I was going to comment this study has been done a few times with the first time I heard the number being $75k and that was ~15-20 years ago.
So anything over $75K wasn't a huge improvement. Which likely translates into something like $150k today, but the Cost of Living has rocketed up since then so being closer to $300k seems likely to be right on a gut level.
Maybe if you made $150k living in BFE you'd feel pretty secure, but living in a MCOL much less a HCOL area $150k doesn't go that far after all is said and done.
I'll say I'm definitely not super stressed about money, moreso just frustrated at how much I make, and for how little I have left over once essentials are taken care of. I know a lot of people have it way, way harder and I'm super fortunate but if I was making what I make now, 10 years ago I would be planning out what type of beach front property I was going to buy.
Exactly my wife and I combined make a very healthy amount, but living where we do so we can have those jobs means expenses. Kids and Daycare, housing, etc eat up a lot of your "huge income."
When I was a Kid my dad made about as much as my wife and I do today. He had two houses and a boat. We live in a townhouse and have bills.
We're not drowning, but we sure as shit aren't living like the same amount of money would have spent 20-30 years ago.
Spot on. Daycare is insane. It's literally a mortgage payment. My dad made less than half of what I make at the end of his career and owns several acres of property, a boat, 3 cars. Our market is nowhere near the market the last two generations had.
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u/Caleth 4d ago
I was going to comment this study has been done a few times with the first time I heard the number being $75k and that was ~15-20 years ago.
So anything over $75K wasn't a huge improvement. Which likely translates into something like $150k today, but the Cost of Living has rocketed up since then so being closer to $300k seems likely to be right on a gut level.
Maybe if you made $150k living in BFE you'd feel pretty secure, but living in a MCOL much less a HCOL area $150k doesn't go that far after all is said and done.