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Six-figure income and they can't make ends meet


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14 replies to this topic

#1 hegemony

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Posted 14 July 2017 - 03:16 PM

http://www.cnbc.com/...ix-figures.html


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#2 Zobelle

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Posted 14 July 2017 - 04:22 PM

Mo money mo problems.
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#3 cv91915

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Posted 14 July 2017 - 07:14 PM

According to this site, $100,000 in annual income puts you in the 96th percentile.

 

http://whatsmypercen...m?income=100000

 

Doesn't say if this is individual or household. 

 

96th percentile seems high, especially for HHI.


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#4 hegemony

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Posted 14 July 2017 - 07:44 PM

According to this site, $100,000 in annual income puts you in the 96th percentile.

 

http://whatsmypercen...m?income=100000

 

Doesn't say if this is individual or household. 

 

96th percentile seems high, especially for HHI.

that site needs more significant figures to make it interesting.


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#5 cv91915

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Posted 14 July 2017 - 07:56 PM

$100,000 is in the 73rd percentile according to this one.

 

https://dqydj.com/ho...ile-calculator/


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#6 hegemony

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Posted 14 July 2017 - 07:58 PM

$100,000 is in the 73rd percentile according to this one.

 

https://dqydj.com/ho...ile-calculator/

9999999

 

 

and

 

999999999999

 

are the same according to that site.


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#7 Burgerwars

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Posted 15 July 2017 - 05:40 PM

$125,000 total income between both spouses, three kids and a home in Chevy Chase, MD isn't much. This isn't even news. Try the same income in San Francisco for a single person renting an apartment there. You might still need public assistance just to make ends meet.

Edited by Burgerwars, 15 July 2017 - 05:41 PM.

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#8 Daddy

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Posted 15 July 2017 - 11:09 PM

I never understood why parents feel it is their obligation to pay for their children's college, even when they clearly cannot afford it. Why sabotage your retirement for your kids' college? It makes no sense.

 

I have a friend. Her daughter chose to go to a school that costs $60,000/yr just to become a teacher making around $60,000. So the parents are always broke trying to help pay for her college expenses. She could have gone to the local community college for $3000/yr then transferred to a $20,000/yr public school. But no, she is forcing her parents to struggle to help her. When the mom brought up her concerns, the daughter just shrugged it off. I would have just made her figure out on her own what to do.


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#9 Zobelle

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Posted 16 July 2017 - 11:03 AM

I never understood why parents feel it is their obligation to pay for their children's college, even when they clearly cannot afford it. Why sabotage your retirement for your kids' college? It makes no sense.
 
I have a friend. Her daughter chose to go to a school that costs $60,000/yr just to become a teacher making around $60,000. So the parents are always broke trying to help pay for her college expenses. She could have gone to the local community college for $3000/yr then transferred to a $20,000/yr public school. But no, she is forcing her parents to struggle to help her. When the mom brought up her concerns, the daughter just shrugged it off. I would have just made her figure out on her own what to do.


The world needs ditch diggers too.

I came up with a rule for the wife and I once we get there: We'll match 50% of whatever scholarships they're able to acquire. If a scholarship drops them due to bad grades, so does our contribution.

In the end if they drop out and end up working at In'n'Out it'll still come out cheaper for us to have them stay at home than paying for college. What they do with their adult life is on them.

I didn't go to college and I did (and still am doing) just fine.
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#10 DollarDog

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Posted 16 July 2017 - 01:37 PM

I never understood why parents feel it is their obligation to pay for their children's college, even when they clearly cannot afford it. Why sabotage your retirement for your kids' college? It makes no sense.

 

I have a friend. Her daughter chose to go to a school that costs $60,000/yr just to become a teacher making around $60,000. So the parents are always broke trying to help pay for her college expenses. She could have gone to the local community college for $3000/yr then transferred to a $20,000/yr public school. But no, she is forcing her parents to struggle to help her. When the mom brought up her concerns, the daughter just shrugged it off. I would have just made her figure out on her own what to do.

Are you still maxing out the 529 plans for your 3 children?


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#11 Daddy

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Posted 16 July 2017 - 02:35 PM

 

I never understood why parents feel it is their obligation to pay for their children's college, even when they clearly cannot afford it. Why sabotage your retirement for your kids' college? It makes no sense.

 

I have a friend. Her daughter chose to go to a school that costs $60,000/yr just to become a teacher making around $60,000. So the parents are always broke trying to help pay for her college expenses. She could have gone to the local community college for $3000/yr then transferred to a $20,000/yr public school. But no, she is forcing her parents to struggle to help her. When the mom brought up her concerns, the daughter just shrugged it off. I would have just made her figure out on her own what to do.

Are you still maxing out the 529 plans for your 3 children?

 

 

Never did. $0 balances on them all.


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#12 DollarDog

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Posted 16 July 2017 - 02:41 PM

 

 

I never understood why parents feel it is their obligation to pay for their children's college, even when they clearly cannot afford it. Why sabotage your retirement for your kids' college? It makes no sense.

 

I have a friend. Her daughter chose to go to a school that costs $60,000/yr just to become a teacher making around $60,000. So the parents are always broke trying to help pay for her college expenses. She could have gone to the local community college for $3000/yr then transferred to a $20,000/yr public school. But no, she is forcing her parents to struggle to help her. When the mom brought up her concerns, the daughter just shrugged it off. I would have just made her figure out on her own what to do.

Are you still maxing out the 529 plans for your 3 children?

 

 

Never did. $0 balances on them all.

 

https://creditboards...opic=582044&hl=


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#13 Daddy

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Posted 16 July 2017 - 03:34 PM

That was the plan. But I changed my mind. Are you ok with that?


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#14 Daddy

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Posted 16 July 2017 - 03:39 PM

Besides, the plan was never to "max" them out anyway. I had very small amounts planned until I decided to use that money for other things.


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#15 hegemony

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Posted 16 July 2017 - 03:44 PM

 I don't understand why people think they need to leave kids tons of money when they die. My conspiracy theory is that advisors push this because it means more fees overtime for them. I can see leaving kids some money or better some legacy items, house, or land; but the notion you should only use 4% a year to avoid touching your principle in retirement because you want to leave the principle to your kids is silly.


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