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OT: $250k a year millenials are broke,


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#1 slupert

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Posted 03 June 2022 - 01:53 PM

A Third of Americans Making $250,000 Say Costs Eat Entire Salary - Bloomberg



#2 fib_1618

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Posted 03 June 2022 - 01:59 PM

What.Ever

 

People like this should learn how to live within their means...the excuse of "inflation" is highly disingenuous.

 

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#3 MikeyG

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Posted 03 June 2022 - 03:27 PM

If you live in a high cost of living area and have kids, I can see it. When I lived in Long Island back about 7-8 years ago, if you made $100-150K you were just getting by. 



#4 fib_1618

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Posted 03 June 2022 - 04:20 PM

If you live in a high cost of living area and have kids, I can see it. When I lived in Long Island back about 7-8 years ago, if you made $100-150K you were just getting by. 

 

Everyone (still) has choices...and you still have to live within your means regardless.

 

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Edited by fib_1618, 03 June 2022 - 04:20 PM.

Better to ignore me than abhor me.

“Wise men don't need advice. Fools won't take it” - Benjamin Franklin

 

"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw

 

Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.

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#5 slupert

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Posted 03 June 2022 - 04:34 PM

I agree with everything you guys are saying, the article talks about the March credit boom to all time highs .Once again, I think we see a liquidity event by end of Summer. Look at the BBB-BB spread, keep your eye on it. (JMHo)



#6 pdx5

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Posted 03 June 2022 - 05:48 PM

People making $250k/year who are broke are obviously living too extravagantly.

They probably have a large mortgage payment or their kids are enrolled in expensive private colleges or they drive ultra-expensive cars (I saw Ad for Jeep SRP of 90k), or a combination of all of above.

 

After paying off my first mortgage, we never needed a mortgage again, as we steadily downsized and moved to lower cost areas.

Florida is a great state for living at low cost, there is no state income tax, no state death tax, we get $50k reduction on assessed value of home as a senior residing in own home, sales tax is 6.5%, car sticker costs $36/year, and seniors get discounts in restaurants 


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#7 qqqqtrdr

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Posted 06 June 2022 - 10:58 AM

Guys, I am not a millenials, but given the climate out there I can see why millenials are broke, but my Salary is $250K.  I am living somewhat paycheck to paycheck ( income vs expenses ), but have a decent emergency fund to whether inflation...    I try not to live extravagantly...  I have have a 1700 square ft house in Austin ( paid for ), but have a second home in another Texas city where two of my kids attend a public university ( $150K left on mortgage )...   I also have one child of my own at home attending community college, and my wife and I took on two nieces, and one which we are homeschooling..   So we don't really live extravagantly, but we are trying to build the kids so they have a base where they can succeed in the current climate...    I own 5 cars for 5 drivers, but both my nieces are working on their licenses, and one of them at the moment needs a car which we will need to help her with since her pay is not what it needs to be to finance a car...  

 

Many Millenials I see are buying homes and cars to start their life after saving and living on nothing for a few years so they are splurging and cost does not seem to be an obstacle..   



#8 Rogerdodger

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Posted 06 June 2022 - 12:55 PM

Many Millenials I see are buying homes and cars to start their life after saving and living on nothing for a few years so they are splurging and cost does not seem to be an obstacle.

 

My 24 year old granddaughter tore it up the last 3 years selling appliances on commission as homeowners upgraded and builders couldn't keep up with demand.

She bought her 1st "starter" home for $250,000 @ 3% and moved out of grandpa's $200 a month rent home.

Then on more credit, she bought a nice used car, a privacy fence, new furniture, a garage door opener, etc.

 

This old Scotsman repeatedly warned her about a coming economic shift or possible unforeseen financial or health, problems etc.

 

Yesterday was the her first day ever with zero sales.

Maybe a fluke, or maybe a tough lesson is in her future.

 

Her 2nd great grandfather was a millionaire in the 1920's... then the Great Depression changed everything for over a decade.

 

"You can't put an old head on young shoulders."


Edited by Rogerdodger, 06 June 2022 - 12:58 PM.


#9 cycletimer

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Posted 11 June 2022 - 12:50 PM

Starting salary for a Sheriff Deputy here in the Ozarks is a mere $36k/year.  We have to work overtime and side, security gigs to get by.  Luckily I have approx. $40k per year in passive income from dividends and bond interest and I have zero debt but I am the exception.  In fact, no one in the department is this fortunate, which is unfortunate.....  These poor fellas I work with that are young and have a couple of kids put in a lot of extra hours.  The guy I road on patrol with yesterday turned in his two week time sheet of 157 hours!  He never sees his family.   I have NO SYMPATHY for the millenials in this article.  You have some folks like the one I mentioned who works his Arse off and risks his life everyday to support his young family, so inflation is rough on a family like this one.  


Edited by cycletimer, 11 June 2022 - 12:53 PM.


#10 Rogerdodger

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Posted 13 June 2022 - 07:07 PM

Starting salary for a Sheriff Deputy here in the Ozarks is a mere $36k/year.

Thanks for your service.

My son-in-law has 22 years in and can't wait to retire!

His son wants to be a lawman but his dad says: NO WAY!

Sad times for lawmen.

 

Both sides of my family lived in the Ozarks during the Civil War and fought in the Battle for Springfield...on both sides!

They lived in the Branson area before Branson was even born.

Ps: My 3rd Great Grandmother was Lizzy Taggart..as in Atlas Shrugged!

 

Mc-Clure-William-Sarah-Elizabeth.jpg

 

 

 

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Edited by Rogerdodger, 13 June 2022 - 07:26 PM.