PebHmong Discussion Forum
General Category => General Discussion => Topic started by: theking on January 29, 2024, 02:11:58 PM
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My family of four can no longer live comfortably on $230,000 a year — here’s how much the American Dream really costs
Searching for the American Dream? Be prepared to fork over nightmarish sums.
A former Goldman Sachs analyst says his family of four need to earn more than $230,000 per year in order to live comfortably in California’s San Francisco Bay Area.
Sam Dogen, now 46, hit headlines in 2012 after retiring at the age of 34 with a $3 million net worth.
Since that time, the father-of-two — who has also penned the bestselling book “Buy This, Not That: How To Spend Your Way To Wealth And Freedom” — has been living off passive income from stocks, bonds, and real estate.
But in a candid new post for his website, Financial Samurai, Dogen revealed that he recently cashed out a considerable portion of his investments to purchase a property for his young family, in struggling but still pricey San Francisco.
Now, the financial guru says his investments will generate just $230,000 before tax, while his annual expenses are projected to top $288,000 in 2024. To net that sum, Dogen estimated he would have to earn approximately $420,000 a year before taxes were taken out.
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Same can apply to DINKs too so gotta live within one's mean:
We’re DINKs struggling to make ends meet — our 6-figure salaries aren’t enough to support our lifestyle anymore
Six figures isn’t what it used to be.
One West Coast couple — earning $100,000 apiece — raised eyebrows after revealing that they found themselves struggling to pay their bills in today’s inflated economy, forcing them to ditch little luxuries like pricey gym memberships, vacations to Europe, and trips to local restaurants.
Natalie Fischer, 25, and her partner Keldon thought they had it made after finding good jobs in Seattle’s tech industry.
But after struggling to pull together $20,000 for their wedding not long ago, the lovebirds quickly realized they had no idea where all their money was going.
In a recent viral social media post, Natalie shared openly about how the pair have decided to “downgrade” their lifestyle in 2024 to get their finances under control — an increasing struggle for many younger households due to the steep and sudden rise in the cost of living.
“I consider me and my husband to be middle class,” said Fischer, 25, a content creator.
(https://s.yimg.com/ny/api/res/1.2/pfTQpY8gijFLIc9D2YRzxA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTI0MDA7aD0xNjAwO2NmPXdlYnA-/https://media.zenfs.com/en/ny_post_articles_869/2aba2264aab3e00771a15c4af0f97d9b)