3 ms·

1% in the US is about $200,000. So, you have a household income of $400,000 and are struggling? I'm curious, what are your main expenses?

by graeme 10y ago

zzalpha 10y ago
I'm curious, what are your main expenses? Living in the Bay area?
whamlastxmas 10y ago
Probably $6000-10,000 a month in mortgage payments. And he said combined they're 1%. So after tax, probably more than half of his money going to mortgage.
- xapata 10y ago
  That still doesn't add up in my mind. A 1%-er household would have $240k+ post-tax annual income, more if they're deducting hefty mortgage interest payments. $100 in food daily ~ $36k $500 weekly domestic help ~ $25k $500 monthly utilities ~ $6k $2k monthly transportation ~ $24k $2k monthly misc ~ $24k $10,000 monthly mortgage ~ $120k That hits around $235k post-tax. I think that's a nice lifestyle. Eating out less would allow for different "fun" activities. Oh, I guess I forgot savings. Doh! I'd aim for savings about 10% annual pre-tax income for a household bringing in $400k+ pre-tax. I'm not sure how much of the mortgage principal payments I'd count towards that amount.
  - pfarnsworth 10y ago
    Private school for two children is ~$4000/month.
    - xapata 10y ago
      Well, I guess we're not eating out every day anymore.
deleted 10y ago
[deleted]
handedness 10y ago
What's the source for that? Everything I've seen puts the US natinoal average for 1%-by-income in the low to mid $400K (AGI), and ~$30K globally.
- staticint 10y ago
  ~$400k is the threshold for household[1] income. ~$200k is the threshold for individual[2] income. [1] https://en.m.wikipedia.org/wiki/Household_income_in_the_United_States https://en.m.wikipedia.org/wiki/Household_income_in_the_Unit... [2] https://en.m.wikipedia.org/wiki/Personal_income_in_the_United_States https://en.m.wikipedia.org/wiki/Personal_income_in_the_Unite...
  - okaram 10y ago
    actually, it seems 200k is 95% (well, in 2014)
runamok 10y ago
It varies quite a bit by the city you live in: http://www.businessinsider.com/income-top-one-percent-us-cities-2015-8?op=1/#2-san-francisco-12 http://www.businessinsider.com/income-top-one-percent-us-cit... I am guessing they are are going by national numbers rather than regional. In SF household income percentiles are these: Top 5%: $349,693 Top 1%: $558,046

1% in the US is about $200,000. So, you have a household income of $400,000 and are struggling? I'm curious, what are your main expenses?

by graeme 10y ago

1% in the US is about $200,000. So, you have a household income of $400,000 and are struggling? I'm curious, what are your main expenses?

zzalpha 10y ago

I'm curious, what are your main expenses? Living in the Bay area?

whamlastxmas 10y ago

Probably $6000-10,000 a month in mortgage payments. And he said combined they're 1%. So after tax, probably more than half of his money going to mortgage.

xapata 10y ago
That still doesn't add up in my mind. A 1%-er household would have $240k+ post-tax annual income, more if they're deducting hefty mortgage interest payments. $100 in food daily ~ $36k $500 weekly domestic help ~ $25k $500 monthly utilities ~ $6k $2k monthly transportation ~ $24k $2k monthly misc ~ $24k $10,000 monthly mortgage ~ $120k That hits around $235k post-tax. I think that's a nice lifestyle. Eating out less would allow for different "fun" activities. Oh, I guess I forgot savings. Doh! I'd aim for savings about 10% annual pre-tax income for a household bringing in $400k+ pre-tax. I'm not sure how much of the mortgage principal payments I'd count towards that amount.
- pfarnsworth 10y ago
  Private school for two children is ~$4000/month.
  - xapata 10y ago
    Well, I guess we're not eating out every day anymore.

deleted 10y ago

[deleted]

handedness 10y ago

What's the source for that? Everything I've seen puts the US natinoal average for 1%-by-income in the low to mid $400K (AGI), and ~$30K globally.

staticint 10y ago
~$400k is the threshold for household[1] income. ~$200k is the threshold for individual[2] income. [1] https://en.m.wikipedia.org/wiki/Household_income_in_the_United_States https://en.m.wikipedia.org/wiki/Household_income_in_the_Unit... [2] https://en.m.wikipedia.org/wiki/Personal_income_in_the_United_States https://en.m.wikipedia.org/wiki/Personal_income_in_the_Unite...
- okaram 10y ago
  actually, it seems 200k is 95% (well, in 2014)

runamok 10y ago

It varies quite a bit by the city you live in: http://www.businessinsider.com/income-top-one-percent-us-cities-2015-8?op=1/#2-san-francisco-12 http://www.businessinsider.com/income-top-one-percent-us-cit... I am guessing they are are going by national numbers rather than regional. In SF household income percentiles are these: Top 5%: $349,693 Top 1%: $558,046