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Doc Hawkins posted:Reading the article, the author invented these hypothetical people in order to show that "some people with 500k income won't be retiring any time soon." They're supposed to be a negative example. Hahaha but they're putting away $36k a year, with $7600 to spare? $43k net a year is more than most people bring home
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Mar 24, 2017 21:55
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ate all the Oreos posted:I guess, I mean I know my parents would have my back if I got fired but specifically expecting them to be your safety net to the point where it's a factor in your ability to assess risk seems kinda, idk, rude? They have their own lives and do their own thing now that I don't live at home and going "whelp sorry mom and dad i took a risk to start my own exotic ant farm business and it fell through mind if i crash at your place for the next decade" seems kinda selfish. The reality in most cases is that children are often like their parents and whatever dumb ideas you have were probably shared by them at one point. Either they coach you on how to not gently caress it up so bad or they at least know where you're coming from. Let's not act like everything happens in a vacuum. You probably inherited the exotic ant farm genes from them. I knew I had a fallback from my parents but both they and I made it clear that it was not the ideal path and we'd do everything in our power not to let it happen. (My exotic ant farm business failed because it was next to a ranch and it spooked all the horses and now I owe a million in legal fees.)
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Mar 24, 2017 22:10
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I work at a nonprofit and our client base is basically the sad spectrum of this thread. Overwhelming, it's a real lack of planning and leaving no margin for error in their paycheck. One unexpected expense puts them in a situation where they face eviction. One lady I work with handles a grant that prevents evictions, and as part of the grant, has to complete a questionnaire detailing expenses/debts/income ect. She frequently has to explain to someone that their 1200 dollar rent on a 2000 dollar income isn't sustainable and we won't be able to prevent the eviction. We did have one lady call in great distress explaining she needed food assistance. She had used all her snap/food stamps last grocery trip and she was dealing with an ant infestation. While I'm talking to her on the phone she's screaming that the ants were carrying some fish she had laid out on a plate to thaw. I'm trying to figure out if this was dementia or real life and then she runs out the door I guess to chase after the ants. It was one of the most surreal calls I've ever had at work.
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Mar 24, 2017 22:11
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cowofwar posted:Food in Canada is expensive and I could cut back a lot but we spend about $6500 a year on food for two. Dunno how you would quadruple that with the addition of two babies without eating out every meal. I like plated which is $12 a meal so if you do it 5 nights a week for a family of 4 that's $12*4*5*52 = $12480 a year. They go out on date night every other week so that's $100 * 26 = $2600. Breakfast/coffee/lunch at work on weekdays for 2 is maybe $10*2*5*52 = $5200. School or other weekday lunches for 2 kids is $5*2*5*52 = $2600 In total that's $22880 for weekdays and date nights only. So you have to go dumpster diving/soup kitchens on weekends = $0. I did it. I spent it all. Sort of expensive but I can see it.
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Mar 24, 2017 22:14
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Hoodwinker posted:I was more commenting on the fact that you brought up empty-nester gently caress parties Oh  it's funny comedy website and reminding people that their parents have sex too is real funny to me because i'm a childHoodwinker posted:but speaking to your point, my own personal experience is that my parents care about my success and well-being as a human they created and love. I think they would have some hard words to say if I tried to make my own way with an exotic ant farm business but I don't think anybody was legitimately suggesting that extremely hyperbolic scenario. Yeah that sounds reasonable, the original post just sounded more like "well I know I can always move back in with my parents so I might as well bet everything on black!!"
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Mar 24, 2017 22:20
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f1av0r posted:We did have one lady call in great distress explaining she needed food assistance. She had used all her snap/food stamps last grocery trip and she was dealing with an ant infestation. While I'm talking to her on the phone she's screaming that the ants were carrying some fish she had laid out on a plate to thaw. I'm trying to figure out if this was dementia or real life and then she runs out the door I guess to chase after the ants. It was one of the most surreal calls I've ever had at work. Well did she catch them?
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Mar 24, 2017 22:24
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I get why moving back with the parents "triggered" you, even if the poster didn't intend it that way. I have a friend who constantly bitched about his life during college, about how hard it is and how unreasonable expectations are blah blah blah. I was like, oh little buddy wait til you hit the real world, and he was like "bro you don't even know, here's a lengthy narrative as to why my college life is harder than your job life." I mean, I finished graduate school but what do I know, right? Anyways, he's now in the real world and has been fired from a few jobs. His current job is at some call center and he's getting worried that he might get fired. I told him that he and his fiance might want to save up a few months' rent juuuust in case but know what he replied with? "Yeah, and I'm thinking about moving back to my mom's cuz I don't have to pay rent there" - 27 year old man who constantly bitches about how hard life is. Like, gently caress you. Don't you think your parents have their own struggles, you selfish prick? Some people are just below average. It is their place in life, and nothing will ever change that.
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Mar 24, 2017 22:26
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potatoducks posted:I like plated which is $12 a meal so if you do it 5 nights a week for a family of 4 that's $12*4*5*52 = $12480 a year. It kind of violates "without eating out every meal" to have each parent spending $10 on food before dinner and doing plated for every dinner. Plated etc really aren't cheaper than a reasonable meal out(sans booze of course).
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Mar 24, 2017 22:30
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potatoducks posted:Breakfast/coffee/lunch at work on weekdays for 2 is maybe $10*2*5*52 = $5200. I would at least double this number for HENRY New Yorkers.
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Mar 24, 2017 22:34
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KingSlime posted:Some people are just below average. It is their place in life, and nothing will ever change that.
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Mar 24, 2017 22:45
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Nail Rat posted:It kind of violates "without eating out every meal" to have each parent spending $10 on food before dinner and doing plated for every dinner. Plated etc really aren't cheaper than a reasonable meal out(sans booze of course). Well the dumpster diving counts as eating in. But seriously the food costs don't really jump out at me. You can probably cut down to $6 per dinner if you do the grocery shopping yourself, but my lovely calculations didn't even include any funds for snacks or weekend meals. You can certainly do things cheaper, but this amount of food expenditure is not exactly fat cat private chef territory here. I do think 40% effective tax rate may be a bit of a stretch though.
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Mar 24, 2017 23:18
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FWIW, $190k (38% effective) is a realistic amount of tax on a $500k married couple income with minimal deductions in California (including SS/Medicare/state/federal) according to TurboTax. This hypothetical couple had kids and a ton of mortgage interest that should have helped, but they live in NYC the land of highest taxes so I believe 40%.
Evil Robot fucked around with this message at 23:47 on Mar 24, 2017 |
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Mar 24, 2017 23:42
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My coworker gets Freshly, which is basically refrigerated microwave dinners shipped to your address. It's $10 each, but he's a bachelor in his 40s making at least high 5 figures, so whatever. Another guy started getting it, and I asked if the first guy had gotten him into it. He says it's pretty good, I say "Yeah, but $10..." and he interrupts "Yeah, it's not bad at all." These guys eat them every work day.
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Mar 24, 2017 23:55
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"Well you see, my time is worth its weight in gold and I don't have time to cook," he replied smugly as he settled in for another Mass Effect: Andromeda sesh and reached for his bob marley bong
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Mar 24, 2017 23:58
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I want to clarify that neither the bong nor the video game are the problem in that scenario
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Mar 25, 2017 00:00
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My friend who's always trying stupid get rich quick things and investments (he also sunk a bunch of money into AMD before the new processor, lol) bought a 20% share of this local chef's home delivery meals business and kept trying to push it on everyone at work. "It's just $20 for a really nice chef's meal every day, delivered hot to you!" "yeah but dude it's $20" "... i mean yeah but still it's good!"
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Mar 25, 2017 00:00
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I managed to talk him out of throwing all his money away on bitcoins a while ago the first time they hit like $1000 at least.
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Mar 25, 2017 00:01
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I hated cooking until I put a small tv and music speaker in my kitchen. My food budget is like 200 bucks a month now.
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Mar 25, 2017 00:02
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Rolo posted:I hated cooking until I put a small tv and music speaker in my kitchen. My food budget is like 200 bucks a month now. I really enjoy cooking I just don't enjoy doing the dishes after I've eaten all my delicious food and am feeling all food coma lethargic
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Mar 25, 2017 00:10
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KingSlime posted:I want to clarify that neither the bong nor the video game are the problem in that scenario Especially since I'm in Colorado. Seriously, when I look at the Denver thread it's either talking about weed or pho.
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Mar 25, 2017 00:14
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22 Eargesplitten posted:Especially since I'm in Colorado. Pho for every meal is prob bwm but drat if it wouldn't be gwl.
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Mar 25, 2017 00:23
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I need to try the pho when I move, I think the place we have here just sucks. We had a guy fly in from Scotland for two weeks. They apparently took him for pho five times. I guess you can't get it there.
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Mar 25, 2017 00:32
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22 Eargesplitten posted:I need to try the pho when I move, I think the place we have here just sucks. hmm yeah let me think about how many vietnamese people are in scotland
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Mar 25, 2017 03:08
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I don't make any assumptions about a country's ethnic makeup. Especially for Edinburgh.
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Mar 25, 2017 03:40
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Someone did a parody of our favorite NY family:
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Mar 25, 2017 03:41
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pr0zac posted:Pho for every meal is prob bwm but drat if it wouldn't be gwl. If you make it from scratch, it's dirt cheap. When you get down to it, it's just noodle soup with some fresh veg and a small side of meat.
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Mar 25, 2017 04:28
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Vox Nihili posted:Someone did a parody of our favorite NY family: I just had kind of a terrible medical experience and I thought nothing would make me smile again until I saw horse butler and horse butler.
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Mar 25, 2017 04:38
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I have friends who basically graduated college and weight and took the most soulcrushing low-paying job possible because the alternative was basically be homeless. I got to work at a medical device startup because I didn't have to worry about that and I thought that was pretty cool of my parents, as well as an advantage a lot of people have that they don't acknowledge. I never was actually forced to move back in, but I always had the option. With that said I know one dude who lives in his parents beach house and spends all day basically smoking weed and being an "artist". His parents can't even go to the beach house anymore cause he changed the locks but they still buy him food. Those parents are BWM.
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Mar 25, 2017 06:05
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Today on Reddit, the gift that keeps on giving. 
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Mar 25, 2017 12:29
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ate all the Oreos posted:I really enjoy cooking I just don't enjoy doing the dishes after I've eaten all my delicious food and am feeling all food coma lethargic You gotta clean while you cook so it's not so bad at the end.
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Mar 25, 2017 12:56
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Evil Robot posted:FWIW, $190k (38% effective) is a realistic amount of tax on a $500k married couple income with minimal deductions in California (including SS/Medicare/state/federal) according to TurboTax. This hypothetical couple had kids and a ton of mortgage interest that should have helped, but they live in NYC the land of highest taxes so I believe 40%. NYC also has a local income tax on top of NY state income tax.
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Mar 25, 2017 14:53
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Vox Nihili posted:Someone did a parody of our favorite NY family: Thought this said "horse aquarium"
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Mar 25, 2017 15:43
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Pompous Rhombus posted:You gotta clean while you cook so it's not so bad at the end. Also, find a friend to alternate cleaning and cooking with. Or have a kid, but that's sort of a long play.
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Mar 25, 2017 15:45
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Cooking with kids is fun, but will take about four times longer than on your own. At least while you're training them up.
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Mar 25, 2017 16:26
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Doc Hawkins posted:Reading the article, the author invented these hypothetical people in order to show that "some people with 500k income won't be retiring any time soon." They're supposed to be a negative example. These hypothetical people will have giant boosts to the leftover money part of the budget when the kids leave home, the student loans are paid off, and the house is paid off. Oh no, they won't retire in their 40s, they will have to wait 10 more years.
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Mar 25, 2017 17:01
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The article itself is way better than the chart. Note: This is a real family. Not fictional. He just estimated a few costs for the chart. Seriously, even in the absolute most sympathetic framing possible, each and every one of these is gold. Just read every single one. They have 10k a year car LEASES. And 6k for a 5-day vacation is "about the middle" of vacation quality. They are "only staying at a 3 or 4 star hotel. Not especially frivolous or extravagant." They also try to be thrifty by "forgoing international vacations to save money by going to debt-laden Puerto Rico." They also do not have a college fund because they "can't afford" it right now due to taxes, housing costs, and saving for primary school costs. quote:I’ve highlighted in a previous article how living off $200,000 a year in an expensive city is really just an average lifestyle. quote:Although making $500,000 a year may sound like a Herculean task, you’ll be surprised to know there are plenty of regular folks who hit the half million mark every year. I literally get e-mails and comments from similar income-earning couples every week asking for financial help. quote:A very simple solution to growing rich is to simply track your finances for free online like how you’d track your weight by stepping on a scale at least once a week to keep yourself honest. quote:Making $500,000 a year in America is not that unusual. This doesn't just apply to people at the height of their careers, many people have these incomes when they are at the height of their youth. quote:As soon as you start making multiple six figures, you begin associating yourself with other people who make similar amounts or much more. Remember, it’s nice making max money in the NBA. But it’s even nicer if you are the owner who can cut max money checks! quote:The government doesn’t believe in two high-earning working spouses. They want one spouse to stay at home and take care of the kids. If they didn’t, why did President Obama campaign aggressively for $200,000 + $200,000 = $250,000 before taxes go up for the top? Equality would dictate that $200,000 + $200,000 = $400,000, which is the compromise our politicians made. quote:$5,000 a month in mortgage expense bought this family a ~$1,500,000, 3/2, 1,700 sqft apartment in Brooklyn a couple years ago. In other words, they are living comfortably, but not large. Luckily, they bought their apartment a couple years ago because similar apartments are now going for $1.8 million. quote:Student Loans ($32,000): Law school tuition runs $50,000 a year for three years. That’s $300,000 in law school tuition plus room and board spent. If they didn’t go to law school, they could have easily made $65,000 – $80,000 a year doing something else. So many people conveniently forget that in order to get a high paying job, it often takes a lot of expensive education. It’s typical for many doctors and lawyers to have over $100,000 in student debt to pay off over a 10-20 years period. quote:Spending $23,000 a year on food means spending roughly $1,916 a month, or $63 a day for four, or $15.75 per person for breakfast, lunch, and dinner. I challenge anybody living in a big city to consistently live off $15.75 a day for longer than three months. Work lunch alone costs $10-$15 for a mediocre meal compared to $5-6, 10-15 years ago. Therefore, the solution is to buy in bulk and always bring food to work. Unfortunately, that gets old after a while. quote:With two precious ones, the parents decided to lease two family-friendly vehicles: a BMW 5 series and a Toyota SUV with third row seating. $800 a month in lease payments means one less hassle when it’s time to get rid of the cars. They like the convenience of covered maintenance and the peace of mind by having a warranty. They are busy professionals with kids. Car problems are the last things they want to deal with. quote:Let’s say each vacation is one week long and costs $6,000. Is that so unreasonable for four people? Seven nights at a 3-4 start hotel costs $300 a night ($2,300 including tax). Roundtrip airfare for four to debt-laden Puerto Rico costs another $2,400. The family is left with $1,300 to spend on food and activities. quote:Charity And Alumni Giving ($18,000): $18,000 equals 3.6% of the family’s gross income, which is inline with the average donation percentage by income according to the National Center For Charitable statistics. They each give $7,000 to a charity they strongly believe in, and also give $2,000 a year each back to their respective undergraduate alma maters. quote:Miscellaneous ($10,000): Unless you track your finances like the CIA, which you should since there are so many free financial apps to help you do so, something always comes up. If nothing ever came up, you wouldn’t have people with less than $5,000 in savings after 10+ years of work. If nothing ever came up, there wouldn’t be so many budget deficits. If nothing ever came up, we’d live our lives as planned.
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Mar 25, 2017 19:20
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50,000 dollars a year for 3 years of law school is not 300,000 dollars? E: oh they both went, I get it now. Also: "I mean we could do that but it would get old" regarding food made me grit my teeth. gently caress you. Rolo fucked around with this message at 22:37 on Mar 25, 2017 |
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Mar 25, 2017 20:31
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Rolo posted:50,000 dollars a year for 3 years of law school is not 300,000 dollars? They are both lawyers. 150k x 2 = 300k. The worst part of that paragraph is "people begrudge them for making 250k a year each, but look at all the debt that came with it. They could have just not gone to college and made 80k like everyone else." In what world do most people who skip college make 65-80k? And lol at the idea that it takes a doctor 20 years to pay off 100k in loans. quote:Law school tuition runs $50,000 a year for three years. That’s $300,000 in law school tuition plus room and board spent. If they didn’t go to law school, they could have easily made $65,000 – $80,000 a year doing something else. So many people conveniently forget that in order to get a high paying job, it often takes a lot of expensive education. It’s typical for many doctors and lawyers to have over $100,000 in student debt to pay off over a 10-20 years period.
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Mar 25, 2017 20:55
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I'm the school teacher husband with a fortune 50 wife as a consultant
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Mar 25, 2017 21:32
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I'm the janitor and elevator technician couple pulling in half a mill combined.
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Mar 25, 2017 21:41
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