She's under-employed right now. Just graduated law school and studying for the bar exam. She's pulling in like $35K or so
Money Debate: Is 400 K per year considered middle class income by today's standards?
- Thread starter playahaitian
- Start date
Central Jersey
100k right now is like 60-75k was 10 yrs ago in NYC
Shit scary
400k after taxes you are middle class or upper middle class OUTSIDE of major American cities like NY SF DC etc ....
400k BEFORE taxes if you are a family of 4 or more then you are solid middle class OUTSIDE of major American cities -
inside of those cities you could be upper working class at max
400k is a lot of money if you are single no matter what - as a couple you are doing well .....
The median reported income in NYC is about 65k take home ...
But to rent an apt in Manhattan or Brooklyn at the current mkt rate you'd need to earn 90k at a minimum ....
Thats 90k TAKE HOME AFTER TAXES
400k BEFORE taxes if you are a family of 4 or more then you are solid middle class OUTSIDE of major American cities -
inside of those cities you could be upper working class at max
400k is a lot of money if you are single no matter what - as a couple you are doing well .....
The median reported income in NYC is about 65k take home ...
But to rent an apt in Manhattan or Brooklyn at the current mkt rate you'd need to earn 90k at a minimum ....
Thats 90k TAKE HOME AFTER TAXES
You can live nice in nyc making 400k no more than two children..
especially if you are good with money..
If you are the live above your means type.. sure you will live lovely
but them monthly bills will have you pulling your hair, teeth and nail out,
tryin to be puff daddy.
Give me $400K a year and you'll think I'm a millionaire...
Well actually you won't because I would live like I make $75K.
Well actually you won't because I would live like I make $75K.
Lets put this into perspective.
400k before taxes for 5 years equals 2 million dollars.
The median household income in the USA is 75k and it would take about 30 years for that household to reach 2 million in wages paid.
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"Speaking of wealth, Atherton’s average household income is a mind-boggling $525,324, up $74,638 since 2017, when it was last recorded by Bloomberg. Atherton isn’t the only town touting notable wealth, though. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000."
400k before taxes for 5 years equals 2 million dollars.
The median household income in the USA is 75k and it would take about 30 years for that household to reach 2 million in wages paid.
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"Speaking of wealth, Atherton’s average household income is a mind-boggling $525,324, up $74,638 since 2017, when it was last recorded by Bloomberg. Atherton isn’t the only town touting notable wealth, though. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000."
Throwbump
again because folk seem to not understand the diff- 400K AFTER YOU PAY YOUR TAXES yes you are doing rather well for your self in NYC or out side.
BUT
4000K BEFORE TAXES and youre the sole earner AND you got kids and a spouse- if youre in NYC ( or LA or SF or CHI or even DC ) and you earn 400K ( which is your statement ) you are taking home 250K AFTER TAXES ONLY ( not even counting deducting your actual living expenses, and you got kids and a spouse )
that 400k earned salery in NYC with kids and shit is not gonna go far unless of course you choose to live in a pretty shitty section of the city OR you inherited your residence or got a residence on the cheap in NYC
if you earn 400K ( which means you take home 250K ) if you got a mortgage on a piece of property in the last 10 yrs and youre living in a decent neighborhood and youre taking home 250K you can bet 50K of that money is going towards your mortgage and home expenses( those can run 20k a year (floors windows roofs electrical etc- homes have issues and it costs money to fix em or upgrade em ) ( and this is assuming you purchased something for 450 - 600/750K over a 20yr mortgage in a decent area of the city.) )
that leave you with 200K to split among the 4 of your family for everything from necessities to extracurricular items - god help you if you have older kids ( because their activities will burn a hole in your pocket ) and god REALLY help you if you dont have any real savings to pay for both of their college.
would you be middle class ? sure - in NYC ( LA, SF, DC, or the CHi JUST mid ) - you arent living Puffy style - 400K to amost the high 600K for a home in a average neighborhood in NYC is a norm - its actually really on the low side because a home in Queens usually runs about 600 to 750K
would you be upper middle class elsewhere outside of NYC ? absolutely - and you COULD maybe afford some excess
plus your spouse.? ( if they work too and if they earn what you do this makes things easier )
how ever - if you are the "pater familis" - and you are the big money earner - on a salery of 400K in NYC you are still just Mid- not upper mid not lower mid - just mid.
why ?
because youre gonna do what other people do when they earn that much money and when you earn that much money often people spend on the high end and pay on the high side for everything .....
I'm at $203k/yr in Miami - no rent, mortgage, debt. Seem like I'm at 60k
Good discussion, everyone.
2% of American HOUSEHOLDS bring in $400k+.
BGOL says it middle class.
BGOL says it middle class.
No rent, mortgage or debt but you feel like you're making 60k?
If true then you're doing something wrong or too much
2% of 200 million people is 4 million ....
and for sure most if not a majority of that 4 million are in major cities - which is what we are talking about .
MAJOR cities with a high COLA ( of which there are 4 or 5 ) not the whole of America
AND we arent talking about a house hold that keeps 400K tho- we are talking about a house that may earn 400 K but after taxes they have considerably less.
a lot of households hit 200K or 300 K if the adult couple are professional earners again IN A MAJOR CITY
- that def makes them mid.
You might be an idiot.
Im wilding on some of these perspectives....
A dude who moved to Florida from NY told me, he loved the weather, and the vibes,
but he hated the way Florida was ran as a State, he was a chef out there making,
good money.. but he said you dont realize it right away.. but Florida nickel and dimes
the Fuck out of you... fines for everything...... he had to leave an come back to NY,
when they took his car, for not paying a parking ticket. the money it was costing him
to get around with out his car, just set him on a financial spiral downward... probably
because he was still tryin to impress hoes pulling up in the most expensive ubers all the time..
that shit adds up quick... he still flyin in hoes and cant get his car out of car jail...
he was single no children, and making a little over a hundred K, back in the early aughts.
He said he hated the fact that they fine you for every little fuckin thing in florida,
Now this was Orlando, do you find Miami to be like that, or just more expensive..
I heard since covid and the influx of even MORE New Yorkers going out there paying top
dollars for housing.. Everything went up! do you find this to be true??
I can see it. Did 4 days down there for new years and the cameras tolls I got back last month were crazy. Just for riding the strip of I-4 around international down to the stadiums.
No rent, mortgage or debt but you feel like you're making 60k?
If true then you're doing something wrong or too much
I was traveling more than usual last year so there was a little bit of that.
Need to reconnect with my financial planner there is definately some opportunity to get a little tighter.
The true reason though is I invest more than 50% of my income.
This Is true, you don't need 400k to be considered middle class, It more so depends on where you live.
23 U.S. cities where you can earn $150,000 and still be considered middle class
Some of the country's highest-earning metros count household incomes of $150,000 in their middle classes.
Location matters because if you live in another country, 400k is like a million over there.
The U.S. and depending what city you live in, 400k a yr could be middle class because so much shit is high including the houses running north of 300-400k!
The U.S. and depending what city you live in, 400k a yr could be middle class because so much shit is high including the houses running north of 300-400k!
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Give me 400k and I’ll be living magnificent
Respect and that's what's up, you're financially smart and that's why it feels like 60k!
Keep enjoying like and keep up the great work Bruh!
Respect and that's what's up, you're financially smart and that's why it feels like 60k!
Keep enjoying like and keep up the great work Bruh!
Appreciate man. I was able to bounce back from my divorce 5 years ago. Thankfully after 8 years we had no kids. I'll be 40 next month, trying to remain discipline so that I can take my foot off the pedal and go autopilot year 55+
You’re on the right path so keep up the great work!
You suck at statistics
So many different goalposts in one thread
God-Of-War-420
Mr. Pool
Lmao 400k? Shiiiit that's chump change, I wipe my ass with 400k... this is bgol, everyone on here makes a million a month bare min, anyone else must have just recently joined and not taken advantage of the crypto millionaire threads and financial advice of all the titans of industry that are on this board.
I bring 400k to the strip clubs to change a hoes life bruh.
I bring 400k to the strip clubs to change a hoes life bruh.
Depends on the location and how big the household is. 400k for a single person is upper middle class in the Bay Area.
And you fuck your father but I don't hold that against you
Good perspective.
The question makes me mad! I’ve heard Biden talk about not taxing anyone making under $400k and I believe it was $250k where Obama shamefully made the Bush tax cuts permanent. I say tax all these motherfuckers!
The top 1% should be the focus:
But “just about enough” ain’t enough so you 1%-adjacent fuckers gotta pay up, too!