Re:I prepared for a decade to graduate in CS in three months
by alistairSH on Friday December 18, 2020 @12:58PM
(#25469878)
It's certainly not unreasonable or even uncommon. But, it's still way above the norm in the US. Median household income in the US is somewhere around $65k/year (before taxes and expenses).
Side note - You're only holding $2k in cash for a family of 5? That seems low. Your efforts to invest for the future are commendable, but if you get caught on the bad end of a 2008-style recession, is it enough to keep paying bills?
Re:I prepared for a decade to graduate in CS in three months
by war1025 on Friday December 18, 2020 @01:06PM
(#25469964)
> You're only holding $2k in cash for a family of 5?
I am holding $2k in a checking account. My savings accounts are appropriately sized to get us by for probably six months to a year.
My family of five is supported by my income (~$100k / year).
I get paid weekly. Every Friday, I go into my bank account amd transfer anything in excess of $2000 into the stock market.
Some weeks that's quite a bit of money, some weeks it's not so much money.
As of a week ago when I did the math, we had $65k more to our names this year than we did one year ago.
Probably half of that was money we saved directly, and half was stock market gains, so I guess from a debt payoff perspective maybe that's closer to $30k.
But I guess my point is, I don't think it's unreasonable to think a two income household in a higher-income metro than where I live could have $80k/yr in excess income to pay down debt with.