$500k a Year yet Struggling? Let's Do a Double Take

Re:$500k a Year yet Struggling? Let's Do a Double Take by saidajigumi on Thursday May 16, 2019 @04:06PM (#19932572)

They have mortgage payments: it's trivial for a house to just up and eat $10k of your money, for one example. That's the big differentiator: at this level of income, they can afford to just pay random expenses that many folks would have to just jam onto eternal credit card debt.

EDIT: nvm, I misread the parent, and other sibling comments illuminate the actual breakdown of this line item.

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Re:$500k a Year yet Struggling? Let's Do a Double Take by dariusj18 on Thursday May 16, 2019 @04:07PM (#19932584)

Yeah but $10k a month?

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Re:$500k a Year yet Struggling? Let's Do a Double Take by akgerber on Thursday May 16, 2019 @04:09PM (#19932612)

$10k a month is $120k a year which is around 20% of the stated income, and a significant proportion of it is paying down principal, which is to say, building wealth.

2 or 3 years of wealthbuilding at that rate is enough to pay for the median American house in cash.

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Re:$500k a Year yet Struggling? Let's Do a Double Take by dariusj18 on Thursday May 16, 2019 @04:42PM (#19932989)

Right, but I'm not referencing the mortgage, I'm referencing the "other expenses" line item that the person I was responding to seemingly though could be accounted for with the expenses of having a home.

But someone else pointed out that the figure reflects other things anyway.

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