{ "media_type": "text", "post_content": "Does anyone think living expense/capitalism is going to fix itself any time soon? I make over 100k a year and I'm still living pay check to pay check. I feel like I'm worse off right now than I was when I was in college and I don't have any debt right now...", "post_id": "62701b84b9a09d002f60e53a", "reply_count": 72, "vote_count": 23, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting", "feed_type": "crowd" }
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Does anyone think living expense/capitalism is going to fix itself any time soon? I make over 100k a year and I'm still living pay check to pay check. I feel like I'm worse off right now than I was when I was in college and I don't have any debt right now...

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Is your pay $120k? Or combined pay? Confusing in the comments below.

Try cutting down on food costs, the other expenses seem pretty reasonable and rent is pretty cheap for 2! Are you buying healthy whole foods and cooking? Or spending a ton on healthy restaurant/takeout options? Intentionally meal planning can save a ton / reduce food waste! Try choosing recipes with overlapping ingredients throughout the week.

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It's combined 120k. I've been trying to do themed weeks so last week we focused on chicken, this week we're focused on ground beef. It's helped significantly

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There are a lot of people struggling and you really shouldn't be one of them.

Create a budget that accounts for every dollar on your paycheck including your retirement and HSA contributions, other items withheld by your employer. Understand where your money is going. Possibly reduce HSA and 401k contributions if you're putting too much away.

1. Start an emergency fund of $1,000
2. Pay off your credit cards, student loans, personal loans, car notes, medical debt, and any other debt except the mortgage (I assume you don't have one since you rent). Cut all of your expenses to the bare minimum, phone included. Don't eat out. Buy cheaper groceries. Don't go on vacation. Don't buy clothes unless you have to. Don't shop.
3. Start an actual 3-6 month emergency fund once you finish paying off the debt. Keep being super frugal until you have the emergency fund built up.

These are the steps of Dave Ramsey's plan you need to follow.

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Just wait until Biden and his admin are out of office.

likefunnysmart

@kpmg2 - it’s really not about living comfortably. By gods grace, I have enough money that I don’t really need to worry. The point is to do what we can to help the less fortunate.

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Not sure what state you live in, but at $120k/yr you are netting about $7k/month.
~7000 net take home pay
-1200 rent
-600 utilities
-750 food
4,450 left over each month.
That’s more than paycheck to paycheck.
Based on your “communism” comment above it seems you have more than you need and some of your money should be redistributed to those who are making minimum wage and are truly living paycheck to paycheck.

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Well this post went down the drain as soon as well all realized op is communist complaining about making only 100k

likefunny

OP's another champagne socialist that thinks their going to be a party member telling others what to do after the revolution. They have the audacity to complain about their situation that they have full control to fix but it's easier to save their ego and blame capitalism.

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Income was 120k for the year. Apartment is 1.2k, bare minimum utilities is 600. Food is 750 for me and my husband, healthy is annoyingly a lot, and then tithing just isn't even worth it anymore. I was closer to affording a house 3 years ago when I made 60k as opposed to right now.

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Op we have same annual salary and what listed as monthly take home sounds like your bi-weekly pay.

This income breakout makes no sense. There’s no way you’re only taking home $3400 a month if you make $120k. I make $95k and take home over $5k per month even after my retirement contributions. You should easily be taking home 6k-6500 per month. So where is the other half of your money going?? Unless you were saying you’re taking home $3400 every two weeks or semi monthly and also stated your expenses in semi-monthly amounts. Taking home $3400 a month is 40k a year take-home pay. That’s a 67% effective tax rate which is impossible in America unless you messed up your W4 so bad that you’re withholding way too much and then getting it back as a refund.

likesmart

I agree. There is no way take home pay should be $3400 if salary is $120k a year. Even benefits, retirement and taxes cannot soak up that much of the salary.

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I’m not sure I understand this. I think we have greater control over the choices we make, so maybe moving to a cheaper city or something might help? I have student loans and such but I’ve definitely sacrificed to be able to live within my means by having roommates and living in a cheaper city that might not have as much to offer as an NYC or Chicago.

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Chicago is more expensive that where I live (Atlanta) and my favorite city except for the cold…So probably just my own bias and jealousy lol

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Check to check at 100K. This is a budgeting issue

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Pretty common question in the FIRE bowl. Post your income and expense breakdown here or in that bowl and people will be able to give better advice

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What about your retirement? How much are you putting away ? You provided a super high level breakdown of expenses but didn’t provide a breakdown of what you are saving now vs before for retirement

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I've always put away 10% in retirement, but that's also still behind schedule.

Why is your husband working part time? Where is his fair share to all of this?

My husband was unemployed for a couple months after his masters degree because he refused to work some part time to chip in while he applied for jobs (which didn't work out for months), it almost broke our marriage. He finally got a job in retail and a few months later started an internship. (He now makes more than i do, 8 years later.) This was when i was making 70k (not in PA at the time) so I feel your pain.

Didn’t buy my first condo until first year manager and had a roommate for a bit to pay for mortgage. Now many many years later. Built a mass amount of equity and live in a nice home after selling and buying a few times. Maybe your expectations are too high too early? Many I know who purchased had to live with others who could share before they were able to have their own. I also lived far from work the first year.

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Wow! Idk what to say. I know your feeling even though I don't make that much. I still save a lot but don't have enough yet to cover 1 year of expenses which is my goal. Also, considering leaving Miami at some point, this is too much.

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