Half a million dollars a year is a lot of money even in the expensive cities.
If you make that much and don't save a significant part of it, you're rather lacking in foresight. Go talk to the people earning five times less who live in the same city!
> Half a million dollars a year is a lot of money even in the expensive cities.
Absolutely. But depending on your perspective it may seem like an unfathomable amount of money where you start to drive lambos and have a private chef. It's not.
> If you make that much and don't save a significant part of it, you're rather lacking in foresight.
Agreed. I expect them to max their tax advantaged accounts, have significant equity in their house > 1.2 M house. Maybe have a rental property.
> Go talk to the people earning five times less who live in the same city
100k in SF or Manhattan? Sure that exists. But in some ways nothing lower than that exists. Anything lower is likely:
- an immigrant living a similar life style as their home country, which would not be accepted by the native population. (Many tenants in one apartment, possibly not legal housing, etc).
- workers who commute from a neighboring city.
- Students who are poor on paper, but have a financial safety net through parents.
Half a million dollars a year is a lot of money even in the expensive cities.
If you make that much and don't save a significant part of it, you're rather lacking in foresight. Go talk to the people earning five times less who live in the same city!