Do You Need to Make $250,000 to Live Comfortably?
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- Опубліковано 27 чер 2024
- According to a recent study, if you make under $300K a year, you are NOT living comfortably and sustainably in six large, US cities. In fact, nationwide, they put that figure at over $230,000 for two working adults raising 2 children.
In this video, get into the data and we’ll talk about whether we think their methodology is flawed. We’d love to know what you think. So, do be sure to let us hear from you in the comments.
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Comfortable is a 70 degree sunny day spent in the garden.
That's where I was almost all day.
Correct
👍❤️
Yes i agree with comfortable 70° degree day even if it is overcast,and enjoying my garden!👍
A friend posted this study on FB. When I responded saying “it’s all about the choices you make” I got some push back. This friend is a compulsive shopper and hoarder. They don’t budget and always claim to be broke. 😒 I’m single and own a home with less than $50k. Yes I’m frugal! But all my bills get paid! Going out to eat is for special occasions!
We as a couple have never made over $30k a year..my bills r paid, no mortgage or car payment and we manage to eat well…I would feel rich with $250,000 or even $50,000 a year, lol
@rockyandmiles9889 I’d rather be you than your friend 😊👏
Agree!👍🏼💜
250K would be living awesomely
Absolutely 💯
We live on less than $30k I’d feel rich if I made $250,000
😂 Right!!???
In luxury.
@@Shopgirl1You would BE rich with that salary. People are crazy if they think they are not.
I live on less than 25K. This is ridiculous.
Yes it’s all about expectations and being content with what you have.
Exxxxxactly, thats what i said! I live on $30k fixed income a yr....disabled Navy vet! No struggles and doing great.🤷🏾♀️
A number of families earn less than $65,000/year. Many single parent families earn less than $35,000/year.
It's social media. It's suppose to be ridiculous. Got you to watch.
@@bcase5328 I'm well aware that people live on less. That's my point. This report they're reviewing is ridiculous.
I hate the 50/30/20 budget, so unrealistic and leads to the idea that you can't live on anything less than an exorbitant amount.
It's slavery, and thinking that way may lead some to do crazy things.
And the sad thing is so many people believe this
My goodness we’d be spending $750 a month at 30%…have mercy we would never spend that in a month..we usually never even have that much left after bills are paid, lol
@@Shopgirl1 Exactly!!!! And you make do.
30% of 250k would be $75,000 for extras! $75,000 is a livable income for most people I can’t imagine blowing that much money on “wants” every year!
Right!! Omg
I do the housekeeping for such a family and am astounded on their shopping and grocery bills, I do find them everywhere.
I'm starting to just take everything with a grain of salt, so to speak. Listen to what is being said, then take from that what works for me. Recently, I bought a used SUV and paid cash. I'm disabled and make very little $. I can't hunch down to get into a car anymore because of my limitations and I live in the country, 40 minute commute... so I needed all wheel drive. It was a big purchase but I did it and was proud of that. But then I saw a UA-cam short with Dave Ramsey... telling a caller that he was stupid for buying an $44,000 SUV when they "only" made $85,000 a year, even if they did pay cash, Dave thought it was stupid. I was really upset. I was proud of what I had done, and hearinf Dave say that made me completely question myself. But no more. We all need to do our best BUT do what works for our own situation. To hell with 50/30/20. I'm doing my best. I'm doing ok. That's what matters
If it works for you? You’re just fine.
Exactly. And even this channel gets smug sometimes but people have circumstances perhaps the hosts haven’t considered or had to deal with.
Dave would only call something stupid if debt was involved, he doesn't care what solvent people spend their money on. He even calls these things a "stupid tax", it's when someone failed to save up and pay cash - you're doing just fine xx
You bought a used SUV with cash while on disability? Heck I'm proud of you! That's awesome! 😄
@@LaManteca76I'm not even on disability! Unfortunately I'm one of those disabled people who don't fit the perimeters for what the government says. So, I work as much as I can and do the best I can. That's why I was proud of what I had done and was upset thinking it was "stupid" to someone like Dave Ramsay. But hey, he's able bodied, so can judge... right? Lol
What a gift to be a mother to children
Maybe a family of 4 would need this much if they want everything - like a big house, 2+ new cars, private school, vacations, eating out, expensive clothes, household help, etc...but I know plenty of people who make a lot less. I live on the north side of Chicago (Evanston), one of the most expensive areas, and earn under $50K. I'm debt-free, live alone in a great loft apartment and never feel deprived.
Absolutely. I'm a housekeeper for such a family in Germany and one of my duties is to organize the mass of toys and clothes for the (poor) children. There's hardly enough storage space. They pay me well which is our single income now making below 16K Euros net and we can live as a couple without wanting. LOL 😁
$250k, seriously? I do live in a big city (Las Vegas) and we are just fine with our much-less-than-$250k-income. Yes, we bought our small starter home at just the right time (2014), but it’s about the choices we made with our money. Our mortgage was set for 15 years- we paid it off in 8 1/2. My husband and I worked opposite, so one of us was always home to watch our eventual 3 kids (thus avoiding the co$$$t of daycare). We had personal fun money every paycheck ($50) that suited us just fine. We’re both savers, not spenders, and it’s because of our choices that in 10 years we were able to pay off a home early, bring 3 babies into our family, pay off 2 vehicles, pay some non-maternal medical bills, put in an AC! And still have date night most weeks!
It’s all about your choices- and priorities! 😊
I looked up Las Vegas for you on the study. According to their tabulations you need $239,366 a year to live comfortably.
You're very wise people. Wish I had your wisdom when I was young!
I cannot imagine "needing" that much money! Absolutely insane.
It really is. And dangerous.
Unless you live in a high cost of living area with kids, contribute to retirement, etc.
My husband and I make $165,000 and live in the Suburbs of Washington DC. We have 7 and 9 year old girls. Our only debt is our home. We paid $290,000 for a 1,500 square foot townhouse in 2016. We owe $220,000. It was a complete fixer upper. Single family homes started at $500,000 at that time. Now, our place is potentially worth $500,000 and you can’t buy a single family home for under $800,000. This happened in only 8 years. We drive 2 cars over 20 years old. I shop at Aldi, rarely go out to eat, we rarely have money to do anything. So yes, I believe this study is probably pretty accurate. It depends on where you live.
It’s getting so bad that we have decided to move back to Ohio where we are from and take our equity and pay cash for a house. By the end of summer we should be much better off with a lower salary.
Yikes! We’ve never made that much money combined. And we’re debt free. Choices choices.
But also, what is "loving comfortably?" People conflate luxury with comfort. Same with need v. Comfort or luxury. People don't know the difference anymore. Great video and commentary!
Yes!!! This is so true, most Americans can say “living comfortably” is actually keeping up with the Jones’s.
The 250k is accurate where I live in Salt Lake City if you haven't owned a home for at least 5 years
Can’t even imagine having that much money
I cannot imagine needing anywhere near 250,00!!!
Agreed!
I just started watching Under the Median and am enjoying it. I think it’s time for a refresher video on how to make a budget.
Welcome to the group and yes making a budget is key to knowing where every dollar and cent is assigned. I believe Hope does have a budget starter booklet on her website. They know first hand how to make funds stretch and make it work with what they have.
I find it very hard to believe you need two hundred and fifty thousand dollars to survive in middle class. I thought I was in high cotton when my husband brought in sixty five thousand
WOW…most we’ve ever made in our life is $30k..would also feel rich if we made $65k
The people who performed the study are whacked. Spoiled.
My hubby and I are retired. Our mortgage is paid off, and we have no car or credit card payments. We live very comfortably off 45k a year. We do live in a low insurance and property cost state though. Life is good.
Lol my entertainment is sneaking in a package of cookies or something when I get groceries 🤷♀️
LOL! That's my kind of entertainment, too.
Sure is. Or some fudgesicles .
Simple pleasures!
My "entertainment" is going to the library
@@Nicole-zv7ee I bet you get more pleasure from that than somebody who spends lots of money on holidays and posting about it on Facebook.
Thank you for this video. I too read this study on Facebook and thought they were delusional, 🤣 My husband and I live on a very fixed income 30 minutes south of Atlanta. I do wish our income was a little bit higher but just like you I decided to be a stay at home Mom. I did not homeschool but wanted to be the traditional Mom so since my husband grew up with his mom not working we sacrificed and made it work. We are very comfortable just not able to spend 30% of our income on entertainment.🤣 Comfortable is defined differently based on personal priorities.Thank you for all you do I have learned so much since I have started watching your channel.♥️
When I saw that headline and then survey results, my first thought was "I wonder what Hope & Larry will have to say about this!" And had the same thoughts about the lack of definitions for EVERYTHING. smh
This is the same type of study that says I need 1.5 million to retire.
When you said 30% all I could see was Larry on a new rider mower sipping on a lemonade mowing the yard and making sure he didn't hit his new Tesla ! The discretionary spending is 4X the amount I live on each year!
You made my day. We had city wide garage sales today and this was a relaxing video after a long day.
Oh my gosh, Steve. Larry is in complete agreement and wants to know if you would like to lawn mower shopping with him. He also said, "Tell him I'd go for a Rolls Royce, not a Tesla, if I had that kind of money. " LOL!
@@UndertheMedian Hope, I would remind Larry how much your kitchen remodel will cost! The Rolls Royce may have to wait for a million subscribers! :)
Haven't you heard Suze Norma n? She says $3-5 million needed before you can retire. Weird!
I work part time and I am not even a mom. We looked at our expenses and spending and decided to make some small sacrifices. Me being home more has vastly improved our quality of life. I have more time and energy to plan and organize our life and finances. It has also significantly reduced the amount of taxes that come off my pay (from 650 down to 180 a pay period), saves me on gas money, saves on our food budget (i seek out deals and cook a lot more from scratch). No more trap of consumerism. We also are debt free but still choose to not spend 30% on wants, i agree its excessive.
My brother makes over $200k and I can't say he's happy, but he is comfortable. The sad thing is that Americans now need to make that much money in order to not think about every purchase that you make. I think about my money situation every day and all the mistakes I've made and I really get tired of thinking about it😢
We live comfortably on 27k a year Social Security in Northern California at age 62 & 67. We got all of our large and possible expenses under control before retirning- All of these are new- E-car, E-Bikes, 2 thin wall Heaters, Clothes Dryer, Humidifier,& Solar panels+Battery. Our Monthly expenses are: $125 property tax, $125 Donation, $600 food, Transportation $300, Pets- $12, UA-cam Premium- $13, Tech-$250 Wifi, phone, wear & tear, $100 Unexpected (Clothes, repairs). We DO NOT spend money on: Homeowners Insurance or Water bill. Reduced Cost- Transportation due to Solar Power. We live off-Grid yet adjacent people with power located about 20 min to town.
This is a brilliant video! Thank you for challenging an article, and always applying a reasonable mindset. 👏
My county isn’t even listed on the MIT. In fact, the largest city in Kansas is the only option.
I would flip it. 30% to savings. 20% to fun and hobbies.
Right. There's not a single city in this country where we need 300k income. Just payoff debt in an affordable place and buy only food housing and investments. Everything else works out ❤
Two adults living on 19k. No debt. No mortgage. No car payment. Save the interest from the CD. Been frugal all our lives.
Frugal people in the groups and comments prove that we do not need these huge amounts in order to live comfortably.
The creators of those figures however want to ensure that the population on the whole are still spending. They create a lifestyle image, which unfortunately the masses believe they need to try and live up to.
I think I'll stick around my frugal groups personally. I prefer this lifestyle by far!
I will as well.
Actually, I read a piece e last week that said spending ding had dropped considerably in last quarter and that consumers were pushed as far as they would go. Interesting thought. They were waiting to see how far they could go with cost of living increases. Let's hope more and more Americans catch on to the game corporate America is playing with us and stops needless spe n ding.
My guess woukd be that most people, if frugal, could live on well under $100,000 a year, unless medical bills, college bills, or huge family..
Me and my spouse live on $30k a year and do fine..not rich but we try to be frugal
Our family of 6 lives quite comfortably on one income under 50k. No debt, we own our home and used vehicles.
We live on 1 income in today’s world and actually save more money because we’re not tempted to spend spend spend. I love how you mention “prioritize” Hope & Larry because that’s exactly what it is. Find what works for your family and situation and you can definitely make it work!
It seems the folks who engineered this study want Americans to keep on spending spending spending.
There is a constant stream of economic news coming from people like Jamie Dimon, Elon Musk, Jeff Bezos and others either warning us of upcoming economic disasters, or the Blackrock guys warning of economic pitfalls on the way. My question is why are these guys telling us all this? Why isn't our government officials speaking g about future issues? Or have the Jamie Dimons, Elon Musks and Larry Finks taken over running the economy of this country?
Hello Hope&Larry,i used the 300 thousand dollar amount you mentioned Larry. I took that figure and divided it by 12. Twelve months in a year. I calculated 25,000 a month. I have never had that amount per month ever in my life! The least amount we have lived on was 900 a month single income and a family of 4. The most we have ever had was 5000 a month and children grown and have their own homes. Now my husband is retired he recieves ssi. We do have our mortgage paid in full,we also paid off a credit card. Now we are mortgage&debt free and retirement does not concern us as it did when both of us were working and we had mortgage and credit card expenses. Getting that all paid off was a great relief and yes it opened up alot of our pay to put toward retirement. I am still working full time outside the home. I figure i still have 5 years yet to go.
Most people confuse wants and needs. Near Chicago, Tina, Al's wife
Thank you both! Great advice!
I'm 72 years old and I live on 22,000k a year. My home is paid for, I drive a 1993 Chevy Cavalier and have debt of about 3,500k and am putting every extra penny on it. I live very simply and frugally but I'm a widow and am very happy. And I live in Illinois, South of Vandalia IL. 😅Hope Vandalia is like in the center of IL , I think you were thinking of Cairo being at the bottom of the state. Love hearing all your tips about saving money. Thank you both.
It definitely depends on where you live. A family friend lives in New Jersey. Her house has been paid off for have a century ( seriously… she was 107 when she passed). Anyway, it got to point that her monthly income could no longer keep up with her property tax. She sold her home and moved in with family. BUT very high incomes are needed in some areas. It is sad.
I have 5 kids and we live comfortably on one income of 65k in a bigger city in the south. We’re actually going on vacation this June, we do everything else that single or small families do just fine I just budget for them
In NYC, I can see the $250,000 figure. Rents for a 3 bedroom apartment in NY can range from approximately $4500 to $17,000 a month ($54,000 to $204,000 a year). Can you imagine the pretax salary you would need to earn to make enough money to just cover your rent?
Unfortunately I live in Cook (crook) county. It is very expensive to live here. We have been able to save and be debt free. We raised 3 children and have been blessed to share our home with others in their time of need. I worked part-time when my children were younger and babysat. My siblings and I helped each other find deals and passed down clothes and items needed for our families. Thank you Hope and Larry for your tips. I am glad this generation has so much information to Access so easily. Keep up the good work! Oh by the way we didn't make anywhere near that income.
Lithuania here, married couple with a small child, debt free, mortgage free, coping with rising food and gas prices and living with an average of 15,000 euro a year.
A young family living in greater boston area might buy a single family house for $600k. That buys a nice 3 bedroom that needs minimal work in a modest area. You need an income of 200 to 250K to finance 600k. We bought our house in the greater boston area 35 yrs ago. It needed some work and was a remodeled cottage and a bit funky in its style. We paid 67K but a more conventional house might have cost $100k. So housing prices have gone up anout 600%. Salaries have lagged. Lets not be too sceptical of this claim. Its harder for the young living in a major city than us retirees We live a vy comfortable life on a fraction of $250k. And while i do agree that many people have unrealistic expec, there are not a lot of affordable housing options in our near majir cities
Excellent video!!!
People really need to be careful how they interpret these studies so i thank you for taking this deep dive
I understand the idea behind this. I live where modest houses cost around a million dollars. Reasonable daycare costs are $18,000 a year. Rent on a 2 bedroom apartment will run you 3k a month. Houses are more. It’s not easy to live here unless you bought a home many years ago like we did. My percentages are still not in line with that study but we manage to live fairly well.
Loved what you said about Illinois and Cook County, Chicago!
Well said.
I am mom to two Chicago Police Officers. I was born and raised in Chicago but now I'm in La Salle Peru. What you shared and stated is so true!
The further your go, leaving those boundaries and places that strangle you. I'm renting a brick ranch on a quarter acre for 1,200 a mn., but if I went back, to Cook County I wouldn't make it at all.
I am able here in La Salle County, to survive and be comfortable and SAVE. That is necessary
Husband & I are pretty comfortable on less than the 30% used in the study. However, we don't have the expenses that a lot of people have to deal with, fortunately!
Well done!!!!!
The 30% is 75k.... Just that would be a dream come true!
I totally agree with you on this study.
Love 💕 and Hugs. 💙💙💙
I did the calculator in my area and it is pretty accurate in my opinion. I am not sure what the ‘civic’ and ‘other’ categories are for but the overall income makes sense. My husband and I budget and have to choose what we prioritize that month for fun but we are comfortable. It says $75,000 a year for my area before taxes.
😂The sarcasm on your face 💖
Love your channel you are helping so many people all over America and Canada 🇨🇦.
Thanks guys for the reality checks!😊🎉❤
For the 50/30/20 budget, I think the 30% also includes things like furniture, appliances, etc. Basically just living in an empty apartment with a car and eating pb&j would be covered by the needs. Even still, you can probably cut back in the needs area by moving out of the city or getting rid of your car. I lived car free for 5 years and loved it.
The article sounded like they just used math to figure out how much money you would need if you used the 50/30/20 rule but as someone who spends nearly all our income on housing, groceries and needs and chooses to prioritize our family, it just makes you wonder what other people priorities are because 30% of any income is not needed to eat out or entertain anyone. I think it is a fluff piece that has gotten too much attention for sure. I hope no one thinks they need to live their lives by other peoples rules and priorities.
Debtfree living is amazing and something many families have never experienced. And something that gives them so much more stress-surpressing calmness. Breathing room is so precious🎉
You need 250K to afford the American Dream which is go in debt to buy buy buy- rinse & repeat. I saw it too and rolled my eyes
Just try living in Southern California! Rents and mortgages are INSANE! Gas is $5.39 a gallon right now! I'll be babysitting my grandson because his mom can't afford to stay home with him, and daycare is $2,000 a month! ARGH!!!
I was in southern California in mid April. The fuel was exactly $5.39 as you stated. I returned to Oregon and the price immediately dropped to $4.39 then continued to drop a little more. That $2,000 a month for childcare makes me think that's the business to be in.
I can't imagine why anyone would want to live in California. I live in Oklahoma and gas is $2.89.
I love your videos. You had me laughing so hard when you said Vandellia is the far south point of Illinois. I grew up in Southern Illinois, the really forgotten part. Cairo is the is the furthest south though most people, myself included, consider it to be Metropolis. Vandellia is still around two hours North of Metropolis.
I live in France and have very little idea about real life circumstances in US as it seems to be huge financial spectrum state to state. But it seems to me this kind of studies encourage overconsumerism and a rat race. I used to earn quite a lot in my 20s and would get several promotions fast, without even asking for it. Then I stopped working at 28 to take care of my firstborn son. He needed me and in my mind there was no doubt about it. My second son needed my way less, he was always happy and incredibly social so I left him at a daycare at 2 yo. That was total of 6 years I stayed at home and I was really surprised how much criticism we received for this decision as a family. I was shocked and couldn't understand why it triggers people so much that I would leave by choice. We used to eat plain rice sometimes and would have only small amounts of meat for the children but still it was some of the happiest years of my life. I realize now we were privileged to even make it happen, I'm not so sure if would be possible to do right now and my kids are age 8 and 11 so it wasn't so long ago.
My late hubz was a freelance college instructor. He worked sometimes 10 classes a semester so I could stay home and homeschool the kids. We both got to do our things, and I will NEVER regret doing that, no matter how frugal we had to be. I would have to say, sometimes the challenge on meeting a goal without what he "should" have been making or my working outside the home was well, fun, to challenge the status quo and use my creativity.
As for Illinois- it's a big place! People may not want to live in Cairo (pronounced like the syrup not like the place in Egypt) or East St. Louis, but most of Clinton County is nice. Really, except for a couple of exceptions, Illinois beginning at Kankakee, and including McHenry County, are safe and nice.
The government's budgeting food purchase study is also unrealistic, too. The most frugal listing is too high for most middle class people. When I lived in Illinois, I noticed driving Hwy 55 from Chicago to Cairo the life style as well as the view of the cities along the way are much different. Larry and hope, you two made some very good points about what must be considered about your own lifestyle. Thanks again for sharing.
My extremely frugal son lives in Lake County Illinois ( more expensive than Cook county) he receives $1388 month in disability payments ( no other government benefits) his spouse works at Walmart they are debt free and have 1 year of living expenses in the bank and eat very well, it can be done!
Health- We do not pay anything because of Medicare/Medicaid and our low income. I felt bad at first but the average medicare recipient is 5x our cost, we hardly ever see doctors so keep fit. This is a motivator to eat right and keep fit so we don't charge the taxpayers. Otherwise that is all the charity we receive, I think it's worth about $175 a month per person. We donate $150 to church but also attend bible study and handle the yearly rummage sale. That's where we sell some of our cheese, maple syrup, herbs, etc. Making about $200. Summers we hold a church game night at our house.
Praying for safety
Single mom of one and "living comfortably" on $55,000/ year in WV.
Your hair looks nice Hope!
No, I don't. Why would anyone tolerate a large expensive city when you're free to leave to a smaller town with lower taxes, no traffic, etc. I have absolutely NO debt (not even a mortgage) whatsoever! Get out of debt, down size, learn to cook!! Eating out is an extravagance!!
That's crazy 250.000 is alot I'd save most of it I only bring in 60.000a yr I'm not going without bills paid a nice emergency im happy
I had to chuckle when I listened to this. My husband and I raised 5 kids on less than $40K. And we sent them to our local parochial schools, paying tuition. We were able to save during this time also.
This was back in the 80’s & 90’s, but we did it!
$40k income in 1985 (adjusted for inflation) is equivalent to $116,000 in 2024.
I’m widowed and my kids are all grown. I still have less than $25K coming in. And that’s 2024.
"Back in the 80s and 90s" isn't relevant to today.
I can't think how I would manage to spend $25,000 on 'wants'....
No wonder I am struggling. I only make $20K a year. Deep in debt because of a divorce. I worry about my next meal. Now $250K a year would be a dream come true!
I live in Central Florida and I agree with these numbers. The problem is 100% housing, taxes, and insurance. We do not make $250,000, and the majority of our dual income goes towards our “four walls”, with very, very little for extras and savings. Groceries are way higher here too. Forget about finding clearance deals in our area.
What about donations for the poor? That is a line in my budget. It makes me feel good to help others 😊
I can't imagine having that much money. Do they say anything about what a single person who lives alone would need? Our basics are almost always more than half what a couple needs to pay.
250,000 that's nonsense
Hope I love your new haircut!!
I live in Los Angeles and $70K is considered low income, for a single person, according to the California Department of Housing and Community Development. For a family of four, $100K is considered low income. Considering housing prices and income not being commensurate with inflation, it's a big problem out here.
Your facial expression on the first line had me! DYYYYING! :):) $250,000....let me think about this... :) :) :) 😀
Hi Kate !! Member of the K squad here !! I love you !!❤
Oh my goodness! I hate so much that studies like this freak people out with their outrageous income (and expense) suggestions.
I can’t imagine how great that would be.
1% of US households make over $250k AND have kids.
28% of US households have 2 or more kids.
Clearly $250k is not required. Social media loves to add a keyword like "comfortably" which is completely subjective. I can say you need to make $700k/yr to be comfortable and be telling the "truth". Social media is propaganda. Consuming it is a choice.
If your a mom who has elementary school kids look into subbing at their school. I make $120 a day doing that in my district. It keeps me on the kids schedule & gives me the flexibility to stay home with kids kids. Plus pays for our groceries and summer activities. If your I'm Ohio you only need a GED to do it.
Malarkey
11:56 Yes Chicago is more expensive than downstate (actually some of its suburbs in highly rated school districts are even more costly). But that city also has an extensive mass transit system. If you choose to take advantage of it and ditch your car, your transportation cost plummets.
The MIT "Living Wage" for my City for a single person is more than $16500 greater than my retirement income. It's also about $6600 less than what I was making when I was still working. Retirement has larger medical expenses, but lower Transportation and Housing costs for me. Owning my home with a tiny mortgage left means that my cost of housing is bound to be lower than the average. Thanks for all the helpful information y'all share. I know some of your frugal living tips are keeping me on budget.
Aww Dang ( this Aussie can speak American 😂) I missed the live. I made a coffee and everything and got distracted!
LOL! Barbara, you have your "American expressions" down perfectly!
I do believe the numbers are hugely inflated and it would be much more helpful if they included specific categories for the 50/30/20 rule (ex. Investments, groceries, etc.). As someone living just outside of a major city (Philadelphia), I think the study is assuming both adults in the home have student loans, family goes on vacation twice a year, kids are involved in sports and/or extracurriculars, they live in the center of the city with the most expensive housing and often highest local taxes, higher grocery costs, etc. It's very common in large cities for people to prioritize elaborate educational paths including masters degrees, which set them up with a huge pile of debt to then pay off in a high cost of living area. People also tend to prioritize the same high achieving/prestigious options for their children, and I wonder if that's also connected to needing a high paying job to continue living in a high cost area. There is a lot of keeping up with the Joneses. I don't think you really need double six-figures to live comfortably, but I can understand some of the reasons why someone may use that as a target income for some of our largest metropolitan areas.
I'd feel rich making $250,000 😮
Our area has lowest living expenses... our family of 9 could live of that a few years!
Its funny to me sustainability isnt in riches... its in saving Mother Earth and living more sustainably which mostly looks like second hand shopping, less fossil fuels usage, reduce reuse recycle!
& I'm so so happy we chose to homeschool and keep me home to raise our babies❤
The median home price in 2024 is around $400K, depending on the source. That leads me to believe a family would need over $100K to get by, have you do a video on that?
What are your thoughts about long term care insurance? Perhaps you could direct me to a video on that. Also, thank you for this enlightening video!
When you think about the messages coming from those supposedly in the know all those messages are negative and fear based. These folks seem to gain a great deal by keeping average Americans fearful. This study is meant to be debilitating. Frightened people are easier to control.
Thank you for your common sense analysis of this study. It would be interesting to know who funded this study.
That amount depends on where you live.
Yes it does.
And how you Choose to live.
Hello! Love your channel! Thank you for all your wise advises! Just a question… In your experience, has not eating meat saved you money? Or is it more expensive to be vegetarian/vegan?
It has saved us money.
Holy cow!!!!!!!! 30% if you have debt is way too much- it’s ridiculous to think of spending that much!!!
I would LOVE to hear your wisdom
and experience as a homeschool family. I know this would be a niche area for your audience, but as far as money is concerned the homeschool market has exploded and most people think they need 1000’s of dollars to educate their children. Any tips for teaching multiple children would be greatly appreciated.
If you look at videos from “Raising Wildflowers,” and message her, I’m sure she will answer your questions. She homeschooled her two kids; she lives very frugally as well and eats a plant based diet!
We live well on SS. We are in our early. 70’s … we are debt free. THAT IS THE KEY…Debt Freedom since 2008 those horrible Obama years. If you learned anything from those depressing yrs, it was pay off your consumer debt and STAY FREE.
I have had a year recently where I have made 280k. It happened to be while I was going back to school for my Bachelors so I paid for school. It was also the year my son got married and I took a month off. I was able to pay off most my debt. It also allowed me to give 36k in charity that year. I had lived in Afghanistan for 10 years. When we pulled out the military, many of my friends needed financial help. I was able to support a number of Afghan families while the economy got back in their feet. So….280k paid for school, paid debt, helped to pay for a wedding, allowed a month off, paid off all my debt but my house and supported several families in a war torn country. I lived comfortably while doing all those things. Mostly, I didn’t spend on what wasn’t needed.
$250 yearly is not necessary to live well.
However, I do think around $100K yearly is probably closer to the mark. Just going off of experience.
We make around $100K combined yearly and we live comfortably. Money in savings. Bills paid. No new cars, nothing fancy, no luxurious vacations.
We can pay for groceries without worry, afford monthly piano lessons, give to our church, etc and not worry about making it.
Once people start adding in car payments, debt, student loans, houses they couldn’t afford, luxurious vacations and financing the newest thing every time it comes out… Yeah, maybe then you need to make $250,000 a year to live comfortably - but that’s a straight up decision on their part ! It was for sure not necessary.
I would agree with this Maddy. $100k is a safe bet that while you have to watch your money, you don't have to be tight all the time.