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this post was submitted on 26 Jul 2023
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Makes a lot of sense anecdotally. So, I'm in my late 20s, making what people say is a "pretty good salary but not the highest I've seen" for someone my age, I save up religiously, and I have made zero large purchases (including holidays abroad) for the past 3 years.
I can now just barely afford to buy a decent place to live in.
That's all without children. Now how in the hell am I supposed to afford that with a kid too? They're very expensive.
Yep. A couple years ago I crossed the 6 figure threshold, which is what I was always told growing up was “good money”. But when you factor in inflation + living in a HCOL area, it doesn’t go nearly that far. I’m mostly comfortable and able to save but that’s because I save/invest religiously and also don’t make large purchases. There is 0 chance I could afford a kid right now.
And I’m not trying to say I have it the worst, I recognize the privilege I do have making as much as I do/how much less financial stress I have compared to previously. But man, 6 figures was so hyped up as a kid and it just doesn’t have the purchasing power it used to.
In my early 30s - spent my 20s saving, only went on holidays twice in the past 10 years (and one of those times was a trip to Japan - ironic), and am considered a high earner in my field.
...the idea of buying a nice house that I enjoy, in an area that isn't depressing, is so far off it's almost a joke.
Kids? The very idea seems laughable to me.