Why $100-150k Salaries Aren’t Enough for Many Americans

$100-150k may seem huge, but it holds no importance in front of most Americans. According to them, this amount serves no importance or value besides their monthly expenses. Sometimes, it makes it even more difficult for them to run their basic errands. Appears surprising! Let's unravel some important facts about why $100-150k salaries aren't enough for many Americans.

Huge Amount of Taxes

Photo Credit: Adobe Stock.

Tax lodging on multiple products may be the most precise reason for a financially constrained life. A commenter shared about his experience that almost half of his pay got spent on the substantial tax burden. The taxes are everywhere on sales, property, income, medicine, computer software, gas, liquor, poultry, food, and many more. Everything got immersed in between and beyond taxes.

Rental Fees

Photo Credit: Shutterstock.

People living in rental apartments had to face ups and downs because of rising inflation. An individual shared his thoughts that he is suffering and getting pissed off by paying a lot of rental fees. His landlord has increased rent twice this year, which made him pay 46% more than the initial rent. According to him, he is paying half of his salary to rent, and his landlord is increasing rent to become competitive in the market. 

Inflation

Photo Credit: Adobe Stock.

Inflation is considered one of the prime factors for unstable living. One of the Americans expresses how his living has become affected by the rise in inflation. He stressed that although his salary is more than $100k. However, all his salary vanishes off in household expenses, power, internet, health insurance, and rent costs. All his income got spent over a matter of days, and he has nothing to save because of rising inflation on every product.

Potential Car Payments

Image Credit: Shutterstock.

Living in an urban area without a car seems anonymous. Somebody mentions that he has been living in NYC since the 90s. He has two cars. But the expenses of these two cars, their manufacturing and incident travel costs seem so high that he barely makes ends meet. To maintain his budget, he cut off all unnecessary expenses like birthdays, Christmas, Father's Day, Mother's Day, and more. He usually cuts his vacation and lies to his homies that he wants home comfort.

Student's Expenses and Debt

Photo Credit: Adobe Stock.

Among all the expenses, the most dwelling part that needs to be brought up is Student Debt. A medical student has shared that to get a high-paying salary, one has to be graduated from a well-reputed university. According to him, a paycheck of $100/150k requires advanced degrees, which is quite expensive. Some students like him had to take loans to pay for school expenses. He is earning $150k and is paying $1500/month for medical school debt.

Health Insurance Cost

Photo Credit: Adobe Stock.

Health Insurance for a family plus deductible costs seems nowhere. An office worker shared that a massive amount of his money goes for health insurance. He claimed that along with health insurance, he is paying a deductible cost that is around $1500 to $6000. He switched his job somewhere last year and has to pay the deductible twice, amounting to around $13k in healthcare costs.

Kid's Day Care

Photo Credit: Adobe Stock.

Daycare for kids is another common factor for raising instability towards monthly expenses. A father shared that he is having two kids. Meeting the expenses of these two kids is quite brutal and painful. He had tried to accommodate and pick the cheapest one, but all the daycares were not very comparable in terms of costs. As he stated, he is paying $2100 for two of his kids, which is quite difficult for him because of burdened expenses.

Food Groceries

Photo Credit: Shutterstock.

Food is an essential component of life that cannot be negated. Due to the increase in inflation and living costs, food items are growing costly. One of the Contributors has shed light on his food grocery expenses. He articulated the fact that he is a family of 4, and his monthly expenses for food and groceries lie around €600. His wife is also contributing to lunch as a benefit to enable smooth going.

Specified Living Area

Photo Credit: Shutterstock.

The cost of living in the place or area you live matters a lot. An NYC citizen has stated that he is living a stressful financial life compared to the people living in Dubuque, Iowa. He has $70K, but he is trying his best to spend his money in a meaningful way. He owns a house and a car. His pursuit is cheap, and it is quite sensible to make meaningful purchases. He tried to be within his financial means and didn't try to exceed them.

Lifestyle Choices

Image Credit: Adobe Stock.

While among rising costs and inflation, preferred lifestyle choices can be the crucial factor for deciding whether you can live a stress-free or stressful life. Someone has acknowledged that although he is earning a low monthly wage, his way of living has made him financially free. He is quite sensible in terms of spending money and only prefers reasonable choices. He usually doesn't favor expensive buying; that's why he is happy among other Americans.

“Normal For Boomers In The 80s And Taboo Today” 10 Unacceptable Things Boomers Did That Would Never Happen Now

Photo Credit: Shutterstock.

The society in which you live today has some specific norms. If you compare it to the Boomers' generation, you'll realize that you can't do everything that they did in their time. There are many things baby boomers enjoyed as a part of their childhood.

Ready to make your first budget?

Enter your email and get the free template


Gen Z or Gen Alpha can't even imagine doing those things, as it is way unacceptable in this era. Here are a few things Baby Boomers got away with but is a common thing today:

“The South Isn’t Friendly” 12 Dangerous U.S. Cities You May Want To Move To Before Visiting, Don’t Make That Mistake

Photo Credit: Shutterstock.

Being a well-developed and reputed kingdom, the United States tends to attract many people to visit or migrate. This kingdom has many beautiful states and cities. Their charm attracts people all around the World. But along with these modernized and developed cities, some cities are notorious for their insecure environment. Living or moving to this city may indulge you in difficulties.

“She Supports Donald Trump?” 10 Surprising Stars Who Support The Former President

Photo Credit: Shutterstock.

There are many stars who support the former president that will surprise you.

“Please, God, Don’t Order That” 10 Menu Items Fast Food Workers Dread Preparing

Photo Credit: Adobe Stock.

Fast food workers encounter a wide variety of customer requests and menu items every day, but there are certain orders that they simply dread making. These items can be particularly challenging or time-consuming to prepare, causing frustration among the employees.

“Thrilling From The First Episode” 10 TV Shows That Will Kill Boredom

Image Credit: BBC.

A pilot episode can make or break a series. Here are 10 iconic pilot episodes.

How I make $11,000 per year renting out my spare rooms?

Get access to my FREE guide now.


[mashshare]

How I make $11,000 per year renting out my spare rooms?

Get access to my FREE guide now.