A friend posted this study on FB. When I responded saying “it’s all about the choices you make” I got some push back. This friend is a compulsive shopper and hoarder. They don’t budget and always claim to be broke. 😒 I’m single and own a home with less than $50k. Yes I’m frugal! But all my bills get paid! Going out to eat is for special occasions!
@Shopgirl1
4 ай бұрын
We as a couple have never made over $30k a year..my bills r paid, no mortgage or car payment and we manage to eat well…I would feel rich with $250,000 or even $50,000 a year, lol
@lemonteapot1061
4 ай бұрын
@rockyandmiles9889 I’d rather be you than your friend 😊👏
@marilynpeppers1356
4 ай бұрын
Agree!👍🏼💜
@dharmaslife
4 ай бұрын
Lol my entertainment is sneaking in a package of cookies or something when I get groceries 🤷♀️
@UndertheMedian
4 ай бұрын
LOL! That's my kind of entertainment, too.
@brg2743
4 ай бұрын
Sure is. Or some fudgesicles .
@paddymurphy-oconnor8255
4 ай бұрын
Simple pleasures!
@Nicole-zv7ee
4 ай бұрын
My "entertainment" is going to the library
@paddymurphy-oconnor8255
4 ай бұрын
@@Nicole-zv7ee I bet you get more pleasure from that than somebody who spends lots of money on holidays and posting about it on Facebook.
@DanaLuvsNature
4 ай бұрын
We live comfortably on 27k a year Social Security in Northern California at age 62 & 67. We got all of our large and possible expenses under control before retirning- All of these are new- E-car, E-Bikes, 2 thin wall Heaters, Clothes Dryer, Humidifier,& Solar panels+Battery. Our Monthly expenses are: $125 property tax, $125 Donation, $600 food, Transportation $300, Pets- $12, KZitem Premium- $13, Tech-$250 Wifi, phone, wear & tear, $100 Unexpected (Clothes, repairs). We DO NOT spend money on: Homeowners Insurance or Water bill. Reduced Cost- Transportation due to Solar Power. We live off-Grid yet adjacent people with power located about 20 min to town.
@tracyaf6084
4 ай бұрын
I understand the idea behind this. I live where modest houses cost around a million dollars. Reasonable daycare costs are $18,000 a year. Rent on a 2 bedroom apartment will run you 3k a month. Houses are more. It’s not easy to live here unless you bought a home many years ago like we did. My percentages are still not in line with that study but we manage to live fairly well.
@georgevavoulis4758
4 ай бұрын
Love your channel you are helping so many people all over America and Canada 🇨🇦.
@sinkintostillness
4 ай бұрын
Frugal people in the groups and comments prove that we do not need these huge amounts in order to live comfortably. The creators of those figures however want to ensure that the population on the whole are still spending. They create a lifestyle image, which unfortunately the masses believe they need to try and live up to. I think I'll stick around my frugal groups personally. I prefer this lifestyle by far!
@maureenmannion6748
4 ай бұрын
I will as well. Actually, I read a piece e last week that said spending ding had dropped considerably in last quarter and that consumers were pushed as far as they would go. Interesting thought. They were waiting to see how far they could go with cost of living increases. Let's hope more and more Americans catch on to the game corporate America is playing with us and stops needless spe n ding.
@DanaLuvsNature
4 ай бұрын
Health- We do not pay anything because of Medicare/Medicaid and our low income. I felt bad at first but the average medicare recipient is 5x our cost, we hardly ever see doctors so keep fit. This is a motivator to eat right and keep fit so we don't charge the taxpayers. Otherwise that is all the charity we receive, I think it's worth about $175 a month per person. We donate $150 to church but also attend bible study and handle the yearly rummage sale. That's where we sell some of our cheese, maple syrup, herbs, etc. Making about $200. Summers we hold a church game night at our house.
@KateKaden
4 ай бұрын
Your facial expression on the first line had me! DYYYYING! :):) $250,000....let me think about this... :) :) :) 😀
@Nicolllld
4 ай бұрын
Hi Kate !! Member of the K squad here !! I love you !!❤
@UndertheMedian
4 ай бұрын
Oh my goodness! I hate so much that studies like this freak people out with their outrageous income (and expense) suggestions.
@lindabeard488
4 ай бұрын
I totally agree with you on this study. Love 💕 and Hugs. 💙💙💙
@wrigs4prez
4 ай бұрын
I live in Los Angeles and $70K is considered low income, for a single person, according to the California Department of Housing and Community Development. For a family of four, $100K is considered low income. Considering housing prices and income not being commensurate with inflation, it's a big problem out here.
@tiffanyhenderson897
4 ай бұрын
Single mom of one and "living comfortably" on $55,000/ year in WV.
@lorigoodman3780
4 ай бұрын
No wonder I am struggling. I only make $20K a year. Deep in debt because of a divorce. I worry about my next meal. Now $250K a year would be a dream come true!
@ashleym.9682
4 ай бұрын
I made $107k gross last year. I brought home $60k after taxes and 401k contribution. I have to work a LOT of overtime to get that kind of money. Average between 50-60 hours most of the year. I bought a house for $85k, it was incredibly dumpy, and I have put thousands of hours of work into it over the last 3 years. I've also sunk tens of thousands of dollars to get it repaired. I have to do a little bit everyday and always on my off days. After putting $17k down, my mortgage was $68k and I've been chipping away at it and only owe $34k (half) in 3 years. My goal is to cut spending down immensely and get it paid by the end of 2025 (19 months). Fun money at 30%? Bwahahahahaha.
@ashleym.9682
4 ай бұрын
And I also have no other debt. Would a new car be nice? Yep. Can I afford it? - nope! Did I need to work 3 jobs to pay off my student loans or should I have just complained the government didn't provide me with free college education? I chose to slave away 5 months and pay it off. Needs versus wants are huge. Realizing how you're going to pay for it is another thing.
@waterbug1135
4 ай бұрын
Facebook is not reality. Getting married is expensive. But that's a choice. Kids are expensive. But that's a choice. If you choose to spend $250k, $500k, $1 million a year then you need to earn that amount. It's not complicated. I live in central Phoenix and may average spend for 15 years has been $600/mo. That's total spend. And my house has appreciated on average $2000/mo for the past 15 years. Living like I do is a choice and the way I enjoy. This will be changing next year when I sell my house and move to SE Asia. There I will become a renter and my expenses will be 4x to 8x. I will likely marry and have kids there. A wife is much cheaper there (less demanding) and can even safe a man some money. Kids are much cheaper too because people are OK with a simple life. This will also get me setup for long term care. A fully trained live-in caregiver costs $500-1000/mo USD. And these are world famous caregivers. World class medical is much better and reasonable cost. Options imo shouldn't be restricted to just the US.
@LL-pq5uo
4 ай бұрын
It's interesting to see the comments here. In my area, the cost of living is so high that $100k is officially considered low income when it comes to housing qualifications. A lot of people in these comments. Assume that $250K is just people living outside of their means or trying to keep up with the Joneses; but I assure you there are many areas of the country where you truly can't live comfortably on less than this for a family of four, which was the study criteria.
@k4xxxminecrafter792
4 ай бұрын
Holy cow!!!!!!!! 30% if you have debt is way too much- it’s ridiculous to think of spending that much!!!
@TonyaApplegate
4 ай бұрын
That article sounds like a scare tactic. I tell my son's do a job that makes you happy and pays the bills. I was one of those when I worked in the nursing home I was able to cut hours while getting insurance. My husband was going to nursing school and we had one son at the time. I was able to stay home and my parents sat on the weekends.
@ginamcneal4435
4 ай бұрын
Hope I love your new haircut!!
@georgevavoulis4758
4 ай бұрын
We should find a couple in Canada and compare how things are in both countries .
@danielhackney7806
4 ай бұрын
In many parts of Southern California if you ever want to own a house you better make more than $250,000. My 32 yr old son is an engineer living in So Cal and just bought his first home. All the homes other than condo's are $1 million and UP. His home cost $1.2 million which is about average for the area. His monthly house payment including property tax, insurance, PMI and association dues is $8,032. The good news is between him and his fiancé their household income is $31, 200 a month. If you live in Mississippi $250,000 makes you RICH! In California you are a condo owner barely middle class!
@Michelle-bw1xg
4 ай бұрын
Silicon Valley median home $1.6M, condos can be over $1M plus HOAs....oooh! Sounds like your son & fiance are doing very well where they live. That MIT living hourly wage $33 needed for San Jose is ~half of what the county says the median income for 1 person is. One would be living with multiple people sharing a small apartment or in their car at that wage., or living with multiple generations of family in a paid off house.
@denisearonow4921
4 ай бұрын
This is true. I live in California. You're talking about a two-bedroom home, not luxurious.
@Magdalena287
4 ай бұрын
Best thing to do is move, great thing about America is you’re never stuck where you are. We’ve moved plenty of times because of raising prices
@danielhackney7806
4 ай бұрын
@@denisearonow4921 You know when I bought my house in 1995 it cost $199,000 . By 2006 at the top of the housing market it was $690,000. During the worst year in 2011 of the housing crash it went down to $350,000. By 2023 it was valued at $1,100.000 million! In 12 short years it went from $350,000 to over 1 million! That is just CRAZY! Back in 2011 interest rate was 3.4% now it's 7.1%. How is my youngest son who makes $80,000 a year EVER going to own a home? It's all very sad. I guess when I die, hopefully I live 10 to 15 years he can have my home.
@danielhackney7806
4 ай бұрын
@@Michelle-bw1xg Wow, that's just CRAZY! That's $400,000 more than my son's area here in So Cal. 5 years ago when my son graduated with his MS in engineering he started at $80K and now $220,000. Fortunately his fiancé makes $155,000. But they are the exception not the rule. All their 30ish age friends will probably NEVER be able to buy a home. Maybe a condo if they are lucky.
@dormandavis2767
4 ай бұрын
I have 80.000 I’m doing fine
@sheilabus5475
4 ай бұрын
That's why so many people live elsewhere than Cook County once they retire. It's like the old figure of how much it took to rear a child.
@desertfish6239
4 ай бұрын
$250k is Southern CA is reasonable since a middle class home can easily cost a million dollars. The same home in Ohio would be less than half.
@GGsGarden
4 ай бұрын
WELL is a lot more than things
@nancylargent6203
4 ай бұрын
That study is very impractical!
@irene4426
4 ай бұрын
You talk a lot about debt. Why do Americans have so much debt? I'm 62 and I've never had any debt. and I live below the minimum, so yes, I have no idea why it is different here in America than here in the Netherlands
@bobbieseright5117
4 ай бұрын
We're assuming a lot of things. That one person would get fulfillment out of staying home. And not become depressed. That people have the time and cooking ability to make food from scratch. That loans are discretionary and not student debt or homes (which has gotten out of control) and isn't just a few years from paying off. Especially if one parent stays home. What the study says is that in order to not have to constantly pinch and worry about money, the sweet spot is $250,000. Not that people can't, and aren't, living on well below that. We all know that is really what is happening.
@SHAKEITUP85
3 ай бұрын
I think the 30% and the 20% need to be switched
@hejiranyc
4 ай бұрын
Sorry, but the last time I made $250K was in 2017 as a single person. It was okay but hardly living large. Now that I make a lot more, I finally feel comfortable.
@GGsGarden
4 ай бұрын
Comfortable is a 70 degree sunny day spent in the garden.
@waterbug1135
4 ай бұрын
That's where I was almost all day.
@kaelaleedaley
4 ай бұрын
Correct
@lisaannsaikal8801
4 ай бұрын
👍❤️
@lisaward3890
4 ай бұрын
Yes i agree with comfortable 70° degree day even if it is overcast,and enjoying my garden!👍
@GGsGarden
4 ай бұрын
250K would be living awesomely
@kristifreeman5830
4 ай бұрын
Absolutely 💯
@Shopgirl1
4 ай бұрын
We live on less than $30k I’d feel rich if I made $250,000
@ybois3
4 ай бұрын
😂 Right!!???
@ingetnamn-de9fc
4 ай бұрын
In luxury.
@ingetnamn-de9fc
4 ай бұрын
@@Shopgirl1You would BE rich with that salary. People are crazy if they think they are not.
@lisachronicpaingroup4126
4 ай бұрын
I'm starting to just take everything with a grain of salt, so to speak. Listen to what is being said, then take from that what works for me. Recently, I bought a used SUV and paid cash. I'm disabled and make very little $. I can't hunch down to get into a car anymore because of my limitations and I live in the country, 40 minute commute... so I needed all wheel drive. It was a big purchase but I did it and was proud of that. But then I saw a KZitem short with Dave Ramsey... telling a caller that he was stupid for buying an $44,000 SUV when they "only" made $85,000 a year, even if they did pay cash, Dave thought it was stupid. I was really upset. I was proud of what I had done, and hearinf Dave say that made me completely question myself. But no more. We all need to do our best BUT do what works for our own situation. To hell with 50/30/20. I'm doing my best. I'm doing ok. That's what matters
@dormandavis2767
4 ай бұрын
If it works for you? You’re just fine.
@kaelaleedaley
4 ай бұрын
Dave would only call something stupid if debt was involved, he doesn't care what solvent people spend their money on. He even calls these things a "stupid tax", it's when someone failed to save up and pay cash - you're doing just fine xx
@LaManteca76
4 ай бұрын
You bought a used SUV with cash while on disability? Heck I'm proud of you! That's awesome! 😄
@lisachronicpaingroup4126
4 ай бұрын
@@LaManteca76I'm not even on disability! Unfortunately I'm one of those disabled people who don't fit the perimeters for what the government says. So, I work as much as I can and do the best I can. That's why I was proud of what I had done and was upset thinking it was "stupid" to someone like Dave Ramsay. But hey, he's able bodied, so can judge... right? Lol
@LaManteca76
4 ай бұрын
@@lisachronicpaingroup4126 Wow! That sux that you aren't able to collect disability even though you're disabled. Hopefully your situation will change. I've never understood how the govt decides who is eligible & who isn't. 😔
@Shantelle6253
4 ай бұрын
I live on less than 25K. This is ridiculous.
@paddymurphy-oconnor8255
4 ай бұрын
Yes it’s all about expectations and being content with what you have.
@QueenJooseLaMonica
4 ай бұрын
Exxxxxactly, thats what i said! I live on $30k fixed income a yr....disabled Navy vet! No struggles and doing great.🤷🏾♀️
@bcase5328
4 ай бұрын
A number of families earn less than $65,000/year. Many single parent families earn less than $35,000/year.
@waterbug1135
4 ай бұрын
It's social media. It's suppose to be ridiculous. Got you to watch.
@Shantelle6253
4 ай бұрын
@@bcase5328 I'm well aware that people live on less. That's my point. This report they're reviewing is ridiculous.
@sherriluce4252
4 ай бұрын
The people who performed the study are whacked. Spoiled.
@lizs1760
4 ай бұрын
30% of 250k would be $75,000 for extras! $75,000 is a livable income for most people I can’t imagine blowing that much money on “wants” every year!
@kristiecox7350
4 ай бұрын
Right!! Omg
@Corinna_Schuett_GER
4 ай бұрын
I do the housekeeping for such a family and am astounded on their shopping and grocery bills, I do find them everywhere.
@jreeves1425
4 ай бұрын
I hate the 50/30/20 budget, so unrealistic and leads to the idea that you can't live on anything less than an exorbitant amount.
@Batirtze-b6x
4 ай бұрын
It's slavery, and thinking that way may lead some to do crazy things.
@Magdalena287
4 ай бұрын
And the sad thing is so many people believe this
@Shopgirl1
4 ай бұрын
My goodness we’d be spending $750 a month at 30%…have mercy we would never spend that in a month..we usually never even have that much left after bills are paid, lol
@Batirtze-b6x
4 ай бұрын
@@Shopgirl1 Exactly!!!! And you make do.
@joyswenson7941
4 ай бұрын
$250k, seriously? I do live in a big city (Las Vegas) and we are just fine with our much-less-than-$250k-income. Yes, we bought our small starter home at just the right time (2014), but it’s about the choices we made with our money. Our mortgage was set for 15 years- we paid it off in 8 1/2. My husband and I worked opposite, so one of us was always home to watch our eventual 3 kids (thus avoiding the co$$$t of daycare). We had personal fun money every paycheck ($50) that suited us just fine. We’re both savers, not spenders, and it’s because of our choices that in 10 years we were able to pay off a home early, bring 3 babies into our family, pay off 2 vehicles, pay some non-maternal medical bills, put in an AC! And still have date night most weeks! It’s all about your choices- and priorities! 😊
@UndertheMedian
4 ай бұрын
I looked up Las Vegas for you on the study. According to their tabulations you need $239,366 a year to live comfortably.
@maureenmannion6748
4 ай бұрын
You're very wise people. Wish I had your wisdom when I was young!
@lindadorman2869
4 ай бұрын
Maybe a family of 4 would need this much if they want everything - like a big house, 2+ new cars, private school, vacations, eating out, expensive clothes, household help, etc...but I know plenty of people who make a lot less. I live on the north side of Chicago (Evanston), one of the most expensive areas, and earn under $50K. I'm debt-free, live alone in a great loft apartment and never feel deprived.
@Corinna_Schuett_GER
4 ай бұрын
Absolutely. I'm a housekeeper for such a family in Germany and one of my duties is to organize the mass of toys and clothes for the (poor) children. There's hardly enough storage space. They pay me well which is our single income now making below 16K Euros net and we can live as a couple without wanting. LOL 😁
@barbarawilliams67685
4 ай бұрын
I cannot imagine "needing" that much money! Absolutely insane.
@Batirtze-b6x
4 ай бұрын
It really is. And dangerous.
@IrisP989
4 ай бұрын
Unless you live in a high cost of living area with kids, contribute to retirement, etc.
@JB-ec3il
4 ай бұрын
My husband and I make $165,000 and live in the Suburbs of Washington DC. We have 7 and 9 year old girls. Our only debt is our home. We paid $290,000 for a 1,500 square foot townhouse in 2016. We owe $220,000. It was a complete fixer upper. Single family homes started at $500,000 at that time. Now, our place is potentially worth $500,000 and you can’t buy a single family home for under $800,000. This happened in only 8 years. We drive 2 cars over 20 years old. I shop at Aldi, rarely go out to eat, we rarely have money to do anything. So yes, I believe this study is probably pretty accurate. It depends on where you live.
@JB-ec3il
4 ай бұрын
It’s getting so bad that we have decided to move back to Ohio where we are from and take our equity and pay cash for a house. By the end of summer we should be much better off with a lower salary.
@loisfromohio3109
4 ай бұрын
I find it very hard to believe you need two hundred and fifty thousand dollars to survive in middle class. I thought I was in high cotton when my husband brought in sixty five thousand
@Shopgirl1
4 ай бұрын
WOW…most we’ve ever made in our life is $30k..would also feel rich if we made $65k
@jc10907Sealy
4 ай бұрын
What a gift to be a mother to children
@readyornot316
4 ай бұрын
Yikes! We’ve never made that much money combined. And we’re debt free. Choices choices.
@mariahsmom9457
4 ай бұрын
But also, what is "loving comfortably?" People conflate luxury with comfort. Same with need v. Comfort or luxury. People don't know the difference anymore. Great video and commentary!
@jessr.9448
4 ай бұрын
Yes!!! This is so true, most Americans can say “living comfortably” is actually keeping up with the Jones’s.
@Rassi97
4 ай бұрын
I cannot imagine needing anywhere near 250,00!!!
@cherylT321
4 ай бұрын
Agreed!
@laurelm2333
4 ай бұрын
The 250k is accurate where I live in Salt Lake City if you haven't owned a home for at least 5 years
@traceydufault297
4 ай бұрын
That's crazy 250.000 is alot I'd save most of it I only bring in 60.000a yr I'm not going without bills paid a nice emergency im happy
@brg2743
4 ай бұрын
My guess woukd be that most people, if frugal, could live on well under $100,000 a year, unless medical bills, college bills, or huge family..
@Shopgirl1
4 ай бұрын
Me and my spouse live on $30k a year and do fine..not rich but we try to be frugal
@Ozarkmountainoutback1
4 ай бұрын
Our family of 6 lives quite comfortably on one income under 50k. No debt, we own our home and used vehicles.
@luna07744
4 ай бұрын
I just started watching Under the Median and am enjoying it. I think it’s time for a refresher video on how to make a budget.
@lisaward3890
4 ай бұрын
Welcome to the group and yes making a budget is key to knowing where every dollar and cent is assigned. I believe Hope does have a budget starter booklet on her website. They know first hand how to make funds stretch and make it work with what they have.
@onewomanandsomesongs
4 ай бұрын
My hubby and I are retired. Our mortgage is paid off, and we have no car or credit card payments. We live very comfortably off 45k a year. We do live in a low insurance and property cost state though. Life is good.
@PenniestoDollars
4 ай бұрын
Can’t even imagine having that much money
@delphinehamilton8118
4 ай бұрын
There is no way you need that much . They need some wisdom and they need to be introduced to your channel😂.
@marianlinden9736
4 ай бұрын
A young family living in greater boston area might buy a single family house for $600k. That buys a nice 3 bedroom that needs minimal work in a modest area. You need an income of 200 to 250K to finance 600k. We bought our house in the greater boston area 35 yrs ago. It needed some work and was a remodeled cottage and a bit funky in its style. We paid 67K but a more conventional house might have cost $100k. So housing prices have gone up anout 600%. Salaries have lagged. Lets not be too sceptical of this claim. Its harder for the young living in a major city than us retirees We live a vy comfortable life on a fraction of $250k. And while i do agree that many people have unrealistic expec, there are not a lot of affordable housing options in our near majir cities
@dsanders401
4 ай бұрын
Nature, exercising, parks, library, public concerts, church, volunteering are free. Just saying.
@kimberlypower7567
4 ай бұрын
Thank you for this video. I too read this study on Facebook and thought they were delusional, 🤣 My husband and I live on a very fixed income 30 minutes south of Atlanta. I do wish our income was a little bit higher but just like you I decided to be a stay at home Mom. I did not homeschool but wanted to be the traditional Mom so since my husband grew up with his mom not working we sacrificed and made it work. We are very comfortable just not able to spend 30% of our income on entertainment.🤣 Comfortable is defined differently based on personal priorities.Thank you for all you do I have learned so much since I have started watching your channel.♥️
@kallistoindrani5689
4 ай бұрын
Are you sure their isn't a zero too much in that title?! Oh wow, that is such a huge amount, that study can't be right, right?! I mean, I know people in America make a lot of money in one month and paycheck like 4.000 and 5.000 dollars exist there but even then.... If this is for two people working fulltime then they need to be making 10.000 dollars each, every month for that to work?! That can't be right?! 'Live comfortably' If you have that amount every year then in my eyes you are just rich.
@dharmaslife
4 ай бұрын
😂The sarcasm on your face 💖
@Savannah-ed4rv
4 ай бұрын
My brother makes over $200k and I can't say he's happy, but he is comfortable. The sad thing is that Americans now need to make that much money in order to not think about every purchase that you make. I think about my money situation every day and all the mistakes I've made and I really get tired of thinking about it😢
@ashleybosvik3031
4 ай бұрын
250,000 that's nonsense
@creativestudio133
4 ай бұрын
well they do pay taxes still? In the netherlands taxes are approximately 50% so you would apply 50/30/20 to 125k not 250k 😂
@alanbirkner1958
4 ай бұрын
Most people confuse wants and needs. Near Chicago, Tina, Al's wife
@Magdalena287
4 ай бұрын
I have 5 kids and we live comfortably on one income of 65k in a bigger city in the south. We’re actually going on vacation this June, we do everything else that single or small families do just fine I just budget for them
@loveandjoy810
4 ай бұрын
I would flip it. 30% to savings. 20% to fun and hobbies.
@economicdevelopmentplannin8715
4 ай бұрын
Right. There's not a single city in this country where we need 300k income. Just payoff debt in an affordable place and buy only food housing and investments. Everything else works out ❤
@TammyMayCormier
4 ай бұрын
I work part time and I am not even a mom. We looked at our expenses and spending and decided to make some small sacrifices. Me being home more has vastly improved our quality of life. I have more time and energy to plan and organize our life and finances. It has also significantly reduced the amount of taxes that come off my pay (from 650 down to 180 a pay period), saves me on gas money, saves on our food budget (i seek out deals and cook a lot more from scratch). No more trap of consumerism. We also are debt free but still choose to not spend 30% on wants, i agree its excessive.
@creditczar6979
4 ай бұрын
When I saw that headline and then survey results, my first thought was "I wonder what Hope & Larry will have to say about this!" And had the same thoughts about the lack of definitions for EVERYTHING. smh
@rochellethundercloud346
4 ай бұрын
That 50/30/20plan makes no sense to me 50% for my four walls. Okay. 30%?!!! For wants?!!!no. That goes to savings, investment,debt payoff, emergency funds. The remaining 20% is split four ways, so,five percent for fun,five for retirement,five for investment,five for emergencies. That makes sense to me. Especially if I have debt. If I have to pay debt, I go scorched earth,bare bones. I would throw every extra penny to debt. Once I pay it all off, I continue making those payments to a savings account.
@katmau9346
4 ай бұрын
McDonald, our employees need a hug rise.😂😂 good luck.
@PenniestoDollars
4 ай бұрын
My county isn’t even listed on the MIT. In fact, the largest city in Kansas is the only option.
@cathylingo9521
4 ай бұрын
They obviously don’t know how to budget. 😮
@bettymalheiro2907
4 ай бұрын
In NYC, I can see the $250,000 figure. Rents for a 3 bedroom apartment in NY can range from approximately $4500 to $17,000 a month ($54,000 to $204,000 a year). Can you imagine the pretax salary you would need to earn to make enough money to just cover your rent?
@maddywadsworth4312
4 ай бұрын
$250 yearly is not necessary to live well. However, I do think around $100K yearly is probably closer to the mark. Just going off of experience. We make around $100K combined yearly and we live comfortably. Money in savings. Bills paid. No new cars, nothing fancy, no luxurious vacations. We can pay for groceries without worry, afford monthly piano lessons, give to our church, etc and not worry about making it. Once people start adding in car payments, debt, student loans, houses they couldn’t afford, luxurious vacations and financing the newest thing every time it comes out… Yeah, maybe then you need to make $250,000 a year to live comfortably - but that’s a straight up decision on their part ! It was for sure not necessary.
@ashleym.9682
4 ай бұрын
I would agree with this Maddy. $100k is a safe bet that while you have to watch your money, you don't have to be tight all the time.
@Spot4art
4 ай бұрын
We live well on SS. We are in our early. 70’s … we are debt free. THAT IS THE KEY…Debt Freedom since 2008 those horrible Obama years. If you learned anything from those depressing yrs, it was pay off your consumer debt and STAY FREE.
@juliemoore6957
4 ай бұрын
Just try living in Southern California! Rents and mortgages are INSANE! Gas is $5.39 a gallon right now! I'll be babysitting my grandson because his mom can't afford to stay home with him, and daycare is $2,000 a month! ARGH!!!
@Judith-b3t
4 ай бұрын
I was in southern California in mid April. The fuel was exactly $5.39 as you stated. I returned to Oregon and the price immediately dropped to $4.39 then continued to drop a little more. That $2,000 a month for childcare makes me think that's the business to be in.
@michelleraney3577
4 ай бұрын
I can't imagine why anyone would want to live in California. I live in Oklahoma and gas is $2.89.
@vanillahearts62
4 ай бұрын
The 30% is 75k.... Just that would be a dream come true!
@jenniferdavis8248
4 ай бұрын
Husband & I are pretty comfortable on less than the 30% used in the study. However, we don't have the expenses that a lot of people have to deal with, fortunately!
@amandaparker1961
4 ай бұрын
I did the calculator in my area and it is pretty accurate in my opinion. I am not sure what the ‘civic’ and ‘other’ categories are for but the overall income makes sense. My husband and I budget and have to choose what we prioritize that month for fun but we are comfortable. It says $75,000 a year for my area before taxes.
@waterbug1135
4 ай бұрын
1% of US households make over $250k AND have kids. 28% of US households have 2 or more kids. Clearly $250k is not required. Social media loves to add a keyword like "comfortably" which is completely subjective. I can say you need to make $700k/yr to be comfortable and be telling the "truth". Social media is propaganda. Consuming it is a choice.
@TM-dz7nc
4 ай бұрын
You need 250K to afford the American Dream which is go in debt to buy buy buy- rinse & repeat. I saw it too and rolled my eyes
@teresamartin2379
4 ай бұрын
Id move far away from those places
@stevegorkowski3246
4 ай бұрын
This is the same type of study that says I need 1.5 million to retire. When you said 30% all I could see was Larry on a new rider mower sipping on a lemonade mowing the yard and making sure he didn't hit his new Tesla ! The discretionary spending is 4X the amount I live on each year! You made my day. We had city wide garage sales today and this was a relaxing video after a long day.
@UndertheMedian
4 ай бұрын
Oh my gosh, Steve. Larry is in complete agreement and wants to know if you would like to lawn mower shopping with him. He also said, "Tell him I'd go for a Rolls Royce, not a Tesla, if I had that kind of money. " LOL!
@stevegorkowski3246
4 ай бұрын
@@UndertheMedian Hope, I would remind Larry how much your kitchen remodel will cost! The Rolls Royce may have to wait for a million subscribers! :)
@maureenmannion6748
4 ай бұрын
Haven't you heard Suze Norma n? She says $3-5 million needed before you can retire. Weird!
@NOVAFrugalFamily
4 ай бұрын
The article sounded like they just used math to figure out how much money you would need if you used the 50/30/20 rule but as someone who spends nearly all our income on housing, groceries and needs and chooses to prioritize our family, it just makes you wonder what other people priorities are because 30% of any income is not needed to eat out or entertain anyone. I think it is a fluff piece that has gotten too much attention for sure. I hope no one thinks they need to live their lives by other peoples rules and priorities.
@jessr.9448
4 ай бұрын
We live on 1 income in today’s world and actually save more money because we’re not tempted to spend spend spend. I love how you mention “prioritize” Hope & Larry because that’s exactly what it is. Find what works for your family and situation and you can definitely make it work!
@maureenmannion6748
4 ай бұрын
It seems the folks who engineered this study want Americans to keep on spending spending spending. There is a constant stream of economic news coming from people like Jamie Dimon, Elon Musk, Jeff Bezos and others either warning us of upcoming economic disasters, or the Blackrock guys warning of economic pitfalls on the way. My question is why are these guys telling us all this? Why isn't our government officials speaking g about future issues? Or have the Jamie Dimons, Elon Musks and Larry Finks taken over running the economy of this country?
@Fairyfink
4 ай бұрын
I can't think how I would manage to spend $25,000 on 'wants'....
@lisaward3890
4 ай бұрын
Hello Hope&Larry,i used the 300 thousand dollar amount you mentioned Larry. I took that figure and divided it by 12. Twelve months in a year. I calculated 25,000 a month. I have never had that amount per month ever in my life! The least amount we have lived on was 900 a month single income and a family of 4. The most we have ever had was 5000 a month and children grown and have their own homes. Now my husband is retired he recieves ssi. We do have our mortgage paid in full,we also paid off a credit card. Now we are mortgage&debt free and retirement does not concern us as it did when both of us were working and we had mortgage and credit card expenses. Getting that all paid off was a great relief and yes it opened up alot of our pay to put toward retirement. I am still working full time outside the home. I figure i still have 5 years yet to go.
@lauriekerze3461
4 ай бұрын
Malarkey
@kristiecox7350
4 ай бұрын
Well, I don’t make that kind of money and live. But I’ll tell ya, I would love to make 250k I’d be debt free in a year!
@mysteryreader1
4 ай бұрын
Two adults living on 19k. No debt. No mortgage. No car payment. Save the interest from the CD. Been frugal all our lives.
@einat1622
4 ай бұрын
😂 yeh, that 30% on fun activities is ridiculous.
@Davccelion
4 ай бұрын
Lithuania here, married couple with a small child, debt free, mortgage free, coping with rising food and gas prices and living with an average of 15,000 euro a year.
@gretelwhite8088
4 ай бұрын
I can't imagine having that much money. Do they say anything about what a single person who lives alone would need? Our basics are almost always more than half what a couple needs to pay.
@justynakavi407
4 ай бұрын
I live in France and have very little idea about real life circumstances in US as it seems to be huge financial spectrum state to state. But it seems to me this kind of studies encourage overconsumerism and a rat race. I used to earn quite a lot in my 20s and would get several promotions fast, without even asking for it. Then I stopped working at 28 to take care of my firstborn son. He needed me and in my mind there was no doubt about it. My second son needed my way less, he was always happy and incredibly social so I left him at a daycare at 2 yo. That was total of 6 years I stayed at home and I was really surprised how much criticism we received for this decision as a family. I was shocked and couldn't understand why it triggers people so much that I would leave by choice. We used to eat plain rice sometimes and would have only small amounts of meat for the children but still it was some of the happiest years of my life. I realize now we were privileged to even make it happen, I'm not so sure if would be possible to do right now and my kids are age 8 and 11 so it wasn't so long ago.
@laurieyalanty9781
4 ай бұрын
What about donations for the poor? That is a line in my budget. It makes me feel good to help others 😊
@lindsaysimplified
4 ай бұрын
I work part time 15 hours a week even though we’re debt free. It just pads our savings and allows us to invest more. It’s nice to have the option and to do it because I want to, not because I have to.
@chaoshome34
4 ай бұрын
I'd feel rich making $250,000 😮 Our area has lowest living expenses... our family of 9 could live of that a few years! Its funny to me sustainability isnt in riches... its in saving Mother Earth and living more sustainably which mostly looks like second hand shopping, less fossil fuels usage, reduce reuse recycle! & I'm so so happy we chose to homeschool and keep me home to raise our babies❤
@charlotteboy6783
4 ай бұрын
For the 50/30/20 budget, I think the 30% also includes things like furniture, appliances, etc. Basically just living in an empty apartment with a car and eating pb&j would be covered by the needs. Even still, you can probably cut back in the needs area by moving out of the city or getting rid of your car. I lived car free for 5 years and loved it.
@FrugalFamilyFocus
4 ай бұрын
We do not make $200k and live comfortably in the Denver surrounding area with 2 kids! We even eat out once per week and pay the $20k daycare cost… and still it does not cost $200k to live here! Being debt-free outside of the mortgage helps, buying less house than the bank says you can afford, and just general frugal principles of stewardship make this possible! Our family wants for nothing, enjoys plenty of vacations and entertainment, and still neither of us make 6 figures and I don’t think it’s necessary.
@alexandriadillhoff7069
4 ай бұрын
If your a mom who has elementary school kids look into subbing at their school. I make $120 a day doing that in my district. It keeps me on the kids schedule & gives me the flexibility to stay home with kids kids. Plus pays for our groceries and summer activities. If your I'm Ohio you only need a GED to do it.
@merandasomnolentgamer8323
3 ай бұрын
That study has some problems, but they were pretty explicit about who it was about (a family of 4 living in a large, expensive city). I don't know why a retiree or someone living in the middle of nowhere would be driven to fear or despair by anything from that study. The people who are living in the situation described already know what their cost of living is.
@kathyharmon2093
4 ай бұрын
My extremely frugal son lives in Lake County Illinois ( more expensive than Cook county) he receives $1388 month in disability payments ( no other government benefits) his spouse works at Walmart they are debt free and have 1 year of living expenses in the bank and eat very well, it can be done!
@noreenn6976
4 ай бұрын
The median home price in 2024 is around $400K, depending on the source. That leads me to believe a family would need over $100K to get by, have you do a video on that?
@jennib9953
4 ай бұрын
250k is good income some people have kids they want to fund their education one day without student loans. Some people homes could be more then the average American because unfortunately in today's society we don't have the same luxury of buying homes and nice homes for about 100k or less and cashout in the next 20 yrs and the home worth 2x that. Yes I believe you should save do not over spend every month but having 250k is good if you make that or if you could possibly make that income.
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