5 ms·
In Tokyo Japan, with a very high COL, our family unit makes just shy of 100,000 USD. By our living standards we are lower middle-class. We don't own house, car,
by srvmshr 5y ago
In Tokyo Japan, with a very high COL, our family unit makes just shy of 100,000 USD. By our living standards we are lower middle-class. We don't own house, car, assets. We can't afford a pet yet (cat maybe, but I am allergic) and no major vacations except day trips.
Yet this site says I am in the top 1%. Makes me hard to believe such stats sadly.
- enedil 5y agoI think that the website tells you to provide yearly income in yens, but it treats the number as if it was USD. I got the info that I'm in top 1.2% when I input my salary in PLN.
- xdfgh1112 5y agoYou are on a very high salary for Japan, are you living in a very expensive area? 100k GBP is a ton in the UK but won't go far in Central London.
- deleted 5y ago[deleted]
- iso1210 5y agoWell yes, $100k a year is going to put you in the top 80 million earners. It doesn't take into account the cost of living, especially the cost of land, that said living in Tokyo you'll have a far higher standard of living than someone living in rural China even setting aside cost of housing.
- willcipriano 5y agoIf you asked people around the world where they would like to live, Tokyo, Japan would be near the top of the list. That's what you are paying for. If you made a choice to live in Detroit, USA you'd have more money for cars, etc. Choosing to live in a very expensive place doesn't alter how wealthy you are, only how you spend that wealth.
- closeparen 5y agoI think this is partly true and partly not. If we view living in a HCOL area as a benefit, then it should offset other compensation. People should be willing to live in these super-desirable areas at lower salaries than they would get elsewhere. This dynamic definitely exists: rural healthcare facilities have to pay quite a lot to attract doctors who would prefer the big city. But we also see the opposite. The compensation packages necessary to entice e.g. tech workers from the Midwest to the worst coastal markets are like 300% higher. This suggests people are not exactly seeing a huge subjective/experiential benefit to living in those markets and it is more like a localized form of inflation.
- 88840-8855 5y agoincome rich but asset poor, yes, i am in the same situation here in germany. either you inherit or you made some very smart (lucky) investments or you stay "poor". and then there is the purchasing power and the size of the middle class in an economy. i could live in china and be there the top 20%, but would be able to afford massages on a daily basis. i am here in germany the top 10% (nominally top 1% in china) and yet, i need to think if i can spend 500 euro per month on massages (once a week).
- danuker 5y agoThe only way to amass wealth is by investing a significant amount for a significant time. For example, when I worked in Vienna, I saved half of my income for 2 years. Then, with that money I took a 3-year break in Romania just like that. Not the wisest investment, but I could have lived 4 years off that money. In any case, saving is difficult with so much inflation, don't hold cash but something giving you a return. (Don't fall for bank products with 1-2% fees; they are no better than a 0.2%-fee index fund). A basic book on personal finance that I recommend is The Richest Man in Babylon.
- layer8 5y agoWell, only 0.05 % of the world’s population live in Tokyo, so there’s no reason it wouldn’t make sense.
- layer8 5y agoSlight correction: It’s closer to 0.2 % (assuming a population of ~14 million), I miscalculated in my head.
- fomine3 5y agoMaybe you live in enough big home in too convenient zone? Japan locals families tend to live smaller home where not too convenient to commute.