Over half of Americans claim they're nowhere near achieving their definition of financial freedom, with 36% saying they have less than $1,000 in their savings accounts.
Housing boom made houses twice as expensive in five years. Monthly grocery bill doubled. Renting doubled. Cost of cars doubled. Every day expenses doubled.
This is so infuriatingly disingenuous that I’m having trouble putting into words an intelligent response.
I would need to triple my income to approach 6 figures. Making that much money may not fundamentally change the way I live my life but it would almost entirely remove my primary stressors. I could afford actual healthcare, I wouldn’t have to worry about whether or not my landlord is going to raise my rent to a point where I can no longer afford my home. I could actually save money so that if/when something happens to me I’m not completely fucked over night
You’d only be able to afford it for a little while until literally every industry raised prices overnight, jacking up inflation to the degree that normal people once again would struggle to put food on the table.
We need price control laws and high minimum wage laws to boost up the common man’s buying power so that can’t happen.
As someone who had a lot of money, spent time homeless, got fucked by COVID, and am now back in a comfortable place making 6 figures - your comment is way out of touch man.
I have a house that was bought back when I made around 35K in 2006 and they where giving out loans to everyone, so nothing great by any means. Had someone come by and ask to buy it earlier this year now that I’ve gotten to a decent career class job and I had to tell them no. Like, have you looked at the price of things lately? My payment is less than most single bedroom appartments these days, no way I’m giving that up to someone. It’s an ugly mess, but at least it’s my ugly mess.
This is essentially where I’m at, too, except bought in 2013 so probably slightly less good price.
I can’t afford to do the fix up work on it properly, so it’s slowly crumbling, but I can’t really afford to move either because this place was on the low end when I bought it and hasn’t improved 😜. I literally can’t find housing for myself and 3 cats for the $550/mth I pay now. Even with my place being worth 3x what I paid for it, I’d end up in a worse or (at best) equivalent place for the same price. May as well just stick with the skeletons I know.
As someone who lives in Florida I’ve got to ask, how? When thinking about finances and investments I often feel like I’m in my own bubble and I don’t understand other peoples’ situations, motivations, etc. So I’m genuinely curious. 4-bedroom houses near Orlando can be found in the mid 300s. With your income you should be able to pay in cash after saving for just one or two years (depending on how much savings you’re starting out with). Even if you wanted something more expensive, are mortgages that difficult to get approved even for someone with such a high income?
Its nice to see someone else mention the doubling. There are news things about gas being expensive but its cheap relative to everything else. People better be ready for eight bucks a gallone once it rights itself. Inflation would suggest 30% odd increase but for what you have to buy its 100% over 2020 prices.
Don’t worry urban planners are making driving more difficult instead of mass transit easier. That way when gas prices double the entire lowest tier of the workforce won’t be able to afford to work. “No one wants to work anymore”
Yep, pulling in 110k this year after bonus at my job and I’m having to DoorDash to get just a bit of breathing room.
$3350 mortgage eats more than half my take home. The rest goes to debt (took out a loan to fix a couple things on the house last year, and student loans coming back now), caring for my aging dog, food, bills, maxed 401k that I’m considering dropping for a while, and a little bit for free spending so I can go on a date or two or out with friends. Even with this mortgage payment this would have been easy on just my salary even 3 years ago (it was easy af with dual income at the time). But the way costs have increased are making me feel broke in a way I haven’t felt in a long-ass time. I always thought that if I could make it to six figures I’d be properly wealthy, but I’m not. I’m barely comfortable.
I finally got a job that broke six figures.
Housing boom made houses twice as expensive in five years. Monthly grocery bill doubled. Renting doubled. Cost of cars doubled. Every day expenses doubled.
Now consider the majority of people who do not have 6 figure incomes.
Removed by mod
This is so infuriatingly disingenuous that I’m having trouble putting into words an intelligent response.
I would need to triple my income to approach 6 figures. Making that much money may not fundamentally change the way I live my life but it would almost entirely remove my primary stressors. I could afford actual healthcare, I wouldn’t have to worry about whether or not my landlord is going to raise my rent to a point where I can no longer afford my home. I could actually save money so that if/when something happens to me I’m not completely fucked over night
You’d only be able to afford it for a little while until literally every industry raised prices overnight, jacking up inflation to the degree that normal people once again would struggle to put food on the table.
We need price control laws and high minimum wage laws to boost up the common man’s buying power so that can’t happen.
Bad news about that, 100k will still not be enough. Maybe 175k.
As someone who had a lot of money, spent time homeless, got fucked by COVID, and am now back in a comfortable place making 6 figures - your comment is way out of touch man.
@NathanielThomas @tider06
No it’s not similar in any way, shape or form. Good try tho.
I knew we were fucked when the same happened to me and I still can’t afford a home.
I have a house that was bought back when I made around 35K in 2006 and they where giving out loans to everyone, so nothing great by any means. Had someone come by and ask to buy it earlier this year now that I’ve gotten to a decent career class job and I had to tell them no. Like, have you looked at the price of things lately? My payment is less than most single bedroom appartments these days, no way I’m giving that up to someone. It’s an ugly mess, but at least it’s my ugly mess.
I tell those companies I’ll accept their offer if I have 3x the home’s value in my pocket at the end of the process.
They don’t call back.
This is essentially where I’m at, too, except bought in 2013 so probably slightly less good price.
I can’t afford to do the fix up work on it properly, so it’s slowly crumbling, but I can’t really afford to move either because this place was on the low end when I bought it and hasn’t improved 😜. I literally can’t find housing for myself and 3 cats for the $550/mth I pay now. Even with my place being worth 3x what I paid for it, I’d end up in a worse or (at best) equivalent place for the same price. May as well just stick with the skeletons I know.
Same here. Feels like I’m making the same, but my mortgage is huge now. Sucks.
My partner and I make over $300k, and we’re struggling to buy a 4-bedroom house on the outskirts of Orlando, FL.
As someone who lives in Florida I’ve got to ask, how? When thinking about finances and investments I often feel like I’m in my own bubble and I don’t understand other peoples’ situations, motivations, etc. So I’m genuinely curious. 4-bedroom houses near Orlando can be found in the mid 300s. With your income you should be able to pay in cash after saving for just one or two years (depending on how much savings you’re starting out with). Even if you wanted something more expensive, are mortgages that difficult to get approved even for someone with such a high income?
holy crap. 300k for 4 bedrooms. no wonder people risk the storms.
You probably don’t want to buy a house there, anyway, what with all the insurance companies pulling out of the state.
Your rates are going to be sky high, assuming you can even get insured, which isn’t remotely a guarantee anymore.
Sell your house and move slightly further out of Orlando.
Or don’t have a family size of 7+ and try to live in a city while expecting every kid to have their own room.
Its nice to see someone else mention the doubling. There are news things about gas being expensive but its cheap relative to everything else. People better be ready for eight bucks a gallone once it rights itself. Inflation would suggest 30% odd increase but for what you have to buy its 100% over 2020 prices.
Don’t worry urban planners are making driving more difficult instead of mass transit easier. That way when gas prices double the entire lowest tier of the workforce won’t be able to afford to work. “No one wants to work anymore”
Yep, pulling in 110k this year after bonus at my job and I’m having to DoorDash to get just a bit of breathing room.
$3350 mortgage eats more than half my take home. The rest goes to debt (took out a loan to fix a couple things on the house last year, and student loans coming back now), caring for my aging dog, food, bills, maxed 401k that I’m considering dropping for a while, and a little bit for free spending so I can go on a date or two or out with friends. Even with this mortgage payment this would have been easy on just my salary even 3 years ago (it was easy af with dual income at the time). But the way costs have increased are making me feel broke in a way I haven’t felt in a long-ass time. I always thought that if I could make it to six figures I’d be properly wealthy, but I’m not. I’m barely comfortable.
I doubt your maxing your 401k. I assume you mean the amount needed to get maximum match from your employer?
Pre-tax 401k contribution limit is $22,500 in 2023. Plenty of people are able to contribute up to that limit.
Must be nice. I maxed ira in the past but this is beyond me barring winning the lottery. Of course then I would likely not have a 401k.
Where the fuck do you live with a $3350 mortgage? I pay 1/3 of that for rent and I think that’s too high.
Puget Sound area, a bit north of Seattle.
For a home purchased in the last 3 years, I got a pretty good deal. The floor on rent for a shitty one bed apartment in my city is $1200/month.
It’s also worth noting that the $3350 is my PITI. My strict mortgage is $2875, the rest is property tax to escrow and mortgage insurance.
Ah got it
He lives in a $600,000 house. Probably more.
Edit: he says it’s a $560k house lol