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You probably live above your means if you truly live in a MCOL city. Before I cracked 100k I lived with roommates, had no car payment and worked a side job. I have invested the max amount in a Roth IRA every year since graduating and have taken a European trip every year w my gf (paying for both of us) so I’m not exactly a penny pincher. You probably pay too much for rent and too much for a car but obviously I can’t completely diagnose that from a single paragraph
EY2, I don’t know any one who is rice and beans’ing it and going to Europe in 4 star hotels 😂 it’s called budgeting
You’re not wrong, simply the way it is now and will be for awhile going. I’d suggest trying to increase your salary and attain whatever credential you might be missing. I would aim to hit 100k-130k but as you make more take a step back and realize there a lot of things we really don’t need, so don’t buy it.
Inflation happened so quick, most don’t really understand the purchasing power of $100k anymore. It’s not much. That said, it’s not like being an accounting senior associate was considered a glamorous high earning role pre-covid or 30 years ago.
Like others said, you need to budget and live with what you’re earning. The big bucks in accounting don’t come until you’ve been promoted a few more times.
You're spending too much on luxuries of you truly live paycheck to paycheck. You don't need a nice apartment. You don't need a nice car. You don't need to eat out or drink alcohol. You don't need coffee. Truly evaluate what you're spending on.
This is unfortunately true. The current reality is that in order to get ahead you have to spend less than you make or earn more. Or both. And decreasing expenses is something more doable in the short run. So cut the luxuries is good advice.
It is going to be a long, hard and maybe unsuccessful endeavor if anyone one of us wants to change the macro environment that is making things expensive or keeping industry salaries lower.
You need to budget. Try an app like monarch that does a lot of the sorting automatically. You’ll be surprised at how much you spend in certain categories
Welcome to trump's america
Don’t worry guys, we’ll keep sending billions of dollars to Israel, that should help us.
What are your fixed expenses?
People always make fun of people who earn over 100k when they complain about not being able to afford stuff. They fail to realize that the people on 50k and under get their food, medical and rent paid by the government.
EY 4 I don't know what you think but if you make 50k you aren't getting free sh!t from the government. It's called the middle class, the class of workers who pay for everything and get nothing in return. I make 50k-ish, take care of my mother, have no car payment, have a modest home/mortgage and I am struggling. No fancy clothes, no eating out - utilities have doubled, food has increased, insurance is up and I am struggling. SNAP, EIC, Section 8, Medicare - all that stuff is based on poverty level earning percentages. Not 50,000.
I have never made more than 100k and max out my 401k for the past 10 years and take 2 european vacations a year. We all would love to see your budget.