How can someone possibly live on six figures? I came across this article the other day about how this author profiled families that somehow managed to survive on $100,000 a year—managed to survive. The question boggles my mind for sure. I don’t know of many families that live on that amount. Most of the people at least around my neck of the woods make much less. This amount is unfathomable for many even if you don’t live in a low cost area.
I live in Georgia. There is a town about an hour north of here that I read once as one of the poorest cities in the country. The average yearly family income is just over $30,000. That is the income for the WHOLE family. This city is also known for being very industrial with a few factories that produce a large amount of textiles. I am not sure the percentage of people that of people who are on government assistance but I am sure it is not small. You could probably live like a king and a half with $60,000 a year. You could probably rule the school if your income reached into six figures.
I know there are plenty of places outside of the South that are much more expensive than here. It actually scares me a little bit to hear of other bloggers in other parts of the world that pay $2k+ for a little more than a room and a toaster. Obviously to live in a place like this, a higher income is almost mandatory in order to live. Does this mean that an income that starts in the six figures is now the new norm? What about the people who fall short of this?
Did you know that that the average median household income in the US is just over $50,000? Obviously most people are not even coming close to six figures. I know I fall in that category. I am not going to share my income stats, but I can tell you that I am no where near $100k .
Some of these people profiled have some pretty crazy spending habits. Despite their high incomes, they are guilty of spending more than what they have. They have high student loans or business expenses to pay off. Some spend a high amount on food costs. Although, I really shouldn’t comment because I will be the first to admit I am spending way too much on take-out food lately. I am starting to get back on cooking band-wagon. I am going to write a post soon on my new adventures on cooking. I even manage not to burn down the kitchen. Stay tuned.
Okay, back to this article. I know there are plenty of people who make good incomes and find it hard to support a family with that. Some people have expenses that others don’t have such as alimony, medical bills, childcare, medications, etc. I totally understand all that but are we moving towards a world where $100,000 is now suddenly chump change? It does kind of say something about our culture where such a huge amount is simply not enough. As I have said before , there are always special circumstances but I am talking about in general.
Once again, different locations are going to affect greatly your standard of living. Living in New York is going to def. look much different from living in say Nashville, Tennessee. No matter what your income, I believe so much in living within your means and trying to save as much as possible. If you are fortunate to be a straight up baller with your income, then please, please, please put something away for the future. You don’t want to make a mistake that you regret later.