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This is so silly. New volvo xc90, "coach" instead of GUCCI.....I mean this whole article just makes me feel odd, but if you are living paycheck to paycheck whe

by avgDev 8y ago

This is so silly. New volvo xc90, "coach" instead of GUCCI.....I mean this whole article just makes me feel odd, but if you are living paycheck to paycheck when making over $200k above median wage you simply suck at budgeting. This is clearly the issue here. No matter your income, if you live this way, one day your life will crumble and you will be left with nothing. Well maybe your 401k contributions but you will burn through those quickly. Example: A guy I knew had a high position working for a bank before 2008 crash. Luxury cars, expensive home, cook that came to their house to make food, everything over the top. Crash came and with 0 savings, their marriage fell apart, lost cars, lost the house, kids stopped going to private schools. Plus, their rich friends no longer wanted to associate with them. It was quite something to watch.

aeternus 8y ago
The example is far from what most would consider paycheck to paycheck. It includes significant retirement savings (maxed 401k, full life insurance, contributions to college fund).. in addition to owning a home. Not to mention the significant spending on food + clothes, vacations.
temp28179 8y ago
The difference is whether or not you're supporting dependents (a spouse or kids). There are many, many single people making $200k+ and doing just fine. As soon as you add kids into the picture it's not "silly" at all and it shouldn't be dismissed as poor budgeting. We need to stop blaming individuals and start recognizing that SF and California have created a housing crisis many decades in the making.
- avgDev 8y ago
  Yes housing is super expensive, but owning a house in a SF is not going to be cheap, it is a large city with people making very high wages. I make half of that $300k, and I am living SUPER COMFORTABLY. Even if we consider the difference in housing cost, the person in the article is simply blowing through cash. It seems like they have zero understanding of what saving is. They are trying to live as someone wealthy. This article perfectly describes someone "living beyond their means".
ryanlol 8y ago
The xc90 was removed from the original blog post, presumably before your comment. https://www.financialsamurai.com/living-a-middle-class-lifestyle-on-300000-year-expensive-city/ https://www.financialsamurai.com/living-a-middle-class-lifes...

by avgDev 8y ago

aeternus 8y ago

The example is far from what most would consider paycheck to paycheck. It includes significant retirement savings (maxed 401k, full life insurance, contributions to college fund).. in addition to owning a home. Not to mention the significant spending on food + clothes, vacations.

temp28179 8y ago

The difference is whether or not you're supporting dependents (a spouse or kids). There are many, many single people making $200k+ and doing just fine. As soon as you add kids into the picture it's not "silly" at all and it shouldn't be dismissed as poor budgeting. We need to stop blaming individuals and start recognizing that SF and California have created a housing crisis many decades in the making.

avgDev 8y ago
Yes housing is super expensive, but owning a house in a SF is not going to be cheap, it is a large city with people making very high wages. I make half of that $300k, and I am living SUPER COMFORTABLY. Even if we consider the difference in housing cost, the person in the article is simply blowing through cash. It seems like they have zero understanding of what saving is. They are trying to live as someone wealthy. This article perfectly describes someone "living beyond their means".

ryanlol 8y ago

The xc90 was removed from the original blog post, presumably before your comment. https://www.financialsamurai.com/living-a-middle-class-lifestyle-on-300000-year-expensive-city/ https://www.financialsamurai.com/living-a-middle-class-lifes...