ScubaCinci Posted April 20, 2016 Report Share Posted April 20, 2016 I thought this was interesting. Those making over $45K in Cbus should be living "comfortably" (Cleveland is $42.5). http://www.gobankingrates.com/personal-finance/much-money-need-live-comfortably-biggest-cities/ Quote how much money a single person needs to earn in that city to follow a 50-30-20 budget. Quote Income needed: $45,466 50 percent for necessities: $22,733 30 percent for discretionary spending: $13,640 20 percent for savings: $9,093 Columbus residents earning the local median income of $44,774 are only $692 short of the annual amount needed to comfortably cover needs, wants and savings. Quote Link to comment Share on other sites More sharing options...
Tonik Posted April 20, 2016 Report Share Posted April 20, 2016 This raises something that has been bothering me for some time. Expectations seems to be at an all time high. People expect new Iphones, and big screen TV's and new leased cars and McMansions and eating out 75 percent of the time. That isn't comfortable, that isn't even middle class. That is upper middle class. 4 Quote Link to comment Share on other sites More sharing options...
ScubaCinci Posted April 20, 2016 Author Report Share Posted April 20, 2016 Yeah, people are buying gadgets and fluff rather than saving for retirement. I know a lot of people who have virtually nothing saved for retirement and aren't actively contributing anything to a retirement account. It's going to be pretty bad in the next 20-30 years. I've been pretty lucky in that the firm that I work for gives a significant 401k match and I have been max funding since the market downturn in 2008. I understand that when you are starving it's hard to save for the future. When I was in my early to mid 20's I barely saved anything and was one car breakdown away from financial ruin but managed to literally work my way out of it. As usual, knowing what I know now, I'd do things differently. It takes a lot less savings if you start when you are young compared to trying to catch up when you are older. Compounding growth is a wonderful thing. 2 Quote Link to comment Share on other sites More sharing options...
motocat12 Posted April 20, 2016 Report Share Posted April 20, 2016 "Comfortable" is an interesting factor for a study, especially one posted on gobankingrates.com. The income doesn't seem out of line. However I think the expectation is the people are saving for retirement with the earnings, where they're actually investing it in crappy imported electronics and soul-selling cable plans. Quote Link to comment Share on other sites More sharing options...
motocat12 Posted April 20, 2016 Report Share Posted April 20, 2016 3 minutes ago, ScubaCinci said: It's going to be pretty bad in the next 20-30 years. You mean I can't just vote for a socialist president to bail me out adding debt to the next generations? 1 Quote Link to comment Share on other sites More sharing options...
Bad324 Posted April 20, 2016 Report Share Posted April 20, 2016 So does this include just Cleveland proper then? That number would be dumb when you start to include suburbs plus comfortable is too subjective Quote Link to comment Share on other sites More sharing options...
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