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Im not so sure 100k will give folks super vacations and hobbies anymore. I mean if it just crests it.
I've never actually been on a vacation, so maybe my view of what constitutes luxury isn't the norm... Yeah without context I get that 100k+ is just a really good livable income.
So I suppose it depends how long they've had it and if they have generational wealth. Like I've earned 100k but I'm the only one in my family to do so, so I spend most of it working down debt, and supporting family.
I get that there are richer people. But of my personal experience, it seems like people that don't have that kind of reverse inheritance of poor roots get to live such carefree lives.
While still being working class ofc
Im single income with a wife with many medical issues. Im currently unemployed and Im trying to figure out how low I can take. 80k and we have to draw from savings. A bit over 2k a month medical costs, 2k for housing, 2k for everything else every month. Then figured out taxes on that. so I net it. Im also getting older with not enough retirement savings. Granted its way cheaper for one person who is healthy. I can't imagine if we had kids how bad this would be. Certainly would easily make 100k inadequate. now granted two people making 60k is one person makeing 120k.
In most countries you are taxed note the more you earn, so two people earning 60k is MORE than 1 person earning 120k.
Taxes are paid in brackets and having two independent incomes makes each one fill their own lower bracket before going for the upper ones.
It does make a difference, in Spain for example nowadays even married couples fill taxes separately because it's just not worth it tax wise to join incomes.
US actually pretty much doubles the brackets when filed as a married couple. They did this awhile back for that exact reason were filing seperately often made more sense. Now it makes way more sense to file married if single income and is sorta a wash if both make the same amount.
I feel like those who end up in your position end up one of two ways.
You know that you don't have a safety net, so you don't spend money more than you need to. Also, since it sounds like you support your family significantly, a lot of money that would go to vacations instead goes to them.
For others, money was an on/off switch; you either have it or you don't. These kinds of people will spend at or above their means because they can and there aren't any hard limits due to a lot of credit options.
Here they call them $30,000 millionaires - people who are living beyond their means in nice apartments uptown, driving expensive cars, bars, etc. - everything on credit, which will crash later, instead of living a regular ok life today. It's an old term so its now likely $60k.
Sounds like so many people in Dallas.