How much money Americans need to "be comfortable"
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- čas přidán 28. 03. 2024
- by @CNBC • How Much Money Do Amer...
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Why did they use average? median would have been a better predictor - as the highest payed would skew the data set!
Because it skewed the data, that's why they used it.
all statistics are lies. statistics only exist to serve propagandists
You would exclude the outliers or use a weighted average.
50 seconds in to this video and I already knew it was gunna be bunk. Its likely intentional, but could be typical ineptitude.
@@Alex.Holland 5 minutes into the video they use the median income.... Let me guess, you have some reason why that makes the video even worse.
233k for a single person to be "comfortable" is delusional. I worked in Manhattan and even in those places 233k isn't just being comfortable for a single person. there is a problem with wages and cost of living in the USA but if you say 233k is just being comfortable, you have a spending problem.
i've lived off of 1/2 of minimum wage (part time employee making minimum wage). Average annual expenditures for a highly comfortable life as a single in my area imo is ~40k. this video is just delusional and shows how well you can lie with statistics
At least watch the whole video before commentating kid 😂
Frfr. I'm a single fulltime father raising a kid. We survive off $60k a year. Survive. And I love in an upscale rich ass suburb in a luxury apartment. We'd be comfortable af at 100k. And that's two fucking people.
That's because the people that watch CNBC couldn't FATHOM moving to a red state with a reasonable cost of living.
So let me get this straight foods at a 20% raise housing market has gone up 6000% in nyc. It's 4k to 3k for a STUDIO gas prices have gone up there also raising rent every month not not mention phone bills eletric water internet has gone up health insurance 72% Americans cant get 400 dollars together if in a emergency so is it that delusional not to mention if you go to college your already 70k to 100k in debt jobs arent hiring as much they are holding onto the people that have been working for them for years tech just took a huge lay off lawyers are struggling to get into firms
FYI, If you take a federal student loan and opt not to pay, the loan servicers will push the government to garnish your wages at a rate of 15% of your total pre-tax income. Because this is a federal loan, the government will request garnishment from any job that is reported on your tax return. This money is suppose to be used to pay down your loan, however usually it is only "conveniently" enough to cover their interest cost and not pay towards your balance. In effect, allowing them to siphon money from you indefinitely
That’s fucked
It's all true school loans are a self inflected wound. The government systems extract resources by default based on the term of the loans. Just like back taxes it's all inflated
And this is why we don't go to college/uni unless we have the dream and ability to become a STEM person (scientist, engineer, mathematician, tech wiz). People forget that universities used to be funded by the Crown to keep them as what they were always meant to be: places of learning and enlightenment. The moment you make it a business that's about making money and not educating the future leaders of your civilization (you don't need to go unless you intend to end up as one) it becomes this...thing we see today: a debt trap dressed up as your ladder to the upper class (it isn't, lol, do you really think they'd let you in to the Carlin Club?)
Guess they should pay back a loan they took out then.
I bet... I owed $1000 on a credit card I got when I was 18, they chased me for over 15 years before they garnished my wages.
America: We buy things we don't need, with money we don't have, to impress people we don't like.
Yeah, food and shelter. Thanks Dave Ramsey.
Yep!
I can feel the inner George Carlin in you 😄
The secret is to give exactly 0 fucks at what the plebs around you think.
@@realdutchdave I also go to places that are "Meh" just to shove my vacation plans to the face of my most hated colleagues
People also don't realise how easy it is to fall behind even if you are ahead. I am a PhD Psych and I took ~3 years to care for my grandma where I was working on weekends only. I was pretty well off when I started had my own house when i was 27. When I could no longer care for her I had about 20k in the bank; which was about 80k when I started (I had planned to lose about 20k a year so that was fine). I then broke my back and I am now disabled. I went from 6 figure income in 2018 to disability pension because I can't practice on the only meds that make the pain subside. If I didnt have a house before hand I would never be able to get one.
i mean yea. People don't realise they could lose any part or whole of what makes their life the next day/moment etc. But that is life.
That's exactly why I'm cautious about doing things that could have severe aftermaths
Do what alot of other patients do.
Just buy them fake meds with fent in them. Then goto work.
@@20IA That does not need ot be life, if we get the society to work again for everyone...
Wait? You’re a psychiatrist; you can work remote if you wanted to.
As a European that lived in Texas for 20 years I can confirm the American's have been steered to a false sense of self importance and status. The time we lived there we had a modest house, 2 modest cars that always ran with a back up car in case of a breakdown or accident. Our neighbour had some atrocious bass boat and pontoon boat with a massive truck and 3 car garage. We knew everything he had was to reach this idea of the American dream but he did not have the means to support his lifestyle. And in suburban north Dallas this was the standard for our neighbourhood. Within 6 years his home was in foreclosure after selling both boats and a motorbike all at a loss and he was divorced before the home went up for sale on foreclosure. We bought the home and used it as a rental property to borrow against (because that is how you gain wealth without paying tax on having cash in the bank) knowing how much this man had done to the property for appearance.
I do not need a flash car to get to work or go on family trips. I need a reliable vehicle with a back up plan. I do not need the latest greatest super overpriced RTX4090 when the RX7900GRE will serve my needs perfectly for the next 7 years. I do not wear brand name shirts and jeans just for the sake of it, I have nice clothes and shoes that suit my needs that might happen to be branded or expensive while they serve a comfort and presentation purpose for my career. Our family home is exactly suited to our family needs and is up to spec and maintained at all times. There are things I might like and at this point could absolutely afford but they would only be for a passing gratification. Our children and their children will want for nothing, not because we will have the funds to support them but because they will work and be financially responsible for themselves and this will allow us luxury holidays a few months a year with family and friends.
We knew of so many that would eat out several times a week to entertain equally financially unstable friends. It only started making sense the closer I was to leaving. Marketing, social media, trends. Americans like being told what to like, what to buy and to be as poor and enslaved by finances to achieve something they will only have short term.
You hit the nail on the head, it's overconsumption. Keeping up with the Jonses' has blinded people to the reality of what is needed as opposed to what they want.
Its called "American consumerism" I don't think any other country consumes more per person. And all the major companies are always coming up with ways to get Americans to spend more and more on things they don't need. And the dumbest part of it all is that all that spending, no matter how often its done or on what, doesn't usually lead to happiness; not long-term. If it did, USA would be the happiest nation in the world by far.
@@zerocal76 The smartest marketing tool and company had in America while I was there was kids. Companies would hype up athletes that were convicted felons to sell shoes and brands to kids, the Paul brothers were owned and licensed by Disney to market to an entire gen of kids and now all any company has to do is send an extreme amount of money to 1 kid to stream and that kid will say buy all this garbage (Kai Cenat, Sneako, mr beast, so many I cannot name all but in the top 100 is will be 90% people that were groomed to market to kids.) The product placement alone is insane. An insignificant amount of people broadcasting to 100s of millions of people. And far cheaper than a billboard or commercial during a program.
There definitely are too many people being stupid with money but what scares me is that I just want a modest house and two reliable cars for my future family and that's becoming increasingly unattainable every year. Doesn't matter how much I save on consumption, there's only so much saving I can do and it still might not be enough.
@@bradpittman3821 For under 35s right now that boat has sailed. I am not happy to be older, just fortunate enough to have come up in the time of excess and spend accordingly instead of the yolo crap all of my piers were doing.
As a renter that makes only 65k/year your telling me I shouldn’t be buying 500+$ vintage Pokemon cards??? 🤔
You make more money then me. And your renting?!?!?!?!? Wtf man!?
>only 65k a year
>only
@@StarboyXL9 If a part time job gets you about 30k. I think a full time job should be around 60k. on the lower end of full time jobs. I would categorize it as 'only' 65k a year. Wait, what states do you guys live in? That could make a big difference too.
@@bradleymoore2797 Where I live finding a job that pays 65k per year requires God smiling on you unless you have previous work experience or a degree. The degree puts you in debt, and the work experience is only achievable by someone who has worked for free (essentially) for several years.
I have over a decade of experience working in heavy industry as well as more customer service-type work, I still get zero callbacks after sending out hundreds of resumes/applications a day to jobs offering between 40k and 55k. You would think with my work experience I'd be landing jobs in the 50k-60k range at least. Apparently not.
@@bradleymoore2797yeah that's a huge factor. I make about 85k but I live in Seattle. Even with no car payments it's a lot less than it sounds. Normal bills here are about $4000/month with zero car payments. $50k net a year to just not die
I imagine this is why a lot of couples don't merge finances. They split shared expenses but paid their own cars, phones, etc...
Financial advisor: "It's not your fault". Very helpful...
/s
The real advice is this: be rich already, or when you are in highschool pick a profession that you are most likely to earn a lot of money even if you only put in average amount of effort.
If you are already an adult and haven't done that, you're either screwed, you need someone else's help to pivot to a different profession more easily, or you have to give up the majority of your free time to slowly making the change yourself in profession yourself over the course of years living like a monk.
@@liarwithagun so there is always a choice. 1 year is nothing and you can be pretty good at many skills after 3 months
"It's not your fault." is just the fastest way to move past the protestations from someone who has been making bad choices. It's a psychological trick, so the solution can be discussed without a shitshow of complaints and excuses.
@@liarwithagun what if i dont want to pick somethimg to do for the rest of my life for 8 hours a day? That would get pretty boring
This video is a perfect example of why averages are stupid.
They used median for most of the main driving factors behind the statistical questions presented as averages. The average American needs 233k, but the median of various costs across the country is what drove that answer, meaning it's a stable integer. Statistics are hard to present to the regular joe, but this study did it well. Maybe read the study or try to understand the nuances behind these statistics before stating that they're bad - it seems like you don't, honestly.
@@SideBit If you think you can get good statistics from so many elements that are different per town/region and then throw it upon 333 miljion Americans, I wonder who needs to understand the nuances.
It's ok to be 5.5 inches.
@@SideBitno way it's median because that would drop the number dramatically. You think half of the US population makes over 200k?
well best thing to solve high prices are high prices.. once people can't afford something they stop buying it or are forced to move to another state and then the prices will come down
ITS NOT THE PAY!!!!! its the value of the dollar you are paid with!!! chasing devaluation of the dollar with a salary increase (which will be followed with a government entitlement\pay increase) just furthers the cycle......
"Add the out of pocket health care costs"???? WTF, health insurance costs are on average $400-$500 per month per person for an HMO.... my cost for a family of 4 is almost $2,000 per month for health insurance which does not include the balance billing statements I get every time someone sees a doctor...
I had a townhouse since 2016 and rent was $2021\month I recently moved out of it because they wanted to "remodel it" and charge me over $4000\month
Homeowners insurance, if you can even get it, went up over 40% last year. It was so significant that they sent me a certified letter letting me know it was going up "40%-50%"
Centralized anything is a cancer............
To add to this, too many people think the solution to everything being too expensive is to just get paid more. Basic economics 101 tells you the problem is SUPPLY and demand. Meaning, keeping the demand high by increasing pay, without fixing the supply of good X, does absolutely nothing except dig the hole deeper, and just throws gasoline on the inflation fire.
Just as the system was designed
@@aderan5011 it’s not a supply and demand problem, it is a inflationary problem, the dollar has lost it’s value. The only realistic supply and demand problem is single family homes. Firms are buying them up as assets and this needs to be stopped immediately for the foreseeable future.
Just like some people don't see the point of saving up if inflation grows faster than what you put in your savings
@@electricalsociety5593 Your right and wrong. It is an inflation issue but that also includes inflation of the supply of labor. People like to shout about minimum wage, but that is an increase of the cost of labor without increasing the value. The value of labor does not increase when you have an ever expanding pool of available workers. You can't push up the value of jobs when you are always adding more to the pool of available workers then the economy can deal with.
These are costs to live comfortably, not minimally. This isn't about minimal wage since this isn't about minimal living. This is more about the middle and upper middle class on how to maintain their standard of living.
That's not true. This is about the deletion of the middle class and the absolute dumpster fucking of the lower class.
You know minimum wage was originally created to create a minimum standard for quality of life right? One that afforded basic amenities like housing, food and utilities. Now it's possible to make nearly 5 times the federal minimum wage and still not make it.
We're beyond talking about "comfort" in this video, we're talking about the deletion of an entire economic class.
I make 80k a year , have a family of 5 to provide for and we are BARELY making it. Some days I do not eat so my kids can. The sad thing is, I'm not the only father going thru this.
as asmon said, just save something xDDDD
Make your kids get jobs
Bro 5 kids wtf....
@@DblTapSlapMcGap3 kids
Is it all on your income then? 5 kids is a lot to support .. I’d expect it to cost more than just 80k
Problem with housing costs is that companies can compete with everyday americans to buy them and then just hold the houses empty so that their housing investments can be worth more via artificial shortage.
Well can u conclude that u human most advanced and inteligent entity on the planet are slave when rest of animals not connected to humanity are free. Hillarius isnt it ? LOL
Sounds .... Naive
wait until you hear what Nestle does with water
Yep, that's basically the whole problem. And the funny thing is that is a problem with a clear solution but since is an estatal solution the common us citizen would say "Communist"
@@Xroix1193 There is another clear solution though, just approve building of more houses until the people who think it's a great investment vehicle, have successfully transferred all their wealth to construction companies.
For some areas, this number changes. In my city, they say it would cost around $90k annually to live "comfortably," whatever that means. I guess "comfortable" means that 50-30-20 spread that hasn't been a thing _ever_ for an average person.
Key points would be Debt to Income Ratio, COL (not the cooked books, actual costs day to day for food, Clean Food, is going to cost on average 4-5x more than stuff that will kill you, for the record), Cost of Housing (most important is cost of a single family residence, not just a 'house', but a place that doesn't share walls lots of walls or dependence on others/corps/landlords, since this is talking about being SECURE/Comfortable, not surviving).. so going off that, look at median home prices and then add cost for food that won't kill you.. and the number is STAGGERING. In order to be "financially secure", not just 'feel', you need a year + of savings. That's not even being added in here. When humans are uncertain, they stop buying, they stop doing a lot of things, like reproducing (Japan, the financial disaster of the 90s lead to now two decades of hopelessness, which means no families, low marriage rates, and a people literally heading towards extinction). If you want to feel even more depressed, consider this, if wages continued on the trend (slower than the 60s, much slower) of rising they had in the 70s to today the median income would be about 340-370K USD. Wage growth slowed in the 80s, slowed more in the 90s, stagnated in the post 2008 era, and continue to stagnate till today. Now, during that same time, the individual productivity (think of it as the ability of an individual to make money for a corporation in a given time period), has increased dramatically every decade.
So.... where is all that extra money going? No one really notices the proliferation of billionaires, do they... 90+% of your productivity gains have just been sucked up into a few hands, the less than 10% is your increases in average wages for over 50 years.
Young people struggle today? Really? No Shit. It was hard enough when I was in my 20s, and I know, for a fact, that it's even HARDER today. I don't envy the young.
Bailed out of "society" years ago in my early 20s, I got the msg loud and clear. Inheriting a house, a big house. Planning on selling it to buy a few acres of agricultural land without existing grid energy/water/everything so that im not locked into a disastrous gooberment contract that is salivating to see people like me go the way of the dinosaur.
Im at the point where I won't point out why I'll go to such extreme lengths, we all know it in any case. When there is a push back, Im going for the throat and I see an ocean of guys who look like me thinking the same thing. Talking is over, identifying the causes is over, we got the message.
Maybe we shouldn't have encouraged a system that's min/max is to consolidate some 80% of the country's wealth into 10% of the population
"Playing life on solo self found mode" 😂
hardcore solo self found ruthless or go home bro!
@@titolovely8237 What's ruthless?
Love the comments like "It's not bad if you're not a moron, just spend as little as possible making your own food and staying home all day, don't bother having kids, and cut out all pleasures and vices" No wonder people are going psycho mode in public more than before
Yeah you can ignore all that and do what you want, just stay away from credit slavery, that's the real issue.
Who is saying that here? Do the comments telling you to stop eating out every day constitute a franciscan poverty lifestyle
Mate, just don't go to mcdonalds everyday and you are going to be fine. And you can go out without spending all your money lol.
Haven't read that yet. Is it under new comments?
i've lived off of 1/2 of minimum wage (part time employee making minimum wage). Average annual expenditures for a highly comfortable life as a single imo is ~40k in my area(I know that some folks have different definitions of comfortable, so there is some range). This video is just delusional and shows how well you can lie with statistics. Basically my situation was A. be single B. share house with 5-6 other people C. be smart in food purchases.D. learn how to be more content with circumstances and make the most out of what you have.
And i still saved money during that period.
Now that approach would not be sufficient for all people. If i'm maried or have kids, the price goes up and it would be more unlikely i would live in a community house. And i'm more minimalistic with my entertainment costs. But the intent is not to stay at that point its that a large part of the population can be comfortable in much much lower income thresholds then this video suggests.
This is a big problem with "average" metrics is that almost nobody lives an "average" life. Not everyone should be expected to afford the "average" home unless all homes are standardized. Low skilled high school workers need to be able to get a job for personal growth and personal spending. That job should not need to provide for an "average" life as these workers are likely still living with guardians.
The numbers are just over simplified so that people take crazy take aways without much critical thought.
Also making your own food is just generally wise. Staying home all day is not necessary even if your living cheap, there are plenty of pleasures that can be had on a budget, and vices are specifically carrying the connotation of being something that you know you should try to get rid of, but don't want to.
So the kids, and all pleasures parts of your statement are concerning if people are actually promoting that, although i've not seen a lot of that in these comments. Even in there exists room for some wisdom relating to timing planning children, but not to the degree of "don't have kids" and accidents happen.
Southern CA grocery prices are out of control. What use to be $300 a month now are $700 with less options for coupons and worthwhile deals. From a person who grew up in San Diego, I pray that I can stay and raise a family here but at this rate I don’t think will be able to even afford a mortgage let alone groceries, childcare, and retirement.
It is a worldwide trend. The world is in war. Even countries not engaged in it suffer the cost of living increase. The hell, even China who benefit from it just raised train ticket prices for 20% since 2021.
And the averages are if you’re single. When you have a family, the numbers skyrocket. Insurance for my family of 3 is $360/month. And because I’m the sole provider, had to add another $160/month for life insurance in case anything happens to me so my wife and son won’t be screwed. Then there’s retirement and family pets expenses.
Using averages with salaries in a capitalistic country is a joke. When it comes to money, especially the question of "how much to be comfortable" its always going to skew high. The median is probably a lot lower at 100k or so.
median income is like $40k according to the FRED
@@Brandon82967 The median of 100k I said above is to the question posed at the beginning. "How much would you need to be financially stable?" I reckon 100k would be the median if asked to general america not 223K.
@@Kay8B I know. I was saying that the vast majority of people are far below that
@@Brandon82967 Gotchu 👍🏽👍🏽
The median varies but it’s somewhere between $40k and $60k
With student loans, beware. They can garnish your wages, even in states like here in Texas that doesn't allow garnishment for debt.
If you bring home anywhere near 60k a year after taxes, and can get rent at 1k or less and keep utilities, food, and gas expenses under 1k. And have a fun budget of 500 a month.
You can save about 30k a year.
(Even if you dont stick to it perfectly)
Then stick this position out for 3-5 years you have a down payment of about 100k-150k extend this out another year or 2. For an extra 50-60k for emergencys and drop the full origional 100-150k to eather buy a cheap house or to pay about 50-80% of the house cost up front with a loan and only have a roughly 500$ monthly payment, hopefully making cost of living with utilitys and internet and tv for the cost of about 1k total or just a bit above.
Cost of maintaining living standards= 1k-1,500
Emergency fund= 30-60k
Food cost=500-1k (assuming family)
Monthly Excess money to split between fun, savings and other needs 3,000
And non of this included having a second income.
People are just to lazy to move for cheaper cost of living or better jobs, or hang tight not over spending for the big payoff.
And treating debt like its normal.
Are their exceptions to being able to do this sure but thats why its called an exception.
Bro rent under a 1000 is getting rarer and rarer as the days go by. Maybe apartments but realistically what good homes are available for under 1000 rent?
@OnDaLowWidIt can't disagree with ya, your lucky to find a house for 1250 these days. Apartments were primarily what I was thinking.
But I just meant its possible to get ahead and not by any crazy stretch.
Especialy if you have a room mate, or in a relationship with someone who can help lower bills enough to help meet the goals.
@OnDaLowWidIt I've lived all over the country and been homeless for a few months, and vaulentarily homeless for a year or 2 just to save some cash (1 or 2 yeah homeless spot is just a technicality though since I took advantage of work related benefits since I had a cdl.
So long as you have what you need and can avoid comparing your self to others while managing your wants. Going from 20-30 or 30-35 can mean some crazy life changing situations that to everyone around you appears to have come out of no where.
@skaternutxOriginal I feel ya man, it’s sucks that you had to be homeless for a while but I respect the grind. I’m a bit more understanding when it comes to ppls feelings about wealth now and days because it honestly sucks that you even had to be homeless in the first place.
It seems like if you’re not born rich you have to work yourself to death and that still won’t guarantee you’ll be at least middle class. For some physically/financially life may not be difficult but MENTALLY, it seem like everyone burn out, depressed, or flat out scared.
@OnDaLowWidIt honestly man I used to be more carefully about people's feels, but the fact that I'd been through it and realized some things and maby I've grown a bit desensitized but I don't think that quite right eather.
I realized Being homeless for any extended period is a choice. But explaining why is kind of it own long conversation.
Being rich isn't really the goal though like yeah it may be nice but why? So you can waist your younger years working 80+ hours to maby be a million are by 40-60 or take a chance and hopefully be one of the few that goes from broke at 18 to rich at 20?
I think most people forgot what a good normal life is. Middle class is what the amareican dream was back in the day not being rich. Sure it tougher and tougher to be a successfull middle class but that just means you gota get a few less wants for a while and live cheaper than your income let's you think you think you can afford. (But because you living under what you could your saving more and can actualy afford to take some time for your self and family.
While also.being able to afford the house in 5-10 years hopefully.
Something I don't believe asmon gets here, is that it is more difficult to live on your own, and requires more money. Just to cover rent, or a mortgage, you pretty much need to be dual income in this country, at least where I live. I barely make 50K a year, and most people need 70K a year to sustain themselves here. That's the state of Washington, Seattle. The middle class does not exist in this state anymore.
I'm leaving my parents home in just a few months now, and living with a 50,000 a year income has felt like the most luxurious life I can ask for, but simply requiring my entire income just for home expenses takes that life and turns it into 24/7 penny pinching, and the only reason I'm even able to move out is because my wife and I will be a dual income companionship.
It could be misinterpreting his view, but the reason for it is because of how surprised he was to see how much it costs to live alone, which made me believe he may be thought it would be easier
On top of that, if we ever want to have kids, I'm going to need to double my income just to be able to afford it. Unless we take down these huge corporations trying to formulate a society of renters, economic stability dies with this generation.
in Texas It is common for people to be making 25k- 35k a year. These people are single full time workers that do not have a "career" but just a normal regular old job. They would have to save their entire salary 10 times to be able to pay off a house unless they want to live in a mobile home.
The housing market is in a very bad state and you don't want to buy junk for 150k that will just rot away after you buy it. Cars are an entire years salary unless you buy used which is totally fine. I would like to add that these people are a lot of times over qualified for their job. No felonies, only thing holding them back is the job market.
People everywhere aren't getting overtime like they were before Covid. Companies took a hit, the entire nation took a hit. But thats besides the point. People need at least double what their salary is.
You can barely find an apartment for 1000 a month. which means if you make 25k a year and somehow find a 1k monthly rent somewhere, it would still be 50% of your salary. Not including your personnel bills, internet, phone, car, electric, water, etc. IT is extremely hard and ultimately not sustainable. however In most cases apartments are 1300 or higher. So then it becomes even worst.
to the people that make 250k plus a year, i have to say that they are really just bad with money. They could just buy a house in cash if they saved correctly. Taxes are cheap cheap compared to rent. under 5k a year, and for them thats chump change. My grandparents are a 100k a year household. They still owe over 150k on their house. Tell me why they just bought 2 new cars at the age of 70. Even if they sold the house, They would probably only get 300k. which means they would only have a buying power of 150k to buy a NEW house. Which is not realistic for their needs and taste. They have had this house for 20 years and oh yea, they owe 10k in taxes.
The rich simply are not good with money. But then you have people moving to rural areas and to Austin tx to buy houses because they make california and new york money and then come down south to invest in real estate or buy a house in cash and fucking retire because THEY are doing it smart.
If you can luck out and get a cheap place to rent even making 30k a year isn't a problem. I live with my siblings in a house my parents gave us, it's paid off. Only have to pay property taxes and utilities which is about $300 a month all together. However that is a privilege to have a place like that to live, most people don't get free houses which I acknowledge. I only make about 40k a year but it's enough for me. I live pretty good on that salary, can eat whatever I want, buy random things all the time and still save tons of money each month.
@@CuteAnimeGirl yea that’s so nice. 40k isn’t bad.
"Tell me why they just bought 2 new cars at the age of 70"
I despise Boomers.
@@CuteAnimeGirl Lol lucky you. You can stand to live with your siblings! Most of us can't.
I don't have any of this shit. Maintainance fees? Overdraft fees? Go find a good CREDIT UNION, not a bank.
Nailed it.
Facts 🔥
Just open a Capital One account. It's all online and I've never dealt with these fees.
@@jareddembrun783 Terrible advice. Go with Sofi and its 4.6% interest. Ppl need to make their money work for them.
Better yet, dont use credit at all...
When I was single I lived very comfortably on 45000. Now I have 4 kids. I live close to comfort at 80000. I live in the middle of nowhere. If your struggling in the big cities do whatever you can to move.
I had entry level IT or help desk position say $18/h is to much money and they require a bachelor's and 3+ years of experience...
Something about walmart is that they often mark the prices up in their system without changing the price on the shelf, and the website price will actually reflect what the shelf price says. Then you get to the register and find out that it’s more, but if you ask someone about it they’ll show you that the item price online says “online only” even though it’s on the shelf. They act like it’s an accident or somehow incidental, but it doesn’t feel like it..
Check your state laws. In many states they have to give you the item for free if there’s a price error between what’s on the tag/shelf and what rings at the register.
same with Carrefour in my country (Romania)
People have to wrap their minds around the fact that the consumer economy is at an end. The important question is not how much money you need to be comfortable, but what you need to be comfortable.
We live in a production limited economy now, where production labor is the limited resource. We don't produce enough to make more than about 50% of the population comfortable, because being in a job that produces stuff, is one of the main things that makes people not comfortable. Who wants to go drive a combine in Nebraska or wrangle cows in Texas, or work on deadliest catch, or Ice road trucker?
So there are 3 ways that you can go. Either you have to reduce your needs and not be comfortable, or you have to be more successful than 50% of the population at exploitation, or you have to do the dirty jobs and be comfortable. Right now the latter is the least popular option, so there will be an ever decreasing number of comfortable people, as the price of comfort without really working, goes up and up and up.
How much do you need to live comfortably? Depends on the person. Like most things in life, it's subjective. Each of us has a different definition of comfortable. I'm comfortable if my bills are paid and I have a little money to throw at a new video game or PC and still a little left to toss in the bank in the hopes of someday retiring. For me that's as low as 30,000 a year. For others? It might be much much more.
The problem with topics like this is the data isn't really accurate because we in the US have a misunderstanding of how much the average person is earning. That's the foundation for any financial discussion of this type, if you don't understand that then the rest goes out the window.
They (not this dude who made this video) claim the median is like 60,000 a year. Okay, how many working Americans total exist below that mark? I'm willing to bet everything I own it's more than live at it or above it. If I'm right, how is 60,000 the median? Because it's like taking my income and Zacks (or the other 25 million millionaires in the US) and adding them together and then creating an average.
Basically you've got a lot of bloat in the data, but if you remove that bloat - take the same data and remove anyone earning over say 250k/year, well then you'd come to the realization that we see on the news everyday: The majority of Americans are actually living just above the poverty level. That's my bet anyway.
> the median is like 60,000 a year. Okay, how many working Americans total exist below that mark?
..... the median means 50%ile
I think you got median and mean mixed up buddy
Average is a more accurate representation than median. You have it backwards. I keep seeing people getting it backwards online.
Goddamn rent is ridiculous in USA. I am from Finland, a first world country.. We have a 78 square meter home, and our rent is 645€ inside the city area... but over 2000+..??!! Goddamn thats ridiculous.
what city? in capital region that's impossible
I’ll learn Finnish for 645€ rent! Lol, how’s the internet speeds and other costs? Like flights?
You are lying, you can't get anything like that, you are a lucky one living in a taxpayer funded place, you are not paying the actual price of that place.
I briefly checked the prices in the capital metropolitan area. For absolute entry level 540€ you can rent a 26 square meter run down place from a remote location, that has likely mold, an upcoming pipe rework within the next 5 years (you have to move away) or that is going to be demolished soon, and you are going to have bad time. Alternatively, you can get an old 16-20 square meter place from city central with compromises to basic stuff. These kind of offerings range up to 650€.
For a place for actual living, around 650€ you can get 22-32 square meter place, that might be in better location and that has pipe rework done recently.
Over 70 square meter places equivalent to the shitty ones (not recommended) seem to be 850€ and up, less shitty ones 1000€ or more, and these tend to be in remote locations because they assume having kids and car.
These are at most mid-tier places, for more modern places, add +200-300€
Wage is only part of the problem. If a person likes to spend, they can make $1 million a year but could be less financially stable than someone making $100k.
Most most Americans are drowning in debt, because they are living beyond their means, making minimum monthly payments, that they stretch out as far as possible. 72 month car loans as an example, paying 50+% more for the car they bought.
@@Evirthewarrior this 100%
wage is still a big part because plenty of people dont even make 100k
Yea I make half that so, I am considered rich poor. Not even lower middle class.
@@Evirthewarrior Have you ever considered the fact that people get into debt because their finances are already tight and all of a sudden they have an emergency that needs money to be solved, and the only way they can solve it is to borrow money a.k.a take a loan?
The reason why people take predatory loans is because usually they are the only loans they CAN get, and on top of that, if they don't take that loan, they would be in even deeper shit. So it becomes a case of shooting yourself dead right now or later down the line with a little bit of hope that you can manage it.
But, guess what, if wages had actually kept up with this insane fucking inflation on everything, maybe people wouldn't be struggling as much. Expecting any other outcome except what we are witnessing right now is being dumb.
Think about this... Most Disabled veterans average less than 40k a year. You want to know what's even more messed up? There's actually nothing wrong at all with social security. It's a "social safety net" you wouldn't even need if the government wasn't constantly trying to take your money away. 4 years ago my electricity bill was like $80, gas was $25, water another $25. Guess how much they are today? I'm paying 4 times what I was for gas and water. Electricity is double. My taxes.... You wouldn't even believe it if I told you... What cost me about 1k a year is now almost 5 times that... And here's the most hilarious part of it all... The president is doing such a terrible job with inflation and printing money he has to lie to us with fake numbers. You know how I know the numbers are fake? Veteran disability checks are tied to inflation. If the governments inflation reports where accurate I'd be getting double what I was getting... You know how much extra I get from when Biden was in office? $51.34... government lies, government steals, government betrays you. More people die before they collect social security and its rare to get more than you put in. So explain where the money went... You can't... And neither can the government... I looked over retirement population numbers and social security payouts. You know what I found? Adjusting for inflation a person that retired tomorrow, would have to live until 150 years old to out spend what they put into social security. You know what that means? People have been spending money they shouldn't have and then quietly putting the same dollar amount back not accounting for inflation. Social security isn't running dry... At least not from the people. It's running dry because government is spending it and sending it to places like Israel and Ukraine...
The answer is $55k/year ($110-115k household) for a 21 and 26 year old couple as homeowners ($252k house) in South-Central Pennsylvania. I have no student debt, a $23,000 auto loan on a 2019 Volkswagen Jetta GLI ($463.44 @ ~9%) and no consumer debt besides that. My girlfriend (26) has $80k in student debt, a $36k Loan on a 2024 Kia Telluride ($764 @ ~7%) and little to no consumer debt otherwise. Our mortgage is $1965/month, and our other expenses differ to the extent that she feels cramped, and I am able to invest $200/month in the Vanguard S&P (VOO) and save $500/month after investing 15% to my 401k.
Don’t dump all your cash into cars and you’re good. It’s not that hard to make $25/hr now guys.
P.S. to those interested;
I am in diesel engine assembly.
She is a nurse.
I'm from Canada. I'm active and need to eat a lot. Despite a good salary, I can't order food and rarely buy meat anymore. I've needed to min-max my groceries to eggs, rice, canned beans, canned veggies and tuna to make most of my meals. It's nutritious and get the job done but I spend a significant amount of my day to buying, prepping, cooking and washing dishes. I usually go 2 times a week at the grocery store and even then, it's never under 100$ each time. God forbid is you want some beers to relax or if you want to bring your girl out for a restaurant more than once a month. Food feels like a luxury right now.
Doesn't sound like a good salary
@@JD-mz1rlfor what's available in Canada, most likely is. Look into our costs here because we have a stupid "carbon tax" which goes straight to paying our politicians bonuses.
We don't get a say in anything that happens. Communism is Canada
this, dude i could copy and paste your comment. Its literally that accurate. German fella here.
well Canada is a communist country so I'm not surprised
@@JD-mz1rl Well, it ranks in amongst the top 20-30% of salaries here. I feel like it should be a good salary, yeah. I live alone, have a small but nice 3 1/2 and a recent but entry-level car. Not poverty, but nothing to flex about. All basic expenditures, utilities and food eat up more than 3/4 of my income easily. It's getting worse.
200k holy shit I could live good as hell on half that lol
That works because you will get half after taxes.
@@stus2159 You beat me to that reply😂
That's not how marginal tax rates work.
If it's 0% until 100$, then 100% above that, then if you made 200$ then you'd have 100$
after taxes.
200 - (100x0) - (100x1)
Work a full time job and a part time job 7 days a week making you over 7K a month, get yourself a comfortable car to live in and buy a gym membership to take a shower...in two years you'll have over 100K in your bank account and if you invest or make your money grow you'll be set for a comfortable life ahead of you.
People never understand cost of living adjustment.
Isnt hillarius that most evolved animal (human) on the planet is slave and rest of animals (not conected to humans) are free ??? LOL
is that life style inflation ?
@@raygrenade1697no, its adjusting for the cost of living. Example, your water bill is cheaper in upstate new york (near the great lakes) than it is in nevada (a desert)
@@raygrenade1697 Yes, but they won't admit it. You don't have to fucking live in New York City, but apparently they do, right? Pft
@@raygrenade1697 no, more like, different places have different living costs. IE your rent in Atlanta might be $1000, but your rent in San Francisco is going to be $4000 for a shittier place.
The mortgage prices in this video seems outdated. This would be the average mortgage price for people who bought like 5+ years ago.
Social Security isn't Socialism. A better way to look at social security is its a tax rebate you will get when you're old.
Here's the issue with American debt. 1. We're born and over the years we're given a fixed allowance which isn't enough to do pretty much anything/ required to pick and choose betwen things we like, (if you're lucky enough and listen to your parents). 2. We're indoctrinated into spending money due to advertising (which makes our economy go round. 3 The masses glorify wealth, success, and fame. 4. We get to college, and we're given a huge sum of money, BUT WAIT! You can only use that for SCHOOL! 😉 So now we use some of that to live "our best lives." We run low because we need to pay for school now and ask for more. 5. Jobs pay like shit perpetuating poverty. 5. We have been indoctrinated by our school systems to be "comfortable" with a 9-5 job. 6. Life sucks so we spend more money than we have because our lives (on avg) suck.
Quit school. And property taxes need to be slashed because they mostly go to schools
Just moving up to $55k and feeling rich confuses me. Rent is $1500, elec/water/internet is ~$120, and my work gives me a free bus pass instead of charging $1100/yr for a parking pass. Idk where this $233k figure comes from.
People that need fast food 3 meals a day ($30+/day), going out every weekend ($100/weekend), need Netflix/Hulu/Disney+/Amazon Prime, the newest iPhone every 6 months, lease a car or trade in their car every 2-3 years.
The list could go on and on
You say rent, to afford a mortgage nowadays 233k isn’t far off.
@@ChristinaMagmaI make $50k a year and can’t afford a studio apartment where I live. 😢😢😢 Everybody is moving away. I don’t wanna move but I might have to with how insanely expensive rent is now….
@ChristinaMagma what house are you buying? A single person doesn't need 233k to live "comfortably" maybe in LA but that doesn't speak for the rest of the country
Living in big cities is the issue, I make 40k a year and live like a king and I still live within the Pittsburgh metropolitan area
If you don't pay student loans, they will garnish your wages. It's not hard for them to do that.
39:30 this is because social security is not optional You're forced to pay in so I would expect some return as well.
“There are no solutions, only tradeoffs.”
-Thomas Sowell
This legend said this mainly in the viewpoint of an economist because that’s what he is. This applies to nearly everything.
Thomas Sowell lol, guy with barely passable definition for economics.
"this one school had higher graduation rates before integration, therefore segregation isn't a bad thing!" - Thomas Sowell
Thomas Sowell. A man smarter than both of the brainlets in the responses and smarter than 90% of the people on the internet because they can only insult him rather than refute his claims.
@@RaifSeverence what claims? That segregation was good?
@@Brandon82967 Can you site where he said this and to who he was speaking to?
233k a year and I'm starting a fucking empire on an island, wtf?? 33k a year and I can live, twice that and I can live good.
You're not getting a home paid off with that income
over 65k a year and you think you wouldn't afford a house?
No you tryin to buy mansions, I'm tryin to live a normal picket fence kinda life. @@BasedChadman
buy apartment in a countryside for pennies on dollar, get a job you can work remotely and still make similar money like city people ??? profit
@@XiaolinDraconis Do you understand how home loans work? The amount of interest you would accrue would leave you in almost permanent debt. People aren't just complaining about a broken economy for shits and giggles.
There are many who are financially literate and simply do not earn enough income to ever hope for a true retirement (of which the government is trying to push back, if you've been paying attention.)
@@BasedChadman I left my parents house at 25, started working at 18 between part-times and full time jobs. Didn’t spend racks on the weekends, didn’t spend bands on shoes, didn’t need to wear designer clothes, just kept my head low with my nose on my studies and fitness. I bought my first house on my 25 birthday for 150K cash which I now rent. People have to learn how to prepare for their future, and no amount of money will ever be sufficient if you spent your whole income on materials things and the need to follow the trend of impressing other people.
2400 sq ft house for a $2k/month mortgage? That's like $370k for a 2400 sq ft home? That would cost about 2 million dollars or more in Canada for that size of a home. So your mortgage would be over $10k/month here for the same house. What are Americans complaining about? That's 5x+ cheaper to buy homes in the US.
To clarify because the video got this wrong, the average HOUSEHOLD income is $73k, average income for a single person is more like $35k- $40k obviously kids don’t work so essentially household means wife and husband where the man typically earns $40k a year and women earn about $30k a year combined adding up to the average of $70k household income.
Best advice I was told about credit cards is pay it off the moment you use it. Like treat it like a debit card and when you use it the money just goes away.
Or, dont spend money you dont have. Dont use credit cards in the first place.
@@guyfromdubaithat is what Im saying. When you use a credit card. Make sure you have that amount in your checking. Pay off your credit card as soon as you use it.
By doing so your credit rating should skyrocket
You are spending money you have if you pay it off immediately. @@guyfromdubai
@@guyfromdubai Not necessarily (in the US) since credit comes into a lot of things. If you don't have other forms of debt, consistently paying off the full amount of small credit card debts each month is a way to build credit. Never having debt ever, counterintuitively, can create problems later since there won't be a record of your ability to consistently pay (meaning credit).
Credit cards are like chain saws. Incredibly useful. Incredibly dangerous. Resolve to pay in full
each month and never carry a balance. Do that and they can be great tools.
Not paying your student loans kills your credit score and eventually can impact your taxes and take home pay. It is not recommended .. Cost of education in the US is insane !
Basically what you actually supposed to do and Asmon doesn't exactly know about to say it is go on SAVE Spending plan which takes a small portion of every paycheck out, should be hundreds less dollars a month for loans and if you don't have a job you pay 0.
You can have an acceptable credit score even with unpaid student loans as long as you do good on everything else.
Edumuhcation
It's not insane there. It's just that you as a student have to pay for it because the government does not. 30-40k a year per student is like the bare minimal to keep the university alive
Don't take out crazy student loans in the first place, and go to a school that can transfer credits. In the US you can spend ~$5000 a year (~$2500 a semester) getting the majority of your credits out of the way at a small school and then transfer to a big university to finish up a 4-year degree instead of paying tons of money to the large university for basic boilerplate credits.
If you plan well enough you can spend your early 20s living with roommates and splitting costs to allow saving significant amounts of money so you can actually afford to go to school without getting loans. Splitting rent/utilities 4-ways instead of going solo opens up a ton of cash-flow for self improvement, even if you are only making minimum wage.
It'll take decades but maybe one day Americans will wake up and realize that better examples for a society exist outside of the US.
No one working a full time job(and making good financial decisions) should be living in poverty, period. Right now we need people working those low paying jobs and the people working them deserve to live comfortably without stressing about not being able to pay rent or not being able to buy a house. The answer can't always be get a better job.
It's not just America, here in Norway the interest rates are really high. I have 300,000kr (27,500 usd) left on my mortgage and monthly payments are around 2000, 1500 of which goes to the bank for interest.
I live in bama and I made 65k last year and I feel really good about where I’m at. I’m focusing this year on hitting all my bonuses and I feel like I’ll be ready to buy a house by next year. Needing 200k to feel comfortable mean the place you’re living is ridiculously overpriced
Yep but this is also why they make 200k. 200k in San Francisco is basically 70k in middle America.
I lived in Bama for much of my life and 65k (or say 120K for a two-income household) is more than enough to live comfortably. My wife and I made roughly ~135k/y when we lived there and we lived like kings.
@@erad3035 bro life so good I’m fighting the urge to go get a new truck
@@iiRolltide don't fall into the trap. If you're going to get a new vehicle, buy one a couple years old. You'll save a fortune. Either way, keep - keeping on.
This is a non-point. The people paying 5x your living expenses in San Fran are making about 5x your salary for the same job.
It also misses the point of that those numbers. That (230k in San Fran dollars) is what it would take for an average person with an average persons habits (50% or more of the population) to "feel" completely financially safe from all threats in San Fran.
They are not talking about the extremely fiscally responsible outliers who get by comfortably with below median income or make higher than median salaries for their area. Saying "Well I'm an outlier and that's not what it is like for me," completely misses the point since they weren't talking about outliers like you, they were talking about the average person.
I am an outlier as well, and I know they aren't talking about me, they are talking about all my poor neighbors who make similar amounts to me but don't live like monks and actually have a more normal spending lifestyle.
When the economic system doesn't work for the majority of people, then something is very wrong. That's a big reason why communism is bad; that it just doesn't work for most people. And the system not working for all the majority can't just be chocked up to "Well those people are idiots." Even if that is true, do we really want to live in a society where the only way to enjoy life is to be born lucky or only walk one narrow line of a small number of specific lifestyles.
Especially when we have extensive evidence of this not being the case 5 decades ago, and so it is obviously not mandatory for the country to be this way for so many people?😮
There are many problems, one of them is that most people don’t spend money logically, they spend money EMOTIONALLY. Spending money, feels like happiness: getting stuff, eating stuff, going out, traveling etc. Saving money feels like being deprived, neglected, hungry, lonely etc.
people dont make 75% after taxes we take home 60%. incom tax plus sales tax plus property tax and then state and city tax and then insurance premiums.
Dont forget about social secuirty/medicare tax
Jesus, how is that not enough for the government to provide quality education and healthcare? Many European countries manage to provide that while taxing median wage earners way less. Does it all just go into the military?
@DeathmetalPersian he is in texas that hold true for his experience.
@Thecloudmon texas doesnt have income tax. not true for most other states
Which is much better than most other countries. Of course, on the flip side hospital bills can also bankrupt people in the US.
23:03 what mouse are you getting for 20$. Some crap.
vxe r1 pro is the $40 king
car insurance cost me $3,000 a year, no tickets or accidents in decades. Its INSANE
Is that the base requirement of the state? You can always get it adjusted to more or less liability coverage xx,000/xx,000/xx,000
Lol whos car insurance cost that much
I insure 2 cars for $1800 a year. Thats $900 a year for 1 car. Stop trying to insure a leased 100k car. Get a car from 2014.
Bro look for some new quotes. I had all state and I was paying 2k a year and after 6 months they randomly raised my rates to 3k for no reason whatsoever. They do that because they literally think you will be too lazy to switch. It took me 3 hours to get a quote from geico and progressive and now I'm literally paying HALF for the same coverage, and the company you're with now is legally obligated to refund you for whatever the remainder of your coverage is.
Um what? I pay 400 pounds a year insurance on a BMW in the UK?
A few years back I switched to Metro Mile, it's a pay-per-mile insurance (good insurance for people who don't drive a lot and/or work remotely or hybrid), I currently pay about $75 a month.
I'd like to see this broken down by state. 200k is a ludicrous amount where i live and would be considered extremely well off.
The only people who could hear that and believe it are either children or trust fund babies.... $200k a year is WAY more than comfortable living... maybe not if you live in NYC or parts of California... but everywhere else you're living basically like a king.
There are 40k holiday home/corporate owned homes/investment properties in NSW Australia right now sitting there basically doing nothing. Now if we factor out the holiday homes we will probably end up with 15-20k left so if we take the average house cost in nsw ($1,184,500, 2023) and multiply we will get $2.36~ BILLION AUD and growing and thats median factors and speculation it could very very well be much higher then that and i could have gotten holiday homes wrong but that is alot of money in assets for business to play around with. Lets also remember alot of these homes where bought for dramatically less then this so these companies not only hold immense wealth in owning these homes but they have made immense wealth of the ripple effects now magnify more and more every year
its probably obvious but another factor to remember is this is just NSW
I lived in SoCal for 20 years with a combined total income of 100k in my household.... no children and dual full time incomes. in 2020 when I left my 600sq ft apartment in the "less expensive" city (Riverside, Moreno Valley, Colton, Corona) my rent was 2300 a month, and raised at least 100$ every year. If you live in the more expensive cities (Irvine, Rancho Cucamonga, San Diego)... your talking ~4K a month FOR A TINY ASS APARTMENT. If you want to buy a home in a non-impoverished area - that's 2million and you'll get maybe 1500 Sq ft - Yes, I spent irresponsibly at times, but for the most part 80% of our income was going to "living expenses". Food was more expensive, electricity, gas, water, recreation, insurance, tags for a new truck will cost you about 800 a year (or more) - its all priced sky high.
I had to commute 30+ miles each way. I had to spend 200$ a week on fuel, toll roads were 12 bucks each direction...PER DAY, and my daily commute was nearly 3 hours sometimes. That math added up to about 2K per year...just to get to work
On days when I didn't drive I would take a bus to the train station, take a train to another city, then get on another bus at my destination to take me the rest of the way to work... Train ticket was 20$ each way and bus fare was 2$ for each bus - thats 48$ per day...
The lifestyle for me was just not sustainable and my family saw no financial possibility of ever owning a home in a safe neighborhood unless we both magically started making double what we were bringing in.. I make ~20% less than I did in California in my new state, and now running off of a single income. We bought a home in a safe, quiet neighborhood within 2 years..... for 180k.
Sounds exactly right
California does that
Imagine saving for retirement instead of jumping of a cliff so as not to burden your village. 😂
Unironically, my plan. Social security has been dog crap for decades and is getting worse as I make this comment with no indication of that changing in the future.
I'm just gonna work and enjoy my money while I'm middle aged, then once my body starts failing in my 60s or 70s and I can't/don't want to work anymore, I'm gonna give my room a new red paintjob.
That is, of course, if heart disease from my disgusting eating habits or the toxins and asbestos from the factories I work in doesn't kill me sooner.
@@liarwithagun yo thats my exact plan, except im thinking more 40s-60. your body failing you is like the last big punch but a lot of other things like dissatisfaction with the changing times, the unknowably shit landscape of the future, burn out on all your hobbies and everything starting to feel old can make it more misery than happiness past 50, earlier too of you unlucky.
Retirement? No I'm taking out a loan and spending it all on drugs and prostitutes.
It's actually more expensive living alone than living with a a partner
I mean depends since divorce and alimony is a money deleter.
Yes!
@@Ay-xq7mj Well ya if you're going with the worst outcome possible. but even if you aren't married and just living together and splitting everything 50% its still cheaper.
AA partner going to spend it all on booze. Also unlikely to keep that job.
Not when you have kids
$233k a year to be “comfortable” is absolutely insane. That won’t make you comfortable, that will make you rich. Before taxes, I make about $32k a year. It’s abysmal, but the only bill I currently have is my cell phone bill. Because of my history and situation, I went on a spending spree when I first got a job again and was spending more than what I was making. I’m no longer spending more than what I’m making, but I am paying off the bills from that stupidity. I’m also taking a class in order to get a better job, a job that will increase my pay to roughly $45k a year. With any luck, I will be able to move out of my families house within the next 2 years into a place of my own. I’d love to get my own place far sooner, but unless I win the lottery, that’s very unlikely to happen.
I will say that these people in big democrat cities bitching about not making enough money when they’re making 6 figures are far too entitled. They are choosing to live in these expensive areas then bitch that the area they’re choosing to live is too expensive. They’re Mormons.
If you really think the president or party is deciding the price of gas or the economy for that matter, you really don't understand how things work. It's a gross over simplification of the complexity of the problems.
Damn that's gotta be California prices because I scrape by on far less than that
Yep. I make a quarter of that and I'm doing just fine. It's so incredibly dependent on where you live that taking an average for the entire US is a waste of time
Same here I happily live off $20k a year with rent, tuition and living fees. Anyone who thinks they need $220k/year to live is a grotesque and greedy person
233k a year even in CA is not a baseline "comfortable" especially if they are single. if anyone says that to you, that's a good indicator that you can just ignore anything else they say because they are insane. don't get me wrong, CA is expensive but if they are spending nearly 20k A MONTH, they need to be put in a mental institution.
I am living in California and doing just fine. People think they shouldn't have to struggle at any point in their lives and need to stop living outside their means. Then refuse to accept any personal responsibility for their bad financial and life choices. Yes California is expensive but people would rather order door dash everyday and wear 150 dollar pair of shoes instead of cup of noodles and a rational price of shoes like 70 dollars. People always wanna cry one check away from homelessness. Yeah because your bad with money .
"Scraping by" is quite unlike living comfortably
Nice to see Asmon doing all his research on the video he is gonna commentate on beforehand, thats a lotta browser tabs with all the info right there, wondered how he was always so precise with stuff he says just before the videos he watches mentions them :) much love
"We asked 4 people on the street in Palo Alto, CA and they said they'd need 233k on average to be comfortable" 1 of those 4 people said they'd never be financially secure.... What is this video man.
So is that mortgage payment the principal and interest or principal, interest, tax, and insurance? Because those two numbers are vastly different and are mostly mandatory.
if you live alone you literally need more money to be "comfortable." there's no splitting anything. and a roommate isn't a significant other so that's instantly less comfortable than if you lived alone.
3,3k after taxes would put you into the top 10% of highest earners here in Germany.😅
Yeah cuz they tax the shit out of you people. But rent isn't as crazy and education and health are free.
@@greglane501 when I see healthcare and bills in america I'm happy about our tax 😅
@@Darko807 You might be looking at costs included with what insurance pays for. The prices aren't really all that bad, especially for people here who decide to live healthy lifestyles.
@@greglane501 My american aunt broke her wrist and ended up paying $10k. I'll pay some extra taxes, thanks.
@@greglane501Rent in several european countries is getting just as bad as the worst american examples.
The world is gearing up for a major recession.
My estimate is 60 to 80 a point where you take home 3-4k home a month after taxes.
i live in texas and when im working all the time and dont have time for trips or anything really other than work, eat and sleep, my yearly cost of living is around $17k. i make around $110k/year. there are places in the US where the incomes for outpaced cost of living. if youre feeling broke youre probably just needing to relocate. ive moved 4 times in 13 years since i started working. each time i moved i got a pay raise and lowered my cost of living. the truth is in todays society putting down roots in 1 area for decades likely means you'll stay poor. companies know that people wont quit their jobs if they need a job in that area, and so wont pay you more than the bare minimum. the biggest raises ive gotten is when i change jobs because employers will pay extra when theyre desperate for people. most people dont want to relocate, so it's difficult to fill specialized job roles in lower cost of living areas where the labor pool is much smaller, hence the large pay vs living cost.
that said, im a fringe case, and a bit of a shut in anyway, so the life suits me. for most people, you're just kinda fkd. cut all non essentials out and work like a slave for 2-3 years and you can get out, but it's hard, but worth it, especially if you realize just how expensive it is to be poor. you dont want to be poor in a society where money literally determines everything, even marital longevity.
That’s A LOT of money. I make 80k BEFORE taxes, and 20% of that goes to taxes. I don’t own property (yet) but I don’t live paycheck to paycheck or a life of luxury. I worked hard to pay off my debt, and that money I was paying on debt now I can save for emergencies. Is there a bunch of crap I want and places I wanna travel to and things I wanna do? Yes. I can bitch and moan about the situation but instead I just try to stay below my means while taking care of my family and spending time with loved one and on hobbies. I think a lot of people compare themselves to others. Don’t, just do what you need to do for you. You got this, go forth and conquer.
exactly this. a lot of people aren't satisfied with living a comfortable life with the people they love. they have to get super materialistic to feel satiated.
You definitely need more money if you're living alone, you're basically shouldering everything by yourself and not on a dual income
True, but how it happen that humans most advanced and inteligent being on Earth are slave when rest not connected animals are free. LOL Hillarius isnt ? he he ehhh
the power of dual income cannot be understated. But the downside to that is if you wanna have a family both parents have to work to keep up with expenses. It's really lose lose
@@pridefall3304 why even have kids at that point? they don't see you and it costs tons of money. an article on smartasset estimates it to be $21k/year on average
@@pridefall3304a lot of people have kids without taking into account the financial burden that they entail, adding to their stupid financial decisions
I typically do my groceries on a daily basis. My store is 1min walk away. I buy what I need for dinner and snacks. I used to spend like $10 to $20 depending on snacks and getting milk or not.
now its $20 - $37(Canadian) at Giant Tiger for meat, milk and some snacks.
22:50 for about a 6 month period recently. i made a good plan to save a few hundred dollars every month, around 3-500. but as soon as i made that plan, every 2-3 weeks i got hit with random bills that was costing me between 300 and 1k to fix or pay for. for 6 months straight. i just last month had to pay over 2k in taxes, like 2200 i think. just on taxes alone. its just 1 thing after another basically every paycheck. if i dont spend all my money on something, even on my credit card. some bill is gonna pop up and eat whatever i got
i took out like 5200 last year from my retirement savings from the military (all i had in it) which i paid taxes on, had taxes witheld on, and then paid more taxes on. i paid off my car with it to get rid of a 324$ monthly charge. and then boom, soon as i did that. a student loan company was like hey, we never talked or anything for 3 years and you didnt even know we existed. but you owe us 5700$ and you need to start repaying us now. 3 steps forwards, 5 steps back
They keep mixing up the words "median" and "average" as though they're interchangeable. Why are humans incapable of wrapping their heads around the differences in these words?
they're using statistics to obfuscate the data and the meaning. it's literally statistic 101 where your professor tells you how easy it is to fool people using statistics.
@@Zed-ch9fg Yeah maybe, but I can't help but think of Hanlon's razor: "Never attribute to malice that which is adequately explained by stupidity"
"Statistics don't lie, but liars use statistics"
The way housing and income statistics are used is fucking disgusting. In 2022 the median household income was 76k, median individual income was 40k, median individual fulltime work income was 56k... 85% of us citizens made less than 100k. How does it take 200+k a year to make it? It doesnt... average house costs in 2022 were above 400k i believe...... but around 52% of counties in the united states had a median house cost of less than 100k, and another 30% have a median price between 100 and 350k. That means in half the counties half the houses cost less than $100,000.00!!!!! And in 82% of counties 50% of houses cost less than 350k.
He might be a rich streamer boi but I love how in touch Asmon is with pricing of everyday goods and services.
Yup, was bad with my money but i never had debt and was doing fine, until my car took a shit.
Didnt have 2000 to get a new one so had to borrow, and then when all i could afford to BORROW was a 2k car, i got hit with every fucking car problem to where it was costing me even more money. I eventually NEEDED to keep a balance on my credit card just to get gas to get to work - and THAT flipped my mindset from "how much cash do i have available" to "whats my credit limit"
Very dangerous
180 thousand yearly already taxed not considering property taxes is clearly a comfortable living wage. 90 thousand for singles.
REAL ADVICE to the guy that asked about buying your own house. Wherever you are working. Ensure you have a 401k set up. If the company matches anything. Match that % if you can. If not, Still get a 401k. Hopefully you already have done this. When you go to buy a home. Look into an FHA Loan. (First time home buyers). Much lower credit requirements. Preset low interest rate. But does require a little down. If you have a 401k at all. You can withdraw for a down payment for a home. Without additional penalties. It's one of the things allowed. If more people did these 2 things. You'd find out how it's more attainable to get a home than you may think. Especially of course if you have a partner and 2 incomes. But seriously consider these two things. This can be done even at low income. And make sure to get a home for what you can afford. Don't just go for whatever the max amount you qualify for. That's a big mistake some people make.
withdrawl from your 401k early is stupid. Just take a low interest loan against your 401k for a down payment. You're welcome
@@CarsonSmith93that’s what I did. It was like 7% to pull against myself, heard now it’s more like 9%, but at least it’s going back into your 401k.
dont take from your 401k thats stupid.
Unless you live in one of the big hellholes in this country, you can live very comfortably on about $50k, the kinds of insane numbers journos spew out only shows the absolute state of either their spending habits or how disconnected they are from the average person
Big hellholes, like the middle of Arkansas or bumfuck north dakota? Pretty sure you can make less there
@@crini413 50k per adult is very comfortable for Kansas' biggest city. Ofc stuff is more difficult if you're a single parent, or have a ton of kids, or otherwise outside the normal, nuclear family
@@crini413 my point is clearly about a very comfortable income, not that it can't go below that and still be survivable in places
I make 50k and live comfortably. My stock portfolio ranges up or down a few thousand dollars a day and I don't bat an eye.
You can get away with less than that. My gross is in the mid 30s and if I didn't buy my car new, I could comfortably live on that, and I'm in a decent Ohio suburb.
My grandpa worked a working wage in Milwaukee. Bought a house. Had 5 kids. A stay at home wife. Was able to buy a house and vacation 3 times a year. Me and my wife both work make 110k a year. Live paycheck to paycheck. Will never own shit. And can barely afford kids. I stoped paying taxes bc the government doesn't work for us anymore. An illegal alien. Which i can't even say anymore bc we don't have free speech can come in with nothing and live better than us off the government and contribute nothing. This shit has to to stop. Its fucking ridiculous. But it won't stop until the 1% owns and controls the 99% slave class.
Great vid man, and the ending was absolutely hilarious 😂
Maybe Americans need to stop the tradition of leaving their parents house as soon as possible.
It is a relatively new phenomenon. I think more of them are actually staying with their parents as late as their early thirties though.
As a south-american, i concur. My life would've been substantially worse if i moved put at 18 y.o
You act like all Americans have that choice lol
Or the tradition of putting everything on their credit card and then paying 20% interest
I'm anticipating helping my child after they hit 18. May allow them to stay longer to help them get on their feet.
There are tons of people who will never be financially secure because of their addictions, you have to look at the rise of addictions and factor that into these numbers
And how many addictions are caused by these problems. Vicious circle.
Is rent really necessary though? I mean people quote it as a need, but what if you and your friends just share a single-person apartment by living in it alone one week, then couch surfing while the other people are using it? That way you get a place to live one week out of a month, rent is split equally, and you just live with friends or family (or in your car) the rest of the time. Being single is pretty freeing, but people waste their money on things you don't actually need when you're single, like a permanent place to live. Back in Ye Olde Days(TM) the community built somebody a house only when they got married. If you wanted your own house without getting married you had to build it yourself.
Come to think of it, why doesn't the government just hand married people a brand new house instead of making them buy one? Put a tax on these megacorps buying up houses that for every set number of houses they buy they have to give one of them for free to the gvmt. gvmt then turns around and it gives it for free to a newlywed couple. In divorce the house goes back to the gvmt for repairs and to be given to a new couple.
Avg household income in my city is $29k. You'd simply have to move to find a job where you can achieve economic mobility, but we don't make enough money here to relocate ANYWHERE.
Yeah I don’t know where 233k came from. Did they just poll people in the heart of San Fransisco? Did they take the average over major cities? My family of four lives comfortably on 150k, we have no debt other than the house, I contribute to my 401k the max, and we save on top of that every month.
I mean if you just ask someone how much money they'd want to earn to be comfortable they would probably give a fairly high number. This is a very different question than 'what is the absolute minimum you'd need to make to be comfortable'
Yeah in the Midwest you could live on half very easily
We made 300k last year but that goes to all supplies and materials to generate the money. We spent 250-280k for that and we have to pay local taxes+health insurance+labors. We take home -20k after tax
The government in the UK need to do this same study, I'd like to hope it would make them realise how bad poverty is really effecting the general public
Our government doesn't have time to do studies like this. They're too busy working on bringing a million new people a year to the country. No time to do anything else.
@Aethelhald what do you mean bringing new people......they have been there all along! In fact they are the rightful indigenous people. Everyone knows black Indians ruled England before white women came and made all the white men stop killing. Duh! Don't you watch the BBC?
The current UK government won't do that because they don't care about poverty. I remember back in the early 2010s when they literally changed the government definition of poverty so that they could claim poverty had fallen.
Rishi "let them die" Sunak does not care about the British general population, he is more focused on pocketing as much dosh as possible before he is kicked out.
@@GalianMode Unfortunately that is a bi-partisan issue that a lot of politicians do; They only care about how much money they can extract from the systems in place before they're found out and removed.
Another issue in the U.S. is a MASSIVELY warped perspective and feeling of entitlement fueled by social media. A lot of younger Americans feel like they should be able to live the carefully manicured lives they see on Instagram. Sorry, no. Vacationing to exotic locations at will, driving a 100k+ car, fine dining, and wearing brands from Rodeo Drive has never been possible for 90% of people. Purchasing a home, a car, saving for children's education, a bit for retirement, and a family vacation every couple of years has been the goal for most people for nearly 100 years.
That's why I ignore people who bitch about how 'hard' it is to get by when its almost certain that they're spending far more money than they need to on stupid shit, running up their student loans, etc. And its not just U.S., a lot of places fall victim to that mentality. Just here it tends to have more consequences. Oh well. Play stupid games, win stupid prizes.
There's a lot of people out there that don't understand money and numbers. I had a friend that got a $10k payout from insurance, and he blew it all in a matter of 2 and half months. He didn't have any expenses or debts to cover either. He just bought that much beer.
Ok, but hear me out. Because of inflation, he didn't buy as much beer with that money as he could have.
Maybe if his dollars had more value he'd have more left over to spend on other things he doesn't need as well.
Sure, plenty of people are just blowing their money, but the rest of us that aren't are still feel like we are constantly being asked more and more to make more financial compromises. More than we are comfortable with.
I want to vacation and buy nice things too! But I can't because my monthly grocery expenses are twice what they used to be!
@@headkicked Oh, I know his situation isn't an explanation for everyone, but I feel like a lot of people bump into the problems outlined in this video because they have various degrees of his bad habits. I don't have a very career-focused lifestyle, but I do manage my finances obsessively. Everything I buy I look at in terms of how many hours it takes to work for the cost, and then reoccurring expenses are always considered in terms of how much income/outcome I'm having per month. I don't get the sense that people look at their finances in those terms very often, and it ends up being where you nickle and dime yourself into living paycheck to paycheck.
I make a good deal of money for myself and my needs, but it's only moderately above minimum wages for my area. I bought myself a home on an income that was less than 2x minimum wage, so if I had a girlfriend/wife, it would have been entirely possible to buy what I did while being on the bottom rung.
All of these problems can be correctly managed if you do it right, and not be my roommate
Beginnings of a checklist list to live without your parents (please feel free to add on):
-Rent/Mortgage
-Renter’s/Mortgage insurance
-Car payment
-Car Insurance
-Car registration (inflated EV fees)
-inflated Gasoline/Diesel prices
-Natural gas (heating/cooking)
-Electric bill
-Water bill
-Garbage/solid waste bill
-Medical insurance
-Medicines
-Dental insurance
-Inflated food prices
-Required Vitamins/supplements
-Professional clothing/wardrobe
-Loans/Credit Cards
Married additions:
-Children’s clothing
-Stay-at-home wife’s shopping
-Vacations
-Children’s activities/sports
To be continued…
I was looking into those micro pc's may order A few for Data sharing and selling unused Data !
I got charged a monthly maintenance fee on an online only account that was advertised to have no maintenance charges. It over drafted my account, they charged me three times for overdraft fees and late charges for not paying the overdraft fees. I had $3 in my account before spring break and figured id sit at the house and wait for the school check to come in when next semester starts. I look at my account 2 weeks later and have nearly $300 worth of charges and THEN they closed my account and said if I didn't pay they would send it to a creditor. It's been nearly 10 years and neither Bank of America or any creditor has seen shit from me, fuck em. The whole system is fucked man.
This is the type of stuff that makes you want to send personalize mail packages lol
It's not that people just need to get paid more, it's that living expenses are too damn expensive.
Nobody is forced to live someplace where the subjective lifestyle is expensive, that is a choice.
@@bob-backwardsso whats the solution, get a remote job in a high paying area and mooch off the lower cost of living areas while you can?
Cause if you move to a less expensive place, most times you're gonna also be earning less. Sure it is a lot easier to find a 100k+ job in Manhattan than in Kansas City but its also a lot more expensive to live in the Manhattan metro area than the Kansas City metro area.
Same issue exists even if you move to another less expensive cost of living country.
@@ibEscartian Your argument is just a strawman analogy, the pay is relative to the local cost of living, nobody forces you to live in manhattan when you can get the same job and bigger house for less pay in say Indianapolis.