Different experiences. I put myself through school, have $50k in student loan debt, and I'm living comfortably on $54k/yr in New Jersey. Renting a small house, and sending around 15-20% of my income to help support my mother and 5 young siblings. I eat out a few times a month, and otherwise have a modest entertainment budget. I'm only able to set aside a very small amount, if anything, right now, but overall, I'm fairly secure. Without a requirement to live in an expensive area, I don't see why anyone would have trouble living on $100k/yr even with a couple kids and a non-working spouse. May not be luxurious, but should at least be comfortable.
I often wonder if it's just people who have a different concept of what is a necessity vs a luxury due to never having to go without for a significant part of their lives, or people who have just never lived outside of the cities or other expensive areas.
> I often wonder if it's just people who have a different concept of what is a necessity vs a luxury due to never having to go without for a significant part of their lives, or people who have just never lived outside of the cities or other expensive areas.
In my case, I lived on the lower end of the income spectrum for much of my childhood, and lived even poorer while building my startup in a low-cost area. So it is with deep experience and sincerity that I say I have no desire ever to repeat those years, nor to inflict such a life on any future young humans.
Exactly. The GP of my comment talks about 100k not being lifechanging money. I know for a fact that it would have been dramatically lifechanging if my mother or stepfather had been making anywhere near 100k during my childhood, even adjusted for inflation.
I can really see both sides of the argument here. 100k is not permanently life changing for the recipient. But if it can be earned sustainably, it is a pretty big difference for the recipient's children, if any.
Ways in which it's not life changing: probably have to live in a more expensive area, which eats into the benefit. Still have to play the office game with people you may or may not like. Still have to save up and budget if you want to travel. You won't live in a mansion with a full-time staff. You still won't have enough money to trade money for popularity if popularity is something you lack and want.
Ways it is life changing: can afford more nutritious and more enjoyable food, which helps make life more sustainable. Can provide better food/clothes/schooling for any children (I have none of my own), which gives them an advantage when they reach adulthood. Can live two or three emergencies away from devastation instead of just one.
I certainly meet necessities and a few luxury items but people think 100k is like rap star money or something. We don't make enough to buy some frivolous luxury items like a designer bag or an actual new car. We make enough to spend more than normal on groceries, go out to eat a few times a month, and pay the rest of our debt. Not enough to have a decent liquid savings account. Every time I get $500 saved up I end up with some new medical bill that I forgot about.
I often wonder if it's just people who have a different concept of what is a necessity vs a luxury due to never having to go without for a significant part of their lives, or people who have just never lived outside of the cities or other expensive areas.