- April 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## The Rise of Ridiculous Posts on Social Media
Lately, the posts I’ve been coming across on social media platforms have been absolutely hilarious. It’s particularly amusing considering that most of these individuals aren’t even in the middle class bracket. The question that arises is whether they’re trying to brag or if they’re simply oblivious to their financial reality. It appears that some individuals believe that living paycheck to paycheck entails saving a significant amount and having very little left, equating that to being in poverty.
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## The Financial Dilemma: Misconceptions and Reality
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So a lot of these posts have actually made me realize how many people apparently make more than I do.
After years of living in a city with small kids and being aware of how many people had less, were less privileged, etc., I viewed myself as lucky and didn’t realize I could probably be making much more.
People have a hard time seeing themselves objectively when you compare yourself to similar peers and are never around anyone else.
Right? Real middle class people would only be able to save like $40k/mo with that salary.
The number alone means very little. It’s all about context and scale.
For instance, someone making 65k can be doing better than someone making 90 if they made the right decisions when housing was much cheaper. I see it all the time in my resort town. People making 60-70k living fat because they have $700 mortgages (or less) while a guy making much more is frustrated because they’re paying 3500 to rent. People that had kids with no game plan, buy expensive, unnecessary cars and those who view credit cards as a means will always have problems.
lol u have people on here posting. “Oh I have $4.5 million saved and make $300k/year and I don’t feel good about buying this Corolla…
Most people think they are way poorer than they really are.
Some have spending problems. I’ve seen my share of straight up consumer mental illness in high earning family members over the years. I just cleaned out my aunts house. 15 big boxes of designer clothes, most with the tags still on them. Brand new stuff still in the box. It was probably like $70k of random expensive crap that she never used one time, and she was always complaining about money. It’s just straight up mental illness. These people don’t live on planet Earth.
I’m solidly upper-mid these days, but both my wife and I grew up poor, and it took 2 decades and some crazy shiiiit to get here. I’m in this sub to keep my financial mindset grounded and try not to let creep happen too badly. Can confirm it does happen, though. You will not see me post my governments up in here either.
I agree with what you’re saying. All of these posts with the $1k+ a month going into “savings” makes me wonder if that money is actually auto diverted into savings, or if that’s just their leftover $ and they label it as savings on the graph. But in reality it’s probably not all saved.
I just found this group. I like it. I need to vent that I owe a total of 16,000.00 in taxes for 2021 on a 60 k earnings year. I’ve never had that before. I’m not saying this to complain but, is that normal?
Grew up in an upper middle class area as one of the poor kids. Married into an upper middle class family. I’ve spent my entire life around the folks you mention. What I’ve noticed is, everyone making more than 150k but less than 1 million yearly thinks they’re regular middle class since they’re not Rolls Royce loaded. Despite having/doing things that are well out of most folks price range.
For instance my partners siblings routinely, ask their parents for several grand. They “can’t make rent” this month because they went on an impromptu vacation. Or something similar. My in laws have a lawn service, go out to eat daily, get hotels for the hell of it, make large donations to any nonprofit they come into contact with, give away extra belongings and more. Middle class people can’t just give away their extra printer, nor do they have 3 to begin with. All that said my in laws are adamant their middle class. Meanwhile my MIL makes enough every day to pay most people’s rent.
If you try to say they’re well off they go insane. I’m not actually sure why. Just a general rule of thumb. Never, ever mention to an upper middle class person they’re well off. It scares them away.
I think middle class is $50k-$150k depending on location.
There’s major self-selection bias on Reddit in general. The demo skews toward tech and higher income. That includes the posters in this subreddit.
A lot of these posts are humble (and some not so humble) brags. No one is happy. Everyone is in debt. We are all just trying to piece it together as we go.
i think it’s all relative, if you live in a high cost of living area for example the bay area, you probably feel like you are “middle class” (or even lower) if you are making $250k/year because there’s so much wealth around and you might have some billionaire friends. living in certain areas can definitely make people become out of touch with reality.
There’s a fair amount of humble bragging around here. But I think you need to realize that the extreme lack of financial literacy in this country means that merely*being aware* of the need to budget already puts one above the curve. Forget about actual budgeting. And like all long term goals, it’s really easy to wonder why you’re doing all this. Because the payoff isn’t until much further down the line. Like, rationally, I knew throwing a hundred or so a month into a market ETF **will** make me a millionaire in a few decades. But God damn, that’s a few decades away and I’m “poor now”.
If you think that’s bad, check out r/millennials it’s just post after post after post like that.
And quite frankly, I’m not convinced life is any harder for millennials than countless other generations. I’ve been doing some research about cost of living then and now and it doesn’t paint the conclusive picture that many would like it to.
If I was born 200 years ago, I’d be a farmer. Don’t like farming? Doesn’t matter, that’s my only option. So all these “I just can’t stand working an office job” seem a bit rich.
The median income for middle class for a family of 4 is 97k. Full range is 67-201k for families of 4.
You can have this income and be broke for a lot of reasons, or you can be comfortable for a lot of reasons.
Everybody should be saving 15% for retirement if you don’t want to be penniless when you’re old. Don’t be mad that people are doing that saving as they should, paying their mortgage and keeping their kids fed, and then having nothing left over to enjoy life with. That’s a true problem for many people.
If you’re making a lot less and have no savings and living paycheck to paycheck for real maybe you’re not middle class.
You have to take reddit comment with a grain of salt. 80% of them are not being truthful. Dont put yourself down.
I feel poor, but I know I am in fact not poor. I have a zeroed-out budget and live frugally while I invest and pay off debt. However, if I wanted to splurge and spend like crazy I could because I have taken steps to secure our future financially.
It is insane, really my viewpoint on ‘middle class’ is essentially:
At the end of the month do you have increasing savings? If so you are likely middle class*
Obviously there are months where you won’t like if a ‘freak event’ occurs and an unexpected cost occurs
I honestly think they’re clueless, don’t add up assets properly, and emotionally are stuck feeling middle class. My BIL lives in a LCOL city, with combined income of almost $400K, but he’s constantly going on about his parents being so lucky to buy a house in HCOL in the 80s.
Retired mother is constantly amazed at “so and so” having $1-2 million assets but she has around 2M in assets too and feels the need to save and scrimp. Lives a modest middle class lifestyle.
It’s hard to be financially literate or aware unless you find something/someone to help put things into perspective.
Of course there’s also ppl who think they are making a ton of $$$, spend frivolously, and don’t have a clue on what saving means.
lol I haven’t seen anyone on here making $50k a month.
Show me the posts of people making 600k/year saving 500k and then complaining about “how poor they are”. Literally all I see from this sub anymore are people complaining about these imaginary posts that don’t exist just for the sake of complaining. Even if you can find one, it’s like 1% of the sub at most. It’s really not that big of a deal
It’s all relative. If you make something like $40k usd you’re in the top 1% of earners globally. Ask 1000 people to define middle class and you’ll get 1000 different answers.
Honestly i’d even accept just getting the company match or some into HSA for medical as still tight month to month… but not maxing all investment accounts 😂
Who cares?
I think a lot of people know judge “middle class” based on the salary that used to get you into the middle class. 50000 isn’t that any more.
I’m not p2p anymore thank god. Lifestyle creep is real and massive car payments and multiple vacations are what I hear and see. There no need for to be buy a 40k Honda Accord making less than double the car. That’s what I follow 2-3x what the car cost, 3x if it’s a German car you plan on keeping. I wanna live good to but gotta save some and buy a house. Also get out of these expensive cities if you aren’t getting paid well enough to live in them. Sometimes boring is good.
$100,000 is poverty level in San Francisco. It’s an awesome amount in Alabama. If it bothers you this much then the sub poverty finance is a more suitable place for you. Or the sub poor.
Counter-point: Making fun of poor people will always be fun.
Would you characterize living paycheck to paycheck with no meaningful savings anything else but poverty? Obviously there are many levels of poverty going from scraping it by living under a bridge to relaying heavily in government assistance…
I mean, living “paycheck to paycheck” after you maxed out your 401k, your ROTH IRA, and put some extra cash aside for emergencies isn’t poverty, but it should be the entry level of middle class.
The upper level is having enough investments, diversification of active and passive income to the point you almost don’t need to work anymore to live, you might want to, but you don’t need it. That’s the entry level of wealthy, which is a very subjective level depending on your needs and wants.
And rich is when “money exists”. I dated only a truly rich person, she explained me what rich means.
6 figures is not middle class, but also not 1%ers. You need $10mil in net worth just to get into the 1%. I think last I checked nearly 20% of households in the US have a NW of $1mil due to housing appreciation.