/biz/ - Business & Finance

>>13130853
FUCKING KEK

I don't think that's how taxes work lol.

>>13130853
>9.5k a year on clothes
ok what the fuck

>>13130880
buying (((brands))) kek

Three annual vacations, 18K in charity? FFS, these people would be surprised if you lost money when you dumped it in the ocean.

>>13130853
>18k in charity
>12k pushing your brats off on someone else to teach them because you're too stupid
>32k student loan debt

>missing the point based Financial Samurai was making with that

>>13130898
literally all they have to do is buy a cheaper house, stop going on vacation, get more economical cars, buy less clothing, stop giving money to charity, maybe stop the expensive piano lessons and this shit isn't even close to a problem. Also a 40% tax rate is fucking theft, jee zus.

>>13130853
At least they maxed out their 401k's

>>13130853
>Mortgaging a $1.5 million dollar home when you still have student loan debt, etc.
>"hurr durr it's 2019 and we're gonna spend like it's the 1980's and robots aren't gonna take our jobs".
LIterally what?

>>13130880
>>13130925

even if you add back in clothes and charity they're still only saving less than $35k per year on a gross income of $500k, pretty fucking eye opening

the only other thing i would say they could downgrade would be vacations, but desu you need at elast one per year and for a fmaily of 4 you're not going to get much change out of $10k. Add the other $9k they're still poor as fuck

>>13130977
and it doesn't even consider private schooling for the kids

>>13130853
If they saved half their income BEFORE their profligate spending, they'd be millionaires in a few years, and the dividends from investments will rise to fill in the gap.

here we are eating fucking ramen, rice and beans

>>13130853
This is basically us except that we manage to save like 150K a year. Must be the lack of charitable contributions.

>>13130993
I save that amount on half the income. You are fucking up.

>>13130989
You will make it. That is if you avoid the MSG packet.

>>13130988
easy to say that but when you're earning $500k and your kids asks for piano lessons how do you tell them you can't afford it? They won't understand and neither will the mother

>>13131001
Do you have a family of 4 and own a home?

>>13131012
>Do you have a family of 4
That is where you are fucking up.

>>13130853
>9,500 on clothing for 4 people
>donating that much to charity AND scam colleges
>paying into life insurance scam
>expensive vacations

>>13130853
This family is the most retarded family ever. They should go gazelle intensity on their student loan debt, stop spending 2k a month on food, find cheaper childcare, cut back on the spoiled kid lessons, go on cheaper vacations, and cancel life insurance completely plus a bunch of other shit. Why even pay for a life insurance policy of 3 million when you make 500k, ridiculous

>>13131010
>his kids know how much he makes.
Not gonna make it.

>>13130993
It's the mortgage and property taxes that are killing them. Why are people so terrified of buying something outright and living below their means?

>>13131020
>9,500 on clothing for 4 people

not THAT unreasonable, especially considering growing kids need a whole new wardrobe basically every year. Even if you half it they're saving fuck all, a couple of grand

>>13130977
>has no concept of money and has never made a budget

>>13131010
That's why the parents should cut back on their own indulgences, otherwise why have kids in the first place

>>13131030
Nah man, kids I understand. The man should be buying the cheapest shit off Amazon. Though maybe he already is doing that and the rest is actually his wife's clothing cost.

>>13131010
LMAO KIDS ASKING FOR PIANO LESSONS YOU ARE OUT OF YOUR FUCKING MIND BRUH

>>13131045
>The man should be buying the cheapest shit off Amazon

the whole point of the thread is that you would expect when you are making $500k you can afford to live a better lifestyle than amazon basics, but really you cant

>>13131030
This has got to be bait. They are saving fuck all because they are literally burning their money every month in every single spending category

>>13131017
>it's a fuck up to have kids with a wife you love
What's the point of you trying to flex on me anyways?

>>13130853

The biggest waste is the 3 vacations a year and the clothes. I'm not kidding, I have no idea how you spend that much on clothes. I wear the same jeans I have been wearing for 9.5 years. They cost like $50 and I have 4 pair.

In fact, I just calculated how much it would cost me if I decided to move out of the house naked and rebuy clothes to last 2 years. I would only $800 to last 2 years. I could probably last 3 years on that. But I'm trying to be generous to these retarded boomers.

$400 a year for me, they are spending almost $2400 per person. 6 times as much as me. I get that kids grow so you need to buy them clothes every year, but still that would be like $1000 max.

>>13131079
if you add back in $10k for the vacations and $7k for the clothes they're still not saving much

>40% tax rate
LOL
That doesn't happen, especially if you own a house, give to charity, and are paying back student loans. Also how much fucking debt do they have that they are paying off 32k a year?

>>13130853

what the fuck.

And I beat myself up for buying a coffee everyday

>>13130960
>literally all they have to do is buy a cheaper house
No way they are finding a much cheaper house nearby making that kind of salary. That said, condos are a thing.

>>13131053
Well, we don't know if they are buying expensive branded clothing or just a lot of clothing. Lets not count kids. If it's a lot of clothing I don't think the guy needs that many. If he is buying expensive brands, he should take a down a notch. Maybe he could try to convince his wife to buy less clothing (probably won't work).

>>13131079
They are also donating to charity and their college and paying into life insurance. I get donating some to charity but not sure about that 18k.

>>13130880
>>13131020
>>13131030
>>13131045
>>13131062
shut the fuck up we all know where all the money for clothes is going to

>>13131140
sure, but even if you halve the clothing and vacation budget, eliminate the charity and the life insurance they're still really struggling to save 10% of $500k

>>13131156
Because it's not 500k. It's 315k and they are already saving 10% of that a year, brainlet.

>>13130853
this is what idiots with money do. they overspend on stupid shit because they have the illusion of money. theyre literally paying to lead a rich lifestyle lmao. 18k vacations lmao

>>13131126
You're now realizing how much debt most people are in and how there's no way they are ever paying it back

>>13130880
Kids don't keep clothes longer than a year. My seven year old is fucking bursting out of his clothes and shoes. I on the other hand got shirts older than him.

>>13130853
It would be a lot easier to make sense of this if we were given a little bit more information. What city do they live in? What are their jobs?

>>13130853
God where to start...

$60k/yr for mortgage at today’s interest rates means they have a million dollar loan.

How do they still have car payments and student loans making $500k/ year? Oh wait that’s right, they have a million dollar mortgage...

$32k/yr in student loans? If you split the 10-20 year term listed to 15 and assume a rate of 7%, that is $300k in student loans to generate that annual payment. How do you have $300k in student loans???

$2k/Month on food? Are they putting truffles on everything???

They can cut everything in half except student loans cause they are stuck with that shit. They are now saving $120k/yr. Pay off the student loans in 3 yrs. They are then saving $150k/year. Give it another 3yrs and they have saved enough to move back into the $1.5 mil house with half the mortgage while continuing to save $150k/year.

In just 6 years they could have the exact same life again with incredibly reduced payments. People just have no fucking self control of patience

>>13131191
based fellow boomer.

>>13131030

What the hell are you talking about? You are a literal (LITERAL) retard if you manage to spend almost 10,000 dollars on clothing a year. You're a goddamn imbecile if you manage to spend 1,000 per person. I thought rich people were supposed to be smart?

I can't wait til BASED BERNIE gets elected and gives me healthcare off these stupid bastards' paychecks. Inshallah, the degenerates will be fleeced.

>>13131049

kek

>>13130853
Almost no one has a 40% effective tax rate. Absolutely retarded.

>>13131265
I'm 32. I joined up and got married when I was 21 while I was posted at Fort Hood.

>>13131223
>$2k/Month on food? Are they putting truffles on everything???
It's for 4 people. So $500 per month per person. Not that unreasonable.

>How do you have $300k in student loans???
Again. That's for 2 people so $150k student loan per person. Still high but assuming they are doctors or lawyers or some shit it's not unreasonable.

>>13131180
I doubt it. I graduated from undergrad and grad with a total of $50,000 in debt. I'm almost 2 years out and am down to $35k. I hope to be done in about 4 years.

>>13130880
90% of that is the wife

>>13131207
Of course they wouldn't give more information. It's a strawman meant to direct the poor's anger at "greedy" upper-middle class families rather than the people who are really responsible

>>13131300
This is the most suspicious thing. Afaik nowhere in the states taxes that high regardless of income.

Only places I could find that do are europoor and leafland. But hey 185k must be worth it for that free healthcare huh fucking kek.

>>13131334
Congrats, I had half that and only graduated 4 years ago. You're now realizing how badly (((colleges))) are fucking over the future of our youth.

>>13130960
>Also a 40% tax rate is fucking theft, jee zus.
They exaggerated the tax rate (like everything else) it's still high (effectively 30%) but that difference alone will give them 50k to burn.

>>13131135
I'd like to know where they live, because in most states besides maybe California, you could easily buy a house for half the price and way lower property taxes if you're willing to commute just a little

>>13131489
Yeah it can't be California. Houses on the outskirts like you said are way less and in indemand areas way more than 1.5. Also they wouldn't be paying more than around 12% tax

Like I said they are either in Europe or Canada and enjoying that ""free"" healthcare.

>>13131541
Wait. I'm wrong. I see you guys are getting assfucked by taxes now too. Is this correct? At least 22% straight to Israel??
https://smartasset.com/taxes/current-federal-income-tax-brackets

>>13130925
32k student loan debt is quite average, and that 18k to charity is probably deductible in taxes. You’re an idiot

>>13131079
Do you realize kids need a whole new wardrobe every couple of years, or are you retarded too

>>13131223
Another neet who thinks a family of 4 is somehow comparable to his worthless faggot video game play lifestyle

>>13131576
Yes we're funneling all of that money straight to Israel

>>13131604
>>13131591

>>13131541
People in poverty pay 12% tax in the US kek

>>13130853
golden rules written probably in most books
>when your salary goes up your expenses too
never follow this rule, spend less to succeed
who is this directed to, whos behind this, and what rhetoric we will see again against >middle class?

I love with 10k per year and I'm not complaining. I'd live like a king with 500k.

>>13131053
They live in a 1.5 million dollar house, drive luxury vehicles, and take three vacations a year

Seeing shit like this just kills me inside because my wife and I work our fucking asses off slashing our expenses down to the bone desperately trying to save as much as we can so we can early retire with our kids. With their salary we could retire in like 4 years.

WHY ARE THEY LIVING IN A $1.5 MILLION DOLLAR HOME JESUS FUCKING CHRIST JUST GET A 500K HOME

>>13131334
boomers have multiple luxury cars, boats, cabins, etc. they treat debt like free money. I'm a bankfag and regularly deny people credit because of lavish lifestyles they can't afford. normies are too retarded to see past their monthly payments so that's what they base all their decisions off of.

>>13131591
>18k to charity
>40% effective tax rate

>>13130880
(((CNBC)))

>>13131300

52% and progressive income/savings/property taxation are the norm here in Europe

>>13131010
>neither will the mother

That's the real issue here. The wife sees the big salary and spends it all. Just because you have enough money to buy something doesn't mean you can afford it.

>>13131850
It maybe where they are living. Cost of living for the 500k job in a major metropolitan area with high property prices would explain it.

>subtracting 401k / retirement savings from income
>$42k on childcare
>$2k/month on food
>$1,500,000 house
>3 $6k vacations a year
>BMW 5 series
>$18k to "charity"

How is that "feeling average"?

>>13131128
B A S E D

It's not having money - It's about hoarding it Scrooge McDuck style.

>>13130988
This. Sure, they could easily cut their spending now, but their main problem is that they didn’t start saving money earlier in their lives. They’ve most likely had 10-20 years to save money/pay off their debt. If they had lived somewhat frugally for 5-10 years after college they could literally have been multi millionaires by now AND spend even more money on consumption.
>>13131010
Stop being a cuck and take control of your family’s finances. And I don’t mean that in a rude way. You’re beyond cucked if you let your kids and wife decide how you spend your money. I grew up in a somewhat wealthy family, but I never felt entitled to get stuff from my parents. If my parents said no it meant no. Simple as that.

>>13130853
>185k in tax
I know that's a rough estimate but these people have a ton of deductions. Childcare and dependents deduction, pmi, interest, and property tax. Student loan interest. Charity deduction. Auto interest.
They are probably saving 30k extra with just those. Also their mortgage is around 23% of their gross which is perfectly fine to the naysayers here

>>13130853
People are fucking retarded. I see $55k of uselessness at just a glance.

>charity
>18k
haha no

>$20000 property taxes
Land of the free?

lmfaooooo

>>13131850

$1.5 million home in Manhattan is a one bedroom apartment in a good area.

>>13131223

its pretty accurate. my boss got offered a two million dollar buy out and refused it. he said he would be bankrupt in two years

two porsches, boat kept in the water, both kids in private school

>20k prop taxes
>a bunch of other deductible shit
>still 40% tax rate

Do these people know how taxes and deductions work?

>>13130853
I see CNBC sharting out figures like this every once in a while (I remember a while ago there was one where it showed some guy who made over $100,000 but still lived in a one bedroom flat or something), but damnit I'm mad every time just because I KNOW some chucklefucks out there live like this

>half a million and still "average"
richfags actually believe this, I bet the interns ordered to write this shit to get click from richfags were seething

>date nights every two weeks
I can understand if they actually went somewhere, but this is grouped under food which means they just went to stuff their fat faces somewhere and then came home. They could have done some home-cooked shit that would have tasted way better and ate it out on their patio

>three vacations a year
>average
literally fuck yourself. Why is this not listed under "what's left"? Do they just die if they don't get their three vacations a year in?

>clothes for four people
>nothing (((fancy)))
>almost $10,000
I have no idea how they did this, maybe they throw away their entire wardrobes every year and buy new shit they don't need?

>children's lessons
holy shit

>college alumni listed as a (((charity)
Americans!

>student loans
I'll forgive this one because this is unavoidable for most people in the US. I graduated with $0 in student debt because I went to a walmart-tier university on FAFSA money, but I know most people won't have such an opportunity because the one big school in their city would be some meme fratrape football thing that costs $50,000 to get in because companies instantly hire you for having it on your resume.

>what's left
about a fourth of this list should be under "what's left", they're counting shit they do for fun or shit that could be cut in the same category as gas. But then again, most burgers are shit when it comes to saving and not going into debt, so it's not surprising to see them save only $7,300 a year, even if this is some clown list written by some dying MSM.

>>13134044
Honestly, anon. If I lived in NYC like they do, I'd take 3 vacations a year just to stay sane.

>>13130853
>donates as much to charity as I make in an entire year
>kids that know how to play 3 different musical instruments
>almost ten fucking thousand dollars on clothes that "aren't fancy"
>went to college

this whole thing is lulzy satire

>>13134112
Most people nowadays feel blessed if they get to have ONE

>>13134044

> checked and BUDGETpilled

>>13130853
>doesnt make the max 19k contribution

>>13134144
Off topic, but it's silly that people blow their load on one long 2 week vacation when they should be taking 3-4 day weekends many times a year. Most places aren't worth staying for two whole weeks anyways.

>>13130853
>kids
>paying 40% tax....
>giving to charity
>having property
>not living frugal

Jesus Christ. Can these people fucking die out already?

>>13134187
the people that take two weeks are usually seeing their families. I agree with you though; I take 4 day weekends for cons all the time, but those aren't "vacations" under the typical definition for a vacation

>>13134200
did you see how part of "charities" is donating to their schools even though they're still paying off their student loans?

people actually do that in the US. It's bizarre

Boomers were raised during the best economic time in history and therefore see luxuries as non-negotiable necessities and won't even try to get cheaper options, then they turn around and refuse to give their kids a little bit of spending money after paying for all this expensive meme shit they don't want (violin lessons JUST) because 'muh responsibility'

>>13134210
I understand some people feel some kind of "allegiance" to their schools (alumni networks etc). FUCK that. I hated school. Also I paid off my student debt in like 2 years.

>>13130853
you guyz realize boomers were born in the baby boom RIGHT AFTER WWII right? Meaning baby boomers are in their 70s...(I'm not one btw) but you idiots don't understand there are more than two generation names. Look up the different generation names sometime. There's one in particular you guys never talk about but does 90% of the stuff you guys attribute to "boomers."

>>13131128
Coffee to go is the most comfiest investment during the cold weather day in public.

>>13134229
it's a meme, you dip

>>13134205
I guess I can understand if the cost of getting there is high. But even for family, if the plane ticket isn't a big factor, then I'd rather see parents 4x per year for 4 days each time than 1x per year for 16 days.

Do Africans laugh at us wagies when they see our lifestyle and how we blow our median income money on useless stuff?

>>13130853
>"feels average"
>living in a $1.5m home

>>13134229
doesnt matter you fucking nigger, as long as they pay bills and have kids they're automatically a boomer

>>13134332
>nigger
You remind me of this guy:
https://www.youtube.com/watch?v=0uOFhgTOupo&index=2&list=PL1XRgU-enKHnNF8AfoiZ--VG7WaAyxE_E&t=0s

>>13134229
10 years after is still the baby boom, and what we're referring too is people who think and act like boomers.

>>13130989
I eat tuna and chicken tendies. 50 cent ramen for lunch
I live off of about $1.50 of food a day

>>13131049
Shut up nigger

>>13134294
They are blowing al their money like crazy. Do you really thinks any black is saving or thinking one day ahead?

>>13134408
you'll pay much more in health related costs (cancer, etc.).
Those instant ramen and chicken tendies are very bad for your health.. Tuna every day. Enjoy your mercury poisoning. Ditch the tuna and eat sardines instead.

>>13134229
Are you new?

>>13134229
Hey moron, boomerism is a spiritual affliction. The end stage of normieism. The AIDS of consciousness

>>13134590
the guy who invented instant ramen ate nothing but it every day and lived to almost 100
https://en.wikipedia.org/wiki/Momofuku_Ando

I have 4 kids (so, household of six)....we do spend a lot on food, mostly because we try not to buy poor people slop. Summer camps runs us 6k, child care tax credit knocks it down to 4k.

other than that kids really aren't much of a financial burden if you're not retarded.

>>13130853
>42k childcare

WTFFFFFFFFFFFFFff

>>13134652
It's high, but 1000/mo per child is about average, if you go with 'high end' daycare it's not crazy.

>>13134632
>I have an uncle who smoked 2 packs a day and lived until 90 so cigarettes aren't bad
hello retard.
>>13134408
You can easily find a much better alternative for almost the same cost or a bit more:
- sardines instead of tuna (sardines have much lower doses of mercury)
- normal pasta instead of ramen, bought in bulk, also beans/rice/lentils are better alternative
- buying a whole chicken (or at least pure chicken, not those frozen shits with high sodium etc)

Otherwise this couple is retarded and cant budget.

>>13130853
A lot of those numbers are pretty reasonable for living as a professional in a coastal city. However, a few things pop out at me:

How much is the mother actually making? Their 401k contributions are identical, but there's no way they're making the same salary. My guess is that the wife is making significantly less. Would it be cheaper for her to quit her job or cut back significantly on her hours, thus saving money on childcare?

Three vacations a year is retarded if you're only saving roughly one vacation's worth of money. Cut it down to two or even one.

The charity contributions are retarded. The college donations only make sense if they went to an elite or Ivy League school since it helps the kids get in later on.

They should never have had two kids with that level of student debt. That's just bad financial planning.

>>13131126
Poorfag detected. SALT deduction is capped at 500k for houses and 10k overall. Effective tax rates for people in liberal states is now well over 40%. Deductions are gone for upper middle class as of 2018

>>13130853
>185,600 in taxes
you can save at least 30k from this
>mortgage
shouldn't have insisted on living in a rich boomer area, could have saved 20k from this as well
>3 vacations per year
make them five at the same cost
>car payment
stick to a Camry (Avensis EU), save 8k
>insurance
save 1500 here as well
>clothes
could save 5.5k easily. 7.5k if you actively look for discounts
>Children's lessons
Could save 3-4k if you make piano lessons once per month and just buy them a Melodics licence. Sports are fine though
>charity
could save up to 18k, I'd still give to Feed The Children buy lol @ donating to your college. Realisically save 15k while in debt

Overall they could easily save 85k WITHOUT ANY SIGNIFICANT LIFESTYLE CHANGES. If they're wise they'll also scale down

>>13131613
LMAOOOO cucked boomer griping. Get your wife on a budget faggot. If your wife has access to your accounts you are a massive faggot. Wives should be put on cash budgets

>>13133762
>making shit up
Interest deduction on your mortgage is capped at 500k. 2/3 of their mortgage has no deduction as of 2018 due to the new tax laws. State and local tax deductions are capped at 10k as of 2018. Charitable deduction is irrelevant. The effective tax rate for most east coast, California, or Illinois retards is well over 50%. Cali and NYC is over 50% IL will be about 40-45% depending on deductions

>>13134223
This is accurate. That is why the collapse of asset prices is going to be hilarious

>>13134229
1946-1964 means most boomers are in their 50s or 60s you mental midget

Why do boomers like to throw away money? Serious question. Every boomer i know just throws money at dumb shit. 4k here, 5k here.

>>13134946
They never struggled for anything in their life that is why they have guilt complexes and import brown people to push down the bad feelings inside

Am I the only one to notice they didn't list health insurance in this budget? Health insurance is normally one of the largest expenditures for the average family and they write this article from the perspective of a burger so they must have it.

>>13134980
Typically it's provided through your employer who either partially or totally subsidizes it. At this salary it would be a rounding error though.

>>13130879
yes it is

>>13130887
Not buying (((Birdchain))) before it 20xs to true market value.

>>13130853
>Not living within one's means

So um bears shits in woods, right?

live here

>>>/trv/1554394

lol this is my landlord, always bitching about not having enough money while he drives expensive cars and goes on holiday abroad every few months
while I make less than min wage and enjoy my life

>>13130853
>spending nearly $2k on food every month ($63/day)
>$1.500.000 home
>charity

>feeling average
what the fuck is wrong with people

>>13130853
forgot the 10k charge for bbc bull to fuck his wife

>>13130853
jokes on them. their daughters can't find suitable white husbands anymore so all their children will be shit colored. but i guess selling the whole country down the river for a few shekels was worth it.

>>13134956
>>13134937
>>13134922
>>13134931
>>13134895
>>13134886
Based and rantpilled

>>13134922
You shouldn't be able to write off state taxes off of federal taxes. It redistributes the tax burden to the states with no state income taxes "unfairly".

>>13131329
500 per person per month isnt fucking reasonable at all. THATS 13 DOLLAR MEALS PER PERSON EVERY DAY

Youre very obviously a fucking idiot, the budget for meals should be between 100 and 150 per person per month

>falling for entry-level MSM ragebait

Image related, it is you. You are gullible and easily manipulated.