Was chatting with a friend the other day trying to figure out why the middle class is always feeling "broke" We talked about how a few years back Millennials and now Gen Z were being made fun of for buying $5 coffees, and $12 avocado toasts....well those aren’t what’s killing people financially. It’s the: – $750/month car payment – $1200/month credit cards – $300/month subscriptions – $800/month student loans – $2,500/month rent That’s why six-figure incomes still feel broke. Math doesn’t care about your salary.... My motto for key to wealth is always Live on less than you make and invest the rest.
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56 Comments
Philippe
@flipflopfinance · 9mo
I never made more than 100k in my life. But I’ve also never had a car payment, never paid interest on a credit card, never had a subscription payment, never had a student loan. It’s funny because, likewise, I have a friend who makes 150k a yr who is dead broke & in debt and then another friend who makes 40k a year who has 100k in the bank and no debt. Your spending Will definitely dictate your future investment outcome.
Joe
@1ironborn · 9mo
The subscriptions for everything is destroying people financially. $10 Apple monthly so they don’t delete your pictures off all devices. I’ve since started backing my photo’s up on an external hard drive after they tried to delete my wedding photo’s like they were their property.
Le Corb@lecorb · 9moEdited
The concept of a $100K income has been around since I started working 30 years ago in 1990. INFLATION has eroded $100K, it’s no longer the benchmark for moderate middle class living and hasn’t been for sometime now. The equivalent purchasing power would be $220-240,000 in today’s dollars.
J
@icallbullshit · 9mo
The problem I find/see is that people do not do what is best for them. They just blindly follow society...
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