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re: Spinoff: How much does it cost to live a middle class life?
Posted on 5/11/15 at 7:46 pm to AUjim
Posted on 5/11/15 at 7:46 pm to AUjim
Ok I consider myself middle class. I make more than 50k and less than 100k not counting bonuses have not rent or mortgage, one vehicle note which I double up on, my cell phone bill, utilities, a storage room, and a couple of gas cards and two credit cards which I pay in full every month when I use them. I am able to do pretty much what I want when I want but I don't live extravagantly and I never will. As long as I am able to save a little and give a little to charity I'm good.
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Posted on 5/11/15 at 7:50 pm to Roger Klarvin
Alot of pharmacists make that money too. Not the ones that work at pharmacies, but the ones that work at pharmaceutical corporations. Pharmacologists with patents. Their salary is negotiated with royalties and a corner office where they can overseee "their" operation within the corp.
Nothing megamillion like viagra, but the little drugs you never hear about, but still make enough money for the pharmacists to clear $600k in royalties a year.
Nothing megamillion like viagra, but the little drugs you never hear about, but still make enough money for the pharmacists to clear $600k in royalties a year.
Posted on 5/11/15 at 7:52 pm to Agforlife
If you are single and make more than 50k and you don't live in SanFran or NYC, or other high cost of living area, then you are upper middle class.
Posted on 5/11/15 at 8:01 pm to Patton
quote:
Grammar boom. Never gets old. Not proud of 100k salary. You don't have to justify anything you posted to me. I was just making an observation
Oh you know I was just joshing you. I heart you. I heart your Avatars more though.
I really don't know what the answer is though on middle class vs. a brag worthy salary.
Let's overshoot my salary a bit and say I do make 100k. Currently, I'm the poorest in my group of closest friends. One lawyer, a dude who owns a bunch of franchises of at home health care, a realtor selling 10-15 million a year, and a bunch of doctors (we have a large research and resident hospital here. ) I can hang with them and there's not too much of a divide, but it's pretty clear that they drive new tundras, beamers, land cruisers, and Toyota SUVs and that's in stark contrast to my 2003 f150. Most of these friends are from church, but not in my Sunday school class or small group. On the flip side, I would guess I'm the more wealthy of most of the people I'm in small group with as most of them are working in the 50-75k range. I think we're all middle class but middle class is a huge range for a reason.
Posted on 5/11/15 at 9:46 pm to AUjim
Depends on the family, the region of the country in which they live, how many, etc.
I'd say $62-$65k bare minimum. Figure 50% goes to taxes. That's FICA, Federal, State, Property, Sales, Gas taxes, etc. It adds up.
You are actually left with around $31-$33k.
Family of four has to pay for insurance(s) x3 or x4, food, clothes, mortgage, car payment (if you are a dumb arse), incidentals, unexpecteds, entertainment (bare minimum), etc., on less than three grand a month.
That's cutting it very very close with little left over for emergencies, retirement, etc.
I'd say $62-$65k bare minimum. Figure 50% goes to taxes. That's FICA, Federal, State, Property, Sales, Gas taxes, etc. It adds up.
You are actually left with around $31-$33k.
Family of four has to pay for insurance(s) x3 or x4, food, clothes, mortgage, car payment (if you are a dumb arse), incidentals, unexpecteds, entertainment (bare minimum), etc., on less than three grand a month.
That's cutting it very very close with little left over for emergencies, retirement, etc.
Posted on 5/11/15 at 9:47 pm to AUjim
quote:
Savings-400
That's pathetic. That's a savings of just under $5k per year. Times 30 years of working, that's saving just $150k for retirement for 2. Assuming a decent return on investment in that time, You "might" have $250k to retire on. That's the equivalent of 3.5 years of the gross income you listed.
Someone that makes $75k per year should be saving $1500 a month easily. Otherwise you're spending too much.
Posted on 5/11/15 at 9:50 pm to 3nOut
I would consider my wife and I easily middle class to upper middle class if it weren't for student loan debt. I have a modest amount ($30k for graduate school, none from undergrad), but my wife has a crushing amount of debt (+$100k from private university and law school loans). We pay over $1000 per month on student loans alone. I still consider is middle class, we both make good salaries and we don't have children, but we could live much easier if we weren't saddled with such debt.
Posted on 5/11/15 at 10:14 pm to 3nOut
quote:
that's not living comfortably. that's living pretty lavishly.
I guess we have two different levels of comfort. He was honestly living pretty frugal to me, aside from the gas which seemed to be rather much.
Posted on 5/11/15 at 10:15 pm to Tiguar
quote:
Edit: I saw you put 75. That seems like a vast underestimation.
Seriously. Where the hell can you find insurance for that price unless your company has a hell of a deal.
Posted on 5/11/15 at 10:29 pm to PrivatePublic
That 400 was assuming retirement came from gross. 400 is for emergency/vacations/etc savings.
Posted on 5/11/15 at 10:41 pm to Old Sarge
quote:
by Old Sarge
I would say at least 150k to barely squeak by in a true middle class life
Thank you. This whole thread begs the question of "what is middle class?". I do not live lavishly. I drive a 10 year old car. Wife has a new one. We have a nice house, but those are our only major expenses. I made $250k last year and didn't save a dime beyond my 401k.
We have 3 kids that we try to provide what we can for, but no way in hell could I make a decent life for us on anything less than $150k. And it wouldn't be much on that.
Life is expensive these days.
ETA: just read through this thread. There are a lot of folks doing more with less than me. I just can't figure this out.
This post was edited on 5/11/15 at 10:46 pm
Posted on 5/11/15 at 10:54 pm to tiger114
You live in mobile alabama....not San Francisco, learn to budget. Send your kids to public school.
Posted on 5/11/15 at 10:55 pm to tiger114
Whole point.
I consider us mid-middle class. We make less than 130k combined and we live pretty comfortably in a nice place, but you cant see being able to provide on 150k. We still have tight times, but if we lived in a cheaper house, we'd be have much more cushion.
No offense intended-i appreciate the opinion and the standards you've set for yourself. There is just a real disconnect between economic classes.
I consider us mid-middle class. We make less than 130k combined and we live pretty comfortably in a nice place, but you cant see being able to provide on 150k. We still have tight times, but if we lived in a cheaper house, we'd be have much more cushion.
No offense intended-i appreciate the opinion and the standards you've set for yourself. There is just a real disconnect between economic classes.
Posted on 5/11/15 at 11:00 pm to tiger114
Jesus Christ. If you were the sole provider and no other income coming in, you should have been able to save at least 50k, especially in Alabama. Idk wtf y'all are doing, but my parents never made over 150 combined and raised three kids and had more than enough. hell, if you're just gonna throw money away, send me some.
Posted on 5/11/15 at 11:02 pm to Masterag
I really would like to see his budget.
Posted on 5/12/15 at 12:05 am to tiger114
quote:
Thank you. This whole thread begs the question of "what is middle class?". I do not live lavishly. I drive a 10 year old car. Wife has a new one. We have a nice house, but those are our only major expenses. I made $250k last year and didn't save a dime beyond my 401k.
Dude, what?
Posted on 5/12/15 at 12:18 am to tiger114
quote:
made $250k last year and didn't save a dime beyond my 401k.
Tryna figure if this is a passive brag.
Posted on 5/12/15 at 1:02 am to the808bass
quote:
Tryna figure if this is a passive brag.
Got to be, falsified too.
"I live such a great life I don't even have enough money to save for my future even though I make a quarter million a year."
If he was doing it right, he'd be like me.
I make a ton of money, live well and save, enough to not have to work after 45 and still live the life I'm accustomed to.
(That's how you do it.)
Posted on 5/12/15 at 2:10 am to 3nOut
I'm an anamoly as I live alone and my loft is paid for as well as my car
Groceries - 800
gym - 65
insurance - 325
gas - 100
energy/ electric - 200
internet / cable - 200
that's what i could get by on if i just had to
realistically though - entertainment money 1000
clothes - 600
massages - 300
hair cuts - 60
nails - 30
alcohol for house - 200
cigs - 200
protein powder add shite = 100
bullshite (condoms, new contacts, supplies, etc) - 500
i generally put about 3-4 in savings a month as well depending on how much i make. I buy shite outright so I really don't just have a hell of a lot in savings i have about 73k in savings right now. But I make enough where i'm not really worried about it i put most my savings back into my business. i'll get serious about savings once i'm 35 ish. If I really wanted to i could save 15k a month
seriously probably just gonna off myself when i'm 70 though lol
on an avg month i'll make 20-25k. i in vest most of the rest in my business. i like strip clubs as well
Groceries - 800
gym - 65
insurance - 325
gas - 100
energy/ electric - 200
internet / cable - 200
that's what i could get by on if i just had to
realistically though - entertainment money 1000
clothes - 600
massages - 300
hair cuts - 60
nails - 30
alcohol for house - 200
cigs - 200
protein powder add shite = 100
bullshite (condoms, new contacts, supplies, etc) - 500
i generally put about 3-4 in savings a month as well depending on how much i make. I buy shite outright so I really don't just have a hell of a lot in savings i have about 73k in savings right now. But I make enough where i'm not really worried about it i put most my savings back into my business. i'll get serious about savings once i'm 35 ish. If I really wanted to i could save 15k a month
seriously probably just gonna off myself when i'm 70 though lol
on an avg month i'll make 20-25k. i in vest most of the rest in my business. i like strip clubs as well
This post was edited on 5/12/15 at 2:16 am
Posted on 5/12/15 at 3:11 am to AUjim
quote:
There is just a real disconnect between economic classes.
This is the truest thing said here.
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