Would you struggle on $350,000 a year?

Originally Posted by Kingtre

Originally Posted by Scott Frost

Would you struggle if your salary & earnings were slashed?
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exactly...i mean im not saying he's the smartest money manager around but he was doing ok and living prob a lil beyond his means and taking that bonus as a definite...

of course a bunch of college/high school kids who live off financial aid, basic jobs or parents are gonna say 350k is the ultimate dream but you never know until you are in that position

same goes with these athletes blowing thru millions and ending up in debt after a few years....its easier to say what you would/could/should do until you are actually in that position
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You all sound ridiculous. Bunch of high/college kids? I am talking to people making $150-200k who are laughing at this guy. It comes with responsibility and realistic ideas of wants vs. needs. Seriously, this isn't difficult.
 
I would be comfortable with that amount.

Actually I'd feel like a millionaire, but would spend as if I still make $500 a week.
 
What kind of nonsense...
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let me meet this guy so I can slap him upside the head.

Hell, give me a quarter of that and I'll be fine.
 
Originally Posted by dadecounty11

I hate snobby people.

It's disgusting. I hope he catches a lot of flack from other people over his pathetic snobbish attitude.
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and judging how someone else lives is not snobby?
 
Over here? At the current exchange rate, you'd be ballin'.

#firstworldproblems
 
I hate to comment on the next man, but from prior posts I have come across on this site, A LOT of NT'ers would be in a similar, if not worse, position. "Oh if you had the money, you wouldn't ball out?" ... "Look at the site we're on, anyone saying they'd save or wouldn't be flashy is lying" ... Yeah, ok. 
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Originally Posted by SoLeCiTy

I'd be comfortable with 60-80k a year
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Me too. I'm fresh out of college and I'm earning $28,000 a year. (And I'm thankful to even have a job.)
Luckily I make some side graphics money... maaan I need to make more 
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350 a year

70 grand a year paying off a nice house
10-15gs on bills
50gs in investments and savings
60-70gs on a brand new car while trading in last years model
20-30gs to play around

I still would have crash to play around.
 
Originally Posted by finnns2003

Originally Posted by Kingtre

Originally Posted by Scott Frost

Would you struggle if your salary & earnings were slashed?
Click to expand...
exactly...i mean im not saying he's the smartest money manager around but he was doing ok and living prob a lil beyond his means and taking that bonus as a definite...

of course a bunch of college/high school kids who live off financial aid, basic jobs or parents are gonna say 350k is the ultimate dream but you never know until you are in that position

same goes with these athletes blowing thru millions and ending up in debt after a few years....its easier to say what you would/could/should do until you are actually in that position
Click to expand...
You all sound ridiculous. Bunch of high/college kids? I am talking to people making $150-200k who are laughing at this guy. It comes with responsibility and realistic ideas of wants vs. needs. Seriously, this isn't difficult.
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um i'm referring to people in this thread who are all "hell yea give me 350 right now! *birdman hand rub*  most of which have stated they currently live fine off of XX amount so 350 would be great....i'm just pointing out that that's not the situation here
 
dude def lived above his means but within what he was comfortable with at the time...again i dont think hes good with money and i'm not saying poor him or whatever
 
If you can't manage 50 buck, you can't manage 50 million.
But seriously, if your pay is cut, cut spending to balance it out.... 17k for two dogs is excessive. 32k annually for private school for a 10 year old.... 
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Originally Posted by Kingtre

Originally Posted by Scott Frost

Would you struggle if your salary & earnings were slashed?
Click to expand...
exactly...i mean im not saying he's the smartest money manager around but he was doing ok and living prob a lil beyond his means and taking that bonus as a definite...

of course a bunch of college/high school kids who live off financial aid, basic jobs or parents are gonna say 350k is the ultimate dream but you never know until you are in that position

same goes with these athletes blowing thru millions and ending up in debt after a few years....its easier to say what you would/could/should do until you are actually in that position
Click to expand...

QFT
 
DoubleJs, we touched on this in the Gilbert Arenas thread a while back and shared similar sentiments. There's nothing wrong with wanting a certain lifestyle, or "your version of New York" as Schiff desires, as long as you personally have the financial means to sustain such expenses without placing the burden of cost on anyone else (wealthy grandfather, for example). I think two major factors plaguing excessive American consumerism are: Competition and brainwashing advertisements. Competition in the sense that upper-class to wealthy individuals often make "power plays" in terms of purchasing a residence, vehicle, or vacation destination. Keeping up appearances is extremely vital even if you are unable to foot the bill later on. Secondly, major corporations make it difficult for adults to say no to their children. No longer is an original iPad good enough when the newer edition (2) is released and (3) soon to be. I've never seen 10-year old children with iPhones and other fancy touchscreen gadgets until this generation. Personally, I didn't even have a cell phone until the age of 16. Along with that point, anytime you watch a golf or tennis event (generally considered sports for the wealthy), the commercial time is flooded with advertisements from Rolex and Mercedes. It's highly tempting even for grown adults to put away a little extra into savings instead of impulsively splurging on a Grand Marnier or SL550. 
Scott Frost, given the troubling economic downturn in recent years, everyone has had to adjust their spending accordingly. The amount is all relative based on your initial income bracket. It may be tough for Schiff and others relegated to $200,000 a year after taxes, etc., but I feel more sympathy for the middle-class that doesn't even have the choice to slash exclusive golf memberships or parking for their high-end Audi. 

I highly recommend a very insightful book, titled "The Millionaire Next Door" by Thomas J. Stanley. Often times your neighbors or other individuals with the largest bank accounts don't wear the newest designer clothing or drive the latest BMW 7-series model. 
 
These dudes in this article need to take some financial planning classes.....

Lesson #1 Its easy to get money but hard to keep it....

Even though 350k isnt nearly as much in NYC as it is in the rest of the country, they should still be able to put a decent amount away every year as well as transfer some tax free money into their kids names....
 
Somebody said something about living in a 150k house when they make 350k but the good areas don't having houses that cheap. Where I live 150k doesn't get you anything worthwhile. I'd much rather build my house for all that.
 
Easier said than done, but for most the more you make the more you spend, priorities begin to change....this dude sounds like a complete scumbag to us, but everything is relevant, said your 75k a year salary is cut down to 35k a year...youd still survive and the government will even lend a hand, but you'll have to sacrifice your old lifestyle and you will have this false sense of struggling...adjusting your priorities isn't as as easy as some of you make it....power to those who earn more and remain within their means, it really is a hard thing to do.
 
I see people like this all the time in the complex I live in....barely making ends meet just to say they live in a certain area, then if something happens like they have an unforseen expense , they have to move immediately because they have packed their budget full of large monthly expenses that they can barely balance when things are good instead of putting some money away to invest to grow and living off of a smaller portion of the income....
 
Originally Posted by ksteezy

Easier said than done, but for most the more you make the more you spend, priorities begging to change....this dude sounds like a complete scum bag to us, but everything is relevant, said your 75k a year salary is cut down to 35k a year...youd still survive and the government will even lend a hand, but you'll have to sacrifice your old lifestyle and you will have this false sense of struggling...adjusting your priorities isn't as as easy as some of you make it....power to those who earn more and remain within their means, it really is a hard thing to do.
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HUGE Difference from a 75k to 35k cut and still making 350k after a cut.   I'm sorry but bringing home 35k and attempting to raise a family is a struggle.  Like I said if you are making 350k and get upset about it then the only thing hurting is your pride not your pockets.  Your family can still live MORE than comfortable with plenty of vacations and material things.  Dude is spending 17k on pets....PETS!
  
 
I am sorry dude makes more then 99% of america......I can not have any sympathy for you.  Completely agree with Monstar....his pride is the only thing he is going to have to give up.  
Imagine if his kids had to do the unthinkable........attend public school
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I have friends raising families of 4+ with about 35k a year bro and they are far from struggling, specially with all the public assistance available to low income households...of course they cant afford certain luxuries like a nicer neighborhood, a car, vacations, etc....but they are living and they are not struggling....he's used to his lifestyle and luxuries which I've gotten used to are far from nessesary to him, cut me down to his annual salary, tell me to give up my car at the least and I would also feel like I'm struggling....when you are used to a low income you adjust and live happily, when you are used to a higher income and out of nowhere you must live with half of what you made, you will get that FALSE sense of struggle I mentioned...hopefully and eventually you'll learn to adjust aswell z
 
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