willardhaven
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I was genuinely curious as to where the 100-200k goes.
I got the glory, I got the fame, the money, the jewels, the cash, the Denali. Getting drunk on the reg,ing good times on the reg, yachts on the reg, sex on the reg... Basically all the shit that most guys fantasize about.
Well let me not speak for the others but that's my thing. 100K in the DC area is like 65K-70K in places like Dallas, New Orleans, Raleigh, Cleveland. I sounds like a hellava lot of money, but it doesnt go quite as far as one would think.
But *because* I live in the DC area is *why* they pay me 100K+. If I lived in Detroit, maybe they'd pay me less (actually that's a hotly debated point b/w union and management).
If you make $100,000 a year and spend all of it, it does not negate the fact that you are rich.
As for budgeting, I don't think that's so much of the problem with guys like Speedracer and Javery. It seems that they don't have as much cash to spend on random things as they'd like because they are budgeting conservatively and paying down debts, maxing out retirement accounts and kids college funds etc.It's obvious that alot of the whiners on here don't know how to budget. Who is giving these idiots 100K+ jobs...
Starting class aside, a low six figure salary isn't that easy to get even with a specialized college degree like MIS, CompSci, or BioEng and even then, that comes after years of toiling away at entry level positions that pay maybe $50k at most. Most entry level jobs for college grads are usually between $30 and 40k.But, as I said earlier, pretty much anyone that at least has the luck to have parents stress the importance of education and keep them in school and doing well (along with intellectual ability to do so of course) has a chance to get a nice, upper middle class or even low six figure career.
Starting class aside, a low six figure salary isn't that easy to get even with a specialized college degree like MIS, CompSci, or BioEng and even then, that comes after years of toiling away at entry level positions that pay maybe $50k at most. Most entry level jobs for college grads are usually between $30 and 40k.
When we first hit the income jackpot, we moved to a super trendy part of town. We started looking at an Audi. I sat down to do the math and had a holy shit moment. We realized that every decision we were making was going to force us to maintain this new status quo. We had a heart to heart to figure out what our priorities really are. Family. Soccer games. A life without overtime. We realized that debt was our bondage and adding to it would only make us less happy. We bit the bullet and ate the apartment contract cancel fee because we found another place where we could cover the loss via the difference in 4 months.Believe me, I'm on your side of things, but some people put priority on student loans/being debt-free over becoming asset-rich first. You can certainly have a nice car, nice apt, nice wardrobe with a high income, but just prolong the length of the student loan terms by not paying it off asap. Whereas speedracer paying off all student loans and buying 2 cars in cash even WITH the trade-ins is also no small task as a 15 year old car will barely cover sales tax. It's not so much not being able to afford Netflix or Chipotle, but buying cars and getting rid of $100k in loans instead...not to say that it isn't a huge luxury of course, because it is.
Between 2005 and 2009, the median net worth of Hispanic households dropped by 66 percent and that of black households fell by 53 percent, according to the report. In contrast, the median net worth of white households dropped by only 16 percent.
The median net worth of a white family now stands at 20 times that of a black family and 18 times that of a Hispanic family — roughly twice the gap that existed before the recession and the biggest gap since data began being collected in 1984.
Before the recession, housing equity accounted for about two-thirds of the net worth of Hispanics and about 59 percent of that of black families. By contrast, 44 percent of white families’ wealth consisted of housing equity.
“White households have been more diversified — they are more likely to own stocks and bonds,” Kochhar said.
As a result, when the housing market collapsed, the effect fell heavier on black and Hispanic households, according to the report. Between 2005 and 2009, the median net worth of black families fell to $5,677 from $12,124, and that of Hispanic families fell to $6,325 from $18,359. In the same period, the median net worth of white households dropped to $113,149 from $134,992.