren't going to be living large. And that may not be a priority at all which is cool. You will need to figure out healthcare for a few years until Medicare kicks in. That may not be cheap and may not cover what you need.LMCane said:au contraire mein AggieYouBet said:I hate to tell you this but you aren't retiring in 6 years if you only have $700K right now and expect to live to the normal statistical age or beyond it.LMCane said:GE said:LMCane said:
but at the same time I am on pace to retire a millionaire by age 57. (6 years)
so I have $700K in savings/401K/personal brokerage/crypto (not including half million dollar house) but only a few hundred dollars in cash
Only way you pull that off is if you are single and you plan on living in a box eating ramen every meal, or crypto skyrockets to lotto levels.
I am single, with an additional $105,000 in equity already in my house in Maryland that I am not counting on.
I just put $40,000 into the stock market at years long lows
you don't think a single person with no kids can retire on a million dollars in savings, $3445 a month in social security, and a house nearly paid off?!?!
ChoppinDs40 said:ding ding ding... call $250k = $16k month after health insurance and taxesbmks270 said:
In a high cost of living area it's very easy to blow 250k on rent, luxury cars, and eating out, especially with kids.
"Pay check to pay check" isn't well defined. I bet most of these people have decent savings and can afford unexpected expenses pretty easily.
$750k house... call it $4k mortgage.. $400 utilities, $1,300 in car payments, $300 car insurance, $400 gas (now)...
2 kids in day care is at least $2,000, $1,500 in food. That's $10k right there for living/commuting...
TV? entertainment? vacation? 401k savings? HSA savings? wife getting her nails done and hoohah waxed? it goes quick.
and there's no possibility it could continue to go down. Guaranteed money!!!!LMCane said:au contraire mein AggieYouBet said:I hate to tell you this but you aren't retiring in 6 years if you only have $700K right now and expect to live to the normal statistical age or beyond it.LMCane said:GE said:LMCane said:
but at the same time I am on pace to retire a millionaire by age 57. (6 years)
so I have $700K in savings/401K/personal brokerage/crypto (not including half million dollar house) but only a few hundred dollars in cash
Only way you pull that off is if you are single and you plan on living in a box eating ramen every meal, or crypto skyrockets to lotto levels.
I am single, with an additional $105,000 in equity already in my house in Maryland that I am not counting on.
I just put $40,000 into the stock market at years long lows
you don't think a single person with no kids can retire on a million dollars in savings, $3445 a month in social security, and a house nearly paid off?!?!
LMCane said:GE said:I'm having a tough time computing living paycheck to paycheck while also being on track to retire at age 57 in 6 years. I always think about living paycheck to paycheck as spending all your money from this paycheck on expenses with nothing leftover to save or investLMCane said:it doesn't matter the actual salary one has-Ranger222 said:
Someone give me $250K/year and I'll tell you if its true
a person with a $55K salary can save and end up a millionaire by age 65.
a person with a $220K salary can spend everything and end up with little by age 65.
it's the person- not the salary.
most americans have no patience to defer gratification and plan for a year in the future- much less 30 years in the future.
I'm living paycheck to paycheck now only because I bought a new house in 2020 and have pumped all my cash into BTC, ETH and 95% of it into the stock market in the last 3 months.
but at the same time I am on pace to retire a millionaire by age 57. (6 years)
that is the quibble I have with these sensationalist articles.
what EXACTLY is "living paycheck to paycheck"?
are they stating that 35% of the working public have ZERO SAVINGS?
or are they saying that 35% of the working public has ZERO CASH?
I have always had a cash buffer of about 6 months over the last 25 years of working as an attorney- until the last 4 months when I bought a house (downpayment and closing costs) in Sept 2020 and then spent the rest of my cash pumping into my Fidelity Brokerage and coinbase accounts.
so I have $700K in savings/401K/personal brokerage/crypto (not including half million dollar house) but only a few hundred dollars in cash
1300 in car payments a month? That's insane man.ChoppinDs40 said:ding ding ding... call $250k = $16k month after health insurance and taxesbmks270 said:
In a high cost of living area it's very easy to blow 250k on rent, luxury cars, and eating out, especially with kids.
"Pay check to pay check" isn't well defined. I bet most of these people have decent savings and can afford unexpected expenses pretty easily.
$750k house... call it $4k mortgage.. $400 utilities, $1,300 in car payments, $300 car insurance, $400 gas (now)...
2 kids in day care is at least $2,000, $1,500 in food. That's $10k right there for living/commuting...
TV? entertainment? vacation? 401k savings? HSA savings? wife getting her nails done and hoohah waxed? it goes quick.
Do you live in MD or is that an investment property? I discourage people from including primary home equity in their net worth calc because you have to live somewhere.LMCane said:au contraire mein AggieYouBet said:I hate to tell you this but you aren't retiring in 6 years if you only have $700K right now and expect to live to the normal statistical age or beyond it.LMCane said:GE said:LMCane said:
but at the same time I am on pace to retire a millionaire by age 57. (6 years)
so I have $700K in savings/401K/personal brokerage/crypto (not including half million dollar house) but only a few hundred dollars in cash
Only way you pull that off is if you are single and you plan on living in a box eating ramen every meal, or crypto skyrockets to lotto levels.
I am single, with an additional $105,000 in equity already in my house in Maryland that I am not counting on.
I just put $40,000 into the stock market at years long lows
you don't think a single person with no kids can retire on a million dollars in savings, $3445 a month in social security, and a house nearly paid off?!?!
It is, but it's not. Everybody either drives an enormous loaded pickup, Audi, Mercedes or Lexus. A $75,000 auto loan is going to run $1,400/month.jtraggie99 said:1300 in car payments a month? That's insane man.ChoppinDs40 said:ding ding ding... call $250k = $16k month after health insurance and taxesbmks270 said:
In a high cost of living area it's very easy to blow 250k on rent, luxury cars, and eating out, especially with kids.
"Pay check to pay check" isn't well defined. I bet most of these people have decent savings and can afford unexpected expenses pretty easily.
$750k house... call it $4k mortgage.. $400 utilities, $1,300 in car payments, $300 car insurance, $400 gas (now)...
2 kids in day care is at least $2,000, $1,500 in food. That's $10k right there for living/commuting...
TV? entertainment? vacation? 401k savings? HSA savings? wife getting her nails done and hoohah waxed? it goes quick.
South Platte said:It is, but it's not. Everybody either drives an enormous loaded pickup, Audi, Mercedes or Lexus. A $75,000 auto loan is going to run $1,400/month.jtraggie99 said:1300 in car payments a month? That's insane man.ChoppinDs40 said:ding ding ding... call $250k = $16k month after health insurance and taxesbmks270 said:
In a high cost of living area it's very easy to blow 250k on rent, luxury cars, and eating out, especially with kids.
"Pay check to pay check" isn't well defined. I bet most of these people have decent savings and can afford unexpected expenses pretty easily.
$750k house... call it $4k mortgage.. $400 utilities, $1,300 in car payments, $300 car insurance, $400 gas (now)...
2 kids in day care is at least $2,000, $1,500 in food. That's $10k right there for living/commuting...
TV? entertainment? vacation? 401k savings? HSA savings? wife getting her nails done and hoohah waxed? it goes quick.
Think you'd be surprised at the number of people in their 30s that can easily afford a $1MM house, particularly with interest rates where they were the past few years.South Platte said:
I feel like I'm the only one of my friends/acquaintances that isn't living in a $500,000+ house. I can't believe the number of people in their 30's living in homes pushing toward $1m. Maybe family money?
South Platte said:
I feel like I'm the only one of my friends/acquaintances that isn't living in a $500,000+ house. I can't believe the number of people in their 30's living in homes pushing toward $1m. Maybe family money?
Jet Black said:
Most people are still trying to live like it's the 1950's. House, multiple kids, two cars, vacations. That's the bill of goods every one was sold. Unless you make a small fortune you are going to have a difficult time living that lifestyle in 2022.
jtraggie99 said:1300 in car payments a month? That's insane man.ChoppinDs40 said:ding ding ding... call $250k = $16k month after health insurance and taxesbmks270 said:
In a high cost of living area it's very easy to blow 250k on rent, luxury cars, and eating out, especially with kids.
"Pay check to pay check" isn't well defined. I bet most of these people have decent savings and can afford unexpected expenses pretty easily.
$750k house... call it $4k mortgage.. $400 utilities, $1,300 in car payments, $300 car insurance, $400 gas (now)...
2 kids in day care is at least $2,000, $1,500 in food. That's $10k right there for living/commuting...
TV? entertainment? vacation? 401k savings? HSA savings? wife getting her nails done and hoohah waxed? it goes quick.
ChoppinDs40 said:jtraggie99 said:1300 in car payments a month? That's insane man.ChoppinDs40 said:ding ding ding... call $250k = $16k month after health insurance and taxesbmks270 said:
In a high cost of living area it's very easy to blow 250k on rent, luxury cars, and eating out, especially with kids.
"Pay check to pay check" isn't well defined. I bet most of these people have decent savings and can afford unexpected expenses pretty easily.
$750k house... call it $4k mortgage.. $400 utilities, $1,300 in car payments, $300 car insurance, $400 gas (now)...
2 kids in day care is at least $2,000, $1,500 in food. That's $10k right there for living/commuting...
TV? entertainment? vacation? 401k savings? HSA savings? wife getting her nails done and hoohah waxed? it goes quick.
2x $650 car payments isn't insane. That's a $40k car note over 6 years at 2% (ask me how I know)
Want to go in a nice vacation or 2 a year? I just looked at flights to cancun in November from DFW… $750 a piece!!!
2 nice vacations a year for a family of 4 is easily over $10k… so there's another 1k in monthly savings…
Stuff ain't cheap.
Like JetBlack said… it's the American Dream but a $12 whataburger combo and $4.50 gas is killing that dream
My whole point in commenting on this thread is that this idea that getting by on a 250k income is not easy to do AND save money (i.e. not living paycheck to paycheck) is just silly. I mean sure, you can justify it in all sorts of manners. But the truth is there are plenty of ways to get by cheaper, spend less, and save more. You don't have to have 2 - $650 car payments at the same time. That's a choice. You don't have to take 2 nice 5k vacations a year. That's a choice. I suppose, if that's not really living to some, then so be it, but that's their choice. Too many people in this country think they are too good for that (settling for less) and think they "deserve" more. The American Dream is whatever you what it to be....people can choose to stop spending money on so much crap that doesn't really bring them happiness anyway...ChoppinDs40 said:jtraggie99 said:1300 in car payments a month? That's insane man.ChoppinDs40 said:ding ding ding... call $250k = $16k month after health insurance and taxesbmks270 said:
In a high cost of living area it's very easy to blow 250k on rent, luxury cars, and eating out, especially with kids.
"Pay check to pay check" isn't well defined. I bet most of these people have decent savings and can afford unexpected expenses pretty easily.
$750k house... call it $4k mortgage.. $400 utilities, $1,300 in car payments, $300 car insurance, $400 gas (now)...
2 kids in day care is at least $2,000, $1,500 in food. That's $10k right there for living/commuting...
TV? entertainment? vacation? 401k savings? HSA savings? wife getting her nails done and hoohah waxed? it goes quick.
2x $650 car payments isn't insane. That's a $40k car note over 6 years at 2% (ask me how I know)
Want to go in a nice vacation or 2 a year? I just looked at flights to cancun in November from DFW… $750 a piece!!!
2 nice vacations a year for a family of 4 is easily over $10k… so there's another 1k in monthly savings…
Stuff ain't cheap.
Like JetBlack said… it's the American Dream but a $12 whataburger combo and $4.50 gas is killing that dream
jtraggie99 said:My whole point in commenting on this thread is that this idea that getting by on a 250k income is not easy to do AND save money (i.e. not living paycheck to paycheck) is just silly. I mean sure, you can justify it in all sorts of manners. But the truth is there are plenty of ways to get by cheaper, spend less, and save more. You don't have to have 2 - $650 car payments at the same time. That's a choice. You don't have to take 2 nice 5k vacations a year. That's a choice. I suppose, if that's not really living to some, then so be it, but that's their choice. Too many people in this country think they are too good for that (settling for less) and think they "deserve" more. The American Dream is whatever you what it to be....people can choose to stop spending money on so much crap that doesn't really bring them happiness anyway...ChoppinDs40 said:jtraggie99 said:1300 in car payments a month? That's insane man.ChoppinDs40 said:ding ding ding... call $250k = $16k month after health insurance and taxesbmks270 said:
In a high cost of living area it's very easy to blow 250k on rent, luxury cars, and eating out, especially with kids.
"Pay check to pay check" isn't well defined. I bet most of these people have decent savings and can afford unexpected expenses pretty easily.
$750k house... call it $4k mortgage.. $400 utilities, $1,300 in car payments, $300 car insurance, $400 gas (now)...
2 kids in day care is at least $2,000, $1,500 in food. That's $10k right there for living/commuting...
TV? entertainment? vacation? 401k savings? HSA savings? wife getting her nails done and hoohah waxed? it goes quick.
2x $650 car payments isn't insane. That's a $40k car note over 6 years at 2% (ask me how I know)
Want to go in a nice vacation or 2 a year? I just looked at flights to cancun in November from DFW… $750 a piece!!!
2 nice vacations a year for a family of 4 is easily over $10k… so there's another 1k in monthly savings…
Stuff ain't cheap.
Like JetBlack said… it's the American Dream but a $12 whataburger combo and $4.50 gas is killing that dream
Not saying that the American dream is as achievable as it used to be, but I'm also not sure it's fair to compare 1950's lifestyle to today's lifestyle.Jet Black said:
Most people are still trying to live like it's the 1950's. House, multiple kids, two cars, vacations. That's the bill of goods every one was sold. Unless you make a small fortune you are going to have a difficult time living that lifestyle in 2022.
agree 100%... and these are the people that are living paycheck to paycheckjtraggie99 said:My whole point in commenting on this thread is that this idea that getting by on a 250k income is not easy to do AND save money (i.e. not living paycheck to paycheck) is just silly. I mean sure, you can justify it in all sorts of manners. But the truth is there are plenty of ways to get by cheaper, spend less, and save more. You don't have to have 2 - $650 car payments at the same time. That's a choice. You don't have to take 2 nice 5k vacations a year. That's a choice. I suppose, if that's not really living to some, then so be it, but that's their choice. Too many people in this country think they are too good for that (settling for less) and think they "deserve" more. The American Dream is whatever you what it to be....people can choose to stop spending money on so much crap that doesn't really bring them happiness anyway...ChoppinDs40 said:jtraggie99 said:1300 in car payments a month? That's insane man.ChoppinDs40 said:ding ding ding... call $250k = $16k month after health insurance and taxesbmks270 said:
In a high cost of living area it's very easy to blow 250k on rent, luxury cars, and eating out, especially with kids.
"Pay check to pay check" isn't well defined. I bet most of these people have decent savings and can afford unexpected expenses pretty easily.
$750k house... call it $4k mortgage.. $400 utilities, $1,300 in car payments, $300 car insurance, $400 gas (now)...
2 kids in day care is at least $2,000, $1,500 in food. That's $10k right there for living/commuting...
TV? entertainment? vacation? 401k savings? HSA savings? wife getting her nails done and hoohah waxed? it goes quick.
2x $650 car payments isn't insane. That's a $40k car note over 6 years at 2% (ask me how I know)
Want to go in a nice vacation or 2 a year? I just looked at flights to cancun in November from DFW… $750 a piece!!!
2 nice vacations a year for a family of 4 is easily over $10k… so there's another 1k in monthly savings…
Stuff ain't cheap.
Like JetBlack said… it's the American Dream but a $12 whataburger combo and $4.50 gas is killing that dream
Is that the guy who kept offering Ben Wyatt the accounting job on Parks and Rec?RockOn said:
Now add in the following:Jet Black said:
A million dollar home is going to cost you over $5,000 a month at 3%. That's with no money down. 20% down and you are still looking at over $4,000 a month. I guess there are people in their 30's that can afford that but I'd bet many are house poor. A mortgage that high would scare the hell out of me. You are one lost job from having to sell in a hurry. $4,000 a month doesn't seem like something the parents can loan you until you get back on your feet.