Gen-Z Says $74,000 Per Year Is No Longer Middle Class

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-A $74,000 income is reduced to $4300 per month after taxes, 401k contributions, and health insurance.
-$500 Per Month is going towards student loans.
- $1400 to SPLIT a 2-bedroom apartment in a medium-sized city like Orlando, Florida - with utilities.
- $600 per month on food and groceries.
-$400 for a car payment
-$200 for insurance
-$150 for gas
-$100 for a cell phone
-$300 for fun expenses
That leaves you with just $650 left over. Is this middle class?
My Thoughts:
First: Very few people can qualify to buy a home, at 25 years old, with a $74,000 salary. Even if you’re disciplined and live frugally, it’s going to take you 3-10 years to pay off debts and / or save up an amount that would even be considered as a down payment, depending on your area.
Second: This doesn’t take into account the combined incomes of couples.
Just consider that 2021 Census data showed that “46% of people buying a home were married couples, compared to just 22 percent of single men and 30 percent of single women. That’s because lenders COMBINE the income of both people to determine how much money they’ll lend.
Third: It also REALLY depends on where you live.
For example, the median income in Newton Massachusetts is $122,000…while the median income in Flint, Michigan, is $24,900. This means that there will be a LOT of variance in terms of average income and values, and what “middle class” means for your location.
Fourth: Even a savings rate of $500 per month could lead to a SUBSTANTIAL amount of money later in life - especially if you start by age 25.
The way I see it - housing is INSANELY EXPENSIVE. To make matters worse, according to the Bureau of Labor Statistics, “you’d have to earn about $129,000 today to have the same purchasing power that a salary of $100,000 had just a decade ago.”
However, I tend to believe that the person earning $74,000 per year at 25 years old is going to have the upward mobility to eventually make $110,000 per year by the age of 33 - at which point, qualifying for the median house is going to be much more achievable - ESPECIALLY if they keep their expenses the exact same, during a time where their income is increasing.
No, it’s not going to happen as as soon as you land a job - and, life IS expensive - especially when you’re just starting out - but, I DO believe it’s entirely possible, and you will be able to buy a home after getting established in your career - if you budget for it .
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7 июн 2024

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Комментарии : 3,3 тыс.

@GrahamStephan 3 месяца назад

-Get free life insurance quotes from America's top insurers and start saving today with Policygenius: policygenius.com/graham. Thanks to Policygenius for sponsoring this video! -Here is a link containing the source material for each piece of research cited. I do my best to make my videos as accurate as I can, and the additional resources should help anyone who wants to look into them further - enjoy! docs.google.com/spreadsheets/d/15JCqktJaTww1pgCBewv8z4zMs1E93GjqaGz8iiQeOA8/edit?usp=sharing

@Billionaireben 3 месяца назад

They may say that, but job salaries outside of silicone valley tell a different story. FL financial analyst salary starts at $58k, a lot of lawyers don't make enough to justify law school. Of course the best advice to the average person is 'don't be average' but easier said than done.

@schuylergeery-zink1923 3 месяца назад

What are all these cars exploding in flames and being flooded 😂 omg

@darius9513 3 месяца назад

Those studies are completely wrong on the utilities part for Orlando it's ridiculous high. Also life insurance should not be the answer to all this. Another thing to consider is insurance for health care and for your car

@zodiacfml 3 месяца назад

due to technology, many things in today are more affordable and abundant regardless of income except real estate. real estate has become luxury. since real estate has become scarce, a painful birth rate decline will match it.

@sarahfletcher01 3 месяца назад

*I am fortunate I made productive decisions that changed my life forever through my finance-mentor. I'm a single parent living in Bn Italy, bought my 2nd house in January and hoping to retire at 54 by next year.*

@y0utuberculosis 3 месяца назад

If you can't afford all your bills, savings for retirement, and a dinner out now and again, it's not middle class.

@chimchu3232 3 месяца назад

I agree, with the insane rise in prices in a lot of sectors due to inflation and the supply issues, money just doesn't go as far as it used to.

@chasemoray425 3 месяца назад

“Your bills” is very vague. You need to just lower your bills.

@angeluceta5688 3 месяца назад

@@chasemoray425 exactly.alot of people just open up their bank account to the entire world to pick at it lol

@jackattackhissnack 3 месяца назад

@@chasemoray425lowering bills can help but the statement is about being middle class, not survival. Middle class is having your basic needs met and having some left over.

@TA-np4mc 3 месяца назад

@@chasemoray425 middle class should be able to afford a small basic house at minimum or even a condo.

@tonyl7286 3 месяца назад

74000 is a good salary for someone single, but lord have mercy if you're trying to provide for a family with that.

@TheSnappyo 3 месяца назад

That’s where I’m at. I make $80k at 23 yrs old. I can’t imagine having kids until I can hopefully buy a home, free up my income from student loans, and progress in my career. I can’t complain that I’m fortunate for my position, but it’s not comfortable enough to start a family or use for others than myself.

@TheRealSteveMay 3 месяца назад

Yep, I made 75k last year, and I'm the sole provider to a family of four. I live in a low cost area, but it's still very hard to stay solvent.

@dobber43 3 месяца назад

@@TheSnappyogood u got ur priorities straight also make sure the person is actually someone you wanna spend ur life with if for no other reason cause it will seriously effect ur money if it goes bad

@uhohhotdog 3 месяца назад

Other way around. If you live alone 74k is nothing because you have no one to split with

@djangomarine6658 3 месяца назад

Umm, average household income is around $80k. Plenty of people are making it work. Comparison is the thief of joy. I blame Instagram.

@dealforbet8888 3 месяца назад

Middle class is supposed to mean I don’t have to stress over everything to pay my bills and save money.

@thelifewithnate 3 месяца назад

Middle class also used to mean that you can afford to take the fam on a nice vacation without having to worry about not affording the bills or the mortgage this month. It's crazy man, no wonder the next generation doesn't have any hope.

@jsebby2284 3 месяца назад

@@thelifewithnatewhy don't they have any hope?

@jsebby2284 3 месяца назад

@nealcassady-yn3bh great depression for prices to go back to what? Yeah I'm sure it is

@jsebby2284 3 месяца назад

@nealcassady-yn3bh well $20/hr is $41,600 - not 30K. But I understand what you're saying now. Covid defintely fucked up the housing market. House prices have already started to come down- and interest rate cuts are on the horizon. We definitely need house prices to continue going back to the norm - I agree - I just don't think you want a Great Depression haha

@stillbuyvhs 3 месяца назад

If that's true, then most folks have never been middle class.

@zachcarmichael699 3 месяца назад

I make $56k as an IT systems admin in a suburban area in the south in the US. After taxes, required pension contribution, and benefits, I'm left with $1500 per paycheck (so $3k a month). Here are my monthly expenses: $1200 rent $30 water $30 trash/sewer $140 electric $40 internet $40 phone $200 groceries $120 gas $140 student loans $290 car payment $110 car insurance That's $2340 of necessary expenses, leaving me $660 a month. So after any personal expenses, entertainment/streaming services, gym membership (a must for physical/mental health) and miscellaneous expenses that come up, there's really not much cushion for savings. It's sad.

@CherokeeMaxx 2 месяца назад

Your car payment is eating you alive. Either sell it or Pay that ish off, after saving up $1000 for emergencies. Then dump all that into your student debt. The debt snowball works brother! Word to Ramsey.

@goahnary 2 месяца назад

@@CherokeeMaxx That car payment is VERY low and you absolutely have to have a car in the south. I've used the snowball method as well and it works every time. Great feeling psychologically... But the question here isn't if you can work things out. It's if you are MIDDLE CLASS. Middle class families shouldn't need to snowball all their expenses and pinch every penny. They should be able to live a resonable life and go on one vacation a year with savings to cover unforseen expenses. That isn't possible until at least $90k in a small metro area. Any bigger and it needs to be 100k+

@malcomreynolds4103 Месяц назад

you need to leave the public sector. All you are doing is subsidizing the pension payments of baby boomers. Even in ms, al and la you could easily make another 20 grand a year in private sector with a 401k that will actually be there when you retire

@Duecegod101 Месяц назад

It really comes down to expenses. I make about the same as a valet but am able to save over 1k a month because I drive an old Honda that’s paid off with 27$ insurance (State Farm) cell phone is 20$ a month (mint mobile), no student debt, live in employee housing 600/month everything included. I couldn’t imagine paying 200 a month for electricity. Entertainment is RU-vid/tubi which is free. Food/beer is 200 a month but get free beer in tips and food drive at the church when needed. Need to find cheaper health insurance I spend about 180 a month on that biggest expense. Two years ago I moved out here with 800 bucks and now have 27k in savings and starting to invest and build a 401k with my employer. It’s possible if youre single and smart with your money. If I start a family and get a dog I’ll need more than 20/hr tho

@seraphcreed840 Месяц назад

Ah I found it! The "pull yourself up by the boot straps sonny" comment. Thank you sir. @@CherokeeMaxx

@cyberviking5734 3 месяца назад

One HUGE issue is that those “starter homes” don’t really exist anymore. All the older homes with “good bones” were flipped 10 years ago thanks to chip and Joanna making it popular. And now, with construction costs going up, builders just aren’t building $300k homes anymore. It only costs them a little more in materials to make a “luxury” home and charge 20-30% more to make profit. I could afford a $280k-$320k house, but those don’t exist unless you want to buy a home needing repairs. Buying a home and owning a home are not the same thing.

@crzycolchris 3 месяца назад

Yupp this what I've noticed.. and it gets deeper than that.. You were taught your whole life absolute dog sh*t in school.. I may know the distance between the earth the mars because i was made to. but I cant fix sh*t in my house. So buying a house that needs repairs is a nightmare for young people that dont know how to repair anything.. I work in IT yay.. I "went to school" yay... I cant freaking fix my own siding so I have to pay some highschool dropout thousands of dollars to do it! cursed from the start.

@TheHigherVoltage 3 месяца назад

What's stopping you from buying a $400k-$500k home and renting out the basement for a few years?

@godlikemachine645 3 месяца назад

Location is also extremely important. Housing is really cheap here in the Rust Belt. You can buy a very nice house for 100k.

@Nikotromus 3 месяца назад

If a builder decides to build a starter home neighborhood, Black Rock will come in and buy every house in the neighborhood and turn it into rentals. You are correct. Starter homes do not exist now. By design. You will own nothing and eat bugs.

@kylesizemore2751 3 месяца назад

Location is everything but you just need to think outside the box. I bought a townhouse in a suburb for old people that you could pick up today for 240k. I only needed to put 15k into it to fix it up between toilets, water heater, new tile floors, and an electric panel. I did this with money I saved working at a grocery store. Getting the house you want is impossible but getting A house is not.

@austinmaiden4663 3 месяца назад

As a 25 year old software engineer with a bachelor's degree making just under $74k per year, I can confirm that I definitely don't feel like the middle class. The only reason I feel comfortable is because my rent is only $600 a month. I will say though, his estimate of 4300 a month is actually high. I make $1850 bi-weekly after 401k contribution and I'm on my dad's health insurance. That's about $4000 flat a month

@lizmartin4555 3 месяца назад

My take home at 75k was barely 4k BEFORE 401k. His hypothetical person must not pay state taxes and have very cheap health insurance.

@joed5419 3 месяца назад

Yeah but you get two months of the year where you get an extra check since there are 26 pay periods in a year and not 24. That will add a bit to your monthly average.

@austinmaiden4663 3 месяца назад

@@joed5419 yeah, that's why I said $4000 a month instead of $3700

@joshuamartinez470 3 месяца назад

I’m 24 and make $70k. After all expenses (including $1800 for housing and utilities, and $757 car payment), I save $1,500 a month not even including 15% contributions to 401k.

@Pixel_Po27 3 месяца назад

Yea the numbers are inflated. At $80k, take home after taxes and health insurance is $4400. I only live comfortably since rent is low for me as well at $800.

@IamERAMOS 3 месяца назад

That's if you have a 74k salary. Average annual income is 60k as of 2024 in the US.

@LuisRojas-mz2mg 2 месяца назад

average level is skewed by super high earners. consider citing the median annual income

@hottamaledancer 2 месяца назад

I'd be THRILLED to make 60k/yr! I work my ass off and haven't broken 43k

@destroya3303 2 месяца назад

That is mentioned in the video for those with longer attention spans.

@rubixpuzzlechamp 2 месяца назад

Median personal income is only 40k. Median income for a 23 year old is 21k.

@malcomreynolds4103 Месяц назад

@@LuisRojas-mz2mg Not really. Few high earners have that much income paid in cash outside of professional sports, but there aren't enough of them to matter. Stock options, where most high income earners get the majority of their income from, arent realized until they are sold, and none of them are selling billions of dollars of stocks at least without putting it back into something else and nullifying that income.

@giajeep-yf8nz 3 месяца назад

Most people do not Make 74k More like 40-60k

@lijohnyoutube101 3 месяца назад

40-60 isn’t a job it’s a hobby/part time job for a teen. If someone is legit making that as an adult they need to fix their life!

@27Zangle 3 месяца назад

@@lijohnyoutube101 You're way off!!! Most people make less than $40k a year working full time. I used to be a manager for a store and did the hiring, we had tons of application from many people just needing a job, any job and were willing to make around $28-32k a year because that is what is available in a lot of towns and cities. Many have a significant other who makes the same amount and they live a nice lifestyle. It took me till nearly 40 years of age to break past $40k a year and now make similar to the amount stated in this video. A lot of it comes down to luck and being in the right place and knowing the right people. Location is one of the biggest factors as well, like for me, I lived in a very seasonal town / state and it was expensive, many people who owned home or business in the area are rich people from out of state who pay poorly and take the money with them in the winter.

@lijohnyoutube101 3 месяца назад

@@27Zangle the average US salary is 53,000 a year and the median (true halfway point where most are sort of falling) is 75 K. Unless you are insanely desperate or retired etc less than 40k like isn’t even worth it. The last time I made under 40k a yr I was 19. Why settle for such a pathetic amount?

@benjaminperez8770 3 месяца назад

@lijohnyoutube101 tell me you're out of touch with average American workers without telling me you're out of touch with average Americans

@lijohnyoutube101 3 месяца назад

@@benjaminperez8770 I flat out shared the average and median. You aren’t talking about the ‘average’ or typical you are talking about the poverty class.

@traineewaden906 3 месяца назад

If you can't buy a house you're not middle class, if you can't support your partner/family on a single income you're not middle class. These things used to be considered normal/the standard.

@alexbarcovsky4319 3 месяца назад

THIS

@Username_CC_ 3 месяца назад

Owning a home on a single salary has been a fantasy for decades.

@jsebby2284 3 месяца назад

If you make up definitions of middle class it can be anyhting you want And no - they didnt

@TheHigherVoltage 3 месяца назад

When was that?

@waveofbubble2194 3 месяца назад

exactly

@ronjohnson2760 3 месяца назад

Imagine charging 14 grand for a car thats more than 20 years old and only cost 24 grand brand new in 2002.

@drumyogi9281 3 месяца назад

I drive a 25 year old Ford Ranger with manual everything in it. Bought for 5k 18 years ago. You can buy old Buicks around the same era for about 7-9k that have around 60k miles on it. Super reliable cars and since they are old person cars they were garaged and maintained. You won’t be winning any dates but you will be winning at life.

@DaInfamous0ne 2 месяца назад

I have a 2000 blazer. I refuse to buy a new car. The engine did just go out at 307k so I have to find a mechanic... And the money to fix it. And I live in Tennessee... Hardly anybody is making over 40k in the south unless you work for the government.

@malcomreynolds4103 Месяц назад

that 14 grand now is not worth what 14 grand was in 2002. 24 grand in 2002 is not 24 grand today, its a lot more than that.

@DL-fl5ul Месяц назад

I bought a 5 year old Ford Explorer with 60k miles XLT for 19k last month. Inflation has definitely happened but the internet exaggarates a lot

@BryanBagehi 3 месяца назад

My household income is solidly over $150k, yet we are less financially secure now than we were when our household income was under $100k a decade ago. The price of every, especially insurance, has skyrocketed. Homeowner's insurance is more than 6x what it was a decade ago. Healthcare insurance went from something an employer would give you because it only cost them less than $200 a month to something that I have to pay over $1,000 a month for and I'm only paying for 25% of it. I pay more per month for car insurance than I paid every six month a decade ago. Insurance went from a side thought on the family budget to a large chunk of it.

@andresgarciacastro1783 Месяц назад

When you get older, you'll be sick and they'll force you to choose between selling your stuff or dying. Your descendents will own nothing and will be neo-serfs.

@Chrislewislive 3 месяца назад

You’re high as a kite if you think a bank will give a five year loan for a 13 year old car with over 100k miles lmao

@SF-bh7rd 3 месяца назад

You're high as a kite if you would sign for a loan on a car.

@specialagentorange4329 3 месяца назад

Buy used. Keep us with maintenance. Don't go into debt!

@futureflavors205 3 месяца назад

@@specialagentorange4329 Ok boomer

@specialagentorange4329 3 месяца назад

@@futureflavors205 if you want what boomers have then listen

@Krobra91 3 месяца назад

@@specialagentorange4329what boomers have isnt what anyone else can have today. used cars are just as expensive, and nowadays are are more complicated and require more maintenance. gone are the days where you can self teach how to repair things, thats why congress is debating the right to repair act as about 95% of all technology today is something you are unable to repair yourself.

@sidehustlevikki1066 3 месяца назад

I personally don’t like the idea that you still need a roommate or partner to make it. This was not my vision of being an adult. No sense of accomplishment

@brittney3156 3 месяца назад

Thank you - same! I did that without complaining all through my 20's. I'm in my 30's and in a great career now. I shouldn't need to do this forever.

@enterthenameyo 3 месяца назад

???

@LawrenceTimme 3 месяца назад

Disagree. If you want to live as a degenerate individual forever then that's bad for the country and community as a whole. It is selfish. We should look to superior asian cultures where families stick around and look after eachother instead of everyone trying to do whatever they want for themselves all the time. That's why there are so many people moaning about daycare costs on these comments too.

@austinwells678 3 месяца назад

@@LawrenceTimme Least insane youtuber alert... Living with family is not equitable with finding a guy off of craigs list so you can afford a basic lively hood.

@TheHigherVoltage 3 месяца назад

You have a fantasy idea of what it takes to be an adult.

@abdielneris4957 3 месяца назад

Reality is that a lot of people make $17-$19 an hour working at a restaurant or warehouse. $70k is borderline best case scenario.

@Dividend_Info 3 месяца назад

The lifestyle of younger people is based on social media and it's expensive to try everything that you see there

@kevinv91 3 месяца назад

Also in the security guard industry.

@Djsjechel 3 месяца назад

Yep. I live in northern Wisconsin. Around here, most people make anywhere from $17-$23 an hour unless you’re a nurse, doctor, lawyer, software engineer, etc…And most people around here work in either a factory or warehouse.

@DivinityAwakened 3 месяца назад

Perfect example of why education is so important. Low skill jobs like warehouses just don't pay enough to live a good life, and it shouldn't. Moving a box from A to B isn't a contribution that is deserving of the sweet life.

@abdielneris4957 3 месяца назад

@@DivinityAwakened the word "shouldn't" is subjective b/c for many years a basic job was enough to provide for a family. It just shows how much the economy in the U.S. has changed.

@Lane_online 3 месяца назад

I'm here to say that Gen-Z is right depending on where they live. Inflation is real and it's awful. Where I live, rent alone (not including utilities, renter's insurance, etc.) is $2500 a month for a small two bedroom apartment. That's $30k a year. You can't even be approved to rent such an apartment on $74k a year. Options: - Live in a studio that's slightly cheaper - Live in a dangerous area - Move across the country - Live with parents

@jsebby2284 3 месяца назад

Yeah but why are you getting a 2 bedroom as an individual

@Lane_online 3 месяца назад

@2284 The point of the video is that 74k is no longer middle class. Middle class would be able to afford a medium-sized living space. A second room could be used for an office or a guest room. Don't you think someone designated as middle class would be able to afford a guest room?

@jsebby2284 3 месяца назад

@Lane_online but it is middle class. It's like 25% higher than the median salary. No - I don't think renting a 2 bedroom apartment as an individual is a requirement for middle class.

@jeremyfisher8512 3 месяца назад

@@jsebby2284 I mean if you plan to be alone forever and never get a roommate or date anybody ever yeah you'd be right

@jsebby2284 3 месяца назад

@jeremyfisher8512 notice how I said "as an individual"? If you have a roommate or a partner that moves in with you then youre not an individual and you split the bills lol.

@SyscoVids 3 месяца назад

I live single comfortably at $75k but there is no way I could do that with a family.

@Droxen222 2 месяца назад

...Where do you live?! You paying 4k+ a month on rent? otherwise this comment just screams "i'm bad with money"...

@barcotics1880 2 месяца назад

the state should force you to house a migrant, hail it be to the state

@MissTiffee619 Месяц назад

I do to. And I live alone in NYC. But I lucked into a good rental situation.

@tancreddehauteville764 Месяц назад

That's why your wife would need to work - at least part time.

@ryangray600 Месяц назад

@@Droxen222he literally said he lives comfortably

@happylittletree1727 3 месяца назад

As an individual it's great. For a family it's poverty. And families are the lifeblood of civilization.

@rudistorm3348 3 месяца назад

Did you watch the video? We are talking single income not families.

@Dividend_Info 3 месяца назад

If the two of you are earning $74k it's easier Most costs stay the same

@austinwells678 3 месяца назад

@@Dividend_Info Day care will eat up one of those salaries in a heart beat, if Americans can't have families than our future is in dire hands

@brianadams6204 3 месяца назад

@@austinwells678 It's not that they can't It's just they need to wait till they are financially ready that means learn to budget and not try to keep up with the Jone's. Stop all this crying and put some effort into it.

@darkriku12 3 месяца назад

@@brianadams6204sure, just ignore the growth rates of every service and product a family needs and just pay attention to budgeting. Completely ignoring the problem and pretending it doesn't exist.

@J-wu8sc 3 месяца назад

74k may be middle class in some areas. In mine it’s more like 130k+ to afford a home and raise a family.

@ostfrallen97 3 месяца назад

that´s sick. In pretty much anywhere in Europe you are wealthy with that kind of a sallory per year. An CEO of a Smaller company make´s abount 100-170k $ per year, atlest in sweden.

@octopuz9999 3 месяца назад

Yes Americans live on other planet.

@DoubleDragon5180 3 месяца назад

@@octopuz9999’Nope, just different than you guys. We all suffer in someway

@AssetAddict 3 месяца назад

I never thought my monthly bills for a family of four would be $18k a month. That's just the basics. But I do drive a $1,300 luxury SUV and wife has one as well. Healthcare cost is $2100 every month. I'm self employed and make good money.

@societykrew 3 месяца назад

It also needs to be net lol

@bills2843 3 месяца назад

This is so accurate. Im a college student who was struggling to pay my bills because of my high tuition rates even after all the scholarships I got. So do you know what I did? I did what any sensible person would do and got a second part-time job to make more money. Got a call saying that I was no longer eligible for medicaid. Got bombarded with telemarketers asking me to sign up for health insurance but all of them had deductibles of at least 1K with monthly payments starting at a minimum of $250. So now I'm uninsured. The American middle class has been broken

@guymontag5084 3 месяца назад

The reality is that working during college is not worth it. The vast majority of people I knew who dropped out either had a mental break or tried to work. I didn't and finished my degree then got a job making over 3x what I made as a student. I'm sorry the medicaid thing happened but avoiding loans is not inherently responsible, what is responsible is maximizing your income long term which often involves taking loans and prioritizing things over appearing responsible to working class relatives.

@bills2843 3 месяца назад

@@guymontag5084 I appreciate your words of advice. The thing with federal aid is that the university hands it out and there's nothing in my hand about it. If I go about the private bank route, I know I'll be stuck with student loan payments for years to come. Pair that with the cost of buying a house and I'll be in a mountain of debt. I'm trying to avoid that at all costs in this moment. You are right that it is mentally taxing but unfortunately I don't have a choice

@disenfranchised2.073 2 месяца назад

Thanks Obamacare! Loving that "hope and change."

@jonfe.darontos 3 месяца назад

"...leaves you with 900 bucks, this is no savings, no investments...", except "The take home after taxes, 401k, health insurance is $4,300". Is a 401k not considered savings or investments anymore?

@ashfordj81 2 месяца назад

No, not in the way Caleb and other financial planners talk about savings, because you generally aren't going to use the 401(k) as emergency savings. "Savings" in this case is cash oh hand (in bank) to keep from dipping into the 401(k) or pulling out credit cards to cover unbudgeted costs. 401(k) is retirement savings.

@sasukesuite1 3 месяца назад

“74k is poverty” Entry level engineers: 👁️👄👁️

@mikethepokemaster2012 3 месяца назад

Sounds like the guy living brove his means lol

@lockedoutofaccount 3 месяца назад

Same like I make 74k a year and I'm like aye imma go look at a nice fun 25k car

@Phatnaru0002 2 месяца назад

This is what constantly raising the minimum wage does. Your paycheck does not live in a vacuum. All increasing the minimum wage does is increase the cost of living.

@seraphcreed840 Месяц назад

@Phatnaru0002 cost of living multiplies, but we should keep minimum wage 7$. You live in a fantasy that doesn't assume corporations don't make pricing decisions based off profits. We don't live in a fantasy world. Even game economies change based off demand and upgrades. Ya goofing friend.

@Phatnaru0002 Месяц назад

@@seraphcreed840 Of course they make pricing decisions off of profits, and starving out your customers is not profitable. The economy adjusts around what people can afford.

@Shwonak 3 месяца назад

If you need to budget so aggressively to live comfortably at $74k, it isn't middle class.

@Propraj 3 месяца назад

You don’t need to budget aggressively and neither did he said so. He just continuously gave solutions to budget even more but the guy in the TikTok video was already exaggerating everything. For a family yes this not middle class but for single it’s great

@Username_CC_ 3 месяца назад

Budgeting is a skill and being middle class doesnt me spending without thinking about where its going. That is mindless consumption.

@Neerdowellofyesteryear 3 месяца назад

budget aggressively? what? 74k is a good income for a family. All your needs are taken care of and you can do small things but it's a good income. This generation is greedy. They put all their value into materialistic things which shows they have no depth.

@itsvmmc 3 месяца назад

It's not budgeting agressively, it's living how a lot of people in the world outside of your bubble are living. It would be fun if Americans tried to survive on a poor country budget.

@Mayhzon 3 месяца назад

@@itsvmmc Doesn't have to be a poor country. Can be literally anything outside of the US. I will say this, though. Americans do have a lot of extra long-term expenses we Europoors don't. Mostly because our stuff is already taken as a deductable before we even have a chance to look at the money. lololol

@shopece8807 3 месяца назад

I am at an almost 87k salary, 36 y/o and barely feel middle class. I barely go out (I have fun it's just usually INSIDE), 90% of the time cook my own food (including being my own barista 90% of the time too) etc etc etc but I live in a high COL city/area. I don't think i'll feel comfortably middle until at least about 120k and again I do NOT live extravagantly at all.

@Gwenavere 3 месяца назад

This is what it really breaks down to: talking only in averages stops making sense after a certain point. My high five figure income would put me comfortably in the top 20% of earners in the area I grew up in, but at best it's average for single earners in the VHCOL area where I now live. For public sector employees in my area (which conveniently have public payscales), it's only around the 25-30th percentile. My friend who makes a similar amount back where I grew up is a homeowner raising two kids on one salary, I wouldn't even consider buying let alone starting a family because a smaller condo than the apartment I rent now would cost me significantly more per month.

@dianabenavides2913 3 месяца назад

Because middle class should not be based on income but on net-worth. A net-worth middle class has a paid for home, zero debt, and a job

@TheHigherVoltage 3 месяца назад

@@dianabenavides2913 I don't think that's ever been middle class. I'm in my 50s. Almost everyone I know my age make 80k-120k a year...and are still carrying a mortgage and still carrying debt. Most of our parents were carrying a mortgage into their late 50s, early 60s...and they were all duel income, middle class nurses, teachers, tradesmen, etc.

@dianabenavides2913 3 месяца назад

@@TheHigherVoltage that is why I personally don't believe in social class based on income you are answering it. For example, a teacher with high income or a nurse that has mortgage, school loans, credit card debt appears to be middle class but he is broke. In my household we make way less than that and have a paid for home no debt, and no student loans.... Under the American way of measuring middle class we are poor yet our net worth is much higher and yet we vacation all over America and Mexico yet our household makes half of what you are saying

@dianabenavides2913 3 месяца назад

@@TheHigherVoltage if you make 200k a year and have debt of 500k you are broke.

@drunclecookie216 3 месяца назад

I make $70k a year and my wife makes $36k a year and we're completely debt free and paid our house off last October. We also live in a very rural area where cost of living isn't that high. Income alone doesn't mean anything, it's your income compared to the cost of living in the area you're at. a household income of $106k goes a lot further in a rural area than it does in a big city.

@pigeon_master_8561 3 месяца назад

this is a really good point. 100k in LA is like 40k in oklahoma. the numbers in this video only apply to dense urban areas.

@Oncipian 3 месяца назад

Keep in mind how most people live in these city areas though.

@drunclecookie216 3 месяца назад

@@Oncipian it's insane. I don't understand why anyone would want to live in a city. despite being so expensive, there's also so much crime and the people are really rude and nasty to each other. I had to live in the city in my college days and I absolutely hated it. I even heard gunshots at night

@lando5053 3 месяца назад

@@drunclecookie216I am living in Utah currently, and our average home price is over 500k. I’m being forced to choose between living near my family and home ownership.

@drunclecookie216 3 месяца назад

@@lando5053 yikes. home prices average $150k where I'm at. My house is only worth $102k today

@pelicanpuncher9232 3 месяца назад

I'm 30, make 40k a year. I'm Broke with bills paid with no kids. I will never be able to afford the "American dream" just survival with those fleeting moments of happiness to keep me going through the years to look back on. My belief is somethings going to break. How is this sustainable for the distant future? Can someone do a chart showing if we continue down this road what the economy would look like in 2050? what would it would look like if the median wage is 200k but then a three bed two bath costs 8.9 million and a gallon of milk costs 56$.

@LawrenceTimme 3 месяца назад

Why wait for something to break? Improve you income. Nobody cares or will do anything about it other than you.

@crzycolchris 3 месяца назад

Something will change eventually... i mean the 40 hour work week hasn't even been around for 100 years... people in 1846 would be lost in todays world. They didn't go to the store to buy a gallone of milk. Things will definently change.. but the scary/exciting part is how?

@leakedclipsdaily 3 месяца назад

Only technology will make our lives easier. The people at the top only have bad intentions to make our lives worse.

@bigl2328 3 месяца назад

Nothing will break because people like you do nothing but sit and wait. What has sitting and waiting done for you so far? Ah right, you already explained it in your comment. Now take that and multiply it by however many years more until you are dead. There’s your whole life projection and the words that would be written on your stone, “Waited for something to break but never came”.

@grandmasterb7398 3 месяца назад

You dont need a chart because no one can accurately predict the future. Just study the past. There is no guessing. Those events have already happened. Ever heard of the phrase, "get rich or die tryin"? You either evolve or die. You either take risks trading in the markets or risk building your own business. A 9-5 is a 100% guarantee of working until death or inflation eats you alive at a young age leaving you homeless.

@C_91 3 месяца назад

74k used to be really good and impressive. Now it's just as hard to make but isn't enough to keep you afloat.

@Dividend_Info 3 месяца назад

If you use it right you can achieve something

@SeudXe 3 месяца назад

If youre single like me its pretty good

@charlescalkins3485 3 месяца назад

Sounds pretty impressive to me. I'd love to be able to make that.

@manionaustin 3 месяца назад

My dad is 62 and makes 93 a year and complains about how it’s not enough. His only real obligation is a truck payment

@kekef3620 3 месяца назад

Crazy considering he was around during the good days. Gosh, this whole life sucks.

@canny8228 3 месяца назад

I see a lot of comments saying things like "if I have to budget every dollar then that's not middle class..." As someone who has been middle class since the 1970's I would say that you don't seem to understand middle class. I've budgeted my whole life.

@keith4826 3 месяца назад

Absolutely right. It has always been a struggle. Worked more than one job or worked overtime all the time. I didn’t take a “ vacation “ until I was over 40. Had older cars so I could turn my own wrenches. When I finally could buy a home the yard was just dirt and I did all the landscaping myself to save money. My last job was Union but it was physically hard. They would hire a hundred new people every year to try and keep the staffing levels good. People would quit all the time. Starting wages were low but eventually got better. When I retired from that job it was even worse… people now can’t finish a week at a job I kept for decades. But yeah … we had it easy 🤔

@triplekmafia4932 2 месяца назад

as someone who's been middle class since the summer of 69, I've never had to budget. I couldn't pour money down the toilet of course, but I could spend it freely as long as I wasn't being a fool. This is the middle class. The middle class is not the lower class (but with a tiny bit more money)... You are just lower class pretending to be middle clas.

@justinbara5748 2 месяца назад

@@keith4826 Hate to tell you, But you’re not middle class then.

@willoe55 Месяц назад

Theres a difference between budgeting and budgeting every dollar.

@keith4826 Месяц назад

@@justinbara5748 there was always a roof over our heads and food on our table. Clothes on our backs. Call it what ever you like.

@flipevent 3 месяца назад

I think the argument is more on "being able to afford a house" = middle class. I'm legitimately thinking that middle class people cannot afford to buy a house any more. And, there's just as strong an argument for "middle class SHOULDN'T aim to buy a house any more", given the absurd prices for homes.

@starspaceschool587 3 месяца назад

Just stop buying $400k houses.

@akam9919 3 месяца назад

Being a home owner provides security in the sense that you can't just be evicted one day, and if you want to move, your money isn't exactly just going into someone else's pocket and can be used to at least partially finances for a new home. Plus, people want to be able to have an asset that gains value that they can pass on to their kids. Such is a normal desire for most humans throughout history. That being said, I totally get what you're talking about with the prices. I ALMOST* hope for a correction of some sort. *Who really wants a market crash or MORE inflation.

@ericeandco 3 месяца назад

In New England good luck finding even a small round down house for under $550k.

@gypsyislandgal1118 3 месяца назад

@@starspaceschool587 a townhouse in my area is 450-500. Can’t even afford a 1car garage townhouse. I’m projects poor with my $45k a year job.

@KJ-od8wq 3 месяца назад

@@gypsyislandgal1118 Maybe consider something that isn’t beachfront property.

@kylesizemore2751 3 месяца назад

If you make 74k a year and you don't have kids or dependents and you can't figure out how to save 1.5-2k a month you're just stupid. Room mates, side hustles, used cars payed in cash with less insurance costs, no fun (sorry you have to be an adult sometimes), cook you're own food and stop doordashing literally every single day. Boom all of a sudden your student loan is gone on just 2-3 years of suffering and you can start getting a retirement fund. The idea that it's impossible to live at 50k and save the rest is the most entitled sentiment I've ever heard. You don't deserve to be happy, go figure it out.

@mariaj6551 3 месяца назад

For my situation personally, $74k would be a great salary for me. My husband and I live below our means. I'm making $15-20k under what my salary is to be in my field, but am working on changing that.

@captianzanzey 3 месяца назад

In my area $80k jobs are RARE. A friend and his wife combined make 80 or 90k and they just bought a house

@Dividend_Info 3 месяца назад

What is the price of the house

@okieg8960 3 месяца назад

@@Dividend_Info as in they pay a $1500 a month mortgage

@user-us6pj2jw1h 3 месяца назад

Where is this??

@captianzanzey 3 месяца назад

Price of the house was about 250k, they got nearly 80k off because it was a family friend, and it was in indiana

@thisisdafunk 3 месяца назад

Get out of there! Go build your skills and a life in a decent balanced city with opportunity.

@Aebaz1 3 месяца назад

funny how graham spent the entire time trying to disprove the original video discussing how $75,000 does not afford a middle class lifestyle, then describes how someone could spend their $75,000 income to live as frugally as possible. living as frugal as possible is not equal to middle class.

@SkittleBombs 3 месяца назад

Living he literally used realistic figure and for the same example. Literally didn’t reduce quality of living at all. Trust me if he wanted to give people frugal numbers $16k USD for a car for brokies wouldn’t be his recommendation.

@Patel-Chirag-Gupta 3 месяца назад

@@SkittleBombs he quotes someone that speaks against spending 13 bucks a day on whatever the case may be. idk i think thats lowere class if you cant do that.

@watuwantt 3 месяца назад

Middle class is means living frugally for many years so that you can afford to buy assets that help the next generation.

@jsebby2284 3 месяца назад

Says who?

@stefanbstreet8634 3 месяца назад

Living frugally will help get you out of the middle class and towards wealthy so that you aren't trapped. by debt.

@_Finny 3 месяца назад

As a person who works selling cars on average within 800 credit score for used car the best we're seeing for interest rate is right around 7.8%. now many gen z are first time buyers but where I was at in Montana first time buyer interest rate loans were at 28% and in Wyoming where I'm currently working it's 21% would easily put your payment at $400

@YaBoiShrimpDuck 3 месяца назад

Private student loans are not accounted for in that $300-$500. My government loans are ~$30,000 but my private loans are ~$70,000. Govt. ~ $300/month but my private loans ~ $800/month. I don't know anyone who graduated college with $30,000 or less of debt. Edit: I have a 4-Year Bachelor's degree at a public college.

@dayjonbartley3145 3 месяца назад

Agreed, especially with the significant increasing cost of college. I’m a sophomore and I’m already in 10k debt from private loans and 15k in federal loans

@InfiniteTony 3 месяца назад

I have an associates that I earned from my community college and $0 in debt. :)

@YaBoiShrimpDuck 3 месяца назад

@@InfiniteTony that’s great! I guess I should have specified “people I know ‘personally’”. There are times I wish I would have went to a trade school instead.

@InfiniteTony 3 месяца назад

@@YaBoiShrimpDuck What field is your degree in? Is it IT-related?

@YaBoiShrimpDuck 3 месяца назад

@@InfiniteTony electrical engineering, we had a good bit of computer programming mixed in there but no real IT training

@Matthew_Murray 3 месяца назад

Middle class is kind of a meaningless metric to use because it has no strict definition. I know a lot of people who would kill to make $74k a year. Also the expenses he use seem greatly over estimated, but even using his numbers, honestly sounds like a pretty decent life for someone in their 20s got everything covered and a decent chunk left over for saving to buy a home by the time they turn 30

@crzycolchris 3 месяца назад

I was gonna say... what else is life? you live to pay for things nowadays.. i guess the only thing would be the house. but as long as you can pay your bills thats gotta be enough right?

@jacksputrid 3 месяца назад

100 percent. This is the “I don’t have an iPhone I’m poor generation” his numbers were outrageous.

@davida730 3 месяца назад

I equate middle class to being able to afford an average home. Right now $74k a year can't do that in any major city that I know of.

@cheery-hex 3 месяца назад

no kidding. many ppl would kill to have $650 disposable income per month

@nicholastartaglia4276 3 месяца назад

middle class is a metric used to divide the working class even more 74k a year even in nyc is perfectly doable unless you're trying to live a life you can't afford. I made it work at 65k with 1.1k rent and was saving 500 a month a few years ago. That being said, a lot of people are finding it harder and harder to live that make low wages. It is much worse for them. 74k isn't close to those struggling. "120k is the new middle class" is downright unhinged lol

@youreyesarebleeding1368 3 месяца назад

Graduating with a CS degree in December. I've got a full ride scholarship and I get a few hundred dollars back each semester. I'm doing some freelance software engineering work right now and living with my parents, so far I've saved up $30k but hoping to hit $70k by the time I graduate. After that, I have a friend who is working full time at a defense company and he can recommend me there, so if I get the job I'll be making about $100k/yr right after graduation in Alabama. We'll be roommates so we can save on costs, and I'm hoping to keep my monthly expenses below $1500 so that I can save the vast majority of my income. This day in age, pooling resources with friends/family, leveraging connections, and taking every opportunity you can is the path to financial independence.

@jtfoog5220 3 месяца назад

Smart man. MIC = job security.

@jacobac07 3 месяца назад

@@jtfoog5220You got the right mindset brotha!

@28cthedestroyer 3 месяца назад

Smart, I'm graduating next spring with a degree in cybersecurity. Keep up the great work

@TheHigherVoltage 3 месяца назад

It's always been like that. Young people have no idea what their parents actually did to get to the positions they're in. It sounds like you've got a good plan though. Best of luck to you!

@28cthedestroyer 3 месяца назад

@TheHigherVoltage you could say the same thing on them having no idea how much harder it takes ro get ahead compared to back them lmaoo

@Imbataurenuk 3 месяца назад

with a 5% intrest rate on a used car lol most people are looking at like 9-12% interest

@carrybigspeaksoft1758 3 месяца назад

It only I save my $20 a week allowance when I was five years old, I would be able to enjoy the American dream.

@user-xv5ls5mp9l 3 месяца назад

That's why they call it the American dream, because you have to be asleep to believe it

@restandrelaxation4039 3 месяца назад

Should’ve had a Ramsy budget! 😂

@aaronc5818 3 месяца назад

If you got $20 a week at five yo you were a spoiled little kid!!!

@DarkestKnightshade 3 месяца назад

@@aaronc5818 if they would save the entire thing and not spend it they probably wouldn't be spoiled 😅

@eddiekulp1241 2 месяца назад

I got 25 cents , but was 60 years ago .that bought a coke , ice cream sandwich , and a fist full of candy

@mcgruff0972 3 месяца назад

When does middle class mean you need to split a rental to save money up for a house or drive a used car or have to cook at home regularly. Middle class is supposed to mean I don’t have to stress over everything to pay my bills and save money.

@Username_CC_ 3 месяца назад

Middle class means mindless consumption. Neat definition. Learning to budget has nothing to do with class.

@watuwantt 3 месяца назад

That’s exactly what middle class always has been.

@loganroca 3 месяца назад

that’s just not true. Advertising wants to make you think that but it’s not true

@dianabenavides2913 3 месяца назад

You are defining the term middle class based on income and not on net-worth. Net-worth middle class would be better. In my own experience I define middle class as someone with zero debt of any kind with a paid for home. That is true middle class

@dianabenavides2913 3 месяца назад

Someone with zero debt and a paid for home making 78 k can easily sustain himself plus a family

@timschultes6467 3 месяца назад

Part of the problem is everyone just has to have a really expensive car in their early twenties. Get a cheap used car and save that 600$ a month car payment. You can have the nice car later.

@plain2655 3 месяца назад

Exactly. People spend like they are upper class and then wonder where the money goes.

@BlitzkriegOmega 3 месяца назад

Used cars aren't cheap anymore. Thank Covid and the microchip shortage for that. Unless you literally pull your ride out of a scrapyard, you're looking at minimum a $20,000 vehicle that may or may not have compounding costs due to high mileage and wear-and-tear.

@BigHeadClan 3 месяца назад

@riegOmega 100% bought my car in 2014 for 14K @70K miles, it had nearly 110K miles on it by the time the COVID shortage hit and it was worth nearly 20K. Prices have come down a fair bit after that but the used market is a total mess still and I can still sell my car more or less what I paid for it in 2015 and she's at nearly 130K miles now. Not to mention even if you find a 10-15 year old rust bucket for like 2K it probably needs another 3-5K worth of work by that point because its falling apart or will leave you stranded potentially costing you a job.

@cowdash 3 месяца назад

This is why I'm living with my parents. Idc what people say, it's only way I can save money.

@nickpotgiesser6956 3 месяца назад

Graham. I work in Physical Therapy. I started at 60k a year. 20 years later, I make just under 70k and have only received raises through promotion. Pay raises do not happen in this field. Cost of living is drowning our field.

@GrahamStephan 3 месяца назад

Yikes!

@GrahamStephan 3 месяца назад

Which area?

@BryJovi17 3 месяца назад

You've only increased your pay by 16.67% over TWENTY YEARS?! Versus inflation you're basically making LESS money today than when you started! I would strongly suggest that you demonstrate that you're willing to leave the company you're with and take employment with a competitor. Get a job offer on the table from a competitor and then use that to get your current employer to increase your salary otherwise you walk. Important - when interviewing for your competitor, say that you're earning 10% more than what you're earning currently (I.e. say 77k, not 70k) and that you'd be happy if they could match it.

@nickd2296 3 месяца назад

Yikes, You might want to consider a career change. Then again it might be too late for that.

@bradhaines3142 3 месяца назад

@@nickd2296 never too late, especially if it makes you happier

@GavinSwick 3 месяца назад

I'm not saying I disagree with you, Graham, but I believe most of the finance/investing people that are criticizing this notion are also conflating what "working class" is and what "middle class" is. For Gen X and those older, "middle class" was typically positioned as a single income family where median metrics were "comfortably" attainable (hence the connection between median and middle). At ~$75k, that just simply isn't the case anymore.

@GrahamStephan 3 месяца назад

Fair enough!

@starspaceschool587 3 месяца назад

If the median income isn’t middle class then what is?

@josha.bdoge2 3 месяца назад

Well said Graham is out of his mind.....The Richer he has become the more out of touch he is with the common man.....I am sure the boot kissers will disagree

@GavinSwick 3 месяца назад

@@starspaceschool587 A socioeconomic construct isn't pegged to the fluctuating nature of the variables, but the totality of the variables can fall within the subset of the construct. As an exaggerated hypothetical: If someone's income is $150k but they have $800k of medical debt and can't afford anything more than a studio apartment and a bus pass, then their standard of living would be so low due to crippling debt that they wouldn't possibly be anything other than "poor." They might have a middle class income, but they won't have a middle class life. To answer your question with a question: what is your personal definition of middle class? When you establish that definition, you build out from there. I believe most people born prior to ~1985 would instinctively answer that "middle class" is the ability to safely provide for a family of four on a single income. We can go debate all day what "safely" might mean but in all likelihood that would be something in the vicinity of: a near-median house, one above median vehicle and one below median vehicle, minimal debt outside of major items like home and vehicle loans, and adequate savings to be able to weather temporary economic storms. American society may have shifted that instinctive answer with Millennials (and younger) to some degree, but that can speak more to economic expectations than anything. Median income is a single metric and nothing more. The sad truth of the matter is that the median metrics of the US population are not within the range of what the middle class ideal was/is.

@KJ-od8wq 3 месяца назад

@@josha.bdoge2 “Graham make munee but mee stil poor, he must b bootliker 😡”

@werunguns 2 месяца назад

1:05 $600 a month on food?!? Is this person the hulk?

@Jackaroo. 3 месяца назад

$74,000 is poor in San Francisco $74,000 is rich in Mississippi Depends on where you live.

@Deusstyles 2 месяца назад

Any salary is poor is SF, because you have to live in SF.

@BrouilletteLuke 3 месяца назад

Me and my fiancé live on 75,000 a year. We both actually make 75,000 apiece. But we are able to live on one income and save the rest completely. We are both 25 years old and own a home

@ericeandco 3 месяца назад

Excellent!

@Dividend_Info 3 месяца назад

You know how to budget

@cheery-hex 3 месяца назад

congrats! you guys are in a great position

@carieyoung1111 3 месяца назад

You’re decades ahead of others if you keep it up! Great job

@Jedi71 3 месяца назад

Is that home a tent?

@skylerriddagh6451 3 месяца назад

Me watching this video with my 40k/year job.

@charlescalkins3485 3 месяца назад

That's what I'm saying. I'm 51 years old and never made over $50,000. When someone tells me they can't make it on $75,000 all I can say is you're doing it wrong.

@skylerriddagh6451 3 месяца назад

@@charlescalkins3485 honestly though. I picked up a job working 84 hours a week trying to buy a house in the city I live in and it’s damn near impossible unless I want live in a half out together house in neighborhood known for shooting each other.

@charlescalkins3485 3 месяца назад

@@skylerriddagh6451 Cost of living is different everywhere you go. All I'm saying is I would love to make $75,000 in one year but I don't think that will ever happen.

@jirkasimecek792 3 месяца назад

Me laughing in despair because the Americans are complaining more with home prices 5x of yearly salary than people here in the Czech Republic with 15x…

@Aiolosz 3 месяца назад

laughs in hungarian (actually crying)

@sandorvas3954 2 месяца назад

@@Aiolosz yeah, that yearly salary is actually more than what pairlament representatives get over here.

@johnadams5694 3 месяца назад

50k Salary here, $400 a month on food and $100 on fun is my allowance. $750 on housing since I split rent. The numbers in the video are very inflated. If I made 74k a year, I would be able to save and invest so much money!

@pigeon_master_8561 3 месяца назад

i think that it highly depends on where you live. if you live in a big city like NY or LA, 74k is not enought to live comfortably. if you live in a less expensive state, in a more rural area, 74k are more than enough for middle class.

@SF-bh7rd 3 месяца назад

@@pigeon_master_8561So move 🤡 "You don't understand! I can't just leave LA!" Yes you can

@grantlawrence4600 3 месяца назад

Most of it depends on where these people are living. The fact that they live in these EXTREMELY expensive areas and complain (while not having considered moving elsewhere) is pretty telling. People driving these cars with INSANE monthly costs. It's ludicrous. They are living well beyond their means. People are also notoriously horrible at estimating what they spend in a month. A LOT of unnecessary purchases are made. 50k (even 40) is very doable for a single person in many areas in the country. Many clearly make it work with less than that.

@scottolson5498 2 месяца назад

How are you able to spend so little on food. Food is more than my mortgage. lol I live in Canada though we’re a small container of raspberries is 15$

@grantlawrence4600 2 месяца назад

@@scottolson5498 I don't envy you living in Canada. Dystopian nightmare.

@TheSterlingArcher16 3 месяца назад

Graham’s response is that with discipline and careful spending you can *survive* on $74k. I think that misses the point however. When people picture middle class, they think owning your home, a new vehicle once or twice, covering family expenses, occasionally eating out, saving for retirement & a family vacation every other year. That’s harder than ever to manage. You realistically need a married couple EACH earning at least that $74k (in a lower cost of living area) to come close to achieving those middle class metrics.

@limbeboy7 3 месяца назад

Hence the $120k needed in the video to buy a house

@ph8077 3 месяца назад

LOL "survive". I earn a bit more than that & I've just bought a $115k car & a $21k watch outright with cash & have zero debt except my mortgage. Granted, I missed Gen Z by half a dozen years but the victimhood hyperbole is ridiculous.

@Alex-cw1ph 3 месяца назад

@@ph8077"I missed Gen Z by half a dozen years" that's it. Different economy. You sound like a boomer comparing easy street to hell itself. 😂

@TheRealSteveMay 3 месяца назад

Correct.

@djangomarine6658 3 месяца назад

@@Alex-cw1phI don't think you get it. Y'all want it all right now, in your 20s. Yes, that's unrealistic unless you're making a lot of money. I'm about ph8077's age, and in a similar situation, but life just got good a few years ago. My 20s and most of my 30s sucked as well. The Boomer's economy is long gone and isn't come back. Things didn't just change. Basically no one's been able to buy a house by themselves in their 20s without parental help since the great recession. Where do you think "hustle culture" came from? Welcome to the club.

@jeffdorris5321 3 месяца назад

I agree 74k is not middle class. When you have student loans and pay for daycare to watch your kids while you are at work.

@GrahamStephan 3 месяца назад

Yeah, Daycare can be insanely expensive!

@Kinetic754 3 месяца назад

Kids are a choice

@dobber43 3 месяца назад

@@Kinetic754exactly if you weren't in the financial place for them you shouldn't have done it

@navyseal4000 3 месяца назад

@@Kinetic754A choice that must happen if we want any hope of continuing social security in the future, lol.

@TheSterlingArcher16 3 месяца назад

@@Kinetic754kids are a quintessential part of middle class life.

@Adam-lz7sr 3 месяца назад

Why on earth is a single person spending $600 a month on food? A single person should be able to get that down to $200

@r.f2173 3 месяца назад

8:41 thanks for sharing that tweet, that's honestly eye-opening

@SureBuddy 3 месяца назад

It's wild how much area matters. I'm making 27k annual and can afford my car and a two bedroom apartment while saving $500 a month for retirement. Area and lifestyle are huge. In this same area, my buddy is getting 60-70k but claims to be living paycheck to paycheck because he gets most meals $40+, bought the newest and second highest trim car he could, and blows money on just about anything he sees. Income gap is a serious concern, but so is responsibility. It's tough to feel sympathy for that friend saying he's strapped when he comes home with "high end fashion" junk and these crazy meals and is dropping hundreds of dollars on game apps, regularly. Again, though, I get that living is only getting more expensive, inflation has been disgusting, and I'm lucky to be in a lower cost area, as opposed to some friends who moved to the west coast and spend five times as much just on rent.

@LHSHarmon 3 месяца назад

Where do you like where 27k is you salary and can live? Most people I know annual rents would be more than your salary?

@Dividend_Info 3 месяца назад

Their lifestyle is scaring me nut that are the people that are driving the economy

@SureBuddy 3 месяца назад

@@LHSHarmon Indiana. Average rent is around 800 in my city, but there are a lot of solid places for cheaper. For an average single bedroom, you could be looking closer to $500-600. I don't live in the boonies either. I'm not Indianapolis but I'm not some country road place, either. We're a good split in the middle. Low crime rate. Mid sized population. Then if you want to do a roommate for a bigger living space or whatever, I've shared with one other in a two bed and with two other in a three and the split dropped us to around $300 per person. I think the three was $350 just because it had huge rooms. We had a rent spike that looked pretty nasty, a year or so ago, where everything looked like it would be $1200 starting, but they normalized, thankfully.

@SureBuddy 3 месяца назад

It also feels worth noting my budget groceries to hit a full day costs me about $88 a month and my splurge is still only $150 a month to get higher grade burgers or whatever else I feel like mixing in. It always blows my mind how much people spend on food.

@Makenaessman 3 месяца назад

Damn. I’ve recently been looking at houses in the Midwest and seeing how cheap they are compared to where I live. I live in Texas and the houses I look at are $100,000-$200,000 cheaper in the Midwest. I am heavily considering moving to the Midwest because I’m just trying to live my best life and be financially independent. Definitely giving me more hope on being a homeowner before or when im 30 after seeing those prices.

@3900Class 3 месяца назад

It's frustrating to me to be working for nearly 10 years, thinking I'm making the best choices for my circumstances, only for buying power to be cut while home availability goes down, and prices go up. I just turned 29 and feel like I've made almost no progress. I do have moments that feel hopeless. But I still go to work every day, and have a second job. Plus I've only been working full time since 2019.. Maybe I'm too hard on myself, but inevitable comparisons with underlying envy can really send me on an emotional roller coaster. Sigh. I'll keep going.

@enigmathegrayman2953 3 месяца назад

Let go of expectations and just live, especially if you watch too many RU-vid channels involving finance! The world might be falling but it doesn’t necessarily mean your world individually is falling. Keep going!

@Dividend_Info 3 месяца назад

You are only 29. You have a lot of time in front of you to sl make something remarkable

@thedarkgreenvanman 3 месяца назад

I’m the same age and have been working since 16. We are screwed bro

@TheHigherVoltage 3 месяца назад

Why haven't you made any progress? How much are you saving every week?

@jacobg8640 3 месяца назад

I just turned 26. At 24 I started working with the plan to have a 20% down payment by this point since I didn't move out. I stuck to the plan and have the nominal amount I forecasted, yet it isn't 20% anymore. I'll also need more than 20% or the mortgage principal, especially with these interest rates, will be too high for me to make payments if I want to save for retirement.

@cesargarcia5490 3 месяца назад

My salary's 80k and I really feel like I'm just getting by. GRANTED, I've made some sub-optimal decisions such as buying a new car with a 42k price tag, buying a new phone that I now make payments on when I really didn't need it, using doordash almost excessively, and deciding to live alone instead of at home or with a room mate to split costs. Though, I suppose at the end of the day I am getting by.

@PAVEWizards 3 месяца назад

The car situation he shared is definitely high. But not as low as graham would say for everyone. Most people are not getting approved for anywhere near a 5% apr. And a lot of the 12k cars nowadays are packed with miles and have more expensive repairs right around the corner

@bealornobeal5538 3 месяца назад

Literally had my paid off car break down last year and wasn’t worth it to repair compared to cost of car. Had to buy a used one, 13k at 24% interest because I’m young with no credit. It was the only car I could afford that wasn’t gonna immediately need repairs. Cheap used cars aren’t available/ won’t qualify for a loan.

@ojyochan 3 месяца назад

People used to get married and didn't have student debt.

@limbeboy7 3 месяца назад

And buy houses, and have multiple kids.... That's impossible today with 70k

@df6231 3 месяца назад

@@limbeboy7but if you get married and they also make 74k then you’re sitting at 148k pre tax which means you can afford a house

@ericeandco 3 месяца назад

Student loans used to be worth it. You’d graduate, get a good job in something you were interested in and make a good salary right away. It’s not like that anymore.

@namm1on 3 месяца назад

@@df6231that’s if u get with a woman who doesn’t follow what social media tells you what modern woman should be lol

@NukSooAL 3 месяца назад

@@ericeandco the problem is too many people go to college nowadays and It’s just not for everybody.

@00mike00 3 месяца назад

70k is a joke in this day and age. If you already bought a home before 2019 and you already had your car purchased as well, either paid off or lower rates, you are a bit better off. But, if you are starting your adult life now and making 70k, unless you are in the middle of nowhere, yeah... you don't make enough.

@b.m.4066 3 месяца назад

Sounds like you need to move. I make about 30k a year after taxes and bought my house in the fall of 2020 and bought my second house in the summer of 21 and living perfectly comfortably

@pentrubarbati 3 месяца назад

so entitled

@irocksobad101 3 месяца назад

@@b.m.4066bro lives in the middle of nowhere

@kingspeech2240 3 месяца назад

Bro do you live in New York? How about California ? Maybe Chicago? 74k by yourself is plenty of money especially if you live low. But people who live above their means will always be broke so you trippin brother

@dobber43 3 месяца назад

@@irocksobad101yeah cause he's smart what does the city do for you? Cost you more, provide way more temptation to blow ur money, less privacy, less safety, less freedom f that unless u have to live there for a great job move

@monkeyboy7969 2 месяца назад

All my high school friends went to college and ran up big debts. They all call me a loser because I went to trade school now I have a great job making 175,000 a year a house a great car lots of money and a good 401K. Who's the loser Now?

@ADobbin1 2 месяца назад

They are right. middle class starts around 100k today. Where I live it costs around 300 a month for gas. What it really comes down to is making whatever sacrifices are needed to get by. People aren't used to thinking that way because they "deserve" the lifestyle they currently have. Most people are going to start out their adult lives under 40k.

@jsebby2284 2 месяца назад

No it doesn't lol

@martinadamski945 3 месяца назад

Just arrived in Las Vegas and this is the first thing to pop up when I took off airplane mode. VEGAS KNOWS!!

@GrahamStephan 3 месяца назад

BOOM!

@SigmaPr1nc3 3 месяца назад

Lol 😂 Welcome to Vegas 🎉

@j10001 3 месяца назад

“Viva Las Vegas! Viva Las Vegas!! VIVA LAS VEGAS!!!” - Travis Kelce 2024 😂😂

@scottmichaels6854 3 месяца назад

I have a couple of GEN-Z coworkers who spend more than $25-30 a day on coffee because not only do they buy from the overpriced franchise, they have Door Dash deliver it to work. We have free coffee at work and a convenience store next door. Overspending on nonsense is a huge problem with this generation.

@LawrenceTimme 3 месяца назад

Agreed

@crzycolchris 3 месяца назад

and some overspending is not seen so well.. every other month the price of streaming services go up. So you look at your budget from the beginning of the year and notice your spending has gone up 15 bucks a month on TV alone... and for nothing really besides netflix wanting more profit

@michaelhoogendoorn3179 3 месяца назад

@@crzycolchrisSpending $16/month on a subscription isn't a problem compared to $25/day. Also, things like burgers are now $15. Everything is annoyingly expensive.

@Dividend_Info 3 месяца назад

Most young people are living that way

@Kinsale101 3 месяца назад

😂 They learned from the prior generations who over spent and got into a bunch of debt.

@imtaekable 2 месяца назад

Remember that in Orlando FL, a $30k downpayment is for $150k house. Finding a house for even $300k was just bad... so it's tough.

@J3susChrist 3 месяца назад

thank you for showing us ramsey!

@OsvaldoNava-cz8iz 3 месяца назад

Don’t sleep on AMS54K. It’s going parabolic as we speak with LOTS of room to still run with its low market cap

@Chillbee1894 3 месяца назад

I tried so hard last year to hit 89k and i still won't be able to buy a house

@ericeandco 3 месяца назад

Don’t lose faith. It will happen. You never know when a surprise opportunity will pop up.keep saving and minimize expenses where you can.

@northinvestor 3 месяца назад

That means you haven't enough money saved aside, as a 24 years old single I just bought my first triplex for over 500 000$ with a 60 000$ salary

@Dividend_Info 3 месяца назад

@@ericeandcoyes, that's right exactly what I am doing

@Dividend_Info 3 месяца назад

@@northinvestorcongrats man 24 years old with a triplex. That's amazing

@isaacgonzales3029 3 месяца назад

Bought my house at 23 a few months ago. I make around 70-75 a year but I live frugally and I have no struggle affording it.

@Rej-gc5zi 3 месяца назад

Is your house a mobile home?

@RespecttheZ 3 месяца назад

depends on location. where the deets?

@kevley26 17 дней назад

600 for groceries is generous. I can definitely live off of 200 and I'm a taller than average dude. I agree that 70k isn't a lot but some of these numbers could definitely be adjusted if you play your cards right so you are saving at least 1k a month.

@MVPTC 3 месяца назад

Best thing I ever did was NOT BUY A CAR off the lot… I don’t have the extra $500 of payments for the car payment and ridiculous insurance

@GrahamStephan 3 месяца назад

Well done! Cars are so insanely expensive depending on what you buy

@MVPTC 3 месяца назад

@@GrahamStephan I was able to save twice as fast and the car I bought for $2500 bucks back in 2018 is still going strong

@ShapeshifterOS 3 месяца назад

Yeah, but how much extra are you paying in repairs and maintenance?

@Black_Jesus3005 3 месяца назад

@@ShapeshifterOSnot much different than a new car if you had a reputable mechanic look at it before buying

@ShapeshifterOS 3 месяца назад

@@Black_Jesus3005 A used car even in good condition will suffer from ware and tear from previous use. But yes you can save a little by doing that.

@denpepp4342 3 месяца назад

I was a machinist making $70,000-$80,000 for 20years until 3yrs ago. I changed jobs, now I make a little more. A skilled trade is not middle class anymore...THAT'S SAD 😢😢😢😢😢😢😢😢😢😢😢😢😢

@thinshadow551 3 месяца назад

What job did you go into?

@Kastrenzo74 3 месяца назад

bro. $400 car payment, and thats USD. Even if thats monthly, stop leasing Jaguars and Hellcats, Stop buying F150s with $10,000 in add-ons.

@shadowstalker130666 3 месяца назад

Sounds to me like they need to lower their standards some. I made $72k this year, and ive never felt so well off. They should try scraping by on $35k a year. Then talk to me about being broke.

@manny2562 3 месяца назад

I made 58k after taxes living in Oregon and I am able to put a thousand a month into savings. Learn how to save and spend. Don’t live beyond your means.

@madweazl 3 месяца назад

Nah, the man is keeping me down!

@Dividend_Info 3 месяца назад

Congrats to you. Everyone must learn how to live with what they already have

@brianadams6204 3 месяца назад

@@madweazl Maybe the man in the mirror is what you mean.

@Raven-777- 3 месяца назад

$1000 saved a month is a joke, you need to wake up.

@ddk4664 3 месяца назад

😊

@ItsThaye 3 месяца назад

My income is $114k/year, two kids and a stay at home mom. I have a mortgage, it’s my only debt, and I’m able to invest around $2500/month. Didn’t go to college, so no student debt

@RespecttheZ 3 месяца назад

lol "software engineer" working from home and streams videogames, maybe you should try getting them knuckles dirty every day and then we can talk.

@glowiedetector 3 месяца назад

@RespecttheZ someone mad because they can't reach that level? why would he "get them knuckles dirty" if they can choose to not do that?

@EzOddz 3 месяца назад

@@RespecttheZ maybe you should learn how to code a bit Instead of being salty about it. The industry is fast and rapidly changing that's where the money flows, there's no shame in getting an income from your hobby as well if you love it fucking own it.

@NM-do8qi 3 месяца назад

Making 75k per year and bought a $33,000 tacoma. $745 payment $230 insurance and about $120 on gas. If I could go back i probably would have kept the beater I had.

@misterbrickest 2 месяца назад

There's a huge hole in this: monthly medical bills ON TOP of your medical insurance premium through an employer. If you take medication and see the doctor with ANY regularity, we are talking probably an additional $200 per month, on the low end, averaged out for the year with copays and things that aren't covered, or the high price of any non-generic medicine, etc.

@jsebby2284 2 месяца назад

This is for the generic person so its not really a huge hole

@maddmethod5880 3 месяца назад

reeeaallllyyy missing the point here. His numbers were to reflect what a _middle class_ person is/spends on. Youre budgeting for the bare minimum.

@aguy2608 3 месяца назад

Typical graham makes his math work by fudging all the numbers. If you are going to cut everything of course the math is going to work.

@Alexis132. 3 месяца назад

Blcktken300 is sparking intrigue. Let's unpack its potential!

@sneakysnake2866 3 месяца назад

The wealth disparity is shocking at this time. Wages need to go up for the lower working class. I work in a field where hard working people with many years of experience only make 35k to 40k. I make a good salary over 100k, but even with my income, I am having trouble buying a house during this market. I can't imagine how nearly impossible it must be for combined household incomes of only 70k to 100k.

@malcomreynolds4103 Месяц назад

if they are making 35-40 long term, sorry they aren't hard working. a highschool graduate can make that at mcdonalds now

@uriel2417 3 месяца назад

Thank you for the advice G. Your videos give me hope to one day make my dream come true. Buy a home for my family. I'll let you know when I do 😅🤙

@MrDonthinkso 3 месяца назад

As a German, the initial claim sounds just absurd. I make 4800€ after taxes, Pay about 1300€ fix cost (every monthly payment covert that was listed except saving etc). I am 29 and just bought a condo 50/50 with my gf - cash, which will further reduce my spendings by about 300€

@glowiedetector 3 месяца назад

reason is they are talking about the us. over there it's pretty insane. 74k per year in Europe is wealthy.

@simonbarker980 3 месяца назад

It really doesn't matter how much they earn, they're piling on so many things which chip away at their earnings. I'll agree things like housing prices have gotten out of control worldwide but it sounds obnoxiously entitled to expect in your mid 20's to be easily paying for everything including your house and have plenty of spare spending cash every month. You're going to have to sacrifice somewhere if they want all this stuff. Not everyone needs a University degree, maybe don't commit yourself to decades of debt without a proper purpose?

@WealthEngineering 3 месяца назад

It has stopped being middle class 5yrs at least in Canada. And in Toronto, that was 8yrs ago. At this salary it's basically paycheck to paycheck lifestyle guarantee

@starspaceschool587 3 месяца назад

Stop spending so much then. Also it’s pretty much dead on in the middle.

@turbochoupette 3 месяца назад

In 2018, 97900$/year was putting you on the top 10% in canada. If you consider yourself "poor" with 74000$, I am not sure it's an income problem.

@Euphorica 3 месяца назад

@@turbochoupette you're not poor ,but you are basically just surviving . That's not middle class

@Dividend_Info 3 месяца назад

@@turbochoupetteCanata and Toronto are different things

@Dividend_Info 3 месяца назад

@@Euphoricajust surviving is the worst thing

@yeniferquiroz9185 3 месяца назад

AMS54K to the moooon 🚀. AMS54K will hit 1bn marketcap soon, its volume is insane. Binance or coinbase listing might be soon🎉🎉

@Kobstopper 3 месяца назад

Can you buy that on Fidelity? I'm not finding it?

@DTFFP 3 месяца назад

nothing but a pump and dump... why take some "investment" call from a youtube comment lol come on now, don't be foolish. @@Kobstopper

@annieway35 3 месяца назад

@@Kobstopper Its a spam comment.

@drofmurdtroll1801 3 месяца назад

If 74k isn't enough, maybe you "needs" need adjustment.

@jamesedwards8308 3 месяца назад

As an economist, I know your numbers are spot on. Good job.

@TTBTechResumes 3 месяца назад

I make $80k in Los Angeles and a 1bed/1bath are averaging $2k/month. That's basically half of my monthly salary. I have a car payment, buying organic groceries, a son, and drive Uber Eats and Instacart just to keep my head above water. It's rough out here.

@unvaccinatedamerican9620 3 месяца назад

Facts

@jsebby2284 3 месяца назад

There's no way you're paying 40% taxes on an 80K income. What's your car payment? Why are you only buying organic groceries?

@josephclements2145 3 месяца назад

@@jsebby2284He already said he's living in LA.

@jsebby2284 3 месяца назад

@@josephclements2145 I'm not sure if you're making a sarcastic stereotype or if that's an honest answer haha

@waveofbubble2194 3 месяца назад

@@jsebby2284because organic food is not as full of sugar and as unhealthy and processed, if you need to compromise your health then you are not in a good financial position

@tannernorton3263 3 месяца назад

Pay off your debt people, use the extra money to get rid of your student loan debt, credit card debt, and car payment first. Then look at a house

@ericeandco 3 месяца назад

That’s what they’re trying to do. How about the government takes less and they can pay their own bills instead of someone else’s.

@Thezors 3 месяца назад

@@ericeandcoThis! I make 69K in NJ and bring home about 46k after mandatory deductions and taxes.

@jaysonanderson7303 3 месяца назад

That's what I did. Then bought and paid a house off. It took 12 years.

@pipz420 3 месяца назад

Have no debt but rent is so high I cant even save for a down payment and without the 20% down the mortgage insurance kills me. I live in an area that desperately needs rent control

@AdamG20 3 месяца назад

@@jaysonanderson7303 me as well took me 14 years

@andreapiasantana9598 3 месяца назад

I really, really Love when you mention Dave Ramsey show !! Makes me feel aligned.

@-a6833 3 месяца назад

300 dollars a month on dates? Did I hear that right..? Those aren't middle class spendings, they never have been... Those are spendings of people that are financially irresponsible

@NEXTLEVELHEALTHwithTim 3 месяца назад

He didn’t include car repair, and constant miscellaneous items like toiletries, cleaners etc and all the random stuff that pops up, seasonal clothing, medicine, maybe you have subscriptions to various things:music/Netflix… And there is no way in hell anyone is eating for 102 a month. Even if you just ate rice/beans and a few cheap meats. I cook everyday and it still costs me around $300 at minimum. Inflation killing the middle class and creating a huge wealth divide. I try to invest at least 50 percent of my income in assets to keep up with the money printing.

@starspaceschool587 3 месяца назад

He also included overestimated everything. For example you can easily get 3000 sqft house for that rent.

@ohhisalmon 3 месяца назад

maybe where you live 😭my 2x2 condo is 2000/mo @@starspaceschool587

@abdallahalfawaqa4720 3 месяца назад

It was 102 a week not month

@SuzanneU 3 месяца назад

Graham never said $102/month for food. He said $450/month, down from the $600 allocated by the doomsayer. My husband and I and our cat do pretty well on $600/month - including toiletries and household cleaners.

@tylersucher8653 3 месяца назад

Man, I wish I had $74,000! That be fantastic! That be like a 30-40 percent increase for me

@MissPopuri Месяц назад

Back when I was working at Wells Fargo, they calculated an increase in my salary based on where I lived so I went from $12 to $13.80 per hour. It was 8-5, five days a week, and an hour lunch break. Before taxes, they said it would be about $28,080 per year. My mom said I could consider buying a house in a few years at that point. Of course, I was laid off due to reductions in work to the site, and I didn’t feel comfortable going on unemployment because my parents weren’t on it. The moment I decided to bite the bullet and go to the unemployment office to settle issues with the electronic system by going in person, I was told I work too many hours in a week, making too much to qualify for unemployment. This was $13 an hour, three days a week instead of five.

@CraigslistUser310 3 месяца назад

Yeah, I did a double take when he said no investment after he initially stated making 401k contributions. The math ain't matching with that dude!

@DamonNeal 3 месяца назад

It definitely isn't. When I made 100k I was able to afford to live and have a modest vacation once a year, but that's about it, so 74k isn't even close to middle class l anymore

@Dividend_Info 3 месяца назад

My dream is to make 100k a year

@kekef3620 3 месяца назад

100k would be life changing for me. But its also apparent it doesn't go as far as it use to.

@PassportBrosBusinessClass 3 месяца назад

Believe it or not, NYC had to RAISE STARTING TEACHER PAY from $62,000 to $73,000. Here in NYC, $73,000 is barely enough to pay for an apartment and be able to eat. The average Apartment is between $2000 and $2500 a month.

@OroborusFMA 3 месяца назад

Just crazy. My condo's mortgage was $762/month and I ended up paying it off with extra payments in nine years. I don't even have housing costs beyond a HOA fee.

@pdxmusl1510 3 месяца назад

Time to move ;)

@ShapeshifterOS 3 месяца назад

Better than California.

@TA-np4mc 3 месяца назад

@pdxmusl1510 would be an easy conclusion until you have no teachers left to teach 😂

@dobber43 3 месяца назад

@@TA-np4mcguess they'll have to start paying more then huh?

@ji-wonseong1623 2 месяца назад

This is beyond depressing. If I worked a job at 25/hr, I still can't survive. Rent is 2k alone...once you add up all the insurance costs, car repairs, bills, it's not enough to survive in Washington state.

@malcomreynolds4103 Месяц назад

If rent is 2k and you cant afford it, you need to look for a different apartment