Comments by "Joe Swanson" (@joeswanson733) on "1M"
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@Anonymous-wu4rw i know that $100,000 benchmark was back in the 1990s maybe early 2000s.
so i also kidn of did a quick number crunch
if you buy a car $30,000 (this is just a normal car now nothing fancy due to chip shortage and other stuff that drove car prices through the roof) you would need at least $60,000 a year to afford this car (6 month of salary at most)
then the house thing. if you want to buy a house and in socal the average is like $600,000 for a starter home.. since traditioanl financial benchmarks dictate that you should not get a house more than 5x your annual income you would need bare minimum $120,000 a year
then you mentioned taxes, tuition, bills, etc. insurance, food, any kind of emergency expenses that just pop up. you would need to make at least $150,000 or more just to afford that traditional middle class life style in the coastal states. im stressing normal middle class life. if you want to truly be comfortable you would need to make at least $250,000 or more. and this puts you in the top 3% income percentile. depending on region. IRS in the USA said you want to be solid 1% you better make $600,000 a year or more. heck even $120,000 a year only puts you in the top 13%... that's insane.
compared to men from the 1950s where they can buy a house for $10,000 and get a car for $2200.00 when they make around $5000.00 a year...
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