Armed Polite Society
Main Forums => Politics => Topic started by: WLJ on June 01, 2022, 10:40:55 AM
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Seriously?
Guess they better get a move on on that $150 hr min wage
Worried about inflation? More than 1 in 3 Americans earning at least $250,000 annually say they are living paycheck to paycheck. https://t.co/jlL25d18qj via @atanzi @economics @wealth pic.twitter.com/4i8JFrMUjO
— Steve Matthews (@SteveMatthews12) June 1, 2022
Bloomberg reports on survey suggesting that over half of millennials making at least $250K annually ‘are living paycheck-to-paycheck’
https://twitchy.com/sarahd-313035/2022/06/01/bloomberg-reports-on-survey-suggesting-that-over-half-of-millennials-making-at-least-250k-annually-are-living-paycheck-to-paycheck/
Yes I put earning in quotes for a reason since not sure if many of them actually "earn" 250K if you catch my drift
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Here's the graph
https://twitter.com/SteveMatthews12/status/1531976213245345793?ref_src=twsrc%5Etfw
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One of the biggest shocks when I got into real estate was how many "successful" people were one paycheck away from disaster. What I thought was wealth was really only the rented appearance thereof. All the high-end trappings which made them look successful were financed, not owned. Several high-limit credit cards kept pretty much maxed out. Every penny they made dedicated to payments. No cash reserves, no equity, and no safety net.
Brad
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One of the biggest shocks when I got into real estate was how many "successful" people were one paycheck away from disaster. What I thought was wealth was really only the rented appearance thereof. All the high-end trappings which made them look successful were financed, not owned. Several high-limit credit cards kept pretty much maxed out. Every penny they made dedicated to payments. No cash reserves, no equity, and no safety net.
Brad
I've run into this some, and the opposite: Some of the better off folks I know you'd never assume from outward appearances.
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Some of the better off folks I know you'd never assume from outward appearances.
More common than most folks realize, especially among retirement-age boomers.
Brad
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One of the biggest shocks when I got into real estate was how many "successful" people were one paycheck away from disaster. What I thought was wealth was really only the rented appearance thereof. All the high-end trappings which made them look successful were financed, not owned. Several high-limit credit cards kept pretty much maxed out. Every penny they made dedicated to payments. No cash reserves, no equity, and no safety net.
Brad
$250k/year may not be all that much if you work in in a place like Manhattan and live close to your job, but in most of the country you should be able to live quite well AND sock a bundle away for the future.
When the tech meltdown happened some years back, my neighbor mentioned that the majority of the homes for sale in a nearby gated community (Austin, TX area) were actually foreclosures - quite a few were owned by DINKs - Double Income No Kids - where a couple both with good jobs bought the absolutely most expensive home they could possibly afford, based on BOTH incomes.
And then one - or in some cases, both - of them lost their jobs when the bubble burst, any stock options they may have had became worthless, and they literally couldn't make their house payments.
Thinking further back, I was just a couple of years into my 1st job out of grad school, and one of my colleagues (a senior-level chemist) said he and his wife (who also had a good job) were having problems making their credit card payments - they were maxed out. Not because of an emergency, illness or casualty losses, but because both of them kept buying "stuff" whenever they felt like it, and figured as long as they could make the payments, they were OK. I think at that point they realized they were in a hole and stopped digging - at least, he never mentioned losing his house.
Their situation reinforced my parents' wise counsel about living within - preferably below - one's means.
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Seriously?
Guess they better get a move on on that $150 hr min wage
Bloomberg reports on survey suggesting that over half of millennials making at least $250K annually ‘are living paycheck-to-paycheck’
https://twitchy.com/sarahd-313035/2022/06/01/bloomberg-reports-on-survey-suggesting-that-over-half-of-millennials-making-at-least-250k-annually-are-living-paycheck-to-paycheck/
Yes I put earning in quotes for a reason since not sure if many of them actually "earn" 250K if you catch my drift
That is a spending problem, not an income problem.
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That is a spending problem, not an income problem.
I meant earn as in are they actually doing anything to EARN as in deserve it
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That is a spending problem, not an income problem.
Also a "conflating necessities and luxuries" problem.
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Also a "conflating necessities and luxuries" problem.
A new Mercedes G Wagon and Chris-Craft 35 aren't necessities? That's racist!
Brad
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I see the same thing as Brad (one paycheck away from disaster) up here in the land of the dot.coms and the extremely high housing prices.
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A new Mercedes G Wagon and Chris-Craft 35 aren't necessities? That's racist!
Brad
Racist and loving it! =D
I have lots of luxury stuff and blow lots of money on non-necessities, but that's now. Different story when I was younger, and luxuries came only from any money that wasn't spent on necessities or put into savings/retirement accounts. If there was money left over after the percentage I set aside for investment, that was luxury money.
I like to use the Ford truck analogy. You can get an XL configured to do pretty much anything a pickup needs to do, and have it be comfortable as well. That's the necessity. You can also get the Platinum with all the bells and whistles, but it doesn't really do anything more than the XL does. That's the luxury. Far too many people rationalize the Platinum as the necessity.
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I earn half that and I have no problems living well within my means...
I'm trying not to judge, but I'm not having a lot of success.
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Racist and loving it! =D
I have lots of luxury stuff and blow lots of money on non-necessities, but that's now. Different story when I was younger, and luxuries came only from any money that wasn't spent on necessities or put into savings/retirement accounts. If there was money left over after the percentage I set aside for investment, that was luxury money.
I like to use the Ford truck analogy. You can get an XL configured to do pretty much anything a pickup needs to do, and have it be comfortable as well. That's the necessity. You can also get the Platinum with all the bells and whistles, but it doesn't really do anything more than the XL does. That's the luxury. Far too many people rationalize the Platinum as the necessity.
I do better now, but didn't do so well when I was in my 20's. I heard people mention living on 50% of your income. I remember one of those radio personal finance guys say if you can't pay off a new car in 2 or 3 years, you can't afford it. I feel like I understand that better now.
Also, people need to understand that making their credit card payments should mean paying off the balance, not paying the minimum or that plus interest.
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Usually a 250k salary corresponds to an area that's so expensive that $250k doesn't go far.
Of course what you want is the $250k job in a low cost of living area, but everyone wants that, so those don't grow on trees.
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"Also, people need to understand that making their credit card payments should mean paying off the balance, not paying the minimum or that plus interest."
Uhm... in this crowd it's
IF YOU HAVE A SINGLE PENNY OF DEBT YOU'RE A GODDDAMNED LOSER AND SHOULD BE CAST OFF EARTH! DEBT IS FAILURE! DEBT IS PENURY! DEBT MEANS YOU'RE OWNED BY THE MAN, .LOCK, STOCK, BARREL, AND SOUL! DEBT MEANS YOU HAVE NO HONOR! DEBT MEANS YOU'RE SCUM, YOU COME FROM SCUM, AND YOU'LL PRODUCE SCUM!
God I love this place... :rofl:
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Uhm... in this crowd it's
IF YOU HAVE A SINGLE PENNY OF DEBT YOU'RE A GODDDAMNED LOSER AND SHOULD BE CAST OFF EARTH! DEBT IS FAILURE! DEBT IS PENURY! DEBT MEANS YOU'RE OWNED BY THE MAN, .LOCK, STOCK, BARREL, AND SOUL! DEBT MEANS YOU HAVE NO HONOR! DEBT MEANS YOU'RE SCUM, YOU COME FROM SCUM, AND YOU'LL PRODUCE SCUM!
Too subtle. You can do better.
Brad
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Debtors' prison. That'll whip those lazy millennials into shape.
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That is a spending problem, not an income problem.
Very common malady in .gov circles.
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IF YOU HAVE A SINGLE PENNY OF DEBT YOU'RE A GODDDAMNED LOSER AND SHOULD BE CAST OFF EARTH! DEBT IS FAILURE! DEBT IS PENURY! DEBT MEANS YOU'RE OWNED BY THE MAN, .LOCK, STOCK, BARREL, AND SOUL! DEBT MEANS YOU HAVE NO HONOR! DEBT MEANS YOU'RE SCUM, YOU COME FROM SCUM, AND YOU'LL PRODUCE SCUM!
When you're right you're right...
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I'm trying to think of what jobs of people under 40 (millennials) actually pay $250k.
Granted I live in Iowa, so my world view on salaries is a bit skewed.
I can think of these careers
Specialty Doctors
Some of the Master's of Nursing
Some of the PAs
Middle to Upper Managers
Certain Engineers
Certain Computer fields
Really good lawyers
Really good sales people/relators
Entrepreneurs
Rental Property Owners
Large Farmer
Fund Managers
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ARNPs and PAs don't make $250k anywhere that I know of.
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I'm trying to think of what jobs of people under 40 (millennials) actually pay $250k.
Granted I live in Iowa, so my world view on salaries is a bit skewed.
I can think of these careers
Specialty Doctors
Some of the Master's of Nursing
Some of the PAs
Middle to Upper Managers
Certain Engineers
Certain Computer fields
Really good lawyers
Really good sales people/relators
Entrepreneurs
Rental Property Owners
Large Farmer
Fund Managers
Many politicians, Chicago building inspectors, and others on the take (including family members)
Participants in various criminal activities
Crane operators at West Coast ports (Not sure how old they have to be to become "full" operators)
People with degrees in Medieval French transgender womyn's poetry
Some stockbrokers and investment analysts
A handful of authors and artists
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I heard on the teevee this morning that grad degrees in AI are pulling $1 mil plus starting salaries at the FAANG companies.
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A new Mercedes G Wagon and Chris-Craft 35 aren't necessities? That's racist!
Brad
I'm so poor I don't know what a Chris Craft is.
Boat?
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I'm trying to think of what jobs of people under 40 (millennials) actually pay $250k.
Granted I live in Iowa, so my world view on salaries is a bit skewed.
I can think of these careers
Specialty Doctors
Some of the Master's of Nursing
Some of the PAs
Middle to Upper Managers
Certain Engineers
Certain Computer fields
Really good lawyers
Really good sales people/relators
Entrepreneurs
Rental Property Owners
Large Farmer
Fund Managers
Airline pilot. I'm not under 40, but plenty of the new pilots getting hired are. As soon as they upgrade to captain on a mid-size plane, say an A320, they can make $250/yr.
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Debtors' prison. That'll whip those lazy millennials into shape.
Are there no prisons? And the Union workhouses? Are they still in operation? The Treadmill and the Poor Law are in full vigour, then? I was afraid, from what you said at first, that something had occurred to stop them in their useful course.
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My nephew just started with Envoy Air as a pilot.
His current salary is just under $70,000.
He's 21.
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My nephew just started with Envoy Air as a pilot.
His current salary is just under $70,000.
He's 21.
And he will be off to Delta as soon as he can. He will be hitting that $250k before he turns 30.
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Are there no prisons? And the Union workhouses? Are they still in operation? The Treadmill and the Poor Law are in full vigour, then? I was afraid, from what you said at first, that something had occurred to stop them in their useful course.
Hope you like talkin to ghosts, dude.
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And he will be off to Delta as soon as he can. He will be hitting that $250k before he turns 30.
I thought Envoy was an American subsidiary?
But yeah, that's the hope that he's going to be able to make the jump. He really wants to fly international.
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ARNPs and PAs don't make $250k anywhere that I know of.
I was thinking traveling type or ones that take every bit of overtime in understaffed areas.
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I was thinking traveling type or ones that take every bit of overtime in understaffed areas.
Hmm, you may be correct for some surgical specialties doing a temporary locum gig somewhere: https://comphealth.com/resources/locum-tenens-pay-nps-pas/#:~:text=The%20pay%20rate%20for%20locums,during%20an%208%2Dhour%20shift.
Certainly our advanced practice clinicians on staff don't earn that sort of money. A typical primary care ARNP or PA with our system in our area earns around $ 130K. My sister in law is a dermatology PA earning $ 160K.
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I'm so poor I don't know what a Chris Craft is.
Boat?
Correct. Nice ones.
Brad
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I thought Envoy was an American subsidiary?
But yeah, that's the hope that he's going to be able to make the jump. He really wants to fly international.
It is owned by AA, but getting hired at Delta or UAL is a better deal than getting hired at AA.
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Hope you like talkin to ghosts, dude.
I like talking to ghosts more than I like talking to poor people who don't know what a Chris Craft is...
=|
:rofl:
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It is owned by AA, but getting hired at Delta or UAL is a better deal than getting hired at AA.
Ah. Gotcha.