88

The point is not to chill and just burn through the savings and not work. How would having that much money saved, change the way you look for jobs?

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[-] foggy@lemmy.world 86 points 1 year ago* (last edited 1 year ago)

I hate that it's true, but $10K is not a hefty savings anymore.

That's not to say most people have $10k saved.

That's just to say that $10k would get me through like 4 months, maximum.

And Id be hungry.

[-] Bye@lemmy.world -2 points 1 year ago

It would get me through less than one month

Less than 10k savings would mean I’d be basically on the streets if I lose my job

[-] ilmagico@lemmy.world 4 points 1 year ago

People downvoting have never lived a different country, or city, than where they were raised ... seriously, cost of living varies wildly. 10k/month in expenses with a family, house (mortgage, insurance, maintenance, etc), cars (gas, maintenance, insurance, etc) travel / vacations, you name it, is not unreasonable.

[-] stevehobbes@lemmy.world 0 points 1 year ago

Hopefully with kids in private school you’d have more savings than that, but that’s an easy $15-50k/yr per kid.

I wouldn’t be surprised if the monthly cash burn for a truly middle class family was $5k.

The rule of thumb is 6 months of expenses.

[-] foggy@lemmy.world 2 points 1 year ago* (last edited 1 year ago)

Average car payment right now: $725/mo

Average price of a 4 bedroom, 2 bathroom home in the US: $416,000

Average interest rate for home equity loan right now: ~9%

Average mortgage assuming 10% downpayment And above: $2700/mo

Moderate grocery budget for 5 people: $1500/mo

Average Utilities: $330/mo

Average cost for private school: $16k

For 3 kids, monthly: $4k/mo.

For good measure, well add a slush fund of $2k a month to cover property taxes ($350/mo), gas/auto repairs, house repairs/non food related purchases, kids hobbies/electives/clothes

If we want to talk vacation, it's gonna be an additional $1k-2k saved a month.

If you're saving for college lol, add $1750/mo for 20 years to cover 3 kids at avg priced 4 year institutions.

Where are we?

$14,555/mo.

To sustain that, you need to be pulling down over $350k/yr as a household.

Average.

[-] SCB@lemmy.world 0 points 1 year ago* (last edited 1 year ago)

Lmao I love how when you write it out like this it makes so much so very clear about the people on this site.

That's such an absurd level of casual wealth that the amount of leftists on here with no idea how the average person lives makes a lot of sense

If we want to talk vacation, it’s gonna be an additional $1k-2k saved a month.

Moderate grocery budget for 5 people: $1500/mo

For good measure, well add a slush fund of $2k a month

Fucking lol

[-] foggy@lemmy.world 0 points 1 year ago* (last edited 1 year ago)

That's less than $70 per person per week, which is far less than the average spend.

You can troll around and argue against what I said all you want, they're based on averages. Actual averages.

No one cares about your opinions.

[-] SCB@lemmy.world -2 points 1 year ago

You should learn the very significant difference between a median and an average if you think the average American does any of these things.

this post was submitted on 02 Sep 2023
88 points (80.1% liked)

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