Liberal Forum

The average income needed for financial security in the U.S. was $233,000, yet the average American worker earned just $75,203. A BankRate survey revealed that over 72% of Americans don't feel financially secure, with many believing they'll never achieve it. While post-pandemic times saw improved finances with reduced debt and higher savings, concerns about job security and retirement persist, and 61% live paycheck to paycheck, struggling to meet basic needs. Rising living costs, particularly housing, education, and healthcare, outpaced wage growth. The average monthly rent of $2,029 consumes over 46% of pre-tax income, while the average mortgage payment for a 2,400-square-foot home exceeds the recommended 28% of pre-tax income. In high-cost cities like San Francisco and New York, many feel the need for $1 million in assets for financial security, prompting migration to more affordable states. Basic necessities like food and healthcare, combined with rising housing costs, eat up over 85% of income after taxes. Increasing costs of utilities, car insurance, and homeowners' insurance make saving difficult. Budget experts advise spending 50% of net income on needs, but many allocate 75%, leaving little for savings or wants. Rising interest rates, due to 11 Federal Reserve hikes, have affected affordability, particularly in housing, cars, and credit cards. Many Americans turn to credit cards due to insufficient income, with one in three having more credit card debt than savings. American households need public policies to improve economic prospects, alongside social security and employer-sponsored benefits. Financial insecurity poses a risk to the economy, emphasizing the need for measures to enhance household finances.

The average income needed for financial security in the U.S. was $233,000

LowIQTrash » 07 Jan 2024, 2:27 pm » wrote: ↑

07 Jan 2024, 2:27 pm

A few years ago I said $250K is the new “6 figs” and $100K is the new poverty line…

(There are still a bunch of retards who think “$250K is rich”)

https://www.youtube.com/watch?v=r5YDl-dN1eU

Please seat yourself.



I like the very things you hate.

DeezerShoove » 07 Jan 2024, 3:15 pm » wrote: ↑

07 Jan 2024, 3:15 pm

There are a lot of threads dedicated to pissing on people with money and property...

...mostly by people who wish they had money and property.

DeezerShoove » 07 Jan 2024, 3:15 pm » wrote: ↑

07 Jan 2024, 3:15 pm

There are a lot of threads dedicated to pissing on people with money and property...

...mostly by people who wish they had money and property.

LowIQTrash » 07 Jan 2024, 6:40 pm » wrote: ↑

07 Jan 2024, 6:40 pm

Did you have a house paid off when you were 30?

Imbecile

Please seat yourself.



I like the very things you hate.