explanade
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 10, 2008
- Messages
- 7,442
There seems to be previous threads about Finance Samurai.
I browsed the site and they feature many posts about people "struggling" on incomes of several hundred thousand a year.
Turns out they had a lot of discretionary spending.
I guess the founder is someone who FIRE'd at 34 with $3 million. But he's the one posting about these high-income people only having a couple of thousand left after they spend a lot on childcare, vacations, maxing out 410k and 529 contributions, etc.
Apparently a recent post there went viral:
https://www.theatlantic.com/ideas/archive/2019/10/why-financial-confessionals-viral/600358/
I browsed the site and they feature many posts about people "struggling" on incomes of several hundred thousand a year.
Turns out they had a lot of discretionary spending.
I guess the founder is someone who FIRE'd at 34 with $3 million. But he's the one posting about these high-income people only having a couple of thousand left after they spend a lot on childcare, vacations, maxing out 410k and 529 contributions, etc.
Apparently a recent post there went viral:
https://www.theatlantic.com/ideas/archive/2019/10/why-financial-confessionals-viral/600358/
The hypothetical couple were making $350,000 a year and just getting by, their income “barely” qualifying them as middle-class. Their budget, posted in September, showed how they “survived” in a city like San Francisco, spending more than $50,000 a year on child care and preschool, nearly $50,000 a year on their mortgage, and hefty amounts on vacations, entertainment, and a weekly date night—even as they saved for retirement and college in tax-advantaged accounts....
It was just the latest in a long line of budgets to go viral. Perhaps you recall the law professor making $250,000 a year .... Or the marketing intern making it in New York on $25 an hour with hefty subsidies from her parents and grandparents (she was, as she put it, #blessed). Or the two lawyers earning $500,000 a year and “scraping by,” unable to save.
Such financial confessionals ... contain an object lesson about the way inequality has shaped spending and society: The country’s 10 percent really do feel strapped, and really don’t understand how much better they have it than the 90 percent below them.
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