• Potatos_are_not_friends@lemmy.world
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    1 year ago

    I finally got a job that broke six figures.

    Housing boom made houses twice as expensive in five years. Monthly grocery bill doubled. Renting doubled. Cost of cars doubled. Every day expenses doubled.

        • Beelzebro@lemm.ee
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          1 year ago

          This is so infuriatingly disingenuous that I’m having trouble putting into words an intelligent response.

          I would need to triple my income to approach 6 figures. Making that much money may not fundamentally change the way I live my life but it would almost entirely remove my primary stressors. I could afford actual healthcare, I wouldn’t have to worry about whether or not my landlord is going to raise my rent to a point where I can no longer afford my home. I could actually save money so that if/when something happens to me I’m not completely fucked over night

            • TyrionsNose@lemmy.world
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              1 year ago

              I get what you’re saying. The money from $60k to $100k just goes into the things you should be able to afford at $60k.

              At $100k you can afford to contribute to your 401k, start a small contribution towards your children’s college fund, pay random bills, afford a Toyota Camry instead of a Corolla, moderate vacations, etc.

              I had the same experience and it was humbling. But you also slowly forget exactly how tough it was looking at your bank account and knowing there was a bill not getting paid that month.

          • earthshatter@discuss.online
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            1 year ago

            You’d only be able to afford it for a little while until literally every industry raised prices overnight, jacking up inflation to the degree that normal people once again would struggle to put food on the table.

            We need price control laws and high minimum wage laws to boost up the common man’s buying power so that can’t happen.

        • mrnotoriousman@kbin.social
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          1 year ago

          As someone who had a lot of money, spent time homeless, got fucked by COVID, and am now back in a comfortable place making 6 figures - your comment is way out of touch man.

    • dill@lemmy.one
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      1 year ago

      I knew we were fucked when the same happened to me and I still can’t afford a home.

    • Monkey With A Shell@lemmy.socdojo.com
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      1 year ago

      I have a house that was bought back when I made around 35K in 2006 and they where giving out loans to everyone, so nothing great by any means. Had someone come by and ask to buy it earlier this year now that I’ve gotten to a decent career class job and I had to tell them no. Like, have you looked at the price of things lately? My payment is less than most single bedroom appartments these days, no way I’m giving that up to someone. It’s an ugly mess, but at least it’s my ugly mess.

      • aircooledJenkins@lemmy.world
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        1 year ago

        I tell those companies I’ll accept their offer if I have 3x the home’s value in my pocket at the end of the process.

        They don’t call back.

      • Apathy Tree@lemmy.dbzer0.com
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        1 year ago

        This is essentially where I’m at, too, except bought in 2013 so probably slightly less good price.

        I can’t afford to do the fix up work on it properly, so it’s slowly crumbling, but I can’t really afford to move either because this place was on the low end when I bought it and hasn’t improved 😜. I literally can’t find housing for myself and 3 cats for the $550/mth I pay now. Even with my place being worth 3x what I paid for it, I’d end up in a worse or (at best) equivalent place for the same price. May as well just stick with the skeletons I know.

    • kaitco@lemmy.world
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      1 year ago

      Honestly, you need to make 6 figures to just not be “poor” these days. Very annoying, considering how quickly things changed over the last decade.

    • June@lemm.ee
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      1 year ago

      Yep, pulling in 110k this year after bonus at my job and I’m having to DoorDash to get just a bit of breathing room.

      $3350 mortgage eats more than half my take home. The rest goes to debt (took out a loan to fix a couple things on the house last year, and student loans coming back now), caring for my aging dog, food, bills, maxed 401k that I’m considering dropping for a while, and a little bit for free spending so I can go on a date or two or out with friends. Even with this mortgage payment this would have been easy on just my salary even 3 years ago (it was easy af with dual income at the time). But the way costs have increased are making me feel broke in a way I haven’t felt in a long-ass time. I always thought that if I could make it to six figures I’d be properly wealthy, but I’m not. I’m barely comfortable.

        • June@lemm.ee
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          1 year ago

          I’m just breaking even on the house. I bought at peak like a genius.

          There’s also no way I could possibly buy again if I let this place go, not to mention it’s a starter home already, there’s nothing in my area that would ne cheaper short of going back to renting. I’d rather feel the squeeze and keep the investment.

          Re lifestyle, that’s the number one thing I’ve been working on and have clawed back probably a grand a month there since breaking up with my wife and going down to single income. I drove a 10 year old car that I own outright (managed to get my wife to take the newer car that still had payments which she luckily can afford), shop Winco for nearly everything except a few staples that Costco saves me money on and coupon anywhere else, and have one streaming service.

          I still let myself go out to with friends occasionally and engage in my long standing hobby, though to a much lesser degree, but I’m getting better and better at saying no to superfluous stuff. After a decade of being pretty comfortable it’s an adjustment to make that I’m giving myself some grace on, though I recognize that my ability to even do that is privilege. My #1 financial goal right now is to start spending under my budget rather than up to it, and I’ve got some units that are proving hard to break, namely having food in the house that I can make and eat even on those days where my executive dysfunction is making everything impossible.

        • June@lemm.ee
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          1 year ago

          Puget Sound area, a bit north of Seattle.

          For a home purchased in the last 3 years, I got a pretty good deal. The floor on rent for a shitty one bed apartment in my city is $1200/month.

          It’s also worth noting that the $3350 is my PITI. My strict mortgage is $2875, the rest is property tax to escrow and mortgage insurance.

        • RaoulDook@lemmy.world
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          1 year ago

          I pay less than 1/3 of that for my mortgage on a bigger house with a large yard. But we did close on it at a much better time last decade, and it’s about twice as valuable now. I would never consider something so ridiculously expensive that the mortgage could be 3k/mo.

          Fortunately for my wallet, I don’t like big city life and the rural real estate is much cheaper.

        • SCB@lemmy.world
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          1 year ago

          He lives in a $600,000 house. Probably more.

          Edit: he says it’s a $560k house lol

      • A_Toasty_Strudel@lemmy.world
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        1 year ago

        Jeez. I can’t fathom what kind of home you must be in to be paying $3350 in a mortgage. Genuine question, have you ever been like, actually poor? I do find it hard to believe anyone willing or even able to pay a mortgage like that could possibly live a life anyone would call barely comfortable.

        • June@lemm.ee
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          1 year ago

          1000 sq ft starter home rambler in the seattle region. It’s nothing special and it was downright cheap at $560k. Was still dual income and mostly comfortable when we bought the house. We broke up and I had the income to keep the house, so I am. The equity isn’t there yet so I’m making a play to keep it for 10-15 years before I sell and we split the sale based on an agreement we signed when we broke up (very amicable breakup).

          Yea, I grew up dirt poor with many dinners being noodles with butter, I never once had to pay for lunch at school because assistance programs, I never did extra curriculars because we couldn’t afford the materials, every Christmas was nothing or donations, I lived in houses where I could literally see outside through gaps in the walls, and the only reason I experienced a vacation before I was 30 was because my step-dad was negligently killed by a rich guy and we got a settlement that my mom blew on a 6 week vacation to Orlando when I was 14 and then put some money down on a house when she could have bought it outright instead. But I clawed my way out by going to college and getting pretty lucky along the way. 10 years ago I got my first job out of college making $13.75/hour, and have doubled my income twice since then, largely by the luck of knowing some good people, and my current job by the luck of being found on LinkedIn due to having a weird confluence of experience.

          A big part of how I got into the house is that my ex-wife has rich family and they gifted us a pretty big chunk of change that got us to our downpayment. Still had to take $520k out on the mortgage, and another $20k to make some needed repairs once we were in (debt I’m taking on too).

          I couldn tighten the belt in a few areas, namely my free spending which I limit to $400/month. But that already goes fast if I want to actually do anything and keep myself from falling into a pit by never leaving the house. I also use that money for helping my partner out. Otherwise I’ve cancelled all my streaming services save for Disney plus which is still a good deal, I’ve dumped my insurance to the lowest I can go, I pay $15/month for my cellphone, I’ve stopped buying name brand for nearly everything, and I’ve had to stop any real charitable giving. There is some saving that goes on in there like putting $50/month aside for my car expenses, so as long as nothing major comes up I’m covered, and $100/month toward ‘medical’ which really just pays for my therapy.

          None of this is to garner pity, I know I’m in a better position than most people, not to mention much better off than I ever dreamed I could achieve as a kid growing up, and I’m extremely grateful for that. i don’t have any bills I have to choose between, and I never have to wonder if I have food to eat tonight. And I have enough saved (from my bonus) that I’ve got a few months to figure things out if I lost my job today or if a big repair comes up (like my water main breaking back in January), but not enough to replace my fence that fell down last winter. I just always thought that making it to six figures would mean a lot more than it does. I make ends meet and anything extra I make from here is gravy.

            • June@lemm.ee
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              1 year ago

              Unbelievably huge win. We’re still close friends and I expect that to stay that way. We didn’t break up due to lack of love, but due to incompatibility after we changed dramatically since marrying. We still love each other, but the Beatles were wrong, it’s not all you need.

        • greensage@lib.lgbt
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          1 year ago

          My mortgage is around that for Austin, TX (barely in the city for a tiny home) and that is when the rates were good. So, they probably just live somewhere that’s a bit popular.

          • June@lemm.ee
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            1 year ago

            25-90 minutes north of Seattle depending on traffic. So yea, it’s an expensive area to live in.

              • June@lemm.ee
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                1 year ago

                Yep. But this area is home, so as long as I can make it work, I will.

        • Tenthrow@lemmy.worldM
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          1 year ago

          It all depends on where you live, but the prices are insane everywhere now. I bought my house 5 years ago and the estimates indicate that is now worth double what I paid for it. DOUBLE. And it’s not because I live in some super hot area, the prices have gone up like that almost everywhere in the entire area in and around the city. I could not have afforded this house If I were buying today, and that is with a significantly higher income than when I bought it.

        • SeducingCamel@lemm.ee
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          1 year ago

          Trailers are 300k here in Colorado, at least where I’m at with jobs. If you want an actual house it’s 450-600k

          My childhood home with 3 bedrooms and a finished basement was like 130k and that was purchases in the 2000s

      • HubertManne@kbin.social
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        1 year ago

        I doubt your maxing your 401k. I assume you mean the amount needed to get maximum match from your employer?

        • plutus@lemm.ee
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          1 year ago

          Pre-tax 401k contribution limit is $22,500 in 2023. Plenty of people are able to contribute up to that limit.

          • HubertManne@kbin.social
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            1 year ago

            Must be nice. I maxed ira in the past but this is beyond me barring winning the lottery. Of course then I would likely not have a 401k.

    • ohlaph@lemmy.world
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      1 year ago

      Same here. Feels like I’m making the same, but my mortgage is huge now. Sucks.

    • Dadifer@lemmy.world
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      1 year ago

      My partner and I make over $300k, and we’re struggling to buy a 4-bedroom house on the outskirts of Orlando, FL.

      • glomag@kbin.social
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        1 year ago

        As someone who lives in Florida I’ve got to ask, how? When thinking about finances and investments I often feel like I’m in my own bubble and I don’t understand other peoples’ situations, motivations, etc. So I’m genuinely curious. 4-bedroom houses near Orlando can be found in the mid 300s. With your income you should be able to pay in cash after saving for just one or two years (depending on how much savings you’re starting out with). Even if you wanted something more expensive, are mortgages that difficult to get approved even for someone with such a high income?

      • Apathy Tree@lemmy.dbzer0.com
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        1 year ago

        You probably don’t want to buy a house there, anyway, what with all the insurance companies pulling out of the state.

        Your rates are going to be sky high, assuming you can even get insured, which isn’t remotely a guarantee anymore.

      • SCB@lemmy.world
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        1 year ago

        Sell your house and move slightly further out of Orlando.

        Or don’t have a family size of 7+ and try to live in a city while expecting every kid to have their own room.

    • HubertManne@kbin.social
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      1 year ago

      Its nice to see someone else mention the doubling. There are news things about gas being expensive but its cheap relative to everything else. People better be ready for eight bucks a gallone once it rights itself. Inflation would suggest 30% odd increase but for what you have to buy its 100% over 2020 prices.

      • afraid_of_zombies@lemmy.world
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        1 year ago

        Don’t worry urban planners are making driving more difficult instead of mass transit easier. That way when gas prices double the entire lowest tier of the workforce won’t be able to afford to work. “No one wants to work anymore”