Over half of Americans claim they're nowhere near achieving their definition of financial freedom, with 36% saying they have less than $1,000 in their savings accounts.
It’s basically a similar experience except you live in harsher conditions.
I don’t see a considerable difference between poverty line me and six figures me. I have a slightly nicer place (but in debt to the bank instead of renting) and I can buy games on Steam rather than waiting for a sale.
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
I get it because I’ve been there too. Recently, actually.
When your financial needs are not being met it feels like you’re drowning and the stress of that can be debilitating. When you’re not sure whether you’ll survive another month it can feel like everything is about to fall apart.
What I’m talking about is the difference between once you reach that stage of no longer feeling desperate (let’s say, the low-income cutoff) and reaching higher salaries ($60k, 70k, 80k, etc).
In my personal experience, once I reached a state of of no longer being desperate about money $60k, the income increases I’ve made since then have not in any way significantly changed my life or my happiness or my sense of financial freedom. I still feel tied to a desk, enslaved to my debt repayments, obliged to continue working 5 days a week, every week, until I die.
Is it nice to no longer live in a state of stress and poverty? Of course. Is it vastly different from how I’m living now? Not really. I could lose my job and be back there in a few months. I could become disabled and be back there. So I do feel some gratitude that, for now, it’s a bit better than what it could be or has been.
One other important thing to note: I’m not American, so I don’t have stress about health care. If I get sick, everything’s going to be peachy.
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.
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.
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.
It’s a completely similar experience, mainly because your status as a wage slave basically doesn’t change as your income increases. Your discretionary income changes your purchasing power but you tend to incur more debt and go on more vacations and consume more, but your financial security doesn’t change significantly.
I’ve been at the bottom of the barrel economically, and now somewhere around $140k (before taxes, so really more like $80-90k) and the main differences are negligible. I can be more flexible with my diet, can afford to vacation, I can put some money into savings, and I can outright purchase larger consumer items without saving.
But at the end of the day this financial advantage is only marginal; I’m dependent on my employment continuing. With rising costs for everything, my debt-to-savings ratio is still not where I’d like it to be. I’m nowhere near ready for retirement despite being 49 already. I still feel overall trapped within the system of capitalist wage slavery and do not have the freedom to pursue interests or activities that I would with true “financial freedom.”
I can be more flexible with my diet, can afford to vacation, I can put some money into savings, and I can outright purchase larger consumer items without saving.
These things are not negligible. I understand what you’re saying, “more money, more problems”, but being able to put money into a savings account and take a vacation are things that a large portion of people will never be able to do.
I have worked since I was 12 yrs old, went to both college and university, and have never once made over $100k per year.
Currently I’m on a fixed income, have limited job opportunities and recently had to downsize to a rooming house as I couldn’t afford my bachelor apartment anymore.
Do not equate your hardships with those of us who are facing living on the streets with one missed cheque.
I will equate my hardships with yours because I’ve been there. I know exactly what it’s like. And that’s why I know what it feels like to get a little breathing room from that situation.
But I also can’t pretend that six figures is some kind of luxury experience. It’s still largely hand-to-mouth, you can still live relatively insecure and underhoused (especially with this market), and with the cost of living even a person earning six figures is very vulnerable if you’ve set up a lifestyle that can’t weather unemployment. If my income is $6,000 a month and my outgoing expenses are $5,600 and I lose my job, I’m maybe 3 months from calamity.
Lastly, I’ll say that six figures isn’t what it used to be. It’s a fairly common salary in 2023 to meet the basic needs and costs of the modern world.
It’s hilarious for you to call me wealthy or privileged. In 2018 my income was about $17,000 and I was completely dependent on my partner.
I’ve worked for $6.85 an hour, I’ve been a dishwasher and a janitor and I’ve been unemployed and on welfare for long stretches, living off $600 a month.
I know where I am and where I’ve been. And it doesn’t change the basic framework of the capitalist meatgrinder.
It’s basically a similar experience except you live in harsher conditions.
I don’t see a considerable difference between poverty line me and six figures me. I have a slightly nicer place (but in debt to the bank instead of renting) and I can buy games on Steam rather than waiting for a sale.
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
I get it because I’ve been there too. Recently, actually.
When your financial needs are not being met it feels like you’re drowning and the stress of that can be debilitating. When you’re not sure whether you’ll survive another month it can feel like everything is about to fall apart.
What I’m talking about is the difference between once you reach that stage of no longer feeling desperate (let’s say, the low-income cutoff) and reaching higher salaries ($60k, 70k, 80k, etc).
In my personal experience, once I reached a state of of no longer being desperate about money $60k, the income increases I’ve made since then have not in any way significantly changed my life or my happiness or my sense of financial freedom. I still feel tied to a desk, enslaved to my debt repayments, obliged to continue working 5 days a week, every week, until I die.
Is it nice to no longer live in a state of stress and poverty? Of course. Is it vastly different from how I’m living now? Not really. I could lose my job and be back there in a few months. I could become disabled and be back there. So I do feel some gratitude that, for now, it’s a bit better than what it could be or has been.
One other important thing to note: I’m not American, so I don’t have stress about health care. If I get sick, everything’s going to be peachy.
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.
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.
Bad news about that, 100k will still not be enough. Maybe 175k.
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.
@NathanielThomas @tider06
No it’s not similar in any way, shape or form. Good try tho.
It’s a completely similar experience, mainly because your status as a wage slave basically doesn’t change as your income increases. Your discretionary income changes your purchasing power but you tend to incur more debt and go on more vacations and consume more, but your financial security doesn’t change significantly.
I’ve been at the bottom of the barrel economically, and now somewhere around $140k (before taxes, so really more like $80-90k) and the main differences are negligible. I can be more flexible with my diet, can afford to vacation, I can put some money into savings, and I can outright purchase larger consumer items without saving.
But at the end of the day this financial advantage is only marginal; I’m dependent on my employment continuing. With rising costs for everything, my debt-to-savings ratio is still not where I’d like it to be. I’m nowhere near ready for retirement despite being 49 already. I still feel overall trapped within the system of capitalist wage slavery and do not have the freedom to pursue interests or activities that I would with true “financial freedom.”
These things are not negligible. I understand what you’re saying, “more money, more problems”, but being able to put money into a savings account and take a vacation are things that a large portion of people will never be able to do.
Which is why slavery is a spectrum, not a binary condition.
We’re both part of the same struggle but my income allows me to suffer a little bit less than some others.
“suffering a bit less”. Wow. Just unimaginable.
Climb down off your cross and read about class warfare.
@NathanielThomas
I have worked since I was 12 yrs old, went to both college and university, and have never once made over $100k per year.
Currently I’m on a fixed income, have limited job opportunities and recently had to downsize to a rooming house as I couldn’t afford my bachelor apartment anymore.
Do not equate your hardships with those of us who are facing living on the streets with one missed cheque.
I will equate my hardships with yours because I’ve been there. I know exactly what it’s like. And that’s why I know what it feels like to get a little breathing room from that situation.
But I also can’t pretend that six figures is some kind of luxury experience. It’s still largely hand-to-mouth, you can still live relatively insecure and underhoused (especially with this market), and with the cost of living even a person earning six figures is very vulnerable if you’ve set up a lifestyle that can’t weather unemployment. If my income is $6,000 a month and my outgoing expenses are $5,600 and I lose my job, I’m maybe 3 months from calamity.
Lastly, I’ll say that six figures isn’t what it used to be. It’s a fairly common salary in 2023 to meet the basic needs and costs of the modern world.
@NathanielThomas
You do you I guess.
Do not equate your poor planning to a universal hardship
The sheer audacity of saying you’re a wage slave at 6 figures almost made me upvote because it was so funny.
If you have to work for a living because without that income you’d die, you’re a slave.
If you’re unable to pursue your interests and passions at any moment of the day, you’re a slave.
If others dictate or control your destiny because they have power over your employment and therefore your ability to sustain yourself, you’re a slave.
Just because I make more money than you do doesn’t mean we’re not in the same struggle.
This is class warfare. The billionaires want you to envy me. We’re not at war. We’re at war with the billionaires who pit us against one another.
This isn’t class warfare, this is obscene ignorance about slavery born of your immense wealth and privilege.
Also I make 6 figures.
It’s hilarious for you to call me wealthy or privileged. In 2018 my income was about $17,000 and I was completely dependent on my partner.
I’ve worked for $6.85 an hour, I’ve been a dishwasher and a janitor and I’ve been unemployed and on welfare for long stretches, living off $600 a month.
I know where I am and where I’ve been. And it doesn’t change the basic framework of the capitalist meatgrinder.
I once made $9k in a year, and yet I am still wealthy now with my current 6 figure income.
You’re not wealthy but maybe you live in an area that makes such an income very useful.