{ "media_type": "text", "post_content": "If you make 180k but could not save anything, can you blame your low income? Meaning if people make less than 180k, can they actually save money? Single here. \n", "post_id": "6078af0f90b5690024eef334", "reply_count": 204, "vote_count": 42, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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If you make 180k but could not save anything, can you blame your low income? Meaning if people make less than 180k, can they actually save money? Single here.

funnylikehelpful
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When your income goes up, your expenses go up. I was able to save ~10k a yr when I was making 60k after graduation . Even though I make around 4x now, my savings only up to around $50-70k.

Taxes and living expenses in NYC are real killers. But I continue living here because of the additional opportunities and diversity in people. Hopefully income will get to ~300k+ in a couple years.

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Your expenses only grow on the margin when your income grows unless you want to spend more. Medical doesn't go up much, neither must food.

A family increases expenses as do other choices. All valid and acceptable as its your money, but they don't have to go up much. Your income goes up $200K, your taxes go up $60K. The other $100K + is choices you make.

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I didn’t break 140 until I was 29. I live in New York City, and by saving through my mid 20s into early 30s I was able to get enough for a down payment at 33 for a mortgage in Manhattan. Just stop living like a consultant. Cook your own food, go out no more than once a week, and before you buy something on Amazon leave it in your cart for a week and then see if you really need it. Drink water instead of beverages you pay money for.

Gotta learn to live a certain lifestyle if you want to save- just ask any immigrants or kids who grew up here!

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Lol where do I begin

likefunny

Let’s start with day old bagels lol

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Is every day on here an attempt to one up the previous day?

likefunny

Yes... scoreboard!

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What the Christ is this post

likefunnysmart

Leave my savior out of this foolery lol

likefunny

Yeah you can save money lol. Let’s do the math.
180K income = 120K post tax = 10K per month.

Assume even HCOL - $2K in rent, $1K in food ($30 a day is good), $1K in misc (internet, utilities, clothes, entertainment), $1K on vacations

That’s 5K expenses for a good life... $5K savings...

likesmart

I have to say this chat is amazing. Also realizing my Healthcare costs are rather good lol spending about 500 a month for family of 4 on ppo.

likehelpful

The maintenance on my Ferrari is killer.

likefunny

Is this you OP?

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likefunny

Them GTs are not cheap.

It’s always Deloitte

likefunny

you’re not wrong

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If you are making $180k and cannot save any, likely you're spending beyond your means. The exception being you're paying down a mortgage or student loans, etc.

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I know all of the Gary Vee goobers are going to jump on me for this (primary residence is a LiaBiLiTy) but building equity towards a home on a large mortgage is a decent enough way for most Americans to build wealth. Provided they can continue to cover the payments, etc

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...

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Soooooo I make 120k and save about $3k a month minus tithing and rent(NYC) and all the other stuff. Not sure how much your spending, but maybe re-evaluate your spending habits?

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Yea im near DC and I only save about 2k.. i could always scale back but blah lol

Honestly though, is everyone at Deloitte like this? Jesus

likefunny

As an ex-Deloitter I can say this is built into the culture

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High/low income is relative to your spending habits. Most would say that 180k is not a low income and if you are not saving it is a lifestyle choice that you are making.
And yes, most people can save plenty if they make 180k, specially if single.

likehelpful

Also congrats on the graduates. I'm assuming expensive = quality school.

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180k is low income? Good lord

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No.

Single person without some seriously extenuating circumstances? No.

My husband makes 180. That’s literally 4800$ twice a month in take home after taxes, 401k, social security, healthcare, etc. And he’s in the married tax bracket with an annual HHI around 350k after you add in my salary and sad bonuses.

How do you bring home 9k+/mo and not find a way to save? Do you even know what low income is?

Hint: it’s like a family of four at 1/4th your income.

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@rsm5 sounds scary. Sorry. What’s your child support /alimony break down?

I can’t imagine putting in the hours that we put in and still being ‘broke’ due to extenuating circumstances.

My base is $185K. I have six kids. I live in a HCOL city. I save $1,500 / month. I also invest $5k / month in my mortgage, which I expect to cash out in 30 years.

What do you spend your money on?

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M5 - Same for me. I crave for "me" time often where I can get my own quiet time so I can do whatever I want but that's many years away. On the other hand, when I did get a chance to spend a day without kids when my wife was gone with kids to see her family, the house was so quiet and I didn't hear my little ones fighting and laughing. It felt so empty... There you have it.
While I look forward for them to grow up and go on their own so I can have my life back but at the same I don't want to imagine a life without them.
Also, I put little ones to bed every night, often carrying them to their bed room when they pass out after full day of activities. But I also make an effort daily to put them to bed, read a story or just snuggle for a few minutes before they go to bed after a busy day at work. I don't know how long WFH will continue but once back to traveling I will not be able do that so want to give them at least few minutes of undistracted 1x1 on time.

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Is this a humble brag on income or brag on spending?

likefunny

Or just really, really dumb/ignorant.

likesmart

Yeah you can blame whatever you want, but it doesn’t mean it’s factually correct

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Nah, I think OP went on a date with someone in this income bracket who said he/she can’t save. This person is super attractive so OP is trying to figure out if this could possibly be true in any scenario.

Amirite?

likefunny

I am so with OP on this. 250k combined salary and save very little at the end of the year! Immigrants and going by the yolo principle. No kids yet. Things might change after that!

likefunny

Sigh

likesmart

Is this a joke?

likefunny

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