User Panel
User Panel
User Panel
CA, USA
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Posted: 6/27/2024 11:10:49 AM EDT
About one in three Americans making six-figure salaries are worried about paying their bills, according to a new survey from the Federal Reserve Bank of Philadelphia. The survey finds a notable increase over the past year of consumers making $100,000 a year or more who are concerned about making ends meet over the next 12 months. A significant share of wealthier Americans are coping with financial pressure by cutting spending, including dialing back restaurant visits and entertainment. The findings underscore how years of high inflation and elevated borrowing costs continue to squeeze consumers’ budgets — even for those at the higher end of the income spectrum. Nearly a third (30.8%) of consumers making between $100,000 and $149,999 a year are concerned about making ends meet in the next six months, according to the Philly Fed survey, which was fielded from March 22 to April 6. https://www.cnn.com/2024/06/26/economy/wealthy-economy-inflation/index.html |
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Posted: 6/27/2024 11:12:06 AM EDT
[Last Edit: rod727]
[#1]
Love to see a breakdown of expenses
1. Large home 2. New his & her SUVs 3. Restaurant/door/dash/food 4. Vacations Etc… |
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AR, USA
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Posted: 6/27/2024 11:13:23 AM EDT
[#2]
If they're worried about bills they aren't wealthy. The headline should be inflation has made hardworking middle class Americans poor.
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Posted: 6/27/2024 11:14:05 AM EDT
[Last Edit: scopedope]
[#3]
We don’t worry about paying bills, but there is a noticeable difference in expendable income. We find we are deferring stuff for longer. Repair rather than replacing. We eat out much less than we used too.
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Posted: 6/27/2024 11:18:29 AM EDT
[#4]
$100,000 isn't what it used to be. Especially in some parts of the country. I just used this inflation calculator.
2020 $100,000 2024 $121,350.72 |
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Posted: 6/27/2024 11:19:40 AM EDT
[#5]
$100k is barely working class
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Posted: 6/27/2024 11:20:30 AM EDT
[Last Edit: Boom_Stick]
[#6]
Yesterday I bought some cheese and crackers, 6 apples, 5 Oranges, a 4# bag of cherries and some unpitted dates.
50 fuckin dollars  We're upper middle but still, thats crazy. |
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Posted: 6/27/2024 11:21:46 AM EDT
[Last Edit: shaggy]
[#7]
Originally Posted By jackthom8: Nearly a third (30.8%) of consumers making between $100,000 and $149,999 a year are concerned about making ends meet in the next six months, according to the Philly Fed survey, which was fielded from March 22 to April 6. That isn't wealthy. Thats middle class and heading lower thanks to bidenflation. |
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FL, USA
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Posted: 6/27/2024 11:22:00 AM EDT
[Last Edit: Pallas]
[#8]
Lifestyle Inflation is a real term.
I know plenty of people who make six figures who are in debt up to their eyeballs. Making six figures and leading a six figure lifestyle, there is a line between the two, and you want to be careful crossing it. Some people want to impress others or themselves (or they lack self control) with dining out, drinking out, buying shit, it adds up. Racking up multiple loans thinking you are going to keep making that money works, until things go sideways. |
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Posted: 6/27/2024 11:22:14 AM EDT
[#9]
Not here in GD they are even fine with Biden in office
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Posted: 6/27/2024 11:27:16 AM EDT
[#10]
Must be the 3rd that wasn't able to learn the lessons we learned in the 90s, 2008, and 2020. Hopefully they get their corrections made.
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NC, USA
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Posted: 6/27/2024 11:31:40 AM EDT
[#11]
Quote HistoryOriginally Posted By rod727: Love to see a breakdown of expenses 1. Large home 2. New his & her SUVs 3. Restaurant/door/dash/food 4. Vacations Etc… Boat, second home |
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Posted: 6/27/2024 11:33:26 AM EDT
[#12]
Spend too much, just like .gov does
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Posted: 6/27/2024 11:34:47 AM EDT
[#13]
$100,000 is not wealthy. Especially if you're supporting a family. And it's not as if inflation hitting those with somewhat higher incomes just started.
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Posted: 6/27/2024 11:35:08 AM EDT
[#14]
I wouldn't call anyone "struggling" to pay their bills wealthy.
They're just high income idiots spending it as fast as they make it. |
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Posted: 6/27/2024 11:35:11 AM EDT
[#15]
100k really ain’t “wealthy” anymore. Pretty sure it’s considered lower middle class and is trending towards the lower class. The federal reserve system and fiat currency will do that to you.
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Posted: 6/27/2024 11:36:30 AM EDT
[#16]
Quote HistoryOriginally Posted By wakeboarder: $100k is barely working class I like to pretend there is a wakeboarder signal just like Batman has. |
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Posted: 6/27/2024 11:37:51 AM EDT
[#17]
Most people build their lifestyle up to their means so when the underlying fundamentals of what things costs changes even a little bit it can cause financial distress.
It's that simple. It can happen to people at any level of wealth if they push things right up to the limit. I know a particular guy right now who is worth $70 million and is squealing to his accountant about how he's worried about affording his upcoming retirement. He's been the type of rich guy to spend every free dime he makes. Almost every dollar to his name is tied up in his real estate and his company so it's not like he can just stroke big checks at will despite the high net worth. It's obviously a solvable problem but it will require him to, god forbid, LOWER HIS EXPECTATIONS, which is ultimately what a lot of the people who are being described in this article are going to have to do. I don't care how much you make. It always stings to take what feels like a step backwards. People are always going to howl about it. |
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USA
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Posted: 6/27/2024 11:37:53 AM EDT
[#18]
Quote HistoryOriginally Posted By OBXT: $100,000 isn't what it used to be. Especially in some parts of the country. I just used this inflation calculator. 2020 $100,000 2024 $121,350.72 That, and $100K in LA or DC is somewhat different than $100K in Decatur, IL… |
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Posted: 6/27/2024 11:38:34 AM EDT
[#19]
Wife and I are making more money than we ever have. Doesn’t feel that way at all.
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Posted: 6/27/2024 11:39:25 AM EDT
[#20]
This is another avocado toast thread, isn't it?
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Posted: 6/27/2024 11:40:06 AM EDT
[#21]
We are "well off" in my mind. Been retired for over fifteen years. We haven't changed much due to "price pressures" but I do see a normal "chicken fried steak lunch" busting through $16 here and it IS frustrating. We don't eat out much but that "price" is just too much squeeze for the juice. Thro in bad service, smaller portions and there you have it. Bidenflation.
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Posted: 6/27/2024 11:40:36 AM EDT
[#22]
Now that I'm paying for their college loans I thought they'd be doing better.
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GA, USA
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Posted: 6/27/2024 11:41:38 AM EDT
[#23]
Quote HistoryOriginally Posted By Waldo: I wouldn't call anyone "struggling" to pay their bills wealthy. They're just high income idiots spending it as fast as they make it. They are just broke at a higher level. I know of a few like that, one makes over $500K/yr but is constantly on the verge of bankruptcy. Even still they spend money like they print it, jetting all over on mini vacations a couple of times each month staying in 5 star resorts like they are celebrities then have arguments if the bananas spoil. |
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Posted: 6/27/2024 11:42:41 AM EDT
[#24]
Quote HistoryOriginally Posted By rod727: Love to see a breakdown of expenses 1. Large home 2. New his & her SUVs 3. Restaurant/door/dash/food 4. Vacations Etc… BUT MUH TOAST |
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SGP
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Posted: 6/27/2024 11:42:59 AM EDT
[#25]
Quote HistoryOriginally Posted By OBXT: $100,000 isn't what it used to be. Especially in some parts of the country. I just used this inflation calculator. 2020 $100,000 2024 $121,350.72 |
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Posted: 6/27/2024 11:43:11 AM EDT
[Last Edit: The_Master_Shake]
[#26]
I was making around $100k a year and living paycheck to paycheck in a very HCOL market. This was many years ago before Biden decided destroy our economy.
100k annually minus taxes, medical, and an amount set aside for your 401k match leaves you with a little over ~$2000-ish a paycheck Rent in a HCOL market can be anywhere from ~$2,000 to $3,000 a month, so that leaves you with ~2K left for food, insurance, utilities, car note, and any other bills which pops up. |
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Posted: 6/27/2024 11:43:39 AM EDT
[#27]
Quote HistoryOriginally Posted By stk016: Wife and I are making more money than we ever have. Doesn’t feel that way at all. This is where I am. Well made more in covid, but my base pay is the highest it has ever been. Inflation is another form of wealth theft. |
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Posted: 6/27/2024 11:46:47 AM EDT
[#28]
Quote HistoryOriginally Posted By odiedodi: Yep. Can't really bitch about them overspending, when they may have been living within their means prior. A nice car or boat payment could easily go from within their budget, to a financial strain, once they get hit with rampant inflation on essential goods. Most people don't plan for the cost of food quadrupling in a few years. Why would a smart person have a car or boat payment? |
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Posted: 6/27/2024 11:48:04 AM EDT
[#29]
Quote HistoryOriginally Posted By wakeboarder: $100k is barely working class This, I came in expecting people making 250-500k+, not 100k earners. wEaLtHy |
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TX, USA
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Posted: 6/27/2024 11:49:35 AM EDT
[#30]
Not flying First Class to PBI from DFW, the upcharge was going to be $1500 for two. That almost paid for the Airbnb. Times are definitely tough.
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IL, USA
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Posted: 6/27/2024 11:50:30 AM EDT
[#31]
It's not the high cost of living, but the cost of high living.
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MO, USA
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Posted: 6/27/2024 11:51:52 AM EDT
[#32]
Quote HistoryOriginally Posted By Mike_314: $100,000 is not wealthy. Especially if you're supporting a family. And it's not as if inflation hitting those with somewhat higher incomes just started. Nope. not even close. Puts you at about what a single $50K earner's lifestyle was about 30 years ago. That was far from fucking "wealthy" too. |
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TX, USA
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Posted: 6/27/2024 11:52:15 AM EDT
[#33]
Quote HistoryOriginally Posted By wakeboarder: Why would a smart person have a car or boat payment? Leverage? Cheaper rates than invested capital? Using other peoples money? There are a million reasons. |
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Posted: 6/27/2024 11:53:26 AM EDT
[Last Edit: buck19delta]
[#34]
Lots of “ wealthy “ people live beyond their means, or more specifically only look wealthy, because they are living beyond their means and on a good day are barely able to pay their bills.
Arfcom contractors reported for years about million Buck houses with no furniture, rotting roofs, broken ac / heat, hot tubs etc because every dime went to the mortgage with no cash left over for repairs as the owners had bought 2x the house they could reasonably afford. Except now it’s not repairs breaking the bank, it’s credit card %, food, gas cost increases, insurance of car, homes etc jumping biggly and many other things due to inflation, over regulation, millions of illegals, etc. “ Barely “ paying bills suddenly turned into “ can’t “ pay all the bills after Biden and the U.S. government fucked everything via their stupid spending / bullshit. I’m definitely not wealthy, and 7 years ago when house shopping the VA approved me for a $400,000 house loan. Now, sure, I’d have loved to have bought a sweet $400k house, well, more like a $100k house on $300 k of land / acreage, but I knew that that $400k property would have came with a $3000 house payment, high tax bill, bigger insurance payments, etc. I could have afforded it, but I’d have been flat broke just paying the reg bills with zero cash for anything else. Yet.. I’m sure many people in my exact financial situation would have bought that $400k house, or found $450-$500k houses and offered $400k, then been miserable for years / decades as they can’t afford to do anything, BUT post baller house pics on social media. Myself, I bought a $150k house, with $700 house payment, and that left decent amounts of money for other uses. Im very happy with my decision. |
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Posted: 6/27/2024 11:54:14 AM EDT
[#35]
NVG's ain't cheap... just sayin'
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Posted: 6/27/2024 11:57:28 AM EDT
[Last Edit: ICU]
[#36]
3 kids in college, two living off campus… 100,000 isnt going far for me
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CA, USA
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Posted: 6/27/2024 11:58:45 AM EDT
[#37]
Quote HistoryOriginally Posted By TinSpinner: They are just broke at a higher level. I know of a few like that, one makes over $500K/yr but is constantly on the verge of bankruptcy. Even still they spend money like they print it, jetting all over on mini vacations a couple of times each month staying in 5 star resorts like they are celebrities then have arguments if the bananas spoil. I had a boss years ago who was a rich guy but was living in a completely different world. When I showed him a Dollar Store it blew his mind, he didn't even know stuff that cheap existed before. And he was a nice guy too, can't imagine how much worse it'd be with the rich, out of touch assholes who simply can't comprehend spending less. |
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Posted: 6/27/2024 11:59:28 AM EDT
[#38]
Folks that don't have 3% mortgages might as well be renters at this point. They are getting getting absolutely pummeled. House has doubled in five years, and the interest even more so.
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Posted: 6/27/2024 12:06:07 PM EDT
[#39]
No we aren't.
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Posted: 6/27/2024 12:06:35 PM EDT
[#40]
Paycheck to paycheck isn’t wealthy no matter how much money one makes.
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Posted: 6/27/2024 12:10:05 PM EDT
[#41]
Quote HistoryOriginally Posted By scopedope: We don’t worry about paying bills, but there is a noticeable difference in expendable income. We find we are deferring stuff for longer. Repair rather than replacing. We eat out much less than we used too. |
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ID, USA
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Posted: 6/27/2024 12:13:15 PM EDT
[#42]
Quote HistoryOriginally Posted By rod727: Love to see a breakdown of expenses 1. Large home 2. New his & her SUVs 3. Restaurant/door/dash/food 4. Vacations Etc… You left out paying back (huge and multiple) college debt................. |
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USA
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Posted: 6/27/2024 12:14:50 PM EDT
[#43]
Quote HistoryOriginally Posted By rod727: Love to see a breakdown of expenses 1. Large home 2. New his & her SUVs 3. Restaurant/door/dash/food 4. Vacations Etc… This isn't wealthy. Get back to us when we're talking private airfield and 3 homes in Europe wealthy. |
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Posted: 6/27/2024 12:16:09 PM EDT
[#44]
Quote HistoryOriginally Posted By Moleonlobby: This isn't wealthy. Get back to us when we're talking private airfield and 3 homes in Europe wealthy. As someone (who I've forgotten the name of now) said, the wealthy write the checks that pay the salaries of the rich. It ain't 100k/yr folks. |
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Posted: 6/27/2024 12:26:44 PM EDT
[#45]
Stacking as many Benjamins as I can to get out of the rat race.
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SC, USA
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Posted: 6/27/2024 12:33:54 PM EDT
[#46]
My second chauffeur is chronically 10 minutes late, and I was just informed that the Monaco Marina can't accommodate my Yacht for another week. I don't know how much more of this I can take.
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Posted: 6/27/2024 12:36:18 PM EDT
[#47]
My best friend of 25 years makes about $300k a year. Last year I loaned him $5500 because he was 2 months behind on his mortgage.
16 months later and he’s paid me back about $3500, always $300-$400 at a time |
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PA, USA
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Posted: 6/27/2024 12:37:20 PM EDT
[#48]
Quote HistoryOriginally Posted By Captain92: Boat, second home lol, the article talks about people slightly above 100k, non of them have boats or second homes. they are trying to buy a first |
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Posted: 6/27/2024 12:48:18 PM EDT
[#49]
Quote HistoryOriginally Posted By The_Master_Shake: I was making around $100k a year and living paycheck to paycheck in a very HCOL market. This was many years ago before Biden decided destroy our economy. 100k annually minus taxes, medical, and an amount set aside for your 401k match leaves you with a little over ~$2000-ish a paycheck Rent in a HCOL market can be anywhere from ~$2,000 to $3,000 a month, so that leaves you with ~2K left for food, insurance, utilities, car note, and any other bills which pops up. That sounds about right for someone who chooses to live alone. |
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Posted: 6/27/2024 12:55:13 PM EDT
[#50]
I wouldn't consider myself wealthy, but we are well above median income. That being said, Since I've been driving, I have been constantly upgrading my car every 2-3 years. When I got to the point where I bought a very expensive car, I kept it longer. Well my last two cars have been escalades. Now I'm at the point where I can't replace my escalade, b/c it's just too expensive.
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