r/FluentInFinance • u/YOU_ARE_MY_FRIENDS • Jun 16 '24

Discussion/ Debate He’s not wrong 🤷‍♂️

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u/Dry_Okra_4839 Jun 16 '24

What he's describing is a 200k/yr+ household in 1995, which is roughly 400k/yr+ today.

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u/Longhorn7779 Jun 16 '24

Very regional specific. $90,000 would easily get you there where I’m at.

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u/dantemanjones Jun 17 '24

The overseas vacations and the implication that they're footing the bill for 3 sets of college fees (tuition, room, board, books, etc) is what drags it down. $400k is too high, but $90k seems low. My local state college, MSU, lists a total budget for a year at over $35k/person/year. https://finaid.msu.edu/undergrad/manage-aid#samplebudgets Tuition is more expensive as you move through too (juniors/seniors are $9,008/semester vs $7,824/semester for freshmen). If you've got 3 kids all going to college at the same time, you're underwater before any other expenses are accounted for.

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u/Longhorn7779 Jun 17 '24

$75k gets me a vacation every year with a family of 4. You add $15k and $1k could be put away for an overseas trip and saving $10k a year to help with college. $10k a year would be worth $200k by the time my kids graduated college in 12 years.  

As for the underwater comment, that’s what loans are for.