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originally posted by: NightSkyeB4Dawn
a reply to: 19KTankCommander
I have learned over the years that it is not what you make, it is what you spend.
originally posted by: ttobban
a reply to: 19KTankCommander
The real middle class income is 'knowledge by way of education'. By no means am I trying to insult anyone's intelligence... it's really an insult to the public education. All public schools should teach kids to save $5 a day, invest it in stable portfolio gains within the stock exchange, set and obtain financial goals, and learn money management before it becomes of the utmost importance of how a growing family learns finances.
The power of compounding interest is not taught to the public, therefore its up to the public to take the reigns of who these important information reaches and affects in our family futures. Simply put, saving $5 a day at age 18 can yield an easy $1 million dollars come retirement age... in a low risk option that is. Please, get your kids on this plan now, as it does way more than just set a good financial foundation for growing minds!!! Switching finances to work with the future in mind also opens up the channels of how finances are handled... moving beyond a month to month platform, while keeping decisions steadier as the long term goals are worked towards. It also yields the benefits of making one more likely to create a family with another that thinks/operates in the same financial ways.
Once people switch their mindsets from 'spending to save money' to 'saving to spend money later', we will see the separation of wealth gaps lessen. I say poor, because there is no more middle class... the separation of wealth is only growing and trending to continue on this path. Don't try to keep up with the Jones'... just make your family the Jones'!!!
www.mybudget360.com...
The 1% taking 20% of all American income is not by chance... it's by design. There is one thing I promise of these 1%ers... that is that 1%ers aren't taking the full 20% through a 9-5 job. Nope, the bulk of the financial gains come from what one does with their earnings to make financial gains. If one decides to take income from a 9-5 job only... then one will choosingly die a working man. The 1% make money while they sleep... on top of their fat incomes.
Best wishes to financial education and wealth gain for all!!!
originally posted by: 19KTankCommander
I was reading the tax reform and it seem that those in Washington cant decided on what is middle class income or what can be considered middle class, I figured that most us on ATS can figure this one out for them.
Going of off myself, family of 4, We were struggling to make ends meet making just over $30K a year,(did not qualify for any help) but we managed, kids got old enough and wife went back to work,(it was cheaper for her to stay home instead of day care), with two incomes we were able to finally purchase a new vehicle, our 1991 was put to rest in 2012, vacations were going to grandma and grandpas or another relative.
But several years later, both kids graduated, one working full time and one we are helping put through college, he is doing his core classes locally to save on cost.
Last year we made just about 73K between the two of us and I can finally say we have more than two nickels to rub together at the end of the day, and actually have some money put away for emergencies, we are better of than we were but still watch what we are spending.
Looking around and seeing them discuss what is middle class, I think I fit the profile, we don't make over 100K per year don't have a 3000sq ft home and all the seasonal toys or take expensive vacations.
So I think if you make over 125k per year (dual income) your not middle class
originally posted by: SeaWorthy
I don't know anyone who has any retirement set aside, I had none we live in a place of seasonal work and most have zero extra. Taxes are really not right they won't even let you save your nickels and quarter and put them away. They tax "gratuities" before they are even made and even if they are not made by %.
originally posted by: AugustusMasonicus
a reply to: 19KTankCommander
It also depends on where you reside. $125,000 a year for two people in north Jersey isn't exactly wealthy with the cost of living and the property taxes we pay.
originally posted by: TinySickTears
definitely depends.
if i made 125k a year i would feel wealthy. not rich but i would not have # to worry about financially.
originally posted by: dfnj2015
a reply to: 19KTankCommander
It doesn't matter what you pay in taxes. WHAT DOES MATTER IS THE PURCHASING POWER OF YOUR TAKE HOME PAY!
What difference does it make what we pay in taxes when the corporate cartels and monopolies destroy the free-markets with lobbyists forcing everyone to shop a the corporate company store with wages getting reduced to poverty wages through analytics?????????
originally posted by: 19KTankCommander
a reply to: 19KTankCommander
I guess we fully understand that there are a lot of variables involved here, but once again what should (dollar amount) be set for middle class, this is the problem they are seeking answers to.
The politicians in DC don't care about what debt we may have from home, school, medical ect, they want to set a dollar amount for tax reasons, I do agree that sure you may make $20 dollars an hour but at the end of the day you don't have anything left because of said reasons, and to make it worst they base everything of off Gross income instead of net, there is a big difference.
So again what really is the middle class 30-125K or 30- 220k (joint of course)
originally posted by: olaru12
originally posted by: NightSkyeB4Dawn
a reply to: 19KTankCommander
I have learned over the years that it is not what you make, it is what you spend.
Exactly....and the reason to incorporate or at least an LLC.
Everything is a deduction. I make well over the middle income mark and still qualify for SNAP. Everything is reinvested into the business and I'm the business.
If you aren't interested in how the system works...don't whine. You can use the system just like the 1%..... google it.
originally posted by: Trillium
originally posted by: olaru12
originally posted by: NightSkyeB4Dawn
a reply to: 19KTankCommander
I have learned over the years that it is not what you make, it is what you spend.
Exactly....and the reason to incorporate or at least an LLC.
Everything is a deduction. I make well over the middle income mark and still qualify for SNAP. Everything is reinvested into the business and I'm the business.
If you aren't interested in how the system works...don't whine. You can use the system just like the 1%..... google it.
Ya LOL my little Tourist lodge almost never make money and every thing is 100% deductable
very big portion off my pay goes into DCRP and saving