Yep. There's truth in statistics but the devil is in the details.
Income a family of four need to live comfortably by state in the U.S.
- Thread starter GON
- Start date
Yes, $75K is a realistic income of a household in the USA.
Pretty much everything consumers spend money on.
https://www.cnbc.com/2024/05/15/heres-the-inflation-breakdown-for-april-2024-in-one-chart.html
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2 kids. That's the killer here.Define comfortably
Were you a kid once? Just curious.....
some Fed relief right off the bottom line:
Beginning in the fiscal year 2021 (tax returns due in 2022), the Child Tax Credit under the American Rescue Plan rose from $2,000 to up to $3,000 for each qualified child over the age of six and up to $3,600 for every qualifying child under the age of six.
You are entitled to the entire credit if your income is less than $150,000 for married couples filing jointly, $75,000 for single filers, or $112,500 for head of household.
Families who are not eligible for the expanded $3,000 or $3,600 credit because their modified adjusted gross income exceeds the aforementioned modified adjusted gross income may still claim the Child Tax Credit up to $2,000 for each qualifying child under the existing tax provision.
This means individuals earning up to $200,000 or married couples filing jointly earning up to $400,000 may still be eligible.
excerpt from nationaltaxreports.com
I'm a bit sad, that credit is sunsetting for me, this is the last year I can claim something there. I wish I could say that means my kids are grown up, but now they're hitting the expensive years! college ain't cheap. Not that an extra grand or two would do much to defer that, only for the community college I guess.
What is enough to be comfortable? Well, it takes planning. It's not what you make, it's what you do with it. There will be prosperous times and there will be lean times. It seems the squirrel who puts saves some of whatever he eats for the winter has the right idea.
Just about everyone I deal with who has money issues lives their life in the short term. Scary, IMO. They have one reason after another why, "I can't" or "I have to". Like someone once said, "Blame yourself!"
Just about everyone I deal with who has money issues lives their life in the short term. Scary, IMO. They have one reason after another why, "I can't" or "I have to". Like someone once said, "Blame yourself!"
I read the Fed dependent exemption is gone is that true?
Let their hiring company pay for the advanced degree. I hope good companies still provide this. Most of my nieces and nephews got scholarships. "Free ride" for mom and dad. Smart kids!
I paid for my College/University myself - but it was only about $770 a semester - not counting books and lab fees. I would do a C.C. for sure or in combo with a trade school. I did CC and University since they were over burdened in the 70's.
My wife never worked in her field of study so 37g's out the window - other than here reportedly "awesome" campus life and experience.
Maybe that was worth 100g's !
I haven't checked all 15 pages, in case these have already been posted, so sorry if that's the case... But it sure is interesting how these numbers compare to Comfortable Living numbers...
The Living Wage For a Family of Four in All 50 States
1 Mississippi $73,381
2 Oklahoma $74,253
3 Alabama $75,724
4 Kansas $75,924
5 Arkansas $76,456
6 West Virginia $76,905
7 Missouri $77,197
8 Kentucky $77,842
9 Iowa $78,025
10 Georgia $78,448
11 Nebraska $79,007
12 Tennessee $79,054
13 Wyoming $79,879
14 Illinois $79,899
15 Indiana $80,144
16 Louisiana $80,451
17 Michigan $80,998
18 Ohio $81,006
19 Texas $81,374
20 Minnesota $81,931
21 New Mexico $82,047
22 South Dakota $83,708
23 North Dakota $83,852
24 South Carolina $84,062
25 Wisconsin $84,156
26 North Carolina $84,957
27 Pennsylvania $87,500
28 Utah $89,936
29 Delaware $91,293
30 Virginia $91,955
31 Florida $92,271
32 Montana $92,367
33 Idaho $94,874
34 Colorado $95,563
35 Nevada $95,755
36 Rhode Island $95,929
37 Arizona $97,345
38 Maine $99,158
39 New Hampshire $100,436
40 Connecticut $101,030
41 New Jersey $104,770
42 Washington $105,080
43 Vermont $106,692
44 Oregon $106,779
45 Maryland $110,244
46 Alaska $113,079
47 New York $118,127
48 California $130,239
49 Massachusetts $142,341
50 Hawaii $182,900
The Living Wage For a Family of Four in All 50 States
1 Mississippi $73,381
2 Oklahoma $74,253
3 Alabama $75,724
4 Kansas $75,924
5 Arkansas $76,456
6 West Virginia $76,905
7 Missouri $77,197
8 Kentucky $77,842
9 Iowa $78,025
10 Georgia $78,448
11 Nebraska $79,007
12 Tennessee $79,054
13 Wyoming $79,879
14 Illinois $79,899
15 Indiana $80,144
16 Louisiana $80,451
17 Michigan $80,998
18 Ohio $81,006
19 Texas $81,374
20 Minnesota $81,931
21 New Mexico $82,047
22 South Dakota $83,708
23 North Dakota $83,852
24 South Carolina $84,062
25 Wisconsin $84,156
26 North Carolina $84,957
27 Pennsylvania $87,500
28 Utah $89,936
29 Delaware $91,293
30 Virginia $91,955
31 Florida $92,271
32 Montana $92,367
33 Idaho $94,874
34 Colorado $95,563
35 Nevada $95,755
36 Rhode Island $95,929
37 Arizona $97,345
38 Maine $99,158
39 New Hampshire $100,436
40 Connecticut $101,030
41 New Jersey $104,770
42 Washington $105,080
43 Vermont $106,692
44 Oregon $106,779
45 Maryland $110,244
46 Alaska $113,079
47 New York $118,127
48 California $130,239
49 Massachusetts $142,341
50 Hawaii $182,900
I had to pay for half my education, about $20k, as I managed to get grants for the other half. Wife's parents footed a large portion of hers, but I still think I paid her $20k bill all the same... but I didn't say that.
Son is doing NHTI part time (after failing at full time) but at least that is a manageable out of pocket cost, while he figures life out. I looked at school loans but he qualified only for unsubsized, when I looked it was nearly 10% interest. I thought about going that route, make him feel some pain in making payments, but I'm not sure if you can make payments before it's due, and it just seemed like the wrong path.
Daughter, I'm hoping for scholarships as I don't want to cosign anything--not that I want her up to her ears in debt, but I'm letting her know, we're not signing up for debt that won't pay for itself. That one will be interesting in a year or two.
JHZR2
Staff member
Reality is that money has been made. The higher things go with increasing fiscal pressures, it’s ever harder, and fewer folks can prudently finance the increases.
Case in point, I was buying $20 gold pieces in the late 90s/early 2000s, when gold was LOW. 90% silver coins were 3x face.
There’s not the same kind of money to be made now.
JHZR2
Staff member
What is the definition of a living wage?
A rental in the slum and no food stamps?
A car?
Savings?
Dow and S&P continue to set all time highs, fueled in large part by tech.
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How old is this data?
As long as I can afford a van down by the river I'm good... although I'd like to pass on the government cheese if I could.
I think this is fairly accurate based on their definition of "comfortable". 50% to bills, 20% to savings and 30% as spending money.
If one was to define comfortable is being able to finance the stuff you want, pay your bills, save plenty for the future, and have plenty of cash on hand to spend freely....I would tend to agree, especially with a family of four.
Of course many people can still be happy and comfortable with more modest possessions, less savings and less spending money.
If one was to define comfortable is being able to finance the stuff you want, pay your bills, save plenty for the future, and have plenty of cash on hand to spend freely....I would tend to agree, especially with a family of four.
Of course many people can still be happy and comfortable with more modest possessions, less savings and less spending money.
JHZR2
Staff member
No. Funded by printed money. Excess liquidity. The speculative hope of rate drops.
NVDA being worth $2.3T is just silly.
And the rest the same.
Market Cap. Dominated by tech.
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