Rules are made to be broken, but dreams are made to be crushed.
this post was submitted on 07 Oct 2024
157 points (94.9% liked)
News
23067 readers
3283 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
They’re forgetting shoes.
But seriously, somehow I finally have a little leftover to save for retirement and build my emergency fund, now that I’m fully supporting my kids and paying a crap load of child support. I have no idea where all that money went when I was married, except possibly her shopping habits
Did she work and earn money herself as well?
Yes. Teachers aren’t well paid but she certainly should have been making a positive financial contribution
I miss Dream On. Brian Benben is very likeable and so is Wendy Malik. And the kid was in that Star Trek episode where he was Riker's fake son but was actually an alien in a giant holodeck...
Sorry, I was trying to distract myself from living in the broken, impoverished supposedly light of the Western world.
*Wendie Malick. Glad she got rid of that 50s hairstyle from Seinfeld.
Thank you. That helped distract me from the horror of reality in America for another half-second.
How many um, how many lifetimes do I get again?
Approx. .7 lifetimes.
I believe it's more like 0.7² lifetimes, approximately 0.49 lifetimes.
Advertised lifespan vs actual right here
Nah it would be advertised as .9⁸ instead (which is 0.43)
I feel like that's higher than the actual livable and free lifetimes the average person has.
I think people underestimate lifetime earnings. Let's assume 35 years of salary work to retire at 65 (it takes a while to get a career going an maybe a layoff and parental leave...) That would be about 125k a year. Make that a dual income family and that's 2 people making 63k a year. It's a bit hard to understand pre and post tax though because some of the calculations like retirement are pretax. And then factor in gains from investment...
So isn't this calculation saying a 2 family income making median salaries can live the dream? That's not great for 50% of Americans and probably means a lesser proportion of Americans can attain the dream than before. But that number 4.4 million actually is not crazy high. In a more just work though, dual income families making above the lowest 25 to 30% salaries should be able to afford the American Dream with some caveats around used cars instead of new, and maybe more frugal wedding and college expense due to financial aid and what not.
63k a year is a little more than $30/hr. That's a wage completely beyond the reach of some skilled career professions even if a person pursued advancement in that field.
I agree. All I'm saying is if 50% of salaries are above that 60k mark and as a dual income you are probably getting close to hitting the dream at that level. That's not as dire as thinking only 10% of the population can afford it. 4.4 million is a scary number, but no one is expected to have that as liquidity or even net worth. That value of spend is actually more attainable over time than it looks when seeing it as raw sticker price.
And again, "American Dream" means family with 2 kids. Not everyone wants that or needs that. If you are a single person and happy living with just a partner or without kids (DINK lifestyle is fun), this is not saying you need 4.4 million to have a decent living standard.
i'm not sure i'm following your points. My point was to argue that even the long-term prospect of grossing 63k per year by any metric is beyond the reach of a lot of specialized workers. Add to that, the fact that that's an evenly divided number. It would be more realistic that the income would need to be even higher closer to retirement if the initial young professional started out grossing less than 63k per year.
I don't think anybody should be arguing that it should be acceptable to pay people less simply because they don't want to have kids. Family planning decisions are often guided by household economics.
I'm not making an argument about the current state of wages. I'm just saying 4.4 million isn't as unattainable as people think. And household income gets murky when you include single income households. And the definition for this article of American Dream includes 2 kids, so if kids aren't in your planning the 4.4 million mark is probably 1 million less if you still want to attain those other things. I think some folks see that number and think "OMG I'm never going to have that much money." You are right, you will never have that much money all at once, but over a lifetime you may have earned and/or spent that much without ever leaving the sort of "middle" income range in America.
Median income is 76k per household, so no, a 2 job family making median cannot live the dream.
I'm seeing median salary listed around 65. Is the median household income reflecting the number of single income families out there or just single people generally?
That's for a household with dual incomes.
There are individual salary stats. And those may align with households as some households only have 1 income. https://www.usatoday.com/money/blueprint/business/hr-payroll/average-salary-us/
While that’s more than reasonable to expect for techies, for example, in todays world, that’s CEO pay 35 years ago.
While I’m too lazy to do the math, I’d like to see
- what does median pay look like for 35 years?
- what would that need for an inflation adjusted constant pay?
- how about a typical career progression for a field where that could be done?
I disagree. Workers in trades like electricians will make that much. I think entry level electricians make like 55k. So after 5 years in that work, you will likely be earning above median salary. But for professions like teachers in school districts that don't pay well.... It sucks. Not ideal, but not as dire as some might think. And when you throw in the number of people these days choosing not to have kids, that shaves 1 million dollars off the cost of the American Dream life (but hard to say how much of that decision is based on expected income vs lifestyle values).
Tech workers I assume are making starting around 75k and getting into 100k fairly easily depending on geographic location. And depending on company and trajectory you could be getting into 200 to 300k territory in tech.
Tech workers I assume are making starting around 75k and getting into 100k fairly easily
Now. But not 35 years ago. The article doesn’t cover inflation but since they want to end at a specific dollar amount, that matters. Since they’re not talking about savings or investing, it’s not like you can just disregard it.
The inflation piece is confusing to me to, but I think it does talk about investment. It says retirement is 1.6 million based on expected annual withdraw rate. So I'm guessing that is not the contribution amount but final amount including return on investment. So does that 4.4 million number actually somehow translate into a sub 4 million dollar contribution value? Same with college. If you start investing in college funds at child birth that have 18 years of growth, is that child cost the cost basis, or accrued value at time of spend? On the other hand the home cost includes mortgage interest, but the value of the house will hopefully exceed the cost you put into it.
Add the expense of having kids.
Add the expense of looking after parents.
Add the expense of healthcare costs.
American dream implies nuclear family life. Retirement, home ownership, and owning new cars are factored in that math. It includes the cost of having 2 kids.
If you read the article...
Here’s the breakdown. We’ll explain the math below.
Retirement: $1.6 million
Homeownership: $930,000
Raising two kids: $832,000
Owning new cars: $811,000
Annual vacations: $179,000
Wedding: $44,000
Pets: $37,000
Funeral: $8,000
I didn't read it but, does it include student loans, medical bills, groceries and other basic needs?
I would guess all of these are included in the 4.4 million
Hooray for capitalism.