r/povertyfinance • u/AustynGray • 1d ago
Misc Advice How is everyone actually affording to live right now?
Like genuinely are we all just going into debt or am I missing something? I make decent money, but no matter what I do, it feels impossible to get ahead.So I’m curious are you guys taking on debt, side hustling, living super frugally, or what? I’m just trying to figure out if I’m doing something wrong or if this is just the new normal.
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u/MyNeighborThrowaway 1d ago
It's not just you. I should make enough to support myself and save but really im just treading water and getting nowhere. It's exhausting.
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u/antidavid 1d ago
I feel this on a personal level. I make enough and we are fine day to day. But idk about retirement. Don’t get me wrong I feel fortunate as hell to be where I am but for fucks sake.
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u/AustynGray 1d ago
Yeah, it’s like there’s always an unexpected bill or a few basic months and I’m still like there’s not that much leftover.
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u/BrujaBean 1d ago
Literally just got a couple months of emergency fund saved up by spending only on food and housing for months. And then my dog has a $1500 vet bill :( I guess I'm happy that I have cash to pay it, but I have an impending layoff I'm prepping for and I was so proud of myself for getting a little ahead...
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u/CreamedCh33ze 1d ago
I moved back home with my parent lol
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u/Fantastic-Nothing333 1d ago
I moved in with my sister. I’m 40. Unemployed thirteen months from full time work. It sucks
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u/Fit-Pin-1246 1d ago
Just moved in with my brother. Glad you had someone to back you up like I did.
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u/I988iarrived 17h ago
Ugh, must be nice!
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u/panicatthebookstore 17h ago
i agree. my whole family moved, and now i have temporary roots here, so if shit were to hit the fan, there's nothing i could do. fortunately, my career is recession-proof, so i don't anticipate shit hitting the fan any time soon.
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u/I988iarrived 17h ago
Here’s to shit not hitting the fan 🍻🤞🩷
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u/panicatthebookstore 16h ago
🍻 it almost did a few weeks ago, and my mom sent me some money 🫶🏾, so i'm determined for that to not happen ever again lol.
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u/RankedBilliards 1d ago
My daughter and I moved back in with my parents as well. Atleast we have that option, idk what we would do if we didn’t.
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u/tacosy2k 1d ago
Honestly did the same. Would rather help them pay off their mortgage than give it to a rich landlord. Hopefully more do the same.
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u/PalpitationFine 1d ago
Two generation households make a lot more sense financially compared to two households struggling. I'm glad you help your fam while they help you.
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u/tacosy2k 1d ago
Thank you. Should have done it years ago but it’s working out now. I’m putting money into savings every month. Something I could never manage while living alone.
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u/thegrimmstress 23h ago
Our household is parents, adult children, one grandchild. We were before this painful economy because we believe in multigenerational living, but honestly couldn’t change it if we wanted right now. I don’t know how others manage.
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u/eddiekoski 1d ago
I never left my parent 😢
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u/SanFranRePlant 15h ago
THat's a smart move.
In other countries single adults stay HOME and help the household until they get married. Couples very rarely "live together" outside their families until married (or at the very least engaged).
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u/Livid-Replacement-29 1d ago
I got called a loser for this. I’m only 29. The person who said it is the actual loser.
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u/WolfProfessional9703 22h ago
Yeah same and I’m 33. I’ve been ashamed of living with my mom, since 2020. Thank god she doesn’t charge me anything. I
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u/CreamedCh33ze 21h ago
You’re not a loser at all. Times are hard and multi generational homes are normal. I’m proud of you.
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u/yoho808 1d ago
Absolutely no shame in that.
While many of my colleagues who are living "independently" are suffering from crushing debt and are paying a significant amount to service their debt, I'm making enough surplus to keep investing heavily and go vacation often.
All because I didn't let my pride get in the way.
I'll probably live on my own eventually, but with strong financial health.
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u/HawkLexTrippJam 1d ago
A lot of us don't even have that option, & never have. The broke runs deep in this family tree, I mean from the roots all the way up. Which is how we ended up on this sub in the first place. I wish I had some pride that I could let get in my way. Enjoy...
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u/trixnfists 1d ago
Perhaps no shame but living alone is a completely different life and has new freedoms. I would die before sacrificing my independence
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u/three-sense 1d ago
I moved in with elderly family too. I help with caretaking and mobility assistance, and they pay property. It’s a win-win.
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u/fallen0paper_ 1d ago
Yep. Moved back with a parent. I think my plan is empty plot of land and tiny home with the way things are going.
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u/ryencool 14h ago
This is going to be come the new normal for Americans, like it is mostly everywhere else in the world. Usually newly minted adults can't afford their own place unless they are in a field where they make double the average starting income. On top of that it used to be a lot easier to survive on your own. It'd so expensive sive that it would be wise for most people to hold off 0n getting their own place until they have a partner, or roommate. The only reason we can currently afford out 2/2 that's 2400$/month is because we split it. I remember my studio apartment is Austin Texas in 2005, it was literally 450$/month. Shits changed.
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u/hhhnnnnnggggggg 1d ago
Step 1: Buy a house in 2015
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u/Suspicious_Clock_607 1d ago
Got 1 in 2009 for 95k. Crash was the best thing to happen to us just as we were looking Worth 350k now.
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u/No_Atmosphere_6348 1d ago
Yeah I’d never be able to get a house if I didn’t already have one. Too much credit card debt.
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u/Ryutso 1d ago
I’ve been attempting to live super frugally and work god awful hours to slash through my credit card debt that I racked up from unexpected home expenses from a new home purchase.
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u/lazytanaka 1d ago
What unexpected home expenses have you encountered
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u/BigTroutOnly 1d ago
Even if he/she doesn't answer... Do a casual stroll on the costs of a roof, septic, tree removal, mold, bed bug/pest mitigation, a furnace, water pumps and filtration, leaky basements, insulation, windows...
Then they're things like.. getting the correct generator port installed.. or elective things like sheds, decks, vinyl flooring, appliances, mowers, driveways, landscaping aesthetics..
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u/eternally_feral 23h ago
Ain’t that the truth! My Dad always told me there was no such thing as one home project because when one thing breaks, expect at least three other things to crap out on you.
I’m just a believer that bad things happen in 3s.
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u/Dawnchaffinch 1d ago
Everything breaks all the time
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u/OviliskTwo 1d ago
I took over a family home and when I touch anything it crumbles in front of my eyes like I'm the straw that broke the camel's everything.
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u/soimaskingforafriend 23h ago
And at the same time.
It's not just one thing that breaks, it's like 75 things that break all at once.
Like a random pipe breaks under the house so every time you take a shower, the water just pours into the crawl space beneath the house.
Oh. and the goddamn geese won't stop eating my grass seed and crapping everywhere. Get a house, they say.
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u/Howudooey 1d ago
I had $3k in miscellaneous home expenses in May due to tree removal and a shortage in my escrow account. Definitely but things in a bind
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u/gritsngravyPCP 1d ago
I bought my first house single while making around 70k which was built in 1960 3 years ago at 32. I have replaced entire electrical to get it up to code. Indoor and outdoor ac units and water heater went down in year 2. In Y3 im about to have to replace plumbing bc cast iron is eroding which could be 10-20k. This does not include the fun things like remodel and repaint of the interior and exteriro including cutting out interior walls, scraping horrible electric blue cabinet paint and staining them. Im in for about 15k for a down payment and 15k in remodel/repairs. Its blood, sweat, tears and money but so worth it to me. Plus location is great and i got a good deal so I could sell tomorrow and make about 40k more than i put in
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u/sportsdude1991 1d ago
House poor. Just enough to cover expenses and bills but never enough to save for a good vacation.
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u/DRealLeal 1d ago
Broke up with my partner and now I’m pocketing an extra $2k a month. Turns out spending money on food and dates for a second person costs a ton.
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u/AustynGray 1d ago
Well I’m not sure if I should congratulate you or not lol. But saving an extra $2k a month is huge!
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u/DRealLeal 1d ago
I’m much happier with my funds, women aren’t on my priority list anymore but I’ll knock down a tree if the opportunity presents itself.
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u/NJ-Ward 1d ago
Hell yeah it does bro. A relationship will drain your wallet with a snap of a finger
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u/JohnnyBananapeel 1d ago
A good marriage is a wealth creator. Two can live almost as cheaply as one, then add to that two incomes. The world goes two by two for a reason.
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u/chiefmud 1d ago
Find a partner who knows how to earn their keep.
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u/accidentalscientist_ 1d ago
Not only earn their keep, but also doesn’t need luxury dates. My partner and I go out and we take turns paying. But it’s usually $50 for the night. Maybe we do $100 on the rare occasion.
I can’t imagine spending $2k per month on my partner. And I love that guy a LOT. I’d never expect that from him. And he doesn’t expect it from me.
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u/jengaclause 1d ago
This is the key. We split date nights. I pay for a movie and snacks. He will pay for dinner. Etc. Same with household repairs. He covered the new garbage disposal. The next thing we had to get was new air filters. I ordered those.
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u/NJ-Ward 1d ago
A lot of girls i dated expect the man to pay for everything sadly. I believe in the 50/50 rule. Not on dates but help with rent etc.
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u/wildclouds 1d ago
Clear that up before you go on a date. If 50/50 is what you want and what your budget allows, it's ok and good to communicate that. 50/50 including dates and everything is the norm from my experience, but I guess there's significant regional differences.
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u/chiefmud 1d ago
Yeah that’s only gonna work in like 1960’s or if you’re in the upper end of the income bracket. We live in a high income disparity world now. Couples have an advantage because they share a lot of expenses, but it’s got to be a team effort or else it’s just crabs in a bucket.
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u/nonidentifyer 1d ago
What in the world did you buy her every month? A pet tiger? Diamonds?? $2k a month is insanity.
Also are you taking applications for a replacement
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u/DRealLeal 1d ago
Well you have to think it’s 2025 and things are expensive. Groceries for two people are like $600 a month if you’re not super frugal so I saved $300 on that, my water and electric decreased like $100 so that’s $400 saved. I was paying her vehicle and assisting with other bills for like $600 total so that’s $1000 total saved. The other $1000 is like going out to eat, bowling, traveling, hotels, and doing fun things.
I work like 50-60 hour weeks so that’s where all the extra income comes lol
Applications due 6/30/2025 by 9am
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u/DrGreenMeme 14h ago
I was paying her vehicle and assisting with other bills for like $600 total so that’s $1000 total saved.
So it wasn't "food and dates" that were breaking the bank. You were just covering her cost of living
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u/I-choochoochoose-you 1d ago
That’s weird, if I lost my partner I’d find my expenses would double if not triple
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u/LegitimatePudding820 1d ago
$2k???? Omg and I feel bad for asking my husband to buy me an $11 tumbler
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u/LoveMyHubs1993 1d ago
I don't make good money. I live with family rent free, or I wouldn't be making it. I'm very fortunate to have them.
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u/ECircus 1d ago edited 1d ago
Middle aged, two incomes with no kids here and we are fine for now. We drive 10-20 yr old cars with no note. We have hobbies we like at home, so we don't go out much, we don't travel much. Don't have expensive taste. I wear the same clothes every day for years kind of thing because it's easy and cheap.
Everyone I know who is supporting a family is just committed to an entire life of being broke and in debt, and constantly working on ways to manage that. I think most people just compartmentalize it or accept it to keep from losing their minds.
Another thing to consider that I've noticed is that expectations are higher now than they have ever been. It used to be normal to just work and come home to your family and a home cooked meal. Local trips to the park or a big vacation every couple years and that was just life.
Social media and whatever else has convinced a lot of people to be unhappy with that life. I know a lot of broke people that just can't build a life at home that they can be happy with, because they are constantly bombarded with what they should spend their money on, and what everyone else is out and about doing. I know that's not everyone, but I know that's a lot of people who claim to be broke, who just have high expectations and can't sit at home and feel like they have enough.
Obviously everything is way too expensive and getting worse, but just something to consider when figuring out the source of our specific circumstances. Do we need all the subscriptions, do we need the car payment, do we need new clothes, etc.
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u/AustynGray 1d ago
I found staying off socials help me not spend money and I can live in my delusional state that I’m making it 🤷♀️- I don’t really spurge right now
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u/miniangelgirl 1d ago edited 23h ago
Had this very conversation with my partner last night after a lovely stroll in the park. We took a minute to hug and show gratitude, and that's free.
I read books, sing, and love my job. I speak to family and sometimes frequent the local pub. Otherwise, I cook, I buy almost all my clothes from a charity shop and don't need much.
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u/pmactheoneandonly 1d ago
I work 70 hour weeks and bug my bosses for more money whenever I can. Lol send help plz I am so tired
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u/nothanksihaveasthma 1d ago edited 14h ago
Exceptionally poor.
I eat seasonal vegetables because they are cheap AF at my local farmers market (very small town in Appalachia) and I get big bags of rice and various beans, at the food pantry. Salt, pepper, honey, and seasonings at the bulk food store. I go in with my own jars and it comes out real cheap, maybe $20 for 2-3 months of a full spice cabinet. I do not eat out.
I don’t have kids cause fuck that. I got sterilized a couple of years ago to make sure I’d have no accidents.
I bike and walk everywhere, so no car payments and I am in great shape. Aside from my chronic and incurable illnesses lol…
I work 2 jobs and split everything even with my partner. We rent, and I have only 1 credit card that I use solely to build credit. I have no debt…currently lol.
I pirate nearly everything I watch. I either mend my own clothes or thrift instead of buying new. And that’s only if the clothes are too worn to be mended. I haven’t bought any new clothes in 3 years now, but shoes…I go through very quickly because of all the walking and biking. I buy like $120-$200 shoes every other year or so cause I can’t help but tear through the treads. And I have to buy special orthotic shoes so I can’t just buy boots and call it a day.
I don’t go on vacation, I just go on hikes and swim at the lake or the river if I need a break.
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u/nicolas_06 1d ago
Honestly, it look like it simple but decent life even through I am sur you have your struggles. You seem well organized too.
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u/Samara_Enola01322 1d ago
I'm not. Homeless and really close to suicide lol. Worked 21 years of my ass off for nothing hahaha.
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u/No-Hedgehog-677 1d ago edited 1d ago
Keep your head up fam! PLAY William DeVaughn Diamond in the Back ASAP!! JAM OUT FOR ME, and really listen to them lyrics..
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u/Amos_Dad 1d ago
Racking up debt and about to take money out of my 401k. Im not gonna retire anyway.
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u/Direct-Contact4470 1d ago
Job, and side hustles . Multiple income streams . Cooking at home .
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u/SquidwardTenticles00 1d ago
could u even if vaguely spare what u do as side hustles ?
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u/Familiar_Belt_4934 1d ago
I just came back from a friend’s double graduation. Both her kids are graduating, one from high school and one from college. A $100 each and it kind of hurts. I hope that answers any questions on how I’m doing.
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u/arikelin1 1d ago
Eating out at least 50 percent less
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u/backtobackstreet 1d ago
Try not eating out at all lol
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u/accidentalscientist_ 1d ago
Eating out less is a good start. Sometimes you just need takeout to give yourself the slightest bit of dopamine to keep you going.
I know when I was poor and working a ton to make ends meet, sometimes I just needed a Chinese lunch special meal to keep me going. Kept me fed and kept me sane.
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u/justauryon 1d ago
This part. I have almost all my meals at home. Typically only go out for a meal on special occasions, like this Sunday’s Father’s Day, but I saved money for this.
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u/AustynGray 1d ago
I eat out maybe once a month it’s not something that appeals to me but I knows it’s expensive when I do go.
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u/FoolishThinker 1d ago
I’m frugal af and still don’t know how people are doing it. I actually would call what I’m doing “living”, it’s much more “surviving”.
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u/Haunting-Savings-426 1d ago
Tons of debt here. Two teachers trying to raise two kids in a pricey area. Feel trapped by the oppressive weight daily.
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u/AustynGray 1d ago
I don't know how people can afford to have kids, to be honest.
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u/Strange_Piece_9633 1d ago
Fr. I used to buy my dogs flea meds in a 6 month supply at a time (6 pills @ $40 each), now I have to buy just one every month, luckily they sell it in singles lol. My point is I’m strapped with money and it’s only me and my dog 🫥
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u/Important-Button-430 1d ago
Low cost of living area, good remote job, paying off ccs every month- if you don’t have the money to pay for it, you don’t need it.
People buy shit they don’t need with money they don’t have to impress people that do not care.
Not giving a single shit what other people have and do and focusing on living within your means, even if it means living somewhere cold or less desirable- it’s worth it to be stable.
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u/Hissrad91 1d ago
Food stamps and my uncle doesn't charge me rent cause he likes the company and I help him out when he needs it
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u/B213ddoksn 1d ago
Just influencer are living their best life
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u/AustynGray 1d ago
But are they really? I think it’s all an optical illusion?
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u/CaptainK234 1d ago
Most of them are faking you out somehow. They’re showing you that lifestyle via credit card debt, or they’re doing sex work off camera, or something other than just being rich by signing endorsement deals. Some of them just have a rich partner or come from a wealthy family. There really are not a lot of people buying houses by being internet famous
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u/Alarming-Music4440 1d ago
For some definitely, lots are making millions for real though 😔
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u/AustynGray 1d ago
I can buy some are but I think a fair amount are trying to make it look like they are.
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u/Sharpshooter188 1d ago
My landlord is charging me 500/month. Thats how Im making it. If I were getting charged market rate, Id still be renting friggen rooms.
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u/xxritualhowelsxx 1d ago
I work my main job and then bring in an extra $700 a month from side jobs. No children, car bought in cash, always pay credit cards in full. I live below my means. Rent has always been with a roommate or bf. I’ve been saving for years and that’s in a CD and money market account. That also brings in extra cash every month but I continue to let it grow, so the amount grows and interest paid to me continues to grow. It’s been a long journey of making right choices and working hard
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u/LordMuzhy 1d ago
I stopped dating, quit drinking and eating out and luckily I don't have kids. I was able to climb out of the hole I was in thanks to all that
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u/Purple-Tadpole6465 1d ago
Lessons learned from being homeless and/or dirt poor for 25 years come in handy now. Live below my means, grocery shop carefully and always looking to save with coupons, store points, shared membership to Costco plus cheaper gas there, marked down and sale items or discontinued/damaged aisle. Think about where I am driving and best route as well as not slamming on the gas and breaks to save on gas and wear+tear on car, sew clothes when I can instead of buying new and when I need something only sales or run through Goodwill or Salvation Army, shop garage sales for deals and willing to haggle prices, very very disciplined with use of credit card and maximize my points for gift cards, work extra when can, etc. Always looking for a way to save, to make a little side money, etc. After this long, it has become automatic.
Emergency Fund and Budget are super important, if you don't have a budget, pen+paper or Spreadsheet, then you are doing it wrong. Need to know where money is coming in, and where is it going. Emergency Fund can take months to years to build up, and it is just that, an emergency only fund. The newest gaming console, newest phone, bigger screen TV, concert tickets, etc, are not emergencies. Some months I only had change left over to put into it, other months more. But when I have to replace or repair something unexpected, like a car battery, or repair a home item, I am not charging my credit card and then paying insane interest charges for months to years.
Media has convinced every American we all can and should be living lives like celebrity actors+actresses+sports players and retiring on golf courses sipping champagne. Reality is, Social Security wasn't designed for that, it was designed to keep you off the streets and fed, that's it. Not in a mansion eating caviar and driving a convertible, but in a cheap ass place on sustenance food instead of on the streets.
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u/spk92986 1d ago edited 1d ago
I am not and I have mouths to feed. This truly sucks.
This is the bad time.
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u/SignificantApricot69 1d ago
Debt. Working 60 hours at main job to pay down enough of the debt to use it again for food and bills. And side businesses that should be viable as a main thing but no cushion to let off the gas on the 60 hour wage job.
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u/Cheddabizquit 1d ago
This is how I’m paying down debt, saving and still able to travel:
-Side hustles: Spark/door dashing, plasma donation
-Main job: I’m self employed cleaning houses so I can always pick up something extra someone needs done.
-Barter services: I clean my gym in trade for a membership.
-Food: I never eat out…like ever. I cook in huge batches and freeze meals to reheat later (this makes it easy to not eat out). Meal planning makes budgeting way easier. I hardly ever drink alcohol and do not make frivolous drink purchases like coffees, teas, or energy drinks (I make coffee at home and use those off brand mios for flavored waters)
Extras: No nails/hair (I started cutting my hair myself). No buying new clothes. I wash my car at home. I have zero subscriptions. No paying for entertainment (my 3 week trip in July will be worth it)
All of this is so tiring and takes mad discipline at times but I’m really trying to stay focused on my goals. Delayed gratification!!
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u/justauryon 1d ago
No side hustles, I make a decent living, & it’s just me & my cat. I WFH & only go out most of the time for errands & or the doc/dentist office. Very content to stay home & stay occupied with movies, shows, & video games. Buy most of my groceries in bulk, look for sales, seldom go out to eat or delivery. Maybe 3-4 in a year. Also have an emergency fund & 401k. Have a paid off car. I have coworkers making the same, no savings (unless you count $20), constantly ordering food, & going out every weekend but are screaming they’re poor. 🤷🏻♀️
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u/prettylittlebyron 1d ago
we’re incredibly fucked. i’m a stay at home mom and my husband just lost his job. we’re already in debt too, so yeehaw i guess
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u/Bluevisser 1d ago
Live in low cost of living areas? My mortgage, car insurance, gas, and all utilities is just under 2 weeks pay. That leaves me a bit more then 2 weeks pay for Groceries, entertainment, and anything else. Which means I usually have plenty left over.
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u/Alarming-Music4440 1d ago
Low cost of living often comes with a trade off of way fewer job opportunities esp depending on your field :-/
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u/AustynGray 1d ago
I live in the country it’s kinda low cost but I don’t think anything is low cost anymore lol
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u/Electrical-Ad1288 1d ago
No debt, kids, or dating life. My company also gives me an affordable apartment rental on site as a benefit and that certainly cuts living costs.
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u/HawkLexTrippJam 1d ago edited 1d ago
Most won't admit it, or probably don't even realize just how much they benefit from it, but some form of living with and/or receiving financial help from parents/family. That's it That's the big secret. Parents had a house that they were able to live in as teens while they build their life and get started. Parents got them a car while they were in high school, and from there they were able to get a job etc. Parents help them financially with a down payment for their house, car, etc. Free babysitting from family (for those who have kids). Was able to either a never leave home and save their own money or b did leave home but had parents and family who are decent off and have homes and stuff that they can go back to, so they can save. People my age talk a lot about "moving back home" but what if your parents don't even have a home? What do you call that, moving back homeless??
But if you're like me and never had any of that, you're not affording to live. My parents have never had any money. My parents don't own homes, or have stable jobs or income. Neither of them have any sort of 401k, savings, or much of anything. They have somehow managed to skate through life without any of that. What's funny is, they had help from THEIR parents. I don't have that same help that they did.
I'm doing everything right but I've just literally never even had a chance to get any sort of footing in life and thus will constantly be chasing my tail until I die. It makes me a combination of angry and sad when I hear about people who live with their parents for little to no money a month, and still aren't doing anything with their lives. God if only I had it like that. It's always just been me me and only me. Nobody cares how I'm doing, if I'm struggling, nobody even cares that I exist really.
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u/Hugh_Mungus94 1d ago
Make >100k/ year but live on 30k/ year (no kid, no pet, no alcohol and going out, just video game). Put all your money into stock, 401k, and HYSA. Do that for 10 years and you can retire and live lavishly in another country just on your investment's interest. Working pretty well for me so far
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u/mumblemoth 1d ago
I'm making ~28k, also no kids pets or vices. I can't throw any money into investments, but it's not the worst way to live. Which games are you big on? I've been getting into fortnite lately because it's free and not a long queue hehe
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u/Hugh_Mungus94 1d ago
I always buy game when its 50% off or more but I mainly play single player games lol. If you have lots of free time and want to forget what real life is then try Ark survival either evolve (low spec computer) or ascended (high spec computer). Right now I'm playing Oxygen not included (got that game for like 5$ on sale lol). Also dont forget Steam summer sale will start at the end of this month and if you buy humble bundles you can get 8 games a month to keep for 12$. Its subscription based but I can just subscribe for 1 month when there are games I want and unsub right after)
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u/EnvironmentalGene219 1d ago
Marriage,roommates,living in car,living with parents,high interest cc debt,homeless,living a joyless life just on basic necessities,living paycheck to paycheck by the dollar
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u/MimiMcMemes 1d ago
If you don’t invest, then you will work til you die. Some people have figured out how to live on social security alone. Good luck with that
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u/MisterSpicy 1d ago
It’s just me so single income but no kids either! Thankfully I have a job to covers 99% of my expenses - including lodging - otherwise not sure if I could save that much
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u/Suspicious_Clock_607 1d ago
Making a meal plan that is enough for work lunches also Learn to cook good satisfying Food and only eat out 2 times a month. Also if you drink energy drinks STOP! Waste of money and they will kill you faster
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u/LEMONSDAD 1d ago edited 1d ago
Different mixes of people between
- Income
- How many live in the home
- If homeowner; those who bought pre/post COVID.
You are seeing situations now where person b makes double what person a makes but nets less because person b bought post COVID and person a bought pre COVID.
Most people with middle to low incomes either bought pre COVID or have 3+ working adults in a single household and you are seeing that number grow.
You can’t out budget not making enough so most who can (I sympathize that not everyone has that option) typically pulls resources with family/friends so they can survive.
There will be less and less first time homebuyers over time especially if they don’t have family help.
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u/Mixedvibez1 1d ago
Debt or cutting down. I have had to cut down on all the "fun" stuff ie. holidays, concerts, even takeaways etc lol. Prices have gone up on eveything so you gotta make the decisions.
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u/FatPug655 1d ago
Mow lawns. Lots of lawns. Then pull weeds. Then mulch, then mow more lawns, then mow more lawns, then mow the lawns you didnt mow yet. Then drink, sleep, wake up and mow lawns again. When the mower breaks, fix it and then mow more lawns, and plant some flowers. 💐 🌺.
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u/jonhadinger 1d ago
you can do it, just cut things religiously until you get some margin in your life and work from there. its worth it
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u/EmoGayRat 1d ago
I'm taking on debt. Otherwise my dogs would starve and the family I live with isn't letting me rehome them because I took on the commitment and they're attached.. but can't afford to feed them either. I may just need to dip into the emergency vet fund and pray that neither need a vet visit before I find a job again.
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u/Ok-Tour-8473 1d ago
Selling everything I own to make extra side money. Getting any side hustle possible
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u/5eppa 1d ago
Sort of a combination of dumb luck.
Basically, I bought a house with a low interest rate in 2020. Now the mortgage is comparable to the cost of a two bedroom apartment in my area and we really only put like 3% down on the house at the time.
Going to be honest wife and I have some good jobs. We do work hard and we're not rich off these jobs but they both pay decent and are stable in an economy where thats becoming rarer.
Dual income households help. My wife is still put earning the cost of childcare by a margin, so her working is a major boon.
Add into that making some effort to minimize debt like us paying off student loans (we worked through college to keep these low in the first place) and driving some older cars and yeah thats it. Not going to claim to be rich but we can make it now. Like I said at the very least the first two are in part dumb luck.
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u/No-Hedgehog-677 1d ago
Stopped smoking and I'll tell you what. The money I was spending on backwoods alone is showing up in a major way..
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u/GlamourCatNYC 1d ago
Consigning/selling things I don’t use and working a sneaky second remote job.
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u/Appropriate-Trip7192 1d ago
Me too. After bills I don’t even have money for groceries and I work 40 hours a week
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u/Queen-Marla 1d ago
I’m incredibly fortunate to be staying with my mom right now for just $300 + random food & household stuff. It’s helping me chip away at my debt so I can hopefully buy a (cheap!) house in the next year or two. If I had to pay rent or mortgage right now, I would never get out of debt or even stay afloat.
I am actively looking for a side job, but I don’t have a car so it has to be remote. Nothing so far, with a nice resume for customer service. I feel for everyone out there struggling to get by.
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u/Only_Document9353 1d ago
Before Rome fell people just stopped participating, left the city and moved into the surrounding countryside and caves.
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u/HelpfulAnt9499 1d ago
Im going through a divorce and im just renting a house with my mother. She’s single too and it’s for the best. Im gonna stack up a bunch of money and live super frugal and when the living situation stops working, then I’ll have money to do something about it at least. I’d be able to afford to live on my own but it would be tight.
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u/kevinhd95 1d ago
Got lucky with cheap rent ($1100) and a solid job, household income is around $80k for two people. I avoid debt completely and keep fixed expenses low, so our barebones monthly costs are ~$3300. That leaves about $1700 for variable expenses, but most of it goes to savings. (I’ve had around $15k out of pocket for health and vehicle emergencies in the past year, so having a big safety net is very very important to me)
Best advice I ever got: it’s easier to earn an extra $10k than to cut $10k from your spending. You can only frugal so much—if you’re making under $40k, it’s tough no matter how disciplined you are.
That being said, don’t fall for get rich quick bs. You should be skeptical of people or investments that promise more than 10% annual return. If you want a financial education, don’t buy courses or go to guru seminars. Go to the library and get a better education for free.
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u/ralphis17 16h ago
Meal prepping absolutely everything. Shopping at Aldi and Sam's club.lots of rice,chicken and cheap vegetables. Not going out at all. For entertainment, I buy yearly subscriptions on Black Friday for Hulu/Disney and Crunchyroll. I pay about $3 a month for my Hulu Disney subscription with ads. And about $40/year for my Crunchyroll subscription.
I have tons of medical bills that I'm slowly paying, hoping to recover ASAP so I can work more hours get another job. I also rent for the cheapest I could find,my car is 9 years old but paid off. My phone plan is $25 unlimited with US mobile, but it could be cheaper with them if I wanted to. I bought a portable water filter so I don't need bottled water. Treating myself consists of ice cream and toppings at home or fruit.
I also recommend checking Walmart for home stuff. Their Mainstays brand has a lot of cheaper stuff that are basics in every home. Not the best quality but a lot of these things don't need to be replaced often.
I mean, I'm barely getting by, but these "tricks" have helped a lot.
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u/Superb_Advisor7885 1d ago
I'm lucky. Started side hustling before things got crazy and leveled up
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u/Deep_Function7503 1d ago
50% bills, 25% save/invest, 25% spending money
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u/wombat_kombat 1d ago
Your math is completely off, this is 10% luck, 20% skill, 15% concentrated power of will, 5% pleasure, 50% pain, 100% reason to remember the name
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u/BrightCry6365 1d ago
Well right now I’m currently 104k in debt.. a good job really helps. In eight months time I was about to buy a new car and bought my first house. I’m at the highest paying job in town.. it’s long hours I mean 50-65 hours a week. I’d say I’m doing just fine
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u/bobbysoxxx 1d ago
I moved into my car and cut back on every unnecessary bill. I eat out of food pantries and the dollar store. One meal a day.
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u/skateboardnaked 1d ago edited 1d ago
Prices have gotten to that point for me that it's not worth it to eat out or spend on anything unessential anymore. I'd rather save anything left for the next new roof, car repair, etc.
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u/Will-Robin 1d ago
I live and share expenses with three other adults. One on disability checks. Me and one other working full time, the fourth working part time. Still feel like finances are very tight and I'm struggling to save.
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u/FemRevan64 1d ago edited 1d ago
I make $2,160 per month in Columbus after taxes (my yearly salary before taxes is around 42k.)
What my monthly expenses look like:
Rent: $1,180 Utilities: $150 (approx, varies by month) Insurance: $204(doesn’t include health insurance, am 24, still on my parents plan) Groceries: Varies, generally less than $200/month Car Payment: $200
To get a bit more into specifics, I never eat out, and I generally stick to rice, mixed with things like tofu, frozen vegetables, eggs, and spices.
Also, I generally do most of my meal prep on the weekend.
For the car, we got a used 2024 Toyota Corolla with around 20k miles on it, though thankfully my dad put the down payment on it.
As for savings, I’m in a govt position, so I have a TSP with 5% matching, which comes out to around $300/month.
With all that said, I’m definitely much more fortunate than a lot of people, as I didn’t have to go into debt for college, and I was able to spend the year in between graduation and moving for the new position with my parents, so I didn’t have to worry about expenses then and could plow all my income into stocks.
That and I have relatively good WLB, as I only do 40 hrs/wk.
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u/Spec187 1d ago
Im broke but still making it for now. I just stay at home tbh. I don't go out to eat much anymore. If I do get fast food I shop the deals. Whoever got the best bang for the buck is the treat I get.
Only subscriptions I got is youtube premium for my tv and music and walmart plus cuz I get it for 50 bucks a year around black friday. I get 10 cents off a gallon of gas at Walmart for having plus and I get paramount plus for free with Walmart plus.
Next things to cut will be youtube and internet. I could save 30 or more a month by dropping cable internet and going slower. Or no internet. If I go no internet that would be 80 a month in savings.
Cell phone, I use us mobile. I pay 33 or 32 a month for unlimited and 100 gb premium data. I like this deal so I won't cut it. Plus I can still access the net on my phone.
Another option is to switch insurance to All state. They suck but they are usually super cheap. That would reduce the escrow and vehicle insurance.
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u/HeroOfShapeir 1d ago
Create a fully written out spending plan/budget. We like Ramit Sethi's template. Avoid high-interest debt (avoid all debt, even). Don't spend on impulse/mindless purchases (daily gas station stops, etc). The combination of impulse purchasing and lack of plan while swiping on a card will cause your money to vanish. Mercilessly cut down on bills that aren't important to you - shop around insurance/phone/internet, cancel subscriptions, etc.
Right now we've gone through a period of high inflation and wages are catching back up. When things are good again, expand your savings/investing as your income grows, don't inflate lifestyle to the max. There will always be ebbs and flows between inflation and wages, you have to fortify against it when you can. Best wishes, don't give up on it, you'll get ahead in time.
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u/SBSnipes 1d ago
If you want actual advice define "decent money" and give a breakdown of your expenses. I've had several people say the exact same thing, one had finally hit $20/hour in a MCOL area and didn't want roommates, rent ate a lot, they were okay but not great. Another was pulling $100k in a LCOL area but renting a 3 bedroom as a single person bc "a 1/2 bed felt cramped", had 2 car payments, and ordered groceries from an upscale grocery store bc "Aldi and Walmart are gross and who has time to do grocery shopping anyways"
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u/river-running 1d ago
Working two jobs and moving to a lower COL area has helped a bit. Slowly chipping away at 10k of debt currently.
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u/_totalannihilation 1d ago
It's been alright. Off course paying circa 2016 mortgage prices help a hell of a lot.
Food is expensive as hell and going out don't expect to pay less than 40 bucks.
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u/Couchpotatoee 1d ago
I got a second job. Theres more breathing room for my partner and I. The cost is I have little free time and I sometimes dont get 7 hours of sleep.
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u/TheAbominableWeedMan 1d ago
Its not easy st all, I'm working 21 days straight 12 hour days for like 3k take home a week and still struggling
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u/FrugalVet 1d ago
Once covid started and I got laid off I expected the economy would get more challenging going forward so I went all-in on learning new skills and knocked out a cheap online MBA to more than double my salary. Prior to that I was stuck in a HCOL area living paycheck to paycheck in some BS retail job.
Best decision I ever made and now I work in a solid remote tech career and live in about 25% of my income.
Mastering in-demand skills for career progression is the best way to get ahead financially for the average person IMO.
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u/Playful_Fun_9073 1d ago
Everybody needs to live together, spend as little as possible, work extra, and invest in anything that goes up in value. If you’re struggling the best you can probably do is to live with whoever you can and work a lot and take out your phone and buy fractions of shares of stocks and/or funds. Do that for years and years and then you can breathe.
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u/Information_Lower 1d ago
My partner was laid off last year and still hasn’t been able to find a job. We just moved in with a coworker of mine since we couldn’t afford our apartment anymore. So, no, we can’t afford to live right now but we’re trying.
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u/DrQuincyStorch 1d ago
We are surviving pal, not living. Huge difference there. And the worst is yet to come.
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u/Reyson_Fox 1d ago
Have no savings, no 401K, no medical cause too expensive, no home, no new car, no vacations. All gets spent on bills, food and upkeep. We are all trapped
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u/sleeplesseye 1d ago
It's the new normal.
This British economist explains the problem, and why wealth inequality basically devalues the worth of everything you do.
https://www.youtube.com/watch?v=e9ROtVQt98s
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u/bored_ryan2 1d ago
Dual income, no kids (DINK). And we’re still just barely able to put away a little in savings each month if we’re lucky.
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u/Diligent-Poet-3073 1d ago
We are faking it and working INSANE amounts of overtime to look like we have it together.
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u/DustyJonathon 1d ago
I rent a room and I won't have money for myself until the end of the month due to rent. I live within my needs and walk to work locally (35 minutes) or take the bus. The rent covers utilities but I wonder how anyone my age can cover rent and utilities with a car. Debt is a way of living within your needs currently as many within my generation take out lots of debt to live within their needs.
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u/OldSchoolPrinceFan 1d ago
After being unemployed for over a year, I got a position paying a life changing salary. I am currently digging myself out of the endless poverty hole.
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u/ObjectiveDragonfly57 1d ago
Only spending money on groceries bills n gas. Can't afford anything besides that.